Market Performance - The Taiwan stock market index rebounded from a low in April, reaching a historical high of 28,568.02 points on December 11, but is facing short-term technical pressure that may lead to volatility [2] - On April 7, the stock market experienced a significant drop of 2,065 points (9.7%), the largest single-day decline in history, due to U.S. tariff policies; however, a policy reversal on April 10 led to a rebound of 1,608 points, setting a new record [2] - The MSCI quarterly adjustment resulted in a massive trading volume of 7,491.6 billion NTD at the market close, marking the second-largest volume in history, with foreign investors selling a net of 299.5 billion NTD on that day [2] Company Developments - The Yuanta Taiwan 50 ETF (0050) completed a 1-for-4 split in June 2025, with its fund size surpassing 1 trillion NTD by December 8 [3] - Nomura Asset Management launched its first actively managed ETF (00980A) on May 5 and the first Taiwan-Japan linked ETF (009812) on September 18, indicating diversification in the market [3] - The introduction of the Taiwan Individual Savings Account (TISA) in 2025 provides a new tool for retirement planning [3] Leadership Changes - The Investment Trust and Consulting Association elected a new chairman, You Zhaowen, while the Securities Association re-elected Chen Junhong as chairman, and the Futures Association elected Zhan Zheng'en as chairman, which may influence industry policy communication [4] Institutional Insights - According to Bloomberg's report in November 2025, TSMC's stock price surged by 36% that year, increasing its weight in the Taiwan stock market to nearly 43%, which poses a low allocation risk for many actively managed funds due to regulatory limits on single stock holdings (10%) [5] - Fund managers are attempting to invest in alternative assets or derivatives to hedge against this risk, but replicating TSMC's uniqueness remains challenging [5]