基金周报：港交所推出首只港股指数，2025基金投顾发展白皮书发布-20251214

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs 1. Last Week's Market Review Related Hotspot Review - Last week, 61 funds were reported, an increase from the previous week. The reported products included 1 REITs, 2 QDIIs, 5 FOFs, and several theme ETFs such as those for non-ferrous metal mining, industrial non-ferrous metals, engineering machinery, and all - index public utilities [1][9]. - On December 11, 2025, the scale of Huatai - Bairui CSI A500 ETF reached 307.4 billion yuan, becoming the first CSI A500 ETF to exceed 30 billion yuan. By December 12, its scale further increased to 32.525 billion yuan, an 86% increase from the end of 2024 [2][10]. - On December 9, 2025, the Hong Kong Exchanges and Clearing Limited launched its first Hong Kong stock index, the Hong Kong Exchanges Technology 100 Index, which aims to reflect the performance of the 100 largest - market - cap Hong Kong - listed companies highly relevant to the technology sector and eligible for the Hong Kong - Stock Connect [11][14]. - On December 11, 2025, the "White Paper on the Development of Fund Investment Advisory Business in 2025" was released in Shanghai. After this cycle, more investors realized that investment experience and final returns are equally important, and over 90% of customers preferred multi - asset allocation as a future investment strategy. Fund investment advisory users showed healthier investment behaviors and better long - term investment experiences [15]. Stock Market - Last week, the performance of major broad - based indices in the A - share market was divergent. The ChiNext Index, STAR 50, and CSI 500 had the highest returns of 2.74%, 1.72%, and 1.01% respectively, while the Shanghai Composite Index, CSI 300, and CSI 1000 had lower returns of - 0.34%, - 0.08%, and 0.39% respectively. The ChiNext Index had the highest cumulative return of 49.16% since the beginning of the year [1][18]. - The trading volume of major broad - based indices increased last week. On a monthly basis, except for the ChiNext Index, the average daily trading volume of major broad - based indices decreased in the past month [18][20]. - In terms of industries, last week, the communication, national defense and military industry, and electronics sectors had the highest returns of 5.92%, 3.57%, and 2.51% respectively, while the coal, petroleum and petrochemical, and textile and clothing sectors had the lowest returns of - 3.80%, - 3.43%, and - 2.68% respectively [1][24]. Bond Market - As of last Friday, the central bank's net reverse - repurchase injection was 4.7 billion yuan, with 663.8 billion yuan of reverse - repurchases maturing and a net open - market injection of 668.5 billion yuan. The 1M pledged - repo rate increased by 6.70BP, and the 1W SHIBOR increased by 3.50BP compared to the previous week [28]. - Bond yields of different maturities declined, and the yield spread widened by 0.53BP. Credit bond yields of different maturities and ratings also declined. Except for the 3 - year and 5 - year maturities, credit spreads of different maturities and ratings increased [29][32]. Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 1.05%, with a cumulative trading volume of 285.7 billion yuan, an increase of 31.1 billion yuan from the previous week. As of last Friday, the median conversion premium rate was 31.58%, up 1.05% from the previous week, and the median pure - bond premium rate was 23.40%, down 0.98% from the previous week [33]. 2. Open - ended Public Offering Fund Performance Ordinary Public Offering Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 0.19%, 0.20%, and 0.33% respectively. This year, alternative funds had the best performance, with a median return of 51.31%, while the median returns of active equity, flexible allocation, and balanced hybrid funds were 28.02%, 21.10%, and 14.42% respectively [2][35]. Quantitative Public Offering Funds - Last week, the median excess return of index - enhanced funds was - 0.05%, and the median return of quantitative hedging funds was 0.08%. This year, the median excess return of index - enhanced funds was 4.50%, and the median return of quantitative hedging funds was 0.99% [2][37]. FOF Funds - As of last weekend, there were 273 ordinary FOF funds, 116 target - date funds, and 152 target - risk funds in open - ended public offering funds. Four new FOF funds were established last week. Generally, target - date funds had a higher equity position, mainly in the 50% - 65% range. Most target - risk funds had an equity position below 50%, and ordinary FOF funds' equity positions were mainly below 25% and in the 65% - 100% range. Last week, the median returns of ordinary FOF, target - date, and target - risk funds were - 0.03%, 0.05%, and - 0.01% respectively. This year, target - date funds had the best performance, with a cumulative return of 16.57% [20][40]. 3. Fund Manager Changes - Last week, the fund managers of 83 fund products from 41 fund companies changed, including 9 products from E Fund, 5 from Chuangjin Hexin Fund, and 4 from Baoying Fund [44]. 4. Fund Product Issuance Situation Newly Established Funds Last Week - Last week, 28 new funds were established, with a total issuance scale of 18.218 billion yuan, a decrease from the previous week. Among them, equity funds issued 6.69 billion yuan, hybrid funds issued 4.26 billion yuan, and bond funds issued 7.269 billion yuan. There were no new issuances of alternative and money market funds [3][46]. Funds Launched for the First Time Last Week - Last week, 38 funds entered the issuance stage for the first time. Among them, the China AMC Hong Kong Stock Select Fund, Xinyuan Xinxuan Yingtai Progressive Allocation 3 - month Holding A, and Hongyi Yuanfang Beijing Stock Exchange 50 Component Index A had completed issuance and were established [50]. Funds to be Issued This Week - This week, 19 funds will enter the issuance stage, including 7 equity - biased hybrid funds, 6 passive index funds, and 2 enhanced index funds [52].