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基金发行新趋势:权益转向“精致化”,含权债基审批或将提速
Di Yi Cai Jing·2025-09-16 11:25

Core Insights - The fund issuance market is experiencing a resurgence, driven by the recovery of the A-share market, with equity funds raising over 200 billion yuan for four consecutive weeks, marking a significant increase in market participation [1][2] - The current trend in fund issuance is characterized by a "small but refined" approach, with many products setting fundraising caps between 1 billion to 5 billion yuan, contrasting sharply with the previous era of large-scale fundraising [1][3] - The bond fund market is also witnessing increased activity, with the second batch of 14 technology innovation bond ETFs selling out on the first day, indicating strong demand [6][7] Fund Issuance Trends - The number of newly issued funds reached 354 in the third quarter, a 40% increase compared to the same period last year, with total fundraising amounting to 248.13 billion yuan, a nearly 30% rise [2][3] - Equity funds, including stock and mixed funds, accounted for over 60% of the new issuance, the highest proportion since Q4 2021 [2][3] - Some equity funds have achieved "one-day sell-out" status, with significant amounts raised on their first day, such as the招商均衡优选基金 raising at least 8.7 billion yuan [2][3] Strategic Shifts in Fund Management - Fund managers are adopting a strategy focused on maintaining product performance and investor experience rather than merely scaling up, leading to early closure of fundraising periods to control size [3][5] - The emergence of "daylight funds" reflects a shift from the previous "scale frenzy" to a more cautious approach, with many funds setting lower fundraising targets [3][4] - Institutional demand is influencing the issuance of equity funds, with some products being tailored for specific institutional investors while still being available in retail channels [5] Bond Market Developments - The bond market is also seeing a positive trend, with the second batch of technology innovation bond ETFs achieving significant fundraising, estimated to be around 40 billion yuan [6][7] - Regulatory changes are encouraging fund managers to focus on products with equity components, with expedited registration processes for certain types of bond funds [7][8] - The approval process for bond funds is being differentiated based on the type of product, with quicker registration for those with specified equity holdings [7][8] Market Outlook - Several institutions maintain an optimistic outlook for the market, with themes such as artificial intelligence and overseas expansion expected to drive future performance [8][9] - The current market environment is characterized by strong trading volume, although fluctuations may occur as market sentiment evolves [9]