2025年公募基金发行“量效齐升”

Core Insights - The public fund issuance market in 2025 shows a positive trend with both quantity and efficiency increasing, with 1,553 new public fund products issued, a 35.87% increase from 1,143 in 2024, marking a four-year high [1][3] - The average subscription days for new funds decreased from 22.63 days in 2024 to 16.41 days in 2025, indicating heightened market participation enthusiasm [1][3] Fund Issuance Trends - The main drivers for the increase in new fund issuance include a favorable equity market, positive market sentiment, and a deepening trend towards passive investment, with strong demand for index-based tools [4] - The number of equity funds issued reached 1,109, accounting for 71.41% of new fund products, with 835 being stock funds and 274 being mixed equity funds [4][5] - Passive index products performed particularly well, with 699 new products issued, representing 45.01% of the total, including 618 passive index stock funds [4][5] Bond and FOF Fund Trends - In contrast, the issuance of bond funds decreased to 284, down approximately 13.94% from 330 in 2024, reflecting a "strong equity, weak bond" market dynamic [5] - FOF (Fund of Funds) products saw explosive growth, with 88 new products issued, more than doubling from the previous year and surpassing the total issuance of the past three years [5] Market Concentration - The market remains concentrated, with 133 institutions participating in new fund issuance, and 24 institutions issuing 20 or more products [5] - E Fund led the market with 69 new products, followed by China Universal Fund with 64 and Huaxia Fund with 61, indicating a significant concentration of issuance among leading firms [5] Future Market Outlook - Several institutions maintain a positive outlook for the equity market in 2026, anticipating an overall upward turning point in A-share company earnings, driven by economic cycle patterns and structural optimization in various industries [6] - Signs of stabilization and improvement have emerged in multiple sectors since 2025, such as engineering machinery, steel, and aviation, with a trend of resources concentrating towards leading quality enterprises [6]