年内新发基金“小而多”说明了什么？

Core Insights - The number of new funds issued this year has reached 1,371 as of November 11, marking a three-year high and surpassing the total for both 2023 and 2024, with only 2022's total of 1,424 funds remaining slightly higher [1][2] - Despite the high number of new fund issuances, the total fundraising scale is relatively low, with a total of approximately 965.3 billion yuan, the lowest since 2019, and an average fundraising scale of only 782 million yuan [1][5] - The prevalence of initiator funds this year, with 334 new funds launched in this format, indicates a trend towards smaller, more numerous fund offerings, aligning with the "small but many" characteristic [1][4] Fund Issuance Characteristics - The surge in stock fund issuance, with 761 new stock funds launched, represents a historical record, significantly higher than the 470 funds issued in 2024, with passive index funds dominating this category [2][4] - The majority of stock funds issued this year are index funds, with 735 out of 761 being either passive or enhanced index funds, accounting for 97% of the total stock fund issuance [2] Market Dynamics - The current fund issuance trend reflects a rational approach, as evidenced by the smaller average fund sizes and the absence of "hot" funds, indicating a lack of investor frenzy [4][5] - The low fundraising scale is attributed to two main factors: the predominance of index funds, which do not showcase star fund managers, and the absence of a significant profit effect in the market, leading to low participation from retail investors [5]