被动指数型产品占45% 2025年新基发行数量创四年新高

Core Insights - The public fund issuance market in 2025 showed significant growth, with a total of 1,553 new public fund products established, marking a 35.87% increase from 1,143 in 2024, reaching a four-year high in issuance numbers [1] - The average subscription period for new funds decreased to 16.41 days from 22.63 days in the previous year, indicating heightened market enthusiasm [1] Fund Type Distribution - The majority of new funds were equity funds, with 1,109 equity funds (including stock and mixed equity funds) accounting for 71.41% of the total new funds. Specifically, stock funds numbered 835, making up 53.77%, while mixed equity funds totaled 274, representing 17.64% [3] - Passive index funds emerged as the main contributors to new fund issuance, with 699 new passive index funds, which is 45.01% of the total. Among these, passive index stock funds accounted for 618, while passive index bond funds numbered 66 [3] Market Trends - The issuance of equity funds saw a substantial increase of 56.64% compared to 708 in 2024, with stock funds experiencing a remarkable growth of 75.79%. In contrast, bond fund issuance decreased to 284 from 330, reflecting a clear "strong equity, weak bond" market dynamic [3] - FOF (Fund of Funds) products experienced explosive growth, with 88 new FOF funds launched, a 166.67% increase from 33 in 2024. The issuance volume for new FOFs in 2025 surpassed the total of the previous three years combined, indicating sustained market interest [4] Institutional Dynamics - A total of 133 public fund institutions launched new funds in 2025, with 88 institutions issuing fewer than 10 funds each. Notably, 21 institutions issued between 10 and 19 funds, while 24 institutions launched 20 or more funds [4] - Leading institutions included Yifangda Fund with 69 new funds (50 being stock funds), followed by Fuguo Fund with 64 (44 stock funds), and Huaxia Fund with 61 (42 stock funds). Other notable institutions also launched over 40 new funds, highlighting a concentration effect among top firms in the industry [4]