基金早班车丨股基十年最强回归C位，公募新发1468只创四年新高

Group 1: Market Overview - The bond fund market is retreating, while equity funds are expanding at an unprecedented rate not seen in nearly a decade, with 1,468 new public funds established in 2025, marking a peak in four years, and total fundraising remaining stable compared to the past two years, indicating a shift to a new phase dominated by equities and innovative segmentation [1] - On December 19, the Shanghai Composite Index rose by 0.36% to 3,890.45 points, the Shenzhen Component Index increased by 0.66% to 13,140.21 points, and the ChiNext Index gained 0.49% to 3,122.24 points, with a total trading volume of 17,259.15 billion yuan across both markets [1] Group 2: Fund News - On December 19, two new funds were launched, primarily mixed funds, while 28 funds distributed dividends, mostly bond funds, with the highest dividend payout from the Huatai Zijin Jiangsu Expressway Closed-End Infrastructure Securities Investment Fund at 1.3895 yuan per 10 shares [2] - As of December 12, the stock private equity position index reached 83.59%, increasing by 0.61 percentage points, with over 70% of products holding more than 80% positions, indicating strong bullish sentiment; the total scale of private equity products reached a historical high of 22.09 trillion yuan [2] - By the end of 2025, public funds are expected to distribute nearly 230 billion yuan, with leading companies distributing over 10 billion yuan; bond funds contributed 73% of the total dividend amount, although this represents a 10 percentage point decrease from the previous year, while equity funds have become the "dark horse" in dividend distribution due to market recovery and policy support [2] Group 3: Investment Trends - The hard technology theme has been a consistent focus throughout the year, with public funds concentrating their incremental investments in emerging industries; as of December 21, 39 public funds participated in 85 stock placements, with a total allocation of 34.088 billion yuan, a year-on-year increase of 13.85%, and an overall floating profit of 10.742 billion yuan, representing a floating profit ratio of 31.51% [3]