ETF简称统一规范落地，非货基“T+0.5”赎回时代来临【国信金工】

Market Overview - The A-share market saw a decline across major indices last week, with the Shanghai Composite Index down by -3.90% and the ChiNext Index down by -6.15% [6][14] - The banking, food and beverage, and media sectors performed relatively better, with returns of -0.87%, -1.36%, and -1.39% respectively, while the comprehensive, electric equipment and new energy, and basic chemicals sectors lagged behind with returns of -9.47%, -9.41%, and -8.24% [19][21] Fund Issuance and Performance - A total of 41 new funds were established last week, with a combined issuance scale of 356.35 billion yuan, marking an increase from the previous week [4] - 54 funds were reported for issuance, including 1 REITs and 3 FOFs, indicating a decrease in the number of new fund applications compared to the previous week [5][6] - The median returns for active equity, flexible allocation, and balanced mixed funds were -4.95%, -4.04%, and -3.13% respectively last week [35] Fund Manager Changes - There were changes in fund managers for 113 fund products across 41 fund companies last week, with notable changes at E Fund (12 funds), Changsheng Fund (11 funds), and Ping An Fund (8 funds) [45] Bond Market - The central bank's net reverse repurchase was 554 billion yuan, with a total of 16,760 billion yuan in net open market operations last week [22] - The yield on government bonds of various maturities decreased, with the yield spread widening by 1.22 basis points [24] ETF Developments - The first bond ETF in China surpassed 700 billion yuan in scale, reaching 723.73 billion yuan, a 147% increase from the end of 2024 [11] - The Shanghai and Shenzhen Stock Exchanges issued a revised notice on fund business operations, standardizing ETF naming conventions [10]