突破10000亿！2026年布局思路来了

Core Insights - The public fund issuance market in China has reached a scale of 10,727.76 billion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan [3][5][10] - Equity funds have become the main force in new fund issuance, accounting for over 50% of the total, replacing bond funds [3][7][10] - The growth in fund issuance is attributed to a combination of policy guidance, shifts in capital allocation, and favorable market conditions [3][5][10] Fund Issuance Trends - The new fund issuance level remains high, with 10,727.76 billion yuan issued this year, continuing a trend of over one trillion yuan for seven years [5][10] - Economic recovery and improved A-share earnings expectations have driven investor enthusiasm for equity funds, leading to a significant increase in their issuance [5][6] - The shift from real estate and deposits to capital markets is evident, with public funds becoming a key investment tool due to their transparency and regulatory compliance [5][6][10] Structural Changes in Fund Types - The proportion of equity funds (stock and mixed funds) has surpassed 50%, while bond funds have dropped from over 70% to around 40% [7][10] - This shift reflects both market dynamics and policy encouragement for long-term capital allocation towards equity assets [7][10] - The trend is expected to continue, supported by ongoing capital market reforms and the enhancement of public fund research capabilities [7][8] Future Outlook - The one trillion yuan issuance scale is likely to become a new norm, driven by the long-term trend of asset allocation towards financial assets [10][11] - Fund managers are focusing on sustainable marketing and improving investor experience, fostering a positive cycle of performance and capital inflow [11] - The public fund industry is expected to continue innovating, with new products like credit bond ETFs and floating rate funds emerging to meet diverse investor needs [12][13][28] Product Innovation and Development - The public fund industry has seen significant innovation, with new products such as credit bond ETFs and floating rate funds enhancing market vitality [12][13] - Innovation is viewed as a key driver for high-quality development in the public fund sector, expanding the range of asset classes covered [12][14] - The emergence of innovative products is pushing fund companies to enhance their research capabilities and adapt to differentiated competition [14][28] 2026 Product Strategy - The focus for 2026 will include equity funds centered on technology and high-dividend assets, alongside optimized fixed-income products [15][20] - Fund companies are planning to develop products that align with the needs of both individual and institutional investors, emphasizing differentiated strategies [22][24] - There is anticipation for innovative products such as multi-asset ETFs and floating rate funds to cater to evolving market demands [26][27][28]