Market Review - The A-share market saw all major broad-based indices rise, with the CSI 500, ChiNext Index, and SME Index leading gains at 4.03%, 3.90%, and 3.88% respectively, while the Shanghai Composite, CSI 300, and Sci-Tech 50 lagged behind with returns of 1.88%, 1.95%, and 2.85% [5][12] - The trading volume of major broad-based indices increased, with all indices positioned within the 60%-85% historical percentile over the past 52 weeks [13] - The People's Bank of China conducted a net withdrawal of 34.8 billion yuan through reverse repos, with a total of 457.5 billion yuan maturing and a net open market injection of 422.7 billion yuan [20] Fund Issuance - A total of 65 new funds were established last week, with a combined issuance scale of 27.594 billion yuan, showing an increase from the previous week [3] - 77 funds were reported for issuance, including 1 REIT, 2 QDIIs, and 8 FOFs, indicating a rise in the number of funds being submitted for approval [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 2.57%, 2.14%, and 1.88% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 57.87%, while active equity, flexible allocation, and balanced mixed funds had median returns of 30.89%, 23.88%, and 16.45% respectively [31][37] ETF Market - As of December 26, 2025, the total scale of China's ETF market reached 6.03 trillion yuan, a significant increase of 61% from 3.73 trillion yuan at the end of 2024, marking a net increase of 2.29 trillion yuan [10] Fund Sales Subsidiaries - The number of public fund sales subsidiaries has expanded to 9, with recent approvals for subsidiaries from E Fund and Huitianfu [8][9] Industry Performance - In terms of industry performance, non-ferrous metals, national defense, and basic chemicals led with returns of 6.45%, 6.39%, and 5.41% respectively, while retail, banking, and coal lagged with returns of -1.31%, -0.89%, and -0.89% [18][19] - Year-to-date, non-ferrous metals, telecommunications, and electronics have shown the highest cumulative returns of 96.17%, 90.48%, and 45.21% respectively [18]