基金研究周报：权益蓄势，金银回调（12.29-1.2）

Market Overview - The A-share market experienced a volatile adjustment last week, with major indices showing mixed performance. The Shanghai Composite Index slightly increased by 0.13% to close at 3,968.84 points, while the Shenzhen Component Index fell by 0.58%, and the ChiNext Index dropped by 1.25% [1] - The Hong Kong stock market opened the year positively, with the Hang Seng Tech Index rising by 4%, indicating a positive signal from foreign capital towards emerging markets [1] Industry Performance - Most sectors in the Wande primary industry index declined last week, with Communication Services (+2.13%) and Energy (+1.54%) leading the gains, benefiting from policy expectations and stabilization in commodity prices. Conversely, Utilities (-2.64%) and Healthcare (-1.99%) faced pressure, likely due to risk-averse sentiment and weak consumption [1][9] Fund Issuance - A total of 33 funds were issued last week, including 21 equity funds, 6 mixed funds, 4 bond funds, and 2 FOFs, with a total issuance of 11.916 billion units [1][17] Fund Performance - The Wande All-Fund Index decreased by 0.31% last week. The Wande Ordinary Equity Fund Index fell by 0.76%, and the Wande Mixed Equity Fund Index declined by 0.63%. The Wande Bond Fund Index saw a minor decrease of 0.06% [1][6]