1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In December 2025, the A-share market rose after an initial decline, with a significant rally in the second half of the month; the bond market showed a divergence between short and long - term segments; the US stock market fluctuated, oil prices declined, and precious metals increased. Some funds heavily invested in commercial aerospace, optical modules, and machinery industries performed well [1][3][5]. 3. Summary by Relevant Catalogs 2025 December Capital Market Review Stock Market - In December 2025, the A - share market declined in the first half and then had an 11 - day consecutive increase in the second half, with the overall market rising. The trading atmosphere improved. The aerospace, non - ferrous metals, and communication sectors performed well. By December 31, the Shanghai Composite Index rose 2.06%, and the Shenzhen Component Index rose 4.17%. Growth stocks outperformed value stocks. Among industries, 18 out of 31 Shenwan primary industries rose, with national defense and military industry, non - ferrous metals, and communication leading the gains [8][9]. Bond Market - In December 2025, there was a net injection of 1.17 trillion yuan in the central bank's open - market operations, but the year - end capital demand pushed up the capital interest rate. The bond market showed a divergence between short and long - term segments, and the yield curve steepened. The yields of some bonds changed, and the prices of major bond indices declined, while the convertible bond index rose [10]. Overseas Market - In December 2025, the US stock market fluctuated due to mixed economic data and concerns about AI valuation bubbles. European markets generally rose, and most Asia - Pacific markets also had positive performance, except for the Hang Seng Index. Oil prices declined due to expected oversupply and economic concerns, while precious metals rose, with silver having a significant increase [11]. 2025 December Fund Performance Review Equity and Hybrid Funds - In December 2025, equity funds rose 2.75%, with index equity funds rising 2.79% and actively managed open - end equity funds rising 2.54%. Actively managed open - end hybrid funds rose 2.77%. Funds heavily invested in commercial aerospace, optical modules, and machinery, as well as satellite aviation and high - end equipment theme index funds, performed well [13]. Bond Funds - In December 2025, bond funds rose 0.23%, with index bond funds rising 0.08% and actively managed open - end bond funds rising 0.24%. Convertible bond funds and partial - debt bond funds performed well. Among them, convertible bond funds rose 3.15%, and partial - debt bond funds rose 0.59%. Medium - and short - duration bonds in pure - debt bond funds showed better performance [14]. Money Market Funds - In December 2025, the average annualized yield of money market funds was 1.22%, an increase from the previous month [15]. QDII Funds - In December 2025, QDII equity - hybrid funds declined 0.94%. Some funds focusing on semiconductors, high - end manufacturing, and precious metals performed well. QDII bond funds declined 0.32% [16].