6亿加仓，“国家队”再出手！公募频频自购

Core Viewpoint - The article highlights the resurgence of new fund issuance in the A-share market, driven by a recovering market and supportive policies, with a total issuance exceeding 400 billion yuan this year. The involvement of state-owned enterprises, particularly China Chengtong Holdings Group, signals confidence in the long-term value of state-owned listed companies [1][3]. Fund Issuance and Market Recovery - The A-share market has shown a "V"-shaped recovery, with the Shanghai Composite Index rebounding by 8.1% since April 8. In the first five months, 517 new funds were established, with a total issuance of 408.22 billion yuan, over 40% of which were equity funds [3][4]. - The launch of three ETFs by Jiashi Fund, Fuguo Fund, and ICBC Credit Suisse Fund, which collectively raised 2.091 billion yuan, reflects strong institutional interest, with over 90% of their assets allocated to index constituents [3][4]. Role of State-Owned Enterprises - China Chengtong's subsidiary, Chengtong Financial Holdings, is the largest holder of the newly launched ETFs, owning approximately 600 million shares, which constitutes nearly 30% of the total [4]. - As a key player in capital operations, China Chengtong's actions are seen as a commitment to supporting the market and promoting the development of the digital economy and artificial intelligence [4]. Confidence Boost from Fund Companies - Fund companies are increasingly engaging in self-purchase of their products to bolster market confidence. In the first five months, net subscriptions for equity products exceeded 2.024 billion yuan [5][7]. - The self-purchase trend is viewed as a response to market conditions, with several fund managers committing significant amounts to their funds, including a minimum of 10 million yuan for new floating fee rate funds [6][7]. Policy Support - The regulatory environment is encouraging the growth of equity funds, with the China Securities Regulatory Commission advocating for a minimum annual increase of 10% in the market value of A-shares held by public funds over the next three years [8]. - Recent policies have enhanced the incentives for fund companies to self-purchase their equity funds, indicating a supportive framework for market stability and growth [8].