上半年权益基金发行明显回暖 创新产品多点开花

Summary of Key Points Overall Market Performance - In the first half of 2025, a total of 661 new public funds were established, with a total issuance scale of 526.1 billion yuan, showing an upward trend compared to 624 funds in the first half of 2024 and 609 in 2023 [1] - The recovery of the A-share market has led to a noticeable rebound in equity fund issuance, with expectations for continued growth in the second half of the year [1] Bond Fund Issuance - The issuance scale of bond funds reached 246.998 billion yuan, accounting for 46.95% of the total new funds, although this represents a decline compared to 81.24% in 2024 and 63.69% in 2023 [2] - The average fundraising per bond fund was 19.92 billion yuan, with several products exceeding 5 billion yuan in issuance [2] - The market for bond funds appears to be cooling, with issuance becoming concentrated in a few products [2] Equity Fund Issuance - The number of stock funds issued in the first half of 2025 was 380, significantly higher than 228 in 2024 and 142 in 2023, with a total issuance scale of 185.532 billion yuan [3] - This surge in stock fund issuance is attributed to policy incentives and a recovery in market confidence, particularly in sectors like artificial intelligence and innovative pharmaceuticals [3] Innovative Fund Products - A total of 10 REITs were issued, raising 4.8 billion yuan, indicating a diversification of underlying assets [4] - The issuance of index-enhanced funds has surged, with 18 products launched using quantitative strategies [4] - The internationalization of fund management is accelerating, with a doubling of QDII fund issuance [4] Focus on Equity Products - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" on May 7 has provided a clear direction for the industry [7] - Equity funds, particularly those focused on technology themes, are expected to be a key area of focus for fund companies in the second half of the year [7][8] - There is a growing demand for passive index funds, reflecting a shift towards low-cost investment tools [5][6] Future Trends - Fund companies are likely to prioritize index products and index-enhanced products, with a focus on developing long-lifecycle indices [8] - The "fixed income plus" products are also expected to gain attention, especially in a market supported by state-owned entities [8]