Market Overview - The A-share indices experienced an overall increase this week, with the Shanghai Composite Index rising by 2.88%, the Shenzhen Component Index by 4.73%, and the ChiNext Index by 8.05% [1] - Among the 31 first-level industries, 28 saw gains, with the top three performing sectors being Communication, Electronics, and Electric Equipment, which increased by 11.55%, 8.49%, and 4.90% respectively [1] - The average daily trading volume was 17,973 billion yuan this week [1] Bond Market Review - The central bank's net monetary injection was 78.1 billion yuan this week, with total monetary issuance at 867.2 billion yuan and withdrawal at 789.1 billion yuan [7] - Most interest rates rose, with the interbank pledged repo rates for 1D, 7D, 14D, and 1M changing by 0.94 BP, -0.25 BP, -1.18 BP, and 0.99 BP respectively [10] - The yield on government bonds for various maturities showed mixed results, with 6M, 1Y, 3Y, 5Y, and 10Y government bond yields changing by -1.23 BP, 3.70 BP, -0.12 BP, 0.50 BP, and -0.56 BP respectively [13] Fund Market Overview - A total of 20 new funds were established this week, with a total issuance of 12.754 billion units, including 12 equity funds and 2 mixed funds [22] - As of October 24, 2025, there were 13,327 public funds in China, with a total net asset value of 35,294.6 billion yuan [24] - All fixed-income fund indices increased this week, with the short-term pure bond fund index rising by 0.04% and the medium to long-term pure bond fund index by 0.02% [29] Fund Manager Insights - Fund managers highlighted the importance of monitoring government bond supply and institutional behavior in the bond market, with expectations of limited negative impact from the issuance of 500 billion yuan in local government bonds [37] - The AI sector is seen as progressing through various stages, with significant advancements expected in the coming years, particularly in the areas of reasoning and autonomous task completion [40][41] - Concerns regarding high valuations in the AI sector are noted, with a focus on identifying attractive investment opportunities amidst a backdrop of declining overall asset returns [45]