31只新基扎堆发行，权益类占比超七成

Core Insights - The public fund issuance market is experiencing a robust surge, with 31 new public funds launched for subscription in the week of July 14 to July 20, marking a consistent trend of over 30 new products for three consecutive weeks [1][2] - The average fundraising duration for these new products is 12.55 days, indicating a significant acceleration compared to the previous week, reflecting the current enthusiasm in the fund market [1] Fund Type Analysis - Among the newly launched funds, 24 equity funds were initiated, accounting for 77.42% of the total, with 18 being stock funds (75% of equity funds) and 6 being equity-mixed funds (25% of equity funds) [3] - Passive index funds dominate the stock fund category, with 15 out of 18 stock funds being passive index funds, representing 83.33% of the stock fund issuance [3] - The bond fund segment is facing a downturn, with only 3 bond funds launched this week, a significant decrease of 76.92% from the previous week’s 13 funds [3] Market Diversification - The fund issuance market is showing diversification, with the introduction of REITs (Real Estate Investment Trusts), FOF (Fund of Funds), and QDII (Qualified Domestic Institutional Investor) funds, totaling 2, 1, and 1 respectively [3] - REITs and QDII funds are showing a notable recovery trend, with both categories having new funds launched for two consecutive weeks [3] QDII Fund Recovery - The QDII fund market has shown a clear recovery since July 2025, driven by two main factors: strong performance in the capital market, particularly a 20% increase in the Hong Kong stock market in the first half of the year, and supportive policies from the government [4] - The State Administration of Foreign Exchange issued an additional $30.8 billion in QDII investment quotas at the end of June, alleviating foreign exchange constraints for fund managers and facilitating the launch of new products [5] REITs Fund Dynamics - The recovery in the REITs fund market is attributed to regulatory support, including the promotion of regular product issuance and the expansion of underlying asset types, which have energized the market [5] - REITs have outperformed major stock indices in terms of overall returns, coupled with their stable dividend characteristics, creating a strong profit incentive that has stimulated market enthusiasm for new issuances [5]