Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights a significant decline in gold and silver prices, with commodity funds experiencing a drop of 7.48% this week. The ongoing geopolitical issues, particularly related to the US-Iran situation, have negatively impacted various indices, including the Shanghai Composite Index and the Nasdaq [14][41]. Summary by Sections 1. Major Asset Market Overview (a) Equity - The Shanghai Composite Index closed at 3957.05, with a weekly decline of 3.38%. Other indices such as the Shenzhen Component and the ChiNext Index also saw declines of -2.90% and -3.86%, respectively. Notably, the telecommunications and banking sectors performed relatively well, with increases of 2.10% and 0.36%, while the non-ferrous and basic chemical sectors faced significant declines of -11.82% and -10.53% [7][8]. (b) Bonds - The report indicates that the 1-year, 3-year, and 10-year government bond yields are 1.26%, 1.35%, and 1.83%, respectively. The yield spread between the 10-year and 1-year bonds increased by 3.56 basis points to 57.31 basis points this week. In the credit bond market, the 1-year AAA corporate bond spread and the 1-year local government bond spread changed by 0.49 and 0.72 basis points, respectively [22][23]. (c) Commodities - In the commodities market, crude oil prices increased by 3.05%, while gold prices fell by 8.23%. Other commodities such as copper and aluminum also saw declines of -5.66% and -4.09%, respectively. The report notes that the South China index for various commodities, including precious metals, has shown a significant drop of -11.29% [28][29]. (d) Foreign Exchange - The report details the exchange rates of major currencies against the RMB, with the US dollar depreciating by 0.31%. The dollar index remained stable at 99.51, while COMEX gold prices fell to $4492 per ounce, down 10.57% from the previous week [33][34]. 2. Fund Market Overview (a) New Fund Establishments - A total of 47 new funds were established this week, including 28 equity funds and 13 fixed income + funds. The largest fund launched was the E Fund Hong Kong Stock Connect Technology ETF, with a size of 9.061 billion RMB [35][36]. (b) Fund Performance - The report indicates that commodity funds experienced the largest decline of 7.48%, while equity funds and balanced funds also faced significant drops of 3.28% and 3.10%, respectively. The ongoing geopolitical tensions have adversely affected the performance of major indices [41][42]. (c) Fund Size and Quantity - As of March 20, 2026, there are 13,795 open-end public funds with a total size of 37.75 trillion RMB. Equity funds account for the largest number at 7,420, while fixed income funds represent the largest share in terms of size at 23.65 trillion RMB [37][38].