基金研究周报：白银再创新高，债基企稳（12.15-12.19）

Market Overview - The A-share market exhibited a structurally differentiated pattern last week, with the Shanghai Composite Index slightly up by 0.03%. However, growth sectors faced significant pullbacks, with the ChiNext Index, STAR Market 50, and ChiNext 50 down by 2.26%, 2.99%, and 2.66% respectively, indicating pressure on high-growth tracks [2][10] - The market style continued to shift towards value, as evidenced by the CSI Dividend Index rising by 1.04%, while broad indices like CSI 300 and CSI 1000 also experienced slight declines [2] - The Wande Micro-Pan Index surged by 2.99%, reflecting a temporary preference for small-cap stocks [2] Industry Performance - The A-share market's primary sectors showed a split performance, with Consumer and Financial sectors leading gains, while Technology and Industrial sectors faced declines. Daily Consumer stocks rose by 2.26% and Financials by 2.06%, benefiting from policy expectations and high dividend attractiveness. Conversely, Information Technology fell by 2.08% and Industrial by 1.22%, impacted by valuation adjustments and overseas tech stock correlations [2][10] Fund Issuance - A total of 34 funds were issued last week, including 14 equity funds, 11 mixed funds, 6 bond funds, and 3 FOFs, with a total issuance volume of 18.321 billion units [15] Fund Performance - The Wande All-Fund Index decreased by 0.25% last week. The Wande Ordinary Equity Fund Index and the Wande Equity Mixed Fund Index both fell by 0.61%, while the Wande Bond Fund Index saw a slight increase of 0.09% [2]