公募基金周报：易方达旗下销售子公司易方达财富正式展业-20251229

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Important news: The scale of ETFs exceeded 6 trillion yuan for the first time; the number of fund issuances this year reached the second - highest in history; the IPO financing amount of Hong Kong stocks ranked first globally [2]. - Market review: From December 22 to December 26, 2025, the major broad - based indices in the A - share market showed an upward trend. The Shanghai Composite Index closed at 3963.68, up 1.88%; the CSI 300 Index closed at 4657.24, up 1.95%; most overseas indices also rose [2][14]. - Fund market review: Most active equity funds achieved positive returns this week, with a median interval return of 2.40%. Manufacturing and technology - themed funds performed outstandingly [2]. - ETF fund statistics: The top three ETF categories in terms of performance this week were manufacturing (5.01%), cyclical (3.72%), and commodity futures (3.41%) theme ETFs. There were 336 ETFs with net capital inflows and 703 with net outflows [2]. - Fund market dynamics: This week, 54 public funds had new fund managers, 65 new public funds were established, with a combined issuance share of 278.94 billion shares, and 35 public funds entered the issuance stage for the first time. As of December 28, 2025, there were 38 public funds waiting to be issued [2]. - Equity fund issuance tracking: From December 22 to December 28, 2025, the issuance scale of equity funds reached 11.864 billion yuan, an increase of 5.014 billion yuan compared with last week. There were still 229 newly - issued funds in the position - building period, and it is estimated that 72.691 billion yuan of funds have not been invested yet [2]. Summary by Directory 1. Important News 1.1 Market Dynamics - International silver futures prices approached $80 per ounce, and the prices of various precious metal futures reached new highs. Gold prices soared by over 70% this year, and silver prices rose by over 170%. Platinum futures prices also reached a record high, and New York copper prices continued to rise [6]. - In 2025, public REITs developed rapidly. By mid - December, nearly 80 products had been issued, with a total market value exceeding 220 billion yuan, covering ten major fields. The secondary - market performance showed a "first - rising - then - falling" trend [6][7]. - On December 23, 2025, E Fund's sales subsidiary, E Fund Wealth, officially started operations. Huatai - PineBridge Fund and GF Fund also had relevant developments in their subsidiaries [7]. - On December 26, 2025, the national venture capital guidance fund was officially launched, using over - long - term special treasury bonds, with 100 billion yuan of fiscal investment at the national level, aiming to leverage a trillion - yuan capital scale [8]. 1.2 Product Highlights - On December 23, 2025, the net subscription amount of bond ETFs was close to 20 billion yuan, and science - and - technology innovation bond ETFs were the main targets for capital addition [8]. - As of December 26, 2025, the total number of ETFs in the market reached 1391, with a total scale of 6.03 trillion yuan, officially exceeding the 6 - trillion - yuan mark [9]. - As of December 25, 2025, the number of fund issuances this year reached 1498, the second - highest in history. Index funds and FOF products were popular [10][11]. 1.3 Overseas/Overseas Markets - On December 29, 2025, China Asset Management's two flagship ETFs will be listed on the Stock Exchange of Thailand through DRs, which is an important step in the cooperation between Chinese and Thai capital markets [12]. - In 2025, the IPO financing amount of Hong Kong stocks ranked first globally. From January to November, the average daily trading volume of the spot market increased by 43% year - on - year. As of December 19, 106 companies were listed, with a total financing of 274.6 billion Hong Kong dollars [13]. 2. Market Review - From December 22 to December 26, 2025, major broad - based indices in the A - share market rose. Overseas, most indices also showed an upward trend [2][14]. - This week, the non - ferrous metals and national defense and military industries led the gains, while the commercial retail, coal, and banking industries were among the top decliners [16]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term, manufacturing and technology - themed funds performed well; in the medium - term, cyclical and manufacturing - themed funds were in the forefront; in the long - term, technology and manufacturing - themed funds were outstanding [18]. - This week, most active equity funds achieved positive returns, and the median interval return was 2.40%. Manufacturing and technology - themed funds had the highest median interval returns [20][21]. 3.2 Top - Performing Fund Performance Statistics - This week, the top - performing active equity fund was the Qianhai Kaiyuan Shanghai - Hong Kong - Shenzhen Strong Country Industry Fund, with an interval return of 15.69% [23][24]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - This week, the top three ETF categories in terms of interval return were manufacturing, cyclical, and commodity futures theme ETFs [25]. - In the past month, the top three were also cyclical, manufacturing, and commodity futures theme ETFs [25]. 4.2 ETF Capital Flow Statistics - This week, the top categories with net capital inflows were bonds, A - share broad - based, and commodity futures ETFs, while manufacturing ETFs had the largest net outflows [29]. - In the past month, A - share broad - based, bonds, and technology ETFs had the largest net inflows, while manufacturing ETFs had the largest net outflows [29]. - This week, 336 ETFs had net capital inflows, and 703 had net outflows. The top three in terms of net inflows were the Yin Hua CSI AAA Science and Technology Innovation Corporate Bond ETF, etc., and the top three in terms of net outflows were the HFT CSI Short - Term Financing Bond ETF, etc. [31]. 4.3 ETF Fund Premium and Discount Statistics - For non - QDII ETFs, as of December 26, 2025, the top three in terms of premium rate were the GF Hang Seng Index Hong Kong Stock Connect ETF, etc., and the top three in terms of discount rate were the Founder Fubon CSI 500 ETF, etc. [33][34]. - For QDII ETFs, as of December 25, 2025, the top three in terms of premium rate were the Invesco Great Wall NASDAQ Technology Market Value - Weighted ETF, etc., and the top three in terms of discount rate were the China Merchants Li An Emerging Asia Select ETF, etc. [34][35]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - This week, 54 public funds had new fund managers, involving 50 fund managers from 31 fund management companies. The top two fund management companies with the most new fund manager appointments were Penghua Fund and GF Fund [36]. - This week, 77 public funds had fund manager departures, involving 57 fund managers from 33 fund management companies. The top three fund management companies with the most departures were Penghua Fund, E Fund, and Chuangjin Hexin Fund [37]. 5.2 Newly Established Funds This Week - This week, 65 new public funds were established, with a combined issuance share of 278.94 billion shares. The most common types were partial - stock hybrid and secondary bond funds. GF Fund had the largest combined issuance share [39]. 5.3 Funds First Issued This Week - This week, 35 public funds entered the issuance stage for the first time. GF Fund had the most newly issued funds, and the most common type was partial - stock hybrid funds [41][42]. 5.4 Funds to Be Issued - As of December 28, 2025, there were 38 public funds waiting to be issued, including 13 partial - stock hybrid, 10 passive index, 7 hybrid FOF, etc. GF Fund had the most funds to be issued [45]. 5.5 Equity Fund Issuance Tracking - This week, the issuance scale of equity funds reached 11.864 billion yuan, an increase of 5.014 billion yuan compared with last week [47]. - Currently, there are 229 newly - issued funds in the position - building period, 46.29% of which have a position - building ratio of less than 5%, and it is estimated that 72.691 billion yuan of funds have not been invested yet [50]. - After the establishment and position - building of these funds, the top three industries with the largest capital increments are electronics, power equipment and new energy, and machinery [53]. - For the funds that have completed the fundraising, the top three industries with the largest capital increments are electronics, food and beverage, and machinery [55].