公募开年自购升温，近八成投向权益类基金

Core Insights - Since 2026, there has been a significant increase in public fund self-purchases, with a total net subscription amounting to 474 million yuan as of February 4, 2026, of which 378 million yuan is in equity funds, accounting for nearly 80% of the total [1] Fund Type Summary - Mixed funds are the primary focus of public fund self-purchases, with a net subscription of 258 million yuan, representing 54.43% of the total self-purchase amount, making it the only fund type exceeding 50% [2] - Following mixed funds, stock funds have a net subscription of 120 million yuan, accounting for 25.32%. Together, mixed and stock funds represent 79.75% of total net subscriptions, indicating a strong preference for equity assets [3] - Bond funds also play a significant role in public fund self-purchases, with a net subscription of 58 million yuan, representing 12.24%. Additionally, FOF funds have a net subscription of 30 million yuan (6.33%), while QDII funds have the smallest self-purchase scale at 8 million yuan (1.69%) [3] Subtype Analysis - Within mixed funds, the only sub-type for net subscriptions is the equity-mixed fund, which has a net subscription of 258 million yuan, consistent with the mixed fund data [3] - Stock fund self-purchases show a preference for passive investment, with passive index funds receiving the highest net subscription of 80 million yuan (16.88%), while ordinary and enhanced index funds each have a net subscription of 20 million yuan (4.22%) [4] - The self-purchase scale of bond funds shows a decreasing trend, with mixed bond funds being more favored. The net subscriptions for mixed bond funds are 28 million yuan (5.91%) and 20 million yuan (4.22%) for secondary types, while long-term pure bond funds have the smallest subscription at 10 million yuan (2.11%) [4] Market Implications - The increase in public fund self-purchases is attributed to three main factors: regulatory policy guidance encouraging self-purchases, the long-term investment value of the equity market, and the need for public funds to stabilize product scale and enhance research capabilities [4] - This trend signals optimism regarding the long-term investment value of the A-share market and reflects a shift in the public fund industry from scale expansion to quality improvement and long-term performance competition [5]