Market Review - The A-share market showed a mixed performance among major indices, with the CSI 500, CSI 1000, and Sci-Tech 50 indices leading with returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext, and Shanghai Composite indices lagged with returns of -0.62%, -0.34%, and 0.84% respectively [5][11] - The construction materials, oil and petrochemicals, and steel sectors performed well, with returns of 9.18%, 7.76%, and 6.98% respectively, while the banking, telecommunications, and food and beverage sectors underperformed with returns of -2.69%, -1.68%, and -1.57% respectively [17][18] Fund Issuance - A total of 42 new funds were established last week, with a total issuance scale of 444.54 billion yuan, showing an increase compared to the previous week [3] - 58 funds were reported for issuance last week, including 5 FOFs and 17 ETFs, indicating an increase in the number of applications [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.51%, 1.37%, and 1.37% respectively last week [29] - Alternative funds have shown the best performance this year, with a median return of 13.14%, while active equity, flexible allocation, and balanced mixed funds had median returns of 7.52%, 6.27%, and 5.09% respectively [29][37] Regulatory Updates - The China Securities Regulatory Commission (CSRC) issued guidelines for the performance comparison benchmarks of public funds, effective from March 1, 2026, to enhance investor protection and ensure the stability of performance benchmarks [7][8] New Market Entrants - Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, marking the third Japanese securities firm in China [9]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the performance of major broad - based indices in the A - share market was divergent. The CSI 500, CSI 1000, and STAR 50 indices had higher returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns of - 0.62%, - 0.34%, and 0.84% respectively [1]. - In terms of trading volume, the trading volume of major broad - based indices decreased last week. In the industry aspect, building materials, petroleum and petrochemicals, and steel had higher returns of 9.18%, 7.76%, and 6.98% respectively, while banks, communications, and food and beverage had lower returns of - 2.69%, - 1.68%, and - 1.57% respectively [1]. - As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan. Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP [1]. - Last week, 58 funds were reported, an increase compared to the previous week. The reported products included 5 FOFs and 17 ETFs [1][9]. Summary by Related Catalogs 1. Market Review 1.1 Related Hot - Spot Review - **Fund Declaration and Issuance Dynamics**: 58 funds were reported last week, with an increase in the number compared to the previous week. The reported products included 5 FOFs and 17 ETFs such as Cathay Haitong CSI Dividend Low - Volatility ETF, SDIC UBS SSE STAR Market 200 ETF, and Huabao CSI Power Grid Equipment Theme ETF [9]. - **Publication of the Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds**: On January 23, the China Securities Regulatory Commission formulated the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds", which will come into effect on March 1, 2026. The guidelines highlight the representational role of performance comparison benchmarks, strengthen the internal control and management of fund managers, enhance external constraints on performance comparison benchmarks, and implement strict supervision [10][11]. - **Establishment of the Third Japanese - funded Securities Firm**: Recently, Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, wholly - owned by Mizuho Securities Co., Ltd. Before its establishment, there were already two Japanese - funded securities firms in China, namely Nomura Orient International Securities and Daiwa Securities (China) [12]. - **E - Fund Wealth Launched Nearly 10,000 Funds**: As the industry's first professional institution centered on fund investment advisory, E - Fund Wealth has been advancing its business implementation at an unexpected speed. In the past two months, it has established efficient cooperation with more than 70 large - and medium - sized fund managers and launched nearly 10,000 fund products on its official App e - wallet [13][14]. 1.2 Stock Market - **Index Returns**: The performance of major broad - based indices in the A - share market was divergent last week. The CSI 500, CSI 1000, and STAR 50 indices had higher returns, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns. In the past month, the CSI 500 index had the highest return of 16.84%, and the CSI 300 index had the lowest return of 1.48%. Since the beginning of this year, the STAR 50 index has had the highest cumulative return of 15.59% [15]. - **Trading Volume**: The trading volume of major broad - based indices decreased last week. On a monthly basis, the average daily trading volume of major broad - based indices increased in the past month [16][20]. - **Industry Returns**: Last week, building materials, petroleum and petrochemicals, and steel had higher returns, while banks, communications, and food and beverage had lower returns. In the past month, the national defense and military industry had the highest cumulative return of 22.66%, and the banking industry had the lowest cumulative return of - 6.46%. Since the beginning of this year, non - ferrous metals, media, and national defense and military industry had relatively high cumulative returns [22]. 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan [25]. - **Interest Rates**: Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP. The yields of credit bonds with different maturities and ratings also declined, while the credit spreads of credit bonds with different maturities and ratings increased [26][29]. 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 2.92%, with a cumulative trading volume of 439.6 billion yuan, a decrease of 70 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 32.58%, a decrease of 1.07% compared to the previous week, and the median pure - bond premium rate was 34.46%, an increase of 3.61% compared to the previous week [30]. 2. Performance of Open - end Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 1.51%, 1.37%, and 1.37% respectively. Since the beginning of this year, alternative funds have had the best performance, with a median return of 13.14%. The median returns of active equity, flexible allocation, and balanced hybrid funds were 7.52%, 6.27%, and 5.09% respectively [33][34]. 2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was 0.31%, and the median return of quantitative hedging funds was 0.13%. Since the beginning of this year, the median excess return of index - enhanced funds was 0.23%, and the median return of quantitative hedging funds was 0.03% [35]. 2.3 FOF Funds - As of last weekend, there were 298 ordinary FOF funds, 108 target - date funds, and 150 target - risk funds in open - end public funds. Last week, 6 new FOF funds were established. Generally, target - date funds have a higher equity position, with the equity position mainly distributed in the range of 50% - 65%. Most target - risk funds have an equity position below 50%, and the equity positions of ordinary FOF funds are mainly distributed below 25% and in the range of 65% - 100%. Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.41%, 0.6%, and 0.37% respectively. Since the beginning of this year, target - date funds have had the best median performance, with a cumulative return of 4.53% [38]. 3. Fund Manager Changes - Last week, the fund manager situations of 124 fund products of 41 fund companies changed, including Ping An Fund (21 products), CITIC Prudential Fund (13 products), and Hua An Fund (9 products) [42]. 4. Fund Product Issuance 4.1 Newly Established Funds Last Week - Last week, 42 new funds were established, with a total issuance scale of 44.454 billion yuan, an increase compared to the previous week. Among them, equity funds were issued at 28.753 billion yuan, hybrid funds at 9.42 billion yuan, and bond funds at 6.282 billion yuan. There were no new issues of alternative funds and money funds. The types with a relatively large number of newly established funds were partial - equity hybrid funds (13) and passive index funds (10), with issuance scales of 21.366 billion yuan and 4.434 billion yuan respectively [45][47]. 4.2 Funds Launched for the First Time Last Week - Last week, 40 funds entered the issuance stage for the first time [49]. 4.3 Funds to be Issued This Week - This week, 43 funds will enter the issuance stage, including 12 passive index funds, 10 partial - equity hybrid funds, and 5 hybrid FOFs [51].