11月公募基金发行环比增6.62%，权益基金占比近七成

Core Viewpoint - The public fund issuance continues to show a warming trend, with a total of 145 public funds launched in November 2025, representing a 6.62% month-on-month increase from October's 136 funds [1]. Fund Issuance by Type - Equity funds dominate the issuance market in November, with 69 stock funds launched, accounting for 47.59% of the total. Among mixed funds, 31 equity-mixed funds were issued, making up 21.38%. Together, these two categories represent 68.97% of the total issuance for the month, indicating strong confidence in the equity market from both fund companies and investors [2][3]. - Passive index funds lead the stock fund category, with 49 issued in November, comprising 33.79% of the total fund issuance. Enhanced index funds accounted for 12.41% with 18 funds, while ordinary stock funds only had 2 issued, representing 1.38%. This structure suggests a preference for low-cost, high-transparency passive index products in the current market environment [3]. - Bond fund issuance saw a significant month-on-month increase, with 23 bond funds launched in November, up 64.29% from 14 in October. Mixed bond funds accounted for 65.22% of bond fund issuance, reflecting a continued focus on "fixed income plus" strategies to seek moderate equity-enhanced returns [3]. - FOF (Fund of Funds) products performed exceptionally well, with 17 launched in November, marking a new monthly high for 2025 and the highest in nearly 31 months. The FOF market has shown continuous expansion, with 76 new FOFs established in 2025, more than double last year's total, and issuance volume reaching 71.353 billion units, a four-year high [3]. Market Dynamics - The increase in bond fund issuance is driven by expectations of declining market interest rates and volatility in the equity market, which has created a demand for risk-averse investments. Regulatory guidance encouraging long-term capital to enter the market has also contributed to the rise in FOF fund issuance, which aligns with institutional needs for asset allocation and risk diversification [4]. - Despite fluctuations in the A-share market, there remains confidence in future market performance, supporting stable issuance of equity funds [5]. Issuance by Fund Companies - In November, 71 public fund institutions participated in the issuance, with 38 institutions each launching one product, while 33 institutions issued two or more products. Notably, GF Fund and E Fund each launched 9 public funds, primarily focusing on stock ETFs. Penghua Fund and China Europe Fund followed closely with 6 funds each, with the latter exclusively issuing mixed funds. Other notable issuers included Fortune Fund, Ping An Fund, and Tianhong Fund, each launching 5 funds [5].