Market Overview - The A-share market exhibited a structurally differentiated pattern from September 1 to September 5, with policy-driven and capital rotation dominating sector performance. Major indices showed reduced volatility, with the ChiNext 50 index rising over 3%, while the STAR 50 index fell significantly by 5.42%. The CSI 500 and CSI 1000 indices declined by 1.85% and 2.59%, respectively, indicating overall liquidity pressure on small-cap stocks [2][3] - The Shanghai Composite Index fell by 1.18%, and the Shenzhen Index decreased by 0.83%, while the ChiNext Index increased by 2.35%. High dividend strategies faced dual pressure from weakened interest rate expectations and cyclical industry profit corrections, reflecting a shift of funds from "bond-like" assets to policy-sensitive small-cap stocks [2][3] Sector Performance - The average decline of Wind's first-level sectors was 0.80%, with 39% of the Wind Top 100 concept indices showing positive returns. Sectors such as electric equipment, comprehensive, and non-ferrous metals performed relatively well, rising by 7.39%, 5.38%, and 2.12%, respectively. Conversely, non-bank financials, computers, and defense industries showed significant weakness, declining by 4.96%, 7.27%, and 10.25% [2][3] Fund Issuance - A total of 38 funds were issued last week, including 23 equity funds, 11 mixed funds, and 4 bond funds, with a total issuance of 27.573 billion units [3][4] Fund Performance - The Wind All Fund Index fell by 0.29% last week. The ordinary equity fund index decreased by 0.30%, while the mixed equity fund index dropped by 0.60%. The bond fund index, however, rose by 0.05% [3][6] Global Market Overview - Global asset classes continued to show a "rising East and falling West" structural differentiation. U.S. stock indices showed mixed results, with the S&P 500 index slightly down, while the Nasdaq index rose over 1% due to the resilience of tech stocks. European markets faced political crises, leading to a lack of bullish sentiment among investors [4][6] - Asian markets displayed a "weak North and strong South" characteristic, with indices such as India's SENSEX30, Nikkei 225, and the Korean Composite all recording gains. The Hang Seng Index rose over 1%, with the semiconductor industry expected to be a core driver of market volatility [4][6] Domestic Bond Market Review - The overall sentiment in the bond market was stable last week, with the national bond futures index (CFFEX 10-year) rising by 0.12%. The short-end funding spread (R007-DR007) showed little significant change compared to the previous week, while medium to long-term rates remained low [11][12]

Group 1 - The total net asset value of public funds in China reached 33.74 trillion yuan by the end of May 2025, an increase of 0.62 trillion yuan from the end of April [1] - Among various fund types, money market funds and bond funds continued to grow, with money market funds increasing by 407.13 billion yuan (approximately 2.91%) to 14.40 trillion yuan, and bond funds increasing by 221.88 billion yuan (approximately 3.38%) to 6.78 trillion yuan [1][3] - In May, 20 new bond funds were launched, raising a total of 36.21 billion units, accounting for 55.07% of the total issuance of public funds, with an average size of 1.81 billion units per fund [3] Group 2 - The growth in bond fund scale was driven by both new issuances and additional investments in existing products, as institutional clients preferred bond funds for risk aversion amid market fluctuations [3] - Money market funds benefited from a declining interest rate environment, with their ability to invest in high liquidity short-term instruments like government bonds and commercial papers, leading to diverse income sources [3] - QDII and equity funds also saw slight increases in net value, with QDII funds rising by 10.25 billion yuan (approximately 1.59%) and equity funds by 3.43 billion yuan (approximately 0.07%) [3]