节奏加快！下半年新基金募集提速，平均认购天数明显缩短

Core Viewpoint - The issuance of new funds has accelerated in the second half of the year, with a significant reduction in the average subscription days compared to the first half, indicating a favorable market environment and adjustments in capital allocation structures [1][4]. Group 1: Fund Issuance Trends - The average subscription days for new funds in the second half of the year decreased, with a median of 12 days and an average of 13.35 days, compared to 14 days and 16.81 days in the first half [2]. - The number of funds with extremely short subscription periods (1 day) increased from 33 in the first half to 69 in the second half, nearly doubling [2]. - Notable examples of funds that completed fundraising on the first day include Huatai-PB Yingtai's 55.77 billion yuan, and other funds with first-day fundraising exceeding 30 billion yuan [2]. Group 2: Product Structure and Diversity - The types of "daylight funds" in the second half were diverse, including various strategies and products such as technology bond ETFs and mixed equity funds, indicating a broad distribution rather than concentration in a single type [3]. - The presence of passive index funds, including AI concept ETFs and Hong Kong Stock Connect ETFs, also contributed to the diversity of first-day fundraising products [3]. Group 3: Market Environment and Fundraising Efficiency - The overall improvement in market conditions has led to a higher acceptance of new funds by investors, reducing the resistance faced during fundraising [4]. - Funds previously allocated to bank wealth management are gradually being redirected to fund products, enhancing the fundraising environment [5]. - Fund companies are shifting from a "scale-oriented" approach to an "efficiency-oriented" strategy, aiming to complete fundraising quickly after meeting establishment conditions [5].