基金周报：中国ETF市场总规模突破6万亿，基金销售子公司再迎扩容-20251228

Report Industry Investment Rating - No relevant content provided in the given text. Core Viewpoints - Last week, the major broad - based indices in the A - share market all rose, with the CSI 500, ChiNext Index, and SME Board Index leading in returns, at 4.03%, 3.90%, and 3.88% respectively, while the Shanghai Composite Index, CSI 300, and STAR 50 lagged, with returns of 1.88%, 1.95%, and 2.85% respectively. The trading volumes of major broad - based indices increased. In the industry aspect, non - ferrous metals, national defense and military industry, and basic chemicals led in returns, at 6.45%, 6.39%, and 5.41% respectively, while commercial retail, banking, and coal lagged, with returns of - 1.31%, - 0.89%, and - 0.89% respectively [1]. - As of the end of last week, the central bank's reverse repurchase had a net withdrawal of 34.8 billion yuan, with 457.5 billion yuan of reverse repurchases maturing and a net open - market injection of 422.7 billion yuan. Except for the 10 - year bond, the yields of government bonds with different maturities declined, and the yield spread widened by 7.43 BP [1]. - Last week, a total of 77 funds were reported, an increase compared to the previous week. The reported products included 1 REITs, 2 QDII, 8 FOF, and some ETFs such as E Fund CSI All - Share Dividend Quality ETF [1][9]. - On December 23, E Fund announced that its sales subsidiary, E Fund Fortune, had obtained the "License for Securities and Futures Business" and the pilot qualification for fund investment advisory and officially opened; on the same day, Huatai - PineBridge Fund also announced that its sales subsidiary was approved for establishment and was in the business registration stage [2][11]. - On December 29, China Asset Management will cooperate with Thai brokerage InnovestX Securities to list depositary receipts (DR) linked to "ChinaAMC CSI 300 ETF" and "ChinaAMC STAR 50 ETF" on the Stock Exchange of Thailand (SET) [2][10]. - The performance of open - ended public funds: last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 2.57%, 2.14%, and 1.88% respectively. This year, alternative funds have the best performance, with a median return of 57.87%, while the median returns of active equity, flexible allocation, and balanced hybrid funds are 30.89%, 23.88%, and 16.45% respectively [1][2]. - As of the end of last week, there were 282 ordinary FOF funds, 116 target - date funds, and 151 target - risk funds among open - ended public funds. This year, target - date funds have the best median performance, with a cumulative return of 17.38% [3]. - In terms of fund product issuance, 65 new funds were established last week, with a total issuance scale of 27.594 billion yuan, an increase compared to the previous week. In addition, 23 funds entered the issuance stage for the first time last week, and 8 funds will start issuing this week [3]. Summary by Related Catalog 1. Last Week's Market Review 1.1 Related Hot - Spot Review - Fund application and issuance dynamics: 77 funds were reported last week, including 1 REITs, 2 QDII, 8 FOF, and some ETFs [9][1]. - China Asset Management's ETF to enter the Thai market: On December 29, China Asset Management will list DRs of "ChinaAMC CSI 300 ETF" and "ChinaAMC STAR 50 ETF" on the SET, marking the first time that China Asset Management's ETFs listed on the SSE enter the overseas market in the DR mode [10]. - Expansion of fund sales subsidiaries: On December 23, E Fund's sales subsidiary E Fund Fortune officially opened, and Huatai - PineBridge Fund's sales subsidiary was approved for establishment. Currently, there are 9 public - fund sales subsidiaries [11]. - China's ETF market scale: As of December 26, 2025, the total scale of China's ETF market reached 6.03 trillion yuan, a 61% increase from the end of 2024, with a net increase of 2.29 trillion yuan [12]. 1.2 Stock Market - Index returns: Last week, major broad - based indices in the A - share market all rose, with the CSI 500, ChiNext Index, and SME Board Index leading. In the past month, the ChiNext Index had the highest return, and the Shanghai Composite Index had the lowest. Since the beginning of the year, the ChiNext Index has the highest cumulative return [14]. - Trading volume: Last week, the trading volumes of major broad - based indices increased, and they were at the 60% - 85% historical percentile level in the past 52 weeks. On a monthly basis, except for the STAR 50 and CSI 300, the average daily trading volumes of major broad - based indices in the past month increased, and they were at the 80% - 90% historical percentile level in the past 36 months [18][19]. - Industry returns: Last week, non - ferrous metals, national defense and military industry, and basic chemicals led in returns, while commercial retail, banking, and coal lagged. In the past month, the national defense and military industry had the highest cumulative return, and the real - estate industry had the lowest. This year, non - ferrous metals, communication, and electronics have relatively high cumulative returns [22]. 1.3 Bond Market - Central bank operations: As of the end of last week, the central bank's reverse repurchase had a net withdrawal of 34.8 billion yuan, with 457.5 billion yuan of reverse repurchases maturing and a net open - market injection of 422.7 billion yuan. The 14D pledged - repo rate increased by 22.77 BP, and the 1M SHIBOR increased by 2.96 BP compared to the previous week [23][24]. - Bond yields: Except for the 10 - year bond, the yields of government bonds with different maturities declined, and the yield spread widened by 7.43 BP. The yields of credit bonds with different ratings and maturities of 3 - year and 5 - year also declined [24]. - Credit spreads: The credit spreads of 5 - year credit bonds with different ratings declined [26]. 1.4 Convertible Bond Market - Index performance: Last week, the CSI Convertible Bond Index rose 1.64%, with a cumulative trading volume of 392.8 billion yuan, an increase of 85.5 billion yuan compared to the previous week. As of the end of last week, the median conversion premium rate of the convertible - bond market was 32.37%, an increase of 0.19% compared to the previous week, and the median pure - bond premium rate was 24.83%, an increase of 1.10% [27]. 2. Open - Ended Public Funds Performance 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 2.57%, 2.14%, and 1.88% respectively. This year, alternative funds have the best median performance, with a return of 57.87% [1][2][30]. 2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was - 0.11%, and the median return of quantitative hedging funds was - 0.13%. This year, the median excess return of index - enhanced funds was 4.98%, and the median return of quantitative hedging funds was 1.07% [32]. 2.3 FOF Funds - As of the end of last week, there were 282 ordinary FOF funds, 116 target - date funds, and 151 target - risk funds. Last week, 6 new FOF funds were established. The equity positions of target - date funds are relatively high, mainly in the range of 50% - 65%, most target - risk funds have equity positions below 50%, and the equity positions of ordinary FOF funds are mainly in the ranges below 25% and 65% - 100%. Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.62%, 1.11%, and 0.62% respectively. This year, target - date funds have the best median performance, with a cumulative return of 17.38% [35]. 3. Fund Manager Changes - Last week, the fund - manager situations of 127 fund products of 41 fund companies changed, including 13 products of Penghua Fund, 10 products of E Fund, and 7 products of Chuangjin Hexin Fund [40]. 4. Fund Product Issuance Situation 4.1 Newly Established Funds Last Week - 65 new funds were established last week, with a total issuance scale of 27.594 billion yuan, an increase compared to the previous week. Among them, equity funds issued 11.428 billion yuan, hybrid funds issued 3.196 billion yuan, and bond funds issued 12.971 billion yuan. There were no new issues of alternative funds and money - market funds. The types with a relatively large number of new funds were partial - equity hybrid funds (13) and hybrid - bond secondary funds (13), with issuance scales of 2.474 billion yuan and 9.005 billion yuan respectively [43][44]. 4.2 Funds Starting Issuance Last Week - 23 funds entered the issuance stage for the first time last week [48]. 4.3 Funds to Be Issued This Week - 8 funds will enter the issuance stage this week, including 4 passive - index funds, 2 hybrid - bond secondary funds, and 1 ordinary equity fund [50].