12月基金月报 | 股市回暖债市震荡，权益基金多数录涨，固收基金涨跌互现

Market Insights - The manufacturing PMI in December recorded 50.1%, a 0.9 percentage point increase from November's 49.2%, indicating a return to the expansion zone after eight months [3] - The CPI rose by 0.7% year-on-year in November, while the PPI fell by 2.2%, with food prices contributing to the CPI increase and a wider decline in living materials affecting the PPI [3] - The political bureau and central economic work conference emphasized stability and innovation, with policies aimed at boosting domestic demand, technological innovation, and green transformation, positively impacting market sentiment [4] - Major stock indices collectively rose in December, with the Shanghai Composite Index and Shenzhen Component Index increasing by 2.34% and 4.22%, respectively [4] - The defense, non-ferrous metals, and communication sectors saw gains exceeding 10%, while coal, real estate, and pharmaceutical sectors experienced declines of over 3% [4][5] Bond Market Performance - The bond market showed weak performance in early December due to disappointing macroeconomic data and lower-than-expected net purchases of government bonds by the central bank [6] - The political bureau's meeting reiterated a commitment to moderately loose monetary policy and proactive fiscal measures, which helped the bond market recover towards the end of the month [6] - The overall return of the China Bond Index fell by 0.07% in December, with credit bonds performing better than interest rate bonds [6] Fund Performance Overview - The Morningstar China Open-End Fund Index recorded a 2.04% increase in December, with stock and allocation fund indices rising by 3.06% and 1.57%, respectively [15][16] - Growth and balanced style funds outperformed value style funds, with large-cap growth mixed funds achieving an average return of 5.05% [18] - Fixed income funds displayed mixed results, with credit bond funds and convertible bond funds showing stronger performance compared to interest rate bond funds [19] - QDII funds experienced varied performance, with over half of the categories declining, while global emerging market mixed funds and commodity funds recorded gains [20]