Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The development of 6G space - air infrastructure is promising, and satellite communication is expected to drive a new round of network construction capital expenditure. The Yongying China Securities Commercial Satellite Communication Industry ETF (159206) has high scarcity and investment value, and the China Securities Commercial Satellite Communication Industry Index has shown excellent performance since 2024 [3][4]. Summary by Directory 1. Satellite Communication - **6G R & D and Global Competition**: Global players are actively involved in 6G R & D to seize the right to speak in the new communication standard. China started 6G forward - looking R & D in 2019 and launched the world's first 6G satellite in 2023 [11]. - **Satellites as 6G Space - Air Infrastructure**: Satellites will combine with ground networks to form a space - ground integrated communication network in the 6G era. With the issuance of satellite Internet licenses by three major operators in 2025, it is expected to drive a new round of network construction capital expenditure [18]. - **6G Vision and Characteristics**: The 6G vision framework proposal was passed in June 2023. The overall 6G timeline is divided into three stages. 6G is expected to have three characteristics: evolving from terrestrial communication to space - air - land - sea integrated communication, from human - to - human communication to human - machine - object intelligent interconnection, and blurring the boundary between the real physical world and the virtual digital world [24][26]. - **Commercialization Status**: China achieved a closed - loop of the commercial space full - industry chain in 2024. Rocket capacity is continuously increasing, and constellation networking is accelerating. The number of direct - connected satellite mobile phone users is expected to increase significantly, with an estimated 350 million users by 2030 [27][29]. 2. China Securities Commercial Satellite Communication Industry Index - **Index Compilation Method**: The index was released on February 17, 2015, and revised in 2023. It selects 50 stocks from the A - share market related to commercial satellite manufacturing, launch, operation, and satellite ground equipment and communication services. The weights of samples related to commercial satellite manufacturing and launch are not less than 50% in total, and it is adjusted semi - annually [30][33]. - **Weight and Market Value Distribution**: The index's weights are concentrated in the top ten component stocks, accounting for 45.36% in total. The component stocks are mostly small - cap stocks, with an average free - floating market value of 14.32 billion yuan and an average total market value of 25.716 billion yuan. In December 2025, about 12% of the positions, a total of 9 stocks, were removed and 9 new stocks were included [34][39][47]. - **Industry Characteristics**: 20 component stocks belong to the national defense and military industry, with a weight of 50.04%, and 9 belong to the electronics industry, with a weight of 23.19%. Some stocks have AI attributes. Policy support is expected to accelerate the development of the satellite industry [49][52]. - **Fundamental Characteristics**: The index attaches great importance to R & D investment, with a higher R & D investment ratio than the CSI National Defense and Military Industry Index. The rolling ROE in 2024 reached 6.74%, showing strong profitability [53][56]. - **Investment Value Analysis**: Since 2024, the index has shown excellent performance in the rebound environment, especially in the small - cap rebound environment. As of December 17, 2025, it had a cumulative increase of 63.78%, outperforming comparable indices and representative broad - based indices, and also had excellent risk - adjusted returns [60][64]. 3. Yongying China Securities Commercial Satellite Communication Industry ETF (159206) - **Basic Information**: It was officially established on March 6, 2025, and listed on March 14, 2025, with Liu Tingyu as the fund manager. It closely tracks the target index to minimize tracking deviation and error [3][68]. - **Scarcity and Scale Advantage**: As of December 18, 2025, it is the only ETF tracking the China Securities Commercial Satellite Communication Industry Index, with high scarcity. Its scale reached 3.186 billion yuan, exceeding the total scale of ETFs tracking the CSI Satellite Industry Index [3][69]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: Yongying Fund Management Co., Ltd. was established in November 2013. As of the third quarter of 2025, its net asset value excluding money funds and short - term wealth - management bond funds was 428.944 billion yuan. It manages 15 ETF products, with a total managed scale of 27.808 billion yuan [71]. - **Fund Manager Introduction**: Liu Tingyu has 6 years of securities - related work experience. He currently manages 16 products, with a total scale of 23.53 billion yuan, and the non - linked product scale is 19.606 billion yuan [72].

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangzhong Pharmaceutical, indicating a potential upside of 36% based on a target market value of 214 billion yuan compared to the current market value of 157 billion yuan [7][8]. Core Insights - Jiangzhong Pharmaceutical is positioned as a leader in gastrointestinal health, with a diversified business model encompassing OTC, prescription drugs, and health consumer products. The company has successfully built a strong brand presence with its well-known trademarks "Jiangzhong" and "Chuyuan" [5][16]. - The company has a robust product portfolio, including major products in the OTC market such as the 1 billion yuan "Jiangzhong Digestive Tablets" and the 500 million yuan "Lactobacillus Tablets" [7][36]. - The financial outlook is positive, with projected net profits for 2025-2027 expected to grow at compound annual growth rates of 8.3%, 10.0%, and 11.9%, respectively [6][8]. Summary by Sections Company Overview - Jiangzhong Pharmaceutical was established in 1969 and became publicly listed in 1998. The company has undergone significant restructuring and acquisitions, including the purchase of Jisheng Pharmaceutical and Sanghai Pharmaceutical, to enhance its market position [5][16]. - The company has a stable shareholding structure, with China Resources Group as the largest shareholder, which strengthens its operational capabilities and risk management [18][19]. Financial Data and Profit Forecast - The total revenue for 2024 is projected at 4.435 billion yuan, with a slight decline expected in 2025 before a recovery in subsequent years, reaching 5.089 billion yuan by 2027 [6]. - The gross profit margin is expected to remain stable around 65%, with the OTC segment showing a slight increase in profitability due to product mix optimization [26]. Investment Highlights - The company is focusing on expanding its OTC market presence by leveraging its strong brand and developing new product categories. The gastrointestinal product line is expected to maintain stable growth, while the health consumer products segment is anticipated to benefit from demographic trends such as aging populations [7][32]. - Jiangzhong Pharmaceutical's prescription drug segment is also expected to grow as the company continues to enhance its product offerings through acquisitions and strategic partnerships [7][32]. Market Position and Competitive Landscape - The company has maintained a leading market share in the OTC segment, particularly with its flagship product, the Jiangzhong Digestive Tablets, which ranked second in sales among digestive system medications in urban pharmacies [38][44]. - The competitive landscape for gastrointestinal products is fragmented, but Jiangzhong Pharmaceutical's brand strength allows it to maintain a dominant position [42][44].

Investment Rating - The report maintains a positive outlook on the industry, highlighting structural consumption opportunities and potential growth in various sectors [3][5][11]. Core Insights - The report emphasizes the importance of domestic consumption, particularly in personal care, pet products, and IP-driven trendy toys, as key areas for investment [3][5][6]. - Export opportunities are expected to improve as external disturbances diminish, with a focus on quality stocks in the export chain [3][11]. - The AI glasses segment is experiencing rapid development, with major players releasing new products that could benefit leading lens manufacturers [3][18]. - The paper industry is anticipated to see a recovery in demand and pricing, with a focus on companies like Sun Paper, Nine Dragons, and others [3][20][22]. - The home furnishing sector is undergoing consolidation, with a focus on companies that offer high dividend safety margins [3][23][25]. Summary by Sections Domestic Consumption - The report highlights the rise of domestic brands in personal care, recommending companies like Baiya and Dengkang for their strong offline channel competitiveness and product upgrades [6][7]. - In the pet products sector, companies like Yiyi and Yuanfei are recommended for their robust growth and global expansion strategies [7][8]. - The IP trendy toy market is driven by self-reward consumption, with companies like Chuangyuan and Guangbo positioned to benefit from this trend [8][9][10]. Export Opportunities - The report notes that external disturbances are lessening, with U.S. interest rate cuts expected to boost furniture consumption [11][13]. - Companies like Yutong Technology and Yongyi are highlighted for their strong global supply chain and potential for growth in overseas markets [13][14][15]. AI Glasses - The report discusses the transition from AI to AR glasses, with new products from Meta and others leading the market [18][19]. - Companies like Kangnait Optical are expected to benefit from the growing demand for integrated lens solutions [18]. Paper Industry - The report indicates a stabilization and potential rebound in paper prices, with companies like Sun Paper and Nine Dragons being key players to watch [20][22]. - The global market for pulp molding is also highlighted, with growth opportunities due to environmental considerations [16]. Home Furnishing - The report notes that the home furnishing industry is seeing accelerated consolidation, with companies like Gujia and Sophia being recommended for their strong market positions and dividend safety [23][25][27]. - The impact of real estate policies on the home furnishing market is discussed, with expectations for improved demand and valuation recovery [24][33].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View - The cycle sector of ETFs has rebounded, with the CSI Satellite Industry ETF leading in gains. The AI - themed new ETF issuance is hot, and the inflow of funds into the Huatai - Berry A500ETF is leading [1][23]. 3. Summary by Directory 3.1 Index Product Establishment, Raising, and Declaration - **Product Establishment and Listing**: In the recent week, 5 ETF products such as the Huatai - Berry CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were listed, and 13 products including the Huatai - Berry CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were established. The new issuance of AI - themed ETFs is hot, with products from Penghua, Morgan, and ICBC established [4]. - **Product Issuance Information**: In the coming week, 25 index products will end their fundraising, including the Southern Shanghai Science and Technology Innovation Board 50 Component ETF Linked A. And 8 index products will start fundraising, such as the ICBC Gemdale New Energy ETF on the Growth Enterprise Market and the Huaxia CSI All - Industry Food ETF [6]. - **Product Declaration Information**: In the recent week, 21 index products were declared. Among them, there are 9 theme funds such as the Taikang CSI Non - ferrous Metal Mining Theme ETF, and 5 cross - border - Hong Kong Stock Connect products like the Boshi Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility ETF [8]. 3.2 ETF Market Review - **Overall Market Performance**: In the recent week (2025/12/15 - 2025/12/19), most of the major broad - based A - share ETFs declined. The Science and Technology Innovation 50ETF and the Growth Enterprise Market 50ETF saw obvious pull - backs, with declines of - 2.92% and - 2.67% respectively. The major broad - based ETFs in Hong Kong and the US also pulled back synchronously. The Commodity ETFs showed different trends, with the Energy and Chemical ETF and the Gold ETF rising by 2.71% and 1.16% respectively [2]. - **Sector - Specific Performance**: Among the major industry ETFs, the cycle sector had the highest increase, with the Chemical ETF rising by 3.54%. Many sectors in the technology category faced pull - backs, such as the Chip ETF and the Electronic ETF, which declined by 3.03% and 3.02% respectively [15]. - **Cross - Border ETF Performance**: Among cross - border ETFs, the French CAC40 had the highest increase of 1.03%. The Huatai - Berry CSI KRX Korea - China Semiconductor ETF continued its previous volatile trend and declined by 4.80%. The Hong Kong - related ETFs all pulled back, with the Huatai - Berry Southern Dongying Hang Seng Technology ETF falling the most, by 2.84% [17]. 3.3 ETF Fund Flow - **Overall Scale and Change**: As of December 19, 2025, there were 1385 ETFs in the whole market, with a total scale of 5829.125 billion yuan, an increase of 52.135 billion yuan compared with the previous week. Among non - money ETFs, the ETFs targeting the CSI A500 had the largest net inflow of funds, reaching 32.702 billion yuan, while the ETFs targeting the CSI Short - Term Commercial Paper had the largest net outflow of 2.796 billion yuan [2][23]. - **Individual Product Performance**: In the recent week, the Huatai - Berry CSI A500ETF and the Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high fund inflows, with 8.688 billion yuan and 5.346 billion yuan respectively. The Haitong CSI Short - Term Commercial Paper ETF led in liquidity, with an average daily trading volume of 23.702 billion yuan in the recent week [28].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Insights - The company is a benchmark enterprise in the cryogenic industry, focusing on technology research and development, with a compound annual growth rate (CAGR) of 8.2% in revenue from 2020 to 2024 [8][39]. - The company's revenue is expected to grow significantly, with projected net profits of 4.03 billion, 5.56 billion, and 8.20 billion yuan for 2025 to 2027, respectively [10]. - The company has successfully expanded its deep cryogenic equipment business internationally, exporting to 53 countries and regions, which has led to an increase in gross margin from 29.65% in 2022 to 36.30% in 2023 [9][10]. Financial Data and Profit Forecast - Total revenue is projected to reach 3.368 billion yuan in 2025, with a year-on-year growth rate of 24.0% [7]. - The company expects to achieve a gross margin of 19.0% in 2025, with a return on equity (ROE) of 12.0% [7]. - The company’s net profit for 2025 is estimated at 403 million yuan, with earnings per share (EPS) of 1.04 yuan [7][10]. Business Overview - The company operates in the cryogenic technology sector, focusing on manufacturing key equipment and providing solutions in various fields, including natural gas liquefaction and hydrogen energy [19][20]. - The company has a dual-engine business model, combining equipment manufacturing and gas operation, with the gas operation segment contributing 51.54% to total revenue in 2024 [34][47]. - The company has established a strong patent portfolio with 70 patents, including 27 invention patents, which supports its technological advancements [8][51]. Market Position and Growth Potential - The company has positioned itself as a leading supplier in the cryogenic technology market, with significant growth opportunities in the semiconductor and rare gas sectors [11][39]. - The company’s gas operation business is expected to grow rapidly, with projected revenue increases of 30% to 50% from 2025 to 2027 [10][11]. - The company is also exploring opportunities in liquid cooling technology, leveraging its deep cryogenic expertise to meet the rising demand in data centers and AI computing [11][10].

1. Report Industry Investment Rating Not provided in the content 2. Core Viewpoints of the Report - In the recent week, the cycle sector has rebounded, and Huatai-PineBridge A500ETF has led in net inflows. The new issuance of artificial intelligence-themed products is booming, with 5 ETF products listed and 13 products established. In the coming week, 25 index products will end their fundraising, and 8 will start. A total of 21 index products were declared in the recent week [1][5][7]. - In the recent week (2025/12/15 - 2025/12/19), most of the major broad-based ETFs in the A-share market declined, with significant pullbacks in the Science and Technology Innovation Board 50 ETF and ChiNext 50 ETF. The Hong Kong and US stock broad-based ETFs also pulled back synchronously. Commodity ETFs such as energy and chemical and gold ETFs rose. The cycle sector had the highest increase among major industries, while many sectors in the technology category faced pullbacks [2][13]. - As of December 19, 2025, there were 1,385 ETFs in the entire market, with a total scale of 5,829.125 billion yuan, an increase of 52.135 billion yuan from the previous week. Among non-monetary ETFs, the ETFs targeting CSI A500 had the largest net inflow of funds, while those targeting CSI short-term financing bonds had the largest net outflow [2][25]. 3. Summary by Relevant Catalogs 3.1 Index Product Establishment, Fundraising, and Declaration - **Product Establishment and Listing**: In the recent week, 5 ETF products such as Huatai-PineBridge CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were listed, and 13 products including Huatai-PineBridge CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were established. The new issuance of artificial intelligence-themed products is booming [1][5]. - **Product Issuance Information**: In the coming week, 25 index products will end their fundraising, including Southern Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF Linked A, and 8 products will start fundraising, such as ICBC ChiNext New Energy ETF [7]. - **Product Declaration Information**: A total of 21 index products were declared in the recent week, including 9 theme funds and 5 cross-border - Hong Kong Stock Connect products [9]. 3.2 ETF Market Review - **Asset - Type Classification**: Classify ETFs into four categories: stocks, commodities, cash, and bonds according to the Merrill Lynch Investment Clock theory [11]. - **Broad - Based ETF Performance**: Most of the major broad-based ETFs in the A-share market declined, with significant pullbacks in the Science and Technology Innovation Board 50 ETF and ChiNext 50 ETF. The Hong Kong and US stock broad-based ETFs also pulled back synchronously. Commodity ETFs such as energy and chemical and gold ETFs rose [2][13]. - **Industry - Based ETF Performance**: The major industry ETFs had mixed performance. The cycle sector had the highest increase, with the chemical ETF rising 3.54%. Many sectors in the technology category faced pullbacks, such as the chip ETF and electronic ETF [16]. - **Cross - Border ETF Performance**: The major broad-based cross-border ETFs had mixed performance, with the French CAC40 having the highest increase of 1.03%. The Hong Kong stock-related ETFs pulled back across the board [19]. - **Non - Monetary ETF Performance**: In the recent week, E Fund CSI Satellite Industry ETF led in terms of yield, while Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive ETF lagged behind [22]. 3.3 ETF Fund Flow - **Overall Market Scale**: As of December 19, 2025, there were 1,385 ETFs in the entire market, with a total scale of 5,829.125 billion yuan, an increase of 52.135 billion yuan from the previous week. A-share and cross-border ETFs ranked among the top two in terms of scale [25]. - **Net Inflow and Outflow of Funds**: Among non-monetary ETFs, the ETFs targeting CSI A500 had the largest net inflow of funds, while those targeting CSI short-term financing bonds had the largest net outflow. Huatai-PineBridge CSI A500ETF and Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high fund inflows [28][30]. - **Liquidity**: Haifutong CSI Short - Term Financing Bond ETF led in terms of liquidity, with an average daily trading volume of 23.702 billion yuan in the recent week. China Merchants CSI AAA Science and Technology Innovation Corporate Bond ETF also had relatively high liquidity [30].

郑菁华 A0230525060001 zhengjh@swsresearch.com 今日重点推荐 2025 年 12 月 23 日 人民币升值，"结汇潮"的助推——汇率双周报系列之六 10 月中旬以来，美元小幅贬值背景下、人民币大幅升值；这一非对称的涨 势引发了市场对"年终结汇"的热议。本轮升值是不是结汇推动、后续人 民币汇率的可能演绎？本文分析，供参考。 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3917 | 0.69 | 2.15 | 1.28 | | 深证综指 | 2493 | 1.13 | 5.16 | 1.56 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.86 | 3.48 | 20.31 | | 中盘指数 | 1.42 | 6.66 | 29.76 | | 小盘指数 | 1.12 | 5.06 | 25.03 | | 涨幅居前 行业(％) | ...

Group 1: Migration Trends - Recent high levels of migration are not indicative of an early "return home tide," as current migration patterns show stable high levels rather than the typical pulse increase associated with such events, with the national migration index maintaining a high level of 15.3% year-on-year[3] - The migration indices for labor input cities like Henan Zhoukou and labor output cities like Guangdong Dongguan have remained stable, contrasting with the expected pulse increases during peak return periods[4] - The outflow intensity from major labor supply provinces is low, with December figures around 15% year-on-year, indicating that the current high migration levels are not primarily driven by a return home trend[4] Group 2: Factors Supporting High Migration - The introduction of autumn holiday policies in multiple regions, including Sichuan and Zhejiang, has significantly boosted residents' willingness to travel, with migration indices for Chengdu and Hangzhou increasing by 15.4% and 20.3% year-on-year respectively[5] - Warmer winter temperatures this year, with an average increase of 4.2°C in November compared to the past five years, have extended the window for cross-regional travel, contributing to sustained high migration levels[6] - Business travel has also increased, with domestic and international flight operations rising by approximately 2% and 10% year-on-year, respectively, reflecting a recovery in urban mobility and business activity[5] Group 3: Consumption Trends - High migration levels are expected to drive growth in service consumption, particularly in sectors like dining and accommodation, as evidenced by the resilience of service retail growth compared to a decline in goods retail, which has dropped to 4.1%[7] - The shift in consumer behavior towards services is supported by macroeconomic trends, with expectations that service consumption will continue to grow as the economy transitions from goods to services[8] - The potential for service consumption growth remains significant, as current policies are increasingly favoring the service sector, including initiatives like extended holidays and consumer vouchers[8]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, indicating an "Overweight" rating for the sector [28]. Core Insights - The pharmaceutical sector has shown mixed performance, with the Shenwan Pharmaceutical and Biological Index down by 0.1% this week, while the Shanghai Composite Index increased by 0.03% [3][5]. - The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, ranking 10th among 31 Shenwan primary industries [5][23]. Market Performance - The Shenwan Pharmaceutical and Biological Index ranked 22nd among 31 Shenwan primary sub-industries this week [3]. - The performance of various sub-sectors includes: - Raw materials (+0.5%) - Chemical preparations (-2.1%) - Traditional Chinese medicine (+0.2%) - Blood products (-0.3%) - Vaccines (-0.9%) - Other biological products (-0.7%) - Medical devices (+1.4%) - Medical consumables (+2.3%) - In vitro diagnostics (-0.8%) - Pharmaceutical distribution (+4.7%) - Offline pharmacies (+5.6%) - Medical research outsourcing (-0.9%) - Hospitals (+4.2%) [5][6]. Recent Key Events - Changchun High-tech signed an exclusive licensing agreement for GenSci098 with Yarrow, with potential milestone payments reaching up to $1.365 billion [10]. - Hansoh Pharmaceutical entered a multi-regional exclusive licensing agreement for Amivantamab with Glenmark, with potential payments exceeding $1 billion [12]. - Hengrui Medicine's subsidiary Kailera initiated three global Phase III clinical trials for HRS-9531, targeting obesity with and without diabetes [17]. - The FDA confirmed the legality of NMN as a dietary supplement, reversing a previous ban [15]. - The first invasive brain-machine interface for treating addiction-related mental disorders was approved in China [16]. Investment Opportunities - The report suggests focusing on domestic innovative drug companies due to the recovery of the CRO investment environment, highlighting companies such as Tigermed, Nossan, and others [2]. - As 2025 approaches its end, it is recommended to pay attention to valuation shifts in companies like WuXi AppTec, Hengrui Medicine, and others [2].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The number of newly issued ETF products in the US last week remained high, with a well - known hedge fund, Man Group, issuing 2 active ETFs. The US ETF market showed significant inflows into domestic stock products, and bond products had excellent performance this year. The US ordinary public - offering funds had different trends in different periods, with domestic stock funds having large - scale outflows in a specific week [1]. 3. Summary by Relevant Catalog 3.1 US ETF Innovation Products: Man Group Issues Active ETF - Last week, there were 35 newly issued products in the US, with the number remaining high. Man Group issued 2 active ETFs: one is an emerging - market stock - picking product using fundamental and quantitative methods, allowing for both long and short positions; the other is a trend - tracking + stock product, investing 100% in US stocks and another 100% in a quantitative - driven trend - tracking strategy [1][4][6]. - There were over 10 single - stock products, and GraniteShares' YieldBOOST series issued 2 FOF products. Q3 issued a dynamic - allocation product, and Baron Capital issued a series of 5 active ETFs [5]. - Some theme ETFs were also issued, such as Tortoise's nuclear - industry chain ETF, Harbor's AI - related ETF, and Founders' ETF investing in founder - led companies [6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Inflows into Domestic Stock Products - In the past week, US ETFs had inflows of over $80 billion, with domestic stock products having inflows of over $50 billion, and commodity ETFs also continued to have inflows [1][7]. - After being the top out - flowing product for two consecutive weeks, BlackRock's S&P 500 ETF was the top - flowing - in product last week, with nearly $100 billion in large - scale inflows. At the same time, products from Vanguard and State Street had outflows [1][10]. 3.2.2 US ETF Performance: Bond Products Performed Well Overall - US bond products have performed well this year. The comprehensive bond ETFs BND and AGG have had gains of over 7%, and both long - and short - term bond products have shown good performance [1][12]. 3.3 Recent Capital Flows of US Ordinary Public - Offering Funds - In October 2025, the total volume of non - money public - offering funds in the US was $23.7 trillion, an increase of $0.22 trillion compared to September. The scale of US domestic stock products increased by 0.9%, but the redemption pressure was still high [1][16]. - From December 3rd to December 10th, the outflows of US domestic stock funds expanded to $26.97 billion. Mixed products continued to have outflows, and the inflows of bond funds increased slightly [1][16].