Report Summary 1. Market Performance - From 2025/12/12 - 2025/12/19, the CSI 300 rose 0.11%, and the 10 - year Treasury yield declined 2.25bp [1] 2. Overall Position Changes of Fixed - Income + Funds - This week, the estimated positions of fixed - income + funds showed a 0.33% reduction in the bond segment, a 0.72% increase in the stock segment, and a 0.18% increase in the convertible bond segment [1] 3. Position Change Concentration - For the bond segment, the largest number of funds (184, 36.44% of the total) had position changes concentrated in the [0%, 1%) range [4] - For the stock segment, 150 funds (29.70% of the total) had position changes in the [0%, 1%) range [4] - For the convertible bond segment, 260 funds (51.49% of the total) had position changes in the [0%, 1%) range [4] 4. Position Changes by Fund Size - **Bond Segment**: All funds of various sizes slightly reduced their bond positions this week [7] - **Stock Segment**: Funds with sizes of 10 - 20 billion, 2 - 10 billion, 20 - 30 billion, below 2 billion, and above 50 billion slightly increased their stock positions, while others slightly decreased [7] - **Convertible Bond Segment**: Funds with sizes of 10 - 20 billion, 2 - 10 billion, 20 - 30 billion, below 2 billion, 30 - 50 billion, and above 50 billion slightly increased their convertible bond positions, while others slightly decreased [7] 5. Stock Position Details - **All - Market Fixed - Income + Funds**: The stock position this week was 16.97%, with the top three positions in technology, new energy, and resources. The total increase in stock positions across all sectors was 0.63% [10][11] - **Top Fixed - Income + Funds**: The stock position this week was 16.32%, with the top three positions in technology, new energy, and resources. The total increase in stock positions across all sectors was 0.90% [10][11] - **Sector - Specific Changes**: - New energy: All - market increased by 0.11%, top funds by 0.19% [11] - Manufacturing: All - market increased by 0.11%, top funds by 0.16% [11] - Optional consumption: All - market increased by 0.02%, top funds by 0.01% [11] - Pharmaceuticals: All - market increased by 0.07%, top funds by 0.09% [11] - Resources: All - market unchanged, top funds decreased by 0.02% [11] - Industry: All - market increased by 0.04%, top funds by 0.01% [11] - Agriculture: All - market increased by 0.05%, top funds unchanged [11] - Necessary consumption: All - market increased by 0.04%, top funds by 0.09% [11] - Big finance: All - market increased by 0.05%, top funds by 0.08% [11] - Technology: All - market increased by 0.10%, top funds by 0.25% [11] - Cycle: All - market increased by 0.02%, top funds by 0.05% [11]