Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction exceeding 1.9 billion yuan [1] - The Shanghai Stock Exchange anticipates a fee reduction of approximately 1.113 billion yuan, while the Shenzhen Stock Exchange expects over 800 million yuan in reductions [1] - The fee reductions will cover various financial instruments including stocks, funds, and bonds, benefiting retail investors [1] Group 2 - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment [2] - These funds aim to guide financial capital towards early-stage, small, long-term investments in hard technology [2] Group 3 - The ETF market in China has reached a total scale of 6.03 trillion yuan, marking a significant milestone [5] - The ETF market has seen an increase of approximately 2.3 trillion yuan this year, the first time annual growth has surpassed 2 trillion yuan since the inception of ETFs in 2004 [5] Group 4 - The public fund industry in China has reached a total scale of 36.96 trillion yuan, with equity products showing a significant increase [6] - The growth in public funds is attributed to ongoing optimization of the industry ecosystem and increased demand for wealth management [6] - Equity products, including stock and mixed funds, have seen a combined scale increase of 22.21 billion yuan compared to the end of last year [6] Group 5 - The People's Bank of China released the "China Financial Stability Report (2025)," indicating a generally stable financial system with controllable risks [7] - The report emphasizes the need for continued reform in interest rate markets and the promotion of long-term investment policies [7] Group 6 - A new chairman has been appointed at Xinda Australia Fund, with the previous vice president of business review taking over the role [8] - Xinda Australia Fund has surpassed 110 billion yuan in managed public fund assets [8] Group 7 - The People's Bank of China announced the nationwide promotion of the integrated currency pool business for multinational corporations [9] Group 8 - A significant loss was reported by Shengyuan Environmental Protection due to a private equity fund investment, with a net value decline of 81.54% [14] - The company has initiated a redemption process and reported the case to law enforcement [14]

截至12月22日，今年以来已有1469只新基金成立（仅统计初始份额），发行数量创2022年以来的新高， 合计发行份额达11358.88亿份。 其中，今年以来新成立股票型基金808只，发行份额4086.66亿份；混合型基金280只，发行份额1551.03 亿份；债券型基金262只，发行份额4680.71亿份。此外，还有19只QDII、19只REITs和81只FOF基金成 立，发行份额分别为124.80亿份、105.00亿份和810.68亿份。 数据显示，截至12月23日，A股年度成交额首次突破400万亿元，创下年度成交额新纪录。今年以来股 票型基金新发规模也突破4000亿份，为历史首次。 A股年内成交额较去年增近六成，有色、通信板块成交额实现翻倍。今年以来，A股市场交投活跃度显 著提升。截至12月23日，全年累计成交额达407.82万亿元，较去年全年增长近58.4%，创下年度历史新 高。 从交易节奏来看，市场活跃度贯穿全年未减，超过98%的交易日成交额维持在1万亿元以上，其中成交 额突破2万亿元的交易日占比近23.6%。行业板块呈现"强者恒强，新锐勃发"的格局，电子板块延续去年 以来的资金虹吸效应，成交总额排名 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market continued to recover last week, with yields on various tenors generally declining. The bullish sentiment in the bond market has rebounded, but the space for further capital gains may be limited. A neutral and oscillatory mindset is advisable [3]. - The yields of money market funds have been continuously declining, and multiple money market funds have imposed purchase restrictions [4][13]. 3. Summary by Relevant Catalog 3.1. Pan-fixed-income Market Review and Observation 3.1.1. Bond Market Performance - Last week (December 15 - December 19, 2025), the 1-year, 10-year, and 30-year Treasury yields decreased by 3.32BP, 0.88BP, and 2.35BP to 1.35%, 1.83%, and 2.23% respectively. The bullish sentiment in the bond market has recovered [3]. - US Treasury yields declined across the board last week. The 1-year, 2-year, and 10-year US Treasury yields decreased by 3BP, 4BP, and 3BP to 3.51%, 3.48%, and 4.16% respectively [12]. 3.1.2. REITs Market Performance - Last week, the CSI REITs Total Return Index fell 2.85% to 999.19 points. The highway and rental housing sectors led the decline. In the primary market, 4 new public REITs made progress last week [12]. 3.2. Public Fund Market Dynamics - The yields of money market funds have been continuously declining. As of December 16, the median seven-day annualized yield of money market funds was 1.24%, and over a hundred funds had a yield of less than 1%. Multiple funds have announced short-term purchase restrictions [4][13]. 3.3. Pan-fixed-income Fund Index Performance Tracking 3.3.1. Overall Performance | Index Classification | Weekly Return | Cumulative Return Since Inception | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.43% | | Short-term Bond Fund Selection | 0.04% | 4.57% | | Medium- and Long-term Bond Fund Selection | 0.08% | 6.77% | | Low-volatility Fixed-income + Fund Selection | 0.22% | 4.49% | | Medium-volatility Fixed-income + Fund Selection | 0.12% | 6.25% | | High-volatility Fixed-income + Fund Selection | 0.13% | 8.00% | | Convertible Bond Fund Selection | 0.01% | 22.42% | | QDII Bond Fund Selection | 0.05% | 10.05% | | REITs Fund Selection | -2.22% | 29.35% | [6] 3.3.2. Index Positioning - **Money Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that outperforms money market funds. It mainly invests in money market funds and interbank certificate of deposit index funds. The performance benchmark is the CSI Money Market Fund Index [15]. - **Short-term Bond Fund Selection Index**: Focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It selects 5 funds with stable long-term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short-term Pure Bond Fund Index + 50% * General Money Market Fund Index [18]. - **Medium- and Long-term Bond Fund Selection Index**: Seeks stable returns by investing in medium- and long-term pure bond funds. It aims for excess returns relative to the medium- and long-term bond fund index and a steady upward net value curve. It adjusts the duration and the ratio of credit bond funds to interest rate bond funds according to market conditions [20]. - **Low-volatility Fixed-income + Selection Index**: The equity center is set at 10%. It selects 10 fixed-income + funds with an equity position of less than 15% in the past three years and recently. The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full Price Index [22]. - **Medium-volatility Fixed-income + Selection Index**: The equity center is set at 20%. It selects 5 fixed-income + funds with an equity position between 15% - 25% in the past three years and recently. The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full Price Index [26]. - **High-volatility Fixed-income + Selection Index**: The equity center is set at 30%. It selects 5 fixed-income + funds with an equity position between 25% - 35% in the past three years and recently. The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full Price Index [27]. - **Convertible Bond Fund Selection Index**: Selects 5 bond funds with a high proportion of convertible bond investments. It constructs an evaluation system from multiple dimensions to select the best funds [31]. - **QDII Bond Fund Selection Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control [34]. - **REITs Fund Selection Index**: The underlying assets are high-quality infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity [35].

分析师：孙书娜 登记编号：S0890523070001 研究助理：张琦炜 投资要点 市场回顾： 上周（2025.12.15-2025.12.19）债市继续回暖，1年期国债收益率下行3.32BP至1.35%，10年期国 债收益率下行0.88BP至1.83%，30年期国债收益率下行2.35BP至2.23%。债市当前做多情绪有一定回升，各期 限收益率普遍下行。从当前市场定价逻辑来看，年末前积累的各类利空因素或正逐步消化，但也需注意近期债 市近期修复速度不慢，进一步获取资本利得的空间或有限，当前或仍应以偏中性、震荡思维对待为佳。 公募基金市场动态 ： 货币基金收益率持续走低，为维护持有人利益，现有多只货币基金限购。 泛固收基金指数表现跟踪 ： 货币增强指数： 上周收涨0.03%，成立以来累计录得4.43%的收益。 短期债基优选： 上周收涨0.04%，成立以来累计录得4.57%的收益。 中长期债基优选： 上周收涨0.08%，成立以来累计录得6.77%的收益。 低波固收+基金优选： 上周收涨0.22%，成立以来累计录得4.49%的收益。 中波固收+基金优选： 上周收涨0.12%，成立以来累计录得6.25%的收益。 高波固 ...

【深圳商报讯】(记者詹钰叶)基金新发市场再现高潮。目前超过110只新基金正在发行中，还有近20只 基金确定将在本月启动发行。今年以来成立的新基金超过1500只，远超去年全年数据；发行规模接近 1.1万亿元，逼近去年全年。 同花顺（300033）数据显示，截至12月11日，目前正在发行的新基金共有111只(不同份额合并统计)， 其中超过半数为权益类基金：被动指数型股票基金有26只、偏股混合型基金20只、增强指数型股票基金 18只、普通股票型基金3只、灵活配置型基金1只；固收产品方面，混合债券型基金(二级)有16只、偏债 混合型基金8只、中长期纯债券型基金4只、被动指数型债券基金1只、混合债券型基金(一级)1只。还有 18只新基金明确"定档"本月，其中被动指数型股票基金6只、偏股混合型3只、增强指数型股票基金1 只。 截至记者发稿，今年以来成立的新基金共有1531只，数量创下2022年以来的新高，合计发行规模为 10963.06亿元；去年全年共成立1116只基金，合计发行规模接近1.18万亿元。年内权益基金占新发基金 的比例有所提高：今年以来新成立的股票型基金有795只，较去年全年(下同)增加341只；发行规模为 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the ongoing "asset shortage" logic, supported by policy strength and expectations of social security and pension funds entering the market [4][5] - The issuance market remains active, with 11 REITs funds waiting to be listed, indicating a robust market environment [55] Market Overview - As of the 47th week of 2025, the CSI REITs (closing) index was 810.2, up 5.82% year-on-year but down 0.97% month-on-month; the CSI REITs total return index was 1041.16, up 11.84% year-on-year but down 0.89% month-on-month [4][15][19] - Year-to-date, the CSI REITs (closing) index has increased by 7.11%, while the CSI 300 index has risen by 29.8%, resulting in an excess return of -22.69% [15][19] Trading Activity - In the 47th week, the trading volume of the REITs market reached 557 million shares, a year-on-year increase of 13.21%, with a trading value of 2.375 billion yuan, up 23.89% year-on-year [4][26][30] - The turnover rate for the week was 2.21%, down 0.94 percentage points year-on-year [26][27] Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing -1.88%, environmental -0.70%, highway -1.21%, industrial park -0.89%, warehousing and logistics -1.09%, energy -1.87%, and consumer REITs -1.45% [36][49] - Monthly performance indicated that consumer REITs had a cumulative increase of 2.79% [36] Upcoming Listings - There are currently 11 REITs funds awaiting listing, with active applications indicating a vibrant issuance market [55]

Market Overview - The A-share market experienced a significant pullback last week, with major indices declining, particularly the North Securities 50 and Wind Micro Stock Index, which fell by 9.04% and 7.8% respectively, indicating substantial selling pressure on small-cap and micro-cap stocks [1] - The ChiNext Index dropped over 6%, reflecting a notable retreat in growth sectors, while the Shanghai 50 and Dividend Index saw relatively smaller declines of 2.72% and 2.93% respectively, highlighting a structural divergence in the market [1] - All Wind primary industry indices fell last week, with an average decline of approximately 4.5%, driven by negative macro sentiment, particularly in materials, healthcare, and industrial sectors, which all saw declines exceeding 6.6% [1][11] Fund Issuance and Performance - A total of 35 funds were issued last week, including 16 equity funds, 10 mixed funds, 4 bond funds, 1 QDII fund, 1 REITs fund, and 3 FOF funds, with a total issuance of 36.035 billion units [15] - The Wind All Fund Index fell by 2.62% last week, with ordinary equity fund indices down by 5.13% and mixed equity fund indices down by 4.99% [6][15] Global Market Context - Global equity markets showed weakness, with the S&P 500 down 1.95%, the Dow Jones down 1.91%, and the Nasdaq down 2.74%. Asian markets also faced pressure, with the Nikkei 225 down 3.48% and the Hang Seng Index leading global declines at 5.09% [3] - Commodity markets mostly declined, with coking coal experiencing a significant drop of 8.16%, while crude oil fell by 3.41% and gold saw a slight decrease of 0.77% [3] Domestic Bond Market - The bond market exhibited cautious sentiment, with the China Securities Convertible Bond Index declining by 1.78%. The 10-year government bond futures saw a slight increase of 0.04%, while the 30-year main contract fell by 0.43% [12]

Market Overview - The bond market experienced fluctuations during the week of November 3 to November 7, 2025, with the 1-year government bond yield rising by 2.19 basis points to 1.40%, the 10-year yield increasing by 1.88 basis points to 1.81%, and the 30-year yield up by 1.50 basis points to 2.16% [3][15] - The central bank announced a resumption of bond purchases amounting to 20 billion yuan in October, which fell short of market expectations, contributing to a slight decline in bond market sentiment amid a strong stock market [15] - The U.S. Treasury yields showed a downward trend, with the 1-year yield decreasing by 7 basis points to 3.63% and the 2-year yield down by 5 basis points to 3.55% [15] Public Fund Market Dynamics - The scale of bond ETFs surpassed 700 billion yuan, reaching 700.44 billion yuan as of October 31, 2025, marking a significant increase from less than 180 billion yuan at the beginning of the year [4][18] - Among the 53 bond ETFs in the market, 50 have surpassed 1 billion yuan in scale, with 30 exceeding 10 billion yuan [18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.27% since inception [19][20] - The Short-term Bond Fund Index increased by 0.02%, achieving a cumulative return of 4.45% since inception [20] - The Long-term Bond Fund Index saw a slight increase of 0.01%, with a cumulative return of 6.75% since inception [20] - The Low Volatility Fixed Income + Fund Index rose by 0.12%, with a cumulative return of 4.71% since inception [20] - The High Volatility Fixed Income + Fund Index increased by 0.24%, achieving a cumulative return of 8.17% since inception [20] - The Convertible Bond Fund Index rose by 0.46%, with a cumulative return of 23.51% since inception [20] - The QDII Bond Fund Index decreased by 0.17%, with a cumulative return of 10.27% since inception [20] - The REITs Fund Index fell by 1.21%, with a cumulative return of 31.61% since inception [20]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (from November 3rd to November 7th, 2025), the bond market experienced volatile adjustments. The yields of 1-year, 10-year, and 30-year treasury bonds all increased. The central bank's bond purchase in October was less than expected, and the strong and volatile stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term volatility direction may be affected by the stock market trend. The yields of US treasury bonds fluctuated downward, and the China Securities REITs Total Return Index declined. The scale of bond ETFs exceeded 70 billion yuan [3][10][11][12]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - fixed - income Market Review and Observation - **Bond Market in China**: Last week, the bond market in China adjusted with fluctuations. The yields of 1 - year, 10 - year, and 30 - year treasury bonds rose by 2.19BP, 1.88BP, and 1.50BP respectively. The central bank's 20 billion yuan bond purchase in October was less than expected, and the strong stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term direction may be affected by the stock market [3][10]. - **US Treasury Bonds**: Last week, the yields of US treasury bonds fluctuated downward. The 1 - year yield dropped 7BP to 3.63%, the 2 - year yield dropped 5BP to 3.55%, and the 10 - year yield remained flat at 4.11%. There were both negative and positive factors during the week [10]. - **REITs**: Last week, the China Securities REITs Total Return Index dropped 0.40% to 1041.51 points. The park and warehousing logistics sectors led the decline, while the consumption and data center sectors had relatively high gains. In the primary market, 3 new public REITs made progress last week [11]. 1.2. Public Fund Market Dynamics - The scale of bond ETFs exceeded 70 billion yuan. As of October 31, 2025, the scale of bond ETFs reached 70.0044 billion yuan. At the beginning of 2025, it was less than 18 billion yuan. Among the 53 bond ETFs in the market, 50 had a scale of over 1 billion yuan, and 30 had a scale of over 10 billion yuan [12]. 2. Pan - fixed - income Fund Index Performance Tracking 2.1. Currency Enhancement Index Tracking - **Currency Enhancement Strategy Index**: It aims at liquidity management, pursuing a curve that surpasses money market funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the China Securities Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index**: It aims at liquidity management, pursuing a smooth upward curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance comparison benchmark is 50% * Short - term Pure Bond Fund Index+50% * Ordinary Money Market Fund Index [17]. - **Medium - and Long - term Bond Fund Preferred Index**: It invests in medium - and long - term pure bond funds, pursuing stable returns while controlling drawdowns. It selects funds with both return and drawdown control capabilities, and adjusts the proportion of credit bond funds and interest - rate bond funds according to market conditions [19]. 2.3. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index**: The equity center is positioned at 10%. It selects 10 fixed - income + targets with an equity center within 15% in the past three years and recently. The performance comparison benchmark is 10% China Securities 800 Index+90% ChinaBond New Composite Full - price Index [20][23]. - **Medium - volatility Fixed - income + Preferred Index**: The equity center is positioned at 20%. It selects 5 fixed - income + targets with an equity center between 15% and 25% in the past three years and recently. The performance comparison benchmark is 20% China Securities 800 Index+80% ChinaBond New Composite Full - price Index [25]. - **High - volatility Fixed - income + Preferred Index**: The equity center is positioned at 30%. It selects 5 fixed - income + targets with an equity center between 25% and 35% in the past three years and recently. The performance comparison benchmark is 30% China Securities 800 Index+70% ChinaBond New Composite Full - price Index [27][28]. 2.4. Convertible Bond Fund Preferred Index - It selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [29]. 2.5. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration to form the index [32]. 2.6. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operation, reasonable valuation, and certain elasticity according to the underlying asset type to form the index [33].

Investment Rating - The report does not provide a specific investment rating for the public REITs industry [1]. Core Insights - The REITs index experienced a decline of 0.40% this week, while the Shanghai and Shenzhen 300 index rose by 0.82% [19]. - The total market capitalization of the industry is approximately 217.1 billion yuan, with a circulating market value of about 110.9 billion yuan [1]. - The trading volume for the week was 25.9 billion yuan, reflecting a decrease of 6.3% compared to the previous week [7]. - The report highlights the correlation of REITs with various indices, showing a correlation of 0.16 with ten-year government bonds and 0.37 with the Shanghai and Shenzhen 300 index [21]. Summary by Sections Market Overview - The report notes significant events in the market, including the listing of the CITIC Construction Shenyang International Software Park REIT on November 6, which had a trading volume of 77.57 million yuan and a turnover rate of 23.74% [10][11]. - Other notable events include the holding of meetings by various REITs to discuss performance and future strategies [10]. Trading Performance - The report indicates that 32 REITs saw price increases, 2 remained stable, and 43 experienced declines, with an overall decrease of 0.40% in the REITs market [23]. - The largest gain was recorded by Huaxia Jinmao Commercial REIT, which increased by 4.42%, while the largest decline was by GF Chengdu Gaotou REIT, which fell by 9.44% [23]. Investment Recommendations - The report suggests that the overall economic stability remains unchanged, and REITs are expected to have strong allocation attributes in the long term. Investors are encouraged to pay attention to sector rotation and expansion opportunities [7].