新基发行超千只！权益火热，债基遇冷

Core Insights - The overall market for new fund issuance has shown significant growth in 2025, with a total of 1,138 new funds launched, representing a year-on-year increase of 31.87% compared to 863 funds in 2024 [1] Fund Issuance by Type - Equity funds have emerged as the dominant category, with 823 equity funds issued, accounting for 72.32% of the total new fund issuance, and stock funds making up 78.25% of the equity fund total [2] - FOF (Fund of Funds) has seen the largest growth in issuance, with 49 funds launched, a 113.04% increase from 23 funds in 2024, driven by rising demand for professional asset allocation [3] - Index-based investments have surged, with 623 index stock funds out of 644 total stock funds issued, representing 96.74% of new stock fund issuance, reflecting the growing popularity of passive investment strategies [3] Market Trends - The issuance of QDII (Qualified Domestic Institutional Investor) funds and bond funds has declined, with only 13 QDII funds issued, a 50% decrease from 26 in 2024, and 221 bond funds issued, down 17.54% from 268 in the previous year [3] - Mixed funds have also seen a slight decrease in issuance, with 195 funds launched, a 2.99% decline from 201 in 2024, indicating a preference for more clearly defined stock funds in a stable market environment [4] - The favorable conditions for equity investment are attributed to relatively low valuations in the A-share market, macroeconomic stabilization, and improving corporate earnings, which have created a conducive environment for equity investments [4]