104只，新基金发行提速！

Core Viewpoint - The public fund issuance market in China has seen a surge since July, with 104 new funds disclosed, of which over 64% are equity funds, driven by positive stock market performance and improved investor sentiment [2][3][6]. Fund Issuance Trends - As of July 10, 2023, 104 new funds have been disclosed, with 43 launched in the current week, marking a peak in daily issuance [5][6]. - Among the new funds, 67 are equity funds, including 19 active equity funds and 48 passive index funds, indicating a strong preference for equity products [6][7]. Market Drivers - The robust performance of the A-share market in the first half of the year, along with optimistic institutional expectations for the future, has restored investor confidence in equity products [6]. - Continuous encouragement from policies aimed at capital market development and support for technological innovation has attracted funds into equity assets [6]. Popular Investment Themes - Popular investment themes in newly launched equity funds include AI, consumer sectors linked to Hong Kong stocks, robotics, and aerospace, with a notable interest in high dividend and defensive assets [7]. - The average subscription period for equity funds has shortened to 12-18 days, with some products selling out in a single day, reflecting improved market sentiment and channel efficiency [7]. Index Fund Dynamics - The current low valuation of A-shares and enhanced macro policy support have stabilized market sentiment, making index funds attractive for investors looking to build positions [7]. - Fund companies are rapidly launching products in popular themes to capture market interest and expand management scale, leveraging the advantages of index funds such as simplicity and cost-effectiveness [7]. Future Outlook - The issuance pace of funds is expected to accelerate, with mechanisms like floating management fees and performance rewards enhancing alignment between managers and investors [9]. - Low-cost, transparent index funds, particularly ETFs, are anticipated to remain a focus for expansion, especially in a volatile market environment [9]. - Investment strategies should consider market trends, policy directions, and risk preferences, with recommendations for both active and passive equity funds to diversify and adjust asset allocations dynamically [10].