新基发行数量创近三年新高

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][5] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - In 2025, equity funds have emerged as the dominant category, with 999 equity funds issued, including 762 stock funds and 237 equity hybrid funds, accounting for 72.5% of the total [2] - The rise of index-based investment is notable, with 813 index funds issued this year, representing 59% of the total new funds [3][4] - Among the 762 stock funds, index funds dominate with 736 issued, making up 96.59% of the stock fund category [4] Passive vs. Active Management - The trend towards passive investment is evident, with 646 passive index funds out of 813 total index funds, accounting for 79.46% of the index fund category and contributing 46.88% to the overall new fund issuance [4] - The shift towards passive management reflects a changing market environment where active management struggles to consistently achieve excess returns due to reduced information asymmetry [4] FOF Fund Growth - FOF (Fund of Funds) issuance has seen explosive growth, with 72 new FOFs launched this year, doubling from 33 last year, indicating increasing market recognition of FOF's unique advantages [5] - The issuance of stock funds has significantly increased to 762, while bond fund issuance has decreased to 250, highlighting a shift in investor preference towards equity assets [5] Market Dynamics - Multiple factors have driven the surge in new fund issuance, including economic recovery, policy implementation, and improved corporate earnings, leading to increased investor interest in equity assets [5][6] - Central banks' monetary easing policies have maintained ample market liquidity, further fueling the public fund issuance boom [6] - The younger generation of investors is becoming a significant force in the market, showing a high acceptance of new investment vehicles and increasing trust in public funds [6]