基金“年终大考”倒计时！扛大梁的产品变了

Core Insights - The public fund industry is entering the final countdown for its "year-end exam" as 2025 approaches, with scale remaining a critical factor for survival among smaller firms and a cornerstone for larger firms [1] - This year's year-end scale battle is characterized by a shift towards index funds as the main battleground, with bond funds serving as the stabilizing force [1] Fund Issuance Trends - In December, a total of 139 new funds are set to be launched, marking a significant increase from 107 in the same period last year, with equity funds, particularly index funds, leading the charge [2] - Among the new funds, 85 are equity funds, accounting for over 60%, with passive index funds making up the largest share at 40 and enhanced index funds at 19, together representing 70% of new equity fund issuances [2] - In November, index funds accounted for 50.34% of new fund issuances, raising a total of 32.305 billion yuan, which is 33.58% of the total fundraising for that month [2] Strategic Shifts in Fund Management - Unlike previous years where star fund managers created blockbuster products, more fund companies are now focusing on low-cost, efficient tool-based products to adapt to market demand changes [3] Performance of Leading Fund Companies - Leading fund management firms are notably active in the year-end scale battle, with companies like E Fund, Ping An Fund, and GF Fund launching multiple new products in December [4] - The rankings of fund companies have seen slight changes, with some firms improving their positions due to the growth of passive investment opportunities, particularly in ETFs [5] Focus on Technology Sector - The technology sector has emerged as the primary focus for new fund issuances, with 7 new AI-focused ETFs and 10 products targeting the semiconductor sector among the new passive index funds [7] - The first batch of 7 AI-focused ETFs is expected to attract over 30 billion yuan in new capital if fully subscribed, reflecting strong market interest in technology investments [7][8] Market Drivers - The surge in technology-focused ETF filings is driven by supportive policies, strong market performance, and heightened competition within the industry, creating a favorable environment for investment in hard technology and innovation [8]