Report Industry Investment Rating - Not provided in the content Core Views - Last week, the performance of major broad-based indices in the A-share market diverged. The Shanghai Composite Index, CSI 300, and STAR 50 Index had relatively high returns of 1.19%, 0.59%, and -0.31% respectively, while the Small and Medium-Sized Board Index, ChiNext Index, and Shenzhen Component Index had relatively low returns of -1.15%, -0.64%, and -0.54% respectively [1]. - The trading volumes of major broad-based indices decreased last week. In the banking, real estate, and coal sectors, the returns were relatively high at 4.23%, 3.78%, and 2.62% respectively, while in the national defense and military industry, agriculture, forestry, animal husbandry, and fishery, and computer sectors, the returns were relatively low at -2.73%, -2.03%, and -0.98% respectively [1]. - As of last Friday, the central bank's net repurchase investment was 333.8 billion yuan, with 474.2 billion yuan of repurchases maturing, and a net open market investment of 808 billion yuan. The yields of 1-year, 3-year, and 5-year treasury bonds all increased, and the yield spread narrowed by 3.97 BP [1]. - Last week, 44 funds were reported, a decrease from the previous week. The reported products included 1 QDII, 4 FOFs, and others such as the China Merchants Shekou Commercial REIT and Huatai-PineBridge CSI Science and Technology Innovation 50 ETF [2]. - Recently, Yongying Fund, E Fund, Yin Hua Fund, and Harvest Fund applied for the Science and Technology Innovation Comprehensive Index Enhanced Strategy ETF [2]. - On April 18, the CSRC announced the latest list of personal pension funds and personal pension fund sales institutions. As of March 31, 2025, there were 288 personal pension funds and 52 personal pension fund sales institutions [2]. - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.04%, 0.00%, and 0.00% respectively. This year, alternative funds have performed the best, with a median return of 7.15% [2]. - Last week, the median excess return of index-enhanced funds was 0.30%, and the median return of quantitative hedging funds was 0.07%. This year, the median excess return of index-enhanced funds was 0.96%, and the median return of quantitative hedging funds was 0.31% [3]. - As of the end of last week, there were 240 ordinary FOF funds, 117 target-date funds, and 157 target-risk funds among open-ended public funds. This year, target-risk funds have performed the best, with a cumulative return of -0.17% [3]. - Last week, 25 new funds were established, with a total issuance scale of 20.476 billion yuan, an increase from the previous week. In addition, 34 funds started their first issuance last week, and 27 funds will start issuing this week [3]. Summary by Relevant Catalogs Fund Application and Issuance Dynamics - Last week, 44 funds were reported, a decrease from the previous week. The reported products included 1 QDII, 4 FOFs, and others such as the China Merchants Shekou Commercial REIT and Huatai-PineBridge CSI Science and Technology Innovation 50 ETF [2][10]. - Recently, Yongying Fund, E Fund, Yin Hua Fund, and Harvest Fund applied for the Science and Technology Innovation Comprehensive Index Enhanced Strategy ETF. The Science and Technology Innovation Comprehensive Index, launched in January this year, aims to provide investors with an investment tool to accurately access high-quality science and technology innovation board companies [2][11]. - As of April 17, 2025, the total scale of ETFs exceeded 4 trillion yuan, and the number of products reached 1,135. ETFs are becoming increasingly popular among investors due to their advantages such as convenient trading, low cost, and high transparency [12]. - On April 18, the CSRC announced the latest list of personal pension funds and personal pension fund sales institutions. As of March 31, 2025, there were 288 personal pension funds and 52 personal pension fund sales institutions, including 19 commercial banks, 25 securities companies, and 8 independent fund sales institutions [2][14]. Stock Market - Last week, the performance of major broad-based indices in the A-share market diverged. The Shanghai Composite Index, CSI 300, and STAR 50 Index had relatively high returns, while the Small and Medium-Sized Board Index, ChiNext Index, and Shenzhen Component Index had relatively low returns [1]. - The trading volumes of major broad-based indices decreased last week. In the past 52 weeks, major broad-based indices were in the 45%-60% historical quantile range. On a monthly basis, the average daily trading volumes of major broad-based indices decreased in the past month, and major broad-based indices were in the 60%-90% historical quantile range in the past 36 months [18][19]. - In terms of industries, last week, the banking, real estate, and coal sectors had relatively high returns, while the national defense and military industry, agriculture, forestry, animal husbandry, and fishery, and computer sectors had relatively low returns [23]. Bond Market - As of last Friday, the central bank's net repurchase investment was 333.8 billion yuan, with 474.2 billion yuan of repurchases maturing, and a net open market investment of 808 billion yuan. The 1D pledged repurchase rate increased by 3.80 BP compared to the previous week, and the overnight SHIBOR increased by 5.10 BP [26]. - The yields of 1-year, 3-year, and 5-year treasury bonds all increased, and the yield spread narrowed by 3.97 BP. The yields of 1-year, 3-year, and 5-year credit bonds of different ratings all increased [27]. - In terms of credit spreads, the credit spreads of 1-year and 3-year credit bonds of different ratings decreased, while the credit spreads of 7-year and 10-year credit bonds of different ratings increased [30]. Convertible Bond Market - Last week, the CSI Convertible Bond Index fell 0.58%, with a cumulative trading volume of 263.5 billion yuan, a decrease of 201.9 billion yuan from the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 35.55%, a decrease of 1.13% from the previous week, and the median pure bond premium rate was 12.41%, a decrease of 0.84% from the previous week [31]. Open-Ended Public Fund Performance - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were -0.04%, 0.00%, and 0.00% respectively. This year, alternative funds have performed the best, with a median return of 7.15% [34][35]. - Last week, the median excess return of index-enhanced funds was 0.30%, and the median return of quantitative hedging funds was 0.07%. This year, the median excess return of index-enhanced funds was 0.96%, and the median return of quantitative hedging funds was 0.31% [37]. - As of the end of last week, there were 240 ordinary FOF funds, 117 target-date funds, and 157 target-risk funds among open-ended public funds. Last week, a new FOF fund, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding, was established. This year, target-risk funds have performed the best, with a cumulative return of -0.17% [40]. Fund Manager Changes - Last week, the fund manager situations of 77 fund products of 30 fund companies changed, including ICBC Credit Suisse Fund (10 products), China Merchants Fund (9 products), and Guotai Fund (6 products) [43]. Fund Product Issuance - Last week, 25 new funds were established, with a total issuance scale of 20.476 billion yuan, an increase from the previous week. Among them, equity funds were issued at 6.879 billion yuan, hybrid funds at 2.26 billion yuan, and bond funds at 11.338 billion yuan. There were no new issuances of alternative funds and money market funds [45]. - Last week, 34 funds started their first issuance, and 27 funds will start issuing this week [3][49][52].