基金产品月报（2023年11月）：新基发行显著回暖，11月组合超额0.4_-20231204-开源证券-25页_3mb

Summary of Financial Engineering Regular Report for December 2023

Global Market Overview

• In November, global stock markets rebounded strongly, driven by declining US Treasury yields. Key performers included Brazil's IBOVESPA at 125%, Korea's Kospi at 113%, and the Nasdaq at 107%. For China, small-cap indices led, with the CSI 2000 at 31% and CSI 1000 at 19%, while medium and large caps underperformed. Valuations remained elevated in small caps.

Active Funds Performance

• Equity funds in November yielded a median 0.1% positive return with a median drawdown of 32%. Sector analysis showed strong performance in technology, while manufacturing had wide dispersal.
• Solid+ funds had nearly flat returns (median 0.01%) with slightly rising equity allocations. FOF funds gained 0.13% overall, with high-risk FOFs showing significant divergence in results.
• New fund launches in November spiked, with 31 new active equity funds, 14 solid+ funds, and 10 FOF funds, totaling high issuance volumes.

Passive Equity Funds

• ETF performance highlighted small-cap and coal-related indices in November. Trading volumes decreased for broad-based and theme ETFs, while SmartBeta ETFs maintained steady activity. Funds flowed into SmartBeta, with net inflows of CNY 358 billion, contrasting outflows from broad and theme indices.
• New passive fund launches increased significantly, particularly for CSI 100 and SZ50-tracking ETFs.

Selected Gene 20 Portfolio

• In December, the portfolio favored media (36%), banking (35%), and machinery (19%). Pre-December performance showed a 0.5% excess return over benchmarks, supported by funds like Xinyuan Xinxiang A and Guotai Region Advantage A.

Risk Management

• Results are based on historical data; past performance does not guarantee future outcomes. Investors should consider market volatility and consult appropriate sources.