On January 16, the CSI Index Company released its "Index and Indexed Investment Monthly Report (December 2025)." In December 2025, the CSI All Share Index closed at 5919.12 points, marking an increase of 3.25%. Major A-share market size and composite indices generally trended upwards, with the CSI 500 Index rising by 6.17%. Among thematic indices, the Satellite Industry, Satellite Navigation, and General Aviation indices surged by 42.46%, 28.42%, and 25.36%, respectively.
I. Capital Market Performance (I) Major Domestic and International Indices A-Share Indices In December, the CSI All Share Index closed at 5,919.12 points, rising by 3.25%. Figure 1: December Trend Chart of the CSI All Share Index Size and Composite Indices In December, major A-share market size and composite indices generally advanced, with the CSI 500 Index climbing 6.17%. Figure 2: December Return Performance of Major Size and Composite Indices Sector Indices In December, the performance of the CSI All Share Tier 1 Sector Indices was mixed; notably, the All Share Materials Index jumped 10.72%. Figure 3: December Return Performance of CSI All Share Tier 1 Sector Indices Thematic Indices In December, the Satellite Industry, Satellite Navigation, and General Aviation indices soared by 42.46%, 28.42%, and 25.36%, respectively. Figure 4: December Return Performance of the Top Ten Gaining Thematic Indices Style and Dividend Indices In December, major style indices mostly posted gains, with the CSI 800 Growth Index and the CSI 500 Growth Index increasing by 7.05% and 6.01%, respectively. Figure 5: December Return Performance of Major Style Indices In December, major dividend indices showed divergent performances; the Dividend Growth Index and the Private Enterprise Dividend Index rose by 2.77% and 1.58%, respectively. Figure 6: December Return Performance of Major Dividend Indices Cross-border and Overseas Equity Indices In December, major cross-border and overseas indices experienced declines; the Mainland Enterprises Index and the Hong Kong Stock Connect 50 Index fell by 0.53% and 0.56%, respectively. Figure 7: December Return Performance of Major Cross-border and Overseas Indices Fixed Income Indices In December, the CSI Aggregate Bond Index increased by 0.13%. Figure 8: December Trend Chart of the CSI Aggregate Bond Index Analyzed by maturity, the returns of the CSI 1-year, 3-year, 7-year, 10-year, and 10+year bond indices were 0.14%, 0.18%, 0.12%, -0.04%, and -0.63%, respectively. Analyzed by type, the returns of the CSI Treasury Bond, CSI Composite Bond, CSI Financial Bond, CSI Corporate Bond, and CSI Short-term Financing Bill indices were -0.45%, -0.04%, 0.06%, 0.13%, and 0.15%, respectively. Figure 9: December Return Performance of Major Fixed Income Indices Equity-oriented Fund Index In December, the CSI Equity-oriented Fund Index gained 2.81%. Figure 10: December Trend Chart of the CSI Equity-oriented Fund Index (II) Stock and ETF Trading Activity Table 1: December Stock and ETF Trading Activity Data Source: SSE, SZSE, BSE (III) Stock Index Futures Trading Activity Table 2: December Stock Index Futures Trading Activity Data Source: CFFEX (IV) Listed Options Trading Activity Stock Index Options Table 3: December Stock Index Options Trading Activity Data Source: CFFEX ETF Options Table 4: December ETF Options Trading Activity Data Source: SSE, SZSE
II. Index Publication Overview As of the end of December 2025, the CSI Index Company had publicly released a total of 2,827 main indices, comprising 515 SSE Series indices and 2,312 CSI Series indices. Among these, stock indices totaled 1,800, accounting for 64% of the total and covering categories such as composite, size, sector, theme, strategy, and style. Table 5: Distribution of CSI Index Company Index Types (I) Newly Launched Indices in December Two new indices were launched in December, one of which was independently developed. Table 6: List of Newly Launched Indices in December Stock Indices Thematic Indices The CSI ASEAN Digital Economy Theme Index selects 50 listed securities from exchanges in ASEAN member countries that exhibit good liquidity and large market capitalization within the digital economy sector, aiming to reflect the overall performance of listed securities in the digital economy field across ASEAN member states. (II) Index Revisions in December Four indices were revised in December. Table 7: List of Revised Indices in December CSI Stock Connect Hong Kong Consumption Theme Index Revision Details: (1) Investability screening rules were revised to: "For securities in the sample universe, calculate the median daily turnover rate for each month as the monthly turnover rate; exclude securities whose average monthly turnover rate over the past 12 months or past 3 months is below 0.1%, unless the security's average daily trading value over the past year exceeds HKD 50 million." (2) Selection methodology was revised to select 50 securities from consumer sectors such as food, beverages, durable consumer goods, textiles & apparel, jewelry, leisure services, and retailing as index constituents. (3) Weighting cap rules were revised to: "The weight of a single constituent shall not exceed 15%, and the combined weight of the top five constituents shall not exceed 60%." (4) A regular adjustment ratio limit was added: The proportion of constituents changed in a single rebalancing generally shall not exceed 20%. The remainder of the index methodology remains unchanged. SSE Ocean Economy Theme Index Revision Details: (1) The sample universe was revised to be the same as that of the SSE 180 Index. (2) A new investability screening rule was added: securities must rank in the top 90% of the sample universe by average daily trading value over the past year. (3) The selection methodology was revised to: From the sample universe meeting the investability criteria, select the top 50 securities by average total market capitalization over the past year from listed companies in sectors such as shipbuilding, shipping, ports, offshore wind power, offshore oil & gas extraction and oilfield services, deep-sea fishing, and marine biological products. (4) The weighting method was revised to free-float market capitalization weighting. The weight of a single constituent in the shipbuilding, shipping, ports, deep-sea fishing, and marine biological products sectors shall not exceed 10%; the weight of any other single constituent shall not exceed 3%, and their combined weight shall not exceed 20%. The remainder of the index methodology remains unchanged. CSI Ocean Economy Theme Index Revision Details: (1) The investability screening rule was revised to: securities must rank in the top 90% of the sample universe by average daily trading value over the past year. (2) The selection methodology was revised to: From the sample universe meeting the investability criteria, select the top 50 securities by average total market capitalization over the past year from listed companies in sectors such as shipbuilding, shipping, ports, offshore wind power, offshore oil & gas extraction and oilfield services, deep-sea fishing, and marine biological products. (3) The weighting method was revised to free-float market capitalization weighting. The weight of a single constituent in the shipbuilding, shipping, ports, deep-sea fishing, and marine biological products sectors shall not exceed 10%; the weight of any other single constituent shall not exceed 3%, and their combined weight shall not exceed 20%. The remainder of the index methodology remains unchanged.
III. Index Fund Product Overview As of the end of December 2025, the total assets under management (AUM) of domestic and overseas fund products tracking indices managed by the CSI Index Company reached 5,291.6 billion yuan. This included 2,480 domestic fund products with an AUM of 5,137.5 billion yuan, and 90 overseas fund products with an AUM of 154.2 billion yuan. Specifically, the total AUM of domestic and overseas fund products tracking SSE Series indices was 581.6 billion yuan, comprising 255 domestic fund products with an AUM of 575.9 billion yuan, and 21 overseas fund products with an AUM of 5.8 billion yuan. Table 8: Top Ten Indices by Total Domestic Tracking Product AUM Data Source: HS SmartFin (Note: Statistics only include indices managed by CSI Index Company and their tracking products; same applies below) Table 9: Top Ten Indices by Total Overseas Tracking Product AUM Data Source: Bloomberg Table 10: Top Ten ETF Products by Domestic Tracking AUM Data Source: HS SmartFin Table 11: Top Ten ETF Products by Overseas Tracking AUM Data Source: Bloomberg In December, 65 new fund products tracking indices managed by the CSI Index Company were established domestically, with a total fundraising size of 35.8 billion yuan. Table 12: Newly Established Fund Products in December Data Source: HS SmartFin
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