【金工】被动资金显著加仓大盘宽基ETF，国防军工主题基金表现占优——基金市场与ESG产品周报20251215（祁嫣然/马元心）

Market Performance Overview - The domestic equity market showed mixed performance during the week of December 8 to December 12, 2025, with the ChiNext Index rising by 2.74% [4] - In terms of sectors, telecommunications, national defense and military industry, and electronics sectors led the gains, while coal, oil and petrochemicals, and steel sectors experienced the largest declines [4] Fund Product Issuance - A total of 28 new funds were established in the domestic market this week, with a combined issuance of 18.218 billion units. This includes 9 bond funds, 10 stock funds, 4 FOF funds, 3 mixed funds, 1 international (QDII) fund, and 1 money market fund [5] - Overall, 38 new funds were issued across the market, categorized as 13 stock funds, 8 FOF funds, 8 bond funds, 8 mixed funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The defense and military industry theme funds outperformed this week, while cyclical theme funds saw a net value correction. As of December 12, 2025, the net value changes for various theme funds were as follows: defense and military industry (3.39%), TMT (3.17%), industry balanced (1.08%), industry rotation (0.50%), new energy (0.12%), pharmaceuticals (-0.42%), financial real estate (-0.66%), consumption (-0.67%), and cyclical (-1.12%) [6] ETF Market Tracking - Stock ETFs experienced a slight outflow of funds this week, primarily from TMT, financial real estate, and ChiNext theme ETFs, while large-cap broad-based ETFs saw significant inflows from passive funds. Hong Kong stock ETFs also experienced notable inflows [7] - The median return for stock ETFs this week was 0.19%, with a net outflow of 2.974 billion yuan. In contrast, Hong Kong stock ETFs had a median return of -1.42% and a net inflow of 8.865 billion yuan. Cross-border ETFs had a median return of -0.11% with a net inflow of 1.115 billion yuan, while commodity ETFs had a median return of 0.81% and a net inflow of 241 million yuan [7] Broad-based ETF Insights - Broad-based ETFs saw a significant net inflow of 9.058 billion yuan this week. Additionally, the new energy theme ETFs also experienced notable net inflows totaling 778 million yuan [8] ESG Financial Products Tracking - This week, 28 new green bonds were issued, with a total issuance scale of 29.152 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.12 trillion yuan and a total of 4,396 bonds issued as of December 12, 2025 [8] - As of December 12, 2025, there were 211 ESG funds in the domestic market, with a total scale of 150.981 billion yuan. The median net value changes for various ESG fund types this week were as follows: active equity funds (0.60%), passive stock index funds (-0.01%), and bond funds (0.05%). Funds focused on low-carbon economy, carbon neutrality, and social responsibility performed well [8]