年内公募新发数量创三年新高，含权产品仍是布局重点

Core Insights - The A-share market is experiencing a strong recovery in public fund issuance, with a significant increase in new funds and a notable disparity between large and small fund companies [1][2][5] - As of November 19, 2023, a total of 1,332 new public funds have been issued, surpassing 1.03 trillion units, marking a three-year high and reversing a trend of declining issuance [2][5] - The average subscription period for new funds has decreased significantly to 16 days from 23.31 days last year, indicating heightened market activity [4] Fund Issuance Trends - The top four fund companies have collectively raised nearly 200 billion, accounting for 18.33% of the total issuance, while 34 smaller firms have not launched any new products this year [1][5] - The average issuance size for new funds is at a ten-year low of 7.75 billion units, reflecting a more cautious approach among fund managers [2][5] Market Dynamics - The market is witnessing a concentration of resources among leading firms, with smaller institutions struggling to compete, as evidenced by 61 companies launching fewer than five new funds this year [5][6] - The trend of "daylight funds" and "small blockbuster" products continues, with several funds achieving rapid sales, such as the招商均衡优选 which raised over 8.7 billion on its first day [4][5] Future Strategies - Fund companies are focusing on "rights-containing" products, with ETFs, "fixed income plus," and active equity products being prioritized for future issuance [6][7] - There is a consensus among large institutions to maintain a diversified product line to capture various market opportunities, while medium-sized firms are seeking differentiation in niche segments [7][8] Market Outlook - Despite short-term market volatility, there is an optimistic outlook for next year, with expectations of increased capital inflow driven by clearer domestic policies and international developments [8]