权益型占比环比提高，被动型发行大幅回暖

Overall Situation - The total issuance scale of funds in November saw a significant rebound, with 1,474 billion units issued, an increase of 1,141 billion units from the previous month, and a year-on-year increase of 171 billion units [12][14] - Equity funds dominated the issuance, accounting for 73.7% of the total, which is a 21.1 percentage point increase from the previous month [14] Active Equity Funds - The issuance scale of active equity funds improved slightly, with 49 billion units issued in November, although this remains at a low level [21] - Among the 15 new active equity funds, 11 were mixed equity funds, totaling 31.8 billion units, which represents 64.4% of the active equity fund issuance [23] Passive Equity Funds - The issuance scale of passive equity funds saw a substantial recovery, with 1,037 billion units issued, an increase of 892 billion units from the previous month [29] - The majority of the 57 new passive equity funds were passive index funds, indicating a preference for strategies that track market indices [32] Bond Funds - The issuance scale of bond funds increased to 375 billion units, a rise of 240 billion units from the previous month, although it remains at a low level compared to historical data [36] - Among the 20 new bond funds, passive index bond funds accounted for the largest share, with 169 billion units issued, representing 45.1% of the total bond fund issuance [36] QDII Funds - The issuance scale of QDII funds decreased to 0.15 billion units, a decline of 2 billion units from the previous month, reflecting ongoing volatility in this segment [41] FOF Funds - The issuance scale of FOF funds increased significantly to 6 billion units, with 3 new funds launched, indicating a recovery in this category [46]