20231206-东吴证券-东吴金融_金工财富管理月报（2023_11）_基金回报整体上升_赎回情绪仍较强_18页_1mb

Capital Market Overview (November 2023)

In November 2023, equity broad-based indices showed improvement compared to October. Key gains were seen in indices like 中证1000 (18.6%) and 上证指数 (0.36%), while others like 沪深300 (-5.4%) and 创业板指 (-8.8%) declined. Bond markets performed well, with 中证信用债指数 rising 0.38%. Industry-wise, coal, media, and social services sectors led with substantial gains, whereas building materials, electrical equipment, and non-financials underperformed. Economic indicators showed a continuing downward trend in CPI and PPI, and manufacturing PMI continued to decline.

Fund Market Overview

Fund returns were generally positive in November. The average return for ordinary stock funds was 0.35%, with 53.77% of them achieving positive returns. Balanced hybrid funds averaged 0.27% return, and bond funds had an average of 0.16%. Notable top performers included specific funds targeting sectors like healthcare and auto culture. Total fund assets increased by 0.47% to 27 trillion yuan, with equity funds growing slightly. However, fund redemption outpaced subscription, indicating a net outflow.

ETF Performance and Flows

Stock-type ETFs experienced a net outflow of 51.6 billion yuan. Specifically, industry and theme ETFs saw significant outflows, while style ETFs had inflows. Key ETF movements included negative performances for indices like 沪深300 ETF. Trading volumes were high in certain sectors, such as energy and technology.

New Fund Data

New fund establishment and issuance increased, with 145 new funds formed and 142 new funds issued in November. This included a rise in passive index funds and various other types. Despite this, redemption activity remained strong.

Fund Redemption/Subscription Ratio

Net redemption was the trend in November, with 17 days of net redemption versus 5 days of net申购. Equity funds and balanced hybrid funds showed mixed subscription patterns, but overall redemption dominance continued.

Public Fund Assets

Public fund assets grew, reaching 27 trillion yuan. Equity funds increased by 0.32%, and non-money funds rose by 0.81%.Shares in bond and equity funds also saw increases, but redemption pressure was evident across various categories.

Private Fund Data

The private fund industry saw a slight decrease in total assets in October, with a significant drop in new registrations. The number of new funds and their scale fell sharply due to reduced investor enthusiasm, reflecting economic uncertainties.

Risk Warning

All data in this report is based on historical analysis and is subject to future market changes, which could alter performance indicators significantly.