4月新发环比下滑，公募基金迎来高质量发展

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund industry is entering a high-quality development phase, with regulatory measures aimed at enhancing investor returns and optimizing fund management practices [12][14] - In April 2025, the issuance of new funds decreased both year-on-year and month-on-month, with a notable increase in the proportion of equity funds [27][33] - The report emphasizes the importance of long-term capital entering the market, supported by government policies and actions from major financial institutions [12][19] Summary by Sections 1. Policy Measures and Market Stability - A comprehensive set of policies has been introduced to stabilize the market and promote high-quality development in public funds, including 25 measures from the CSRC [12][14] - The central bank has committed to providing sufficient re-lending support to the Central Huijin Investment Ltd. to maintain market stability [17][22] 2. Fund Issuance Trends - As of March 2025, the net asset value of public funds was approximately 32.22 trillion CNY, remaining stable [26] - In April 2025, 125 new funds were established, a year-on-year increase of 4.17%, but a month-on-month decrease of 7.41% [27] - The total issuance of new funds in April was 924.88 billion units, reflecting a year-on-year decline of 34.45% and a month-on-month decline of 8.36% [27] 3. Fund Type Analysis - In April, 20 new bond funds were issued with a total issuance of 337.97 billion units, a month-on-month decrease of 25.59% [33] - The number of new equity funds reached 90, with an issuance of 458.85 billion units, marking a month-on-month increase of 21.27% [33] 4. Investment Recommendations - The report suggests that the recent policy measures are likely to boost market confidence and that brokerage firms are expected to see a recovery in performance, despite current valuation stagnation [54] - Continuous attention is recommended on policy-driven catalysts and merger and acquisition opportunities within the brokerage sector, particularly for companies like CITIC Securities, Guotai Junan, and Huatai Securities [54]