11月公募基金发行环比增6.62%

Core Insights - The public fund issuance continues to show signs of recovery, with a notable increase in both equity and bond funds [1][4]. Equity Funds - Equity funds emerged as the dominant force in the issuance market for November, with 69 stock funds launched, accounting for 47.59% of total issuances. Additionally, 31 mixed equity funds were issued, making up 21.38% [2]. - A total of 100 equity-related funds were issued, representing 68.97% of the total issuance for the month, indicating strong confidence from fund companies and investors in the equity market [2]. - Among stock funds, passive index funds led the way with 49 issued, comprising 33.79% of total fund issuances. Enhanced index funds accounted for 12.41% with 18 issued, while ordinary stock funds only had 2 issued, representing 1.38% [2]. Bond Funds - The issuance of bond funds saw a significant month-on-month increase, with 23 bond funds launched in November, up 64.29% from 14 in October. Mixed bond funds made up 65.22% of this total with 15 issued [2]. - The bond funds continue to focus on a "fixed income plus" strategy, seeking moderate equity-enhanced returns [2]. FOF (Fund of Funds) - November saw a remarkable performance in FOF products, with 17 issued, marking a new monthly high for 2025 and breaking a 31-month record [3]. - By the end of November 2025, 76 new FOFs had been established, more than double the total from the previous year, with issuance reaching 713.53 billion units, the highest in nearly four years [3]. Market Trends - The overall fund issuance market is experiencing a recovery, driven by stable equity fund issuance and significant growth in bond and FOF fund issuance [3][5]. - Factors contributing to this trend include expectations of declining market interest rates and the need for risk aversion in the equity market, which have spurred demand for bond funds [5]. - Regulatory guidance encouraging long-term capital investment has also supported the growth of FOF funds, which align well with institutional needs for asset allocation and risk diversification [5].