年内新成立基金发行总规模超3400亿元 权益基金新发规模占比近一半

Core Viewpoint - The recent fund issuance market has continued its recovery from March, with over 100 new funds launched in April, totaling nearly 100 billion yuan in issuance. The total number of new funds established this year exceeds 400, with a combined issuance scale of over 340 billion yuan, nearly half of which are equity funds [1]. Fund Issuance Overview - As of this year, 427 new funds have been established, an increase of 20 compared to the same period last year, with a total issuance scale of 342.46 billion yuan [1]. - The issuance scale of newly established equity funds accounts for nearly half of the total, with 255 new stock funds launched, a year-on-year increase of 70%, totaling 138.77 billion yuan, which represents 40.52% of the total fund issuance, a year-on-year growth of 206.43% [1]. - There are 20 new FOFs with an issuance scale of 23.03 billion yuan, a year-on-year increase of 456.44%, accounting for nearly 7% [1]. - Seven new QDIIs were established with an issuance scale of 4.11 billion yuan, a year-on-year growth of 74% [1]. - The issuance scales for 61 mixed funds and 77 bond funds were 20.19 billion yuan and 152.86 billion yuan, respectively, accounting for 5.89% and 44.64%, both showing a year-on-year decline [1]. Index Fund Performance - A total of 271 index funds have been issued with a combined scale of 190.18 billion yuan, accounting for nearly 56%, showing a year-on-year growth of nearly 26% [2]. - Among these, passive index stock funds and enhanced index stock funds account for over 240 funds with an issuance scale exceeding 100 billion yuan [2]. - The largest single index fund issued is the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF Link, with a scale of nearly 5 billion yuan [2]. Market Outlook - Public fund institutions are generally optimistic about future opportunities in the equity market. Looking ahead to the second quarter, it is noted that with rising expectations of interest rate cuts in the U.S. and increasing recession fears, investors should pay attention to the potential return of foreign capital [2]. - In terms of asset allocation, a "dividend + technology growth" barbell strategy is recommended for A-shares [2]. Investment Themes - The investment themes for the second quarter include three main lines: dividend defense during market fluctuations, technological advancements in emerging industries, and sectors benefiting from domestic demand policies [3]. - In the initial phase of the second quarter, the market is entering a period of fluctuations, suggesting a focus on defensive strategies in sectors such as utilities and banking [3]. - For technological advancements, attention should be given to innovations in AI applications, including humanoid robots, while also considering investment opportunities in sectors benefiting from policy stimuli and cyclical consumption [3].