20251201-华宝证券-公募基金权益指数跟踪周报_市场延续缩量_海外风险释放_11页_1mb

Summary of 2025 Public Fund Weekly Report (November 24-28, 2025)

Market Overview

The market continued to shrink, with a decline in trading volume; the average all-A daily turnover was 173.12 billion. Small-cap stocks outperformed, driven by stronger growth styles. Over the week (2025.11.24-2025.11.28), international risks eased as global conflicts cooled, US-China diplomatic engagements increased stability. Key topics included Google's Gemini 3 advancements in AI, fueling tech consensus, and commercial space gaining attention due to policies and upcoming milestones.

Fund Performance Highlights

• Active equity funds saw gains; growth-focused funds led with 4.37% weekly increase, while technology funds recorded 4.24% weekly gains, showing strong cumulative outperformance.
• Across 22 indices, performance diverged, with growth and sector-specific funds like tech and healthcare outperforming due to year-end stability-seeking behavior. Overall, the market favored short-term strategies amid low incremental investment.

Key Observations

• External factors, such as reduced US election uncertainties, supported a cautious investment environment.
• Retail and institutional flows remained subdued, limiting trend-based trends.

Risk Considerations

• Past fund performance and model simulations do not predict future results due to potential changes in market dynamics and external risks.
• Investors should prioritize steady approaches given the low-activity market and focus on volatility avoidance.