Core Insights - The domestic public fund issuance market showed significant recovery in the first half of 2025, with a total of 680 new funds launched, representing a year-on-year increase of 7.94% and a quarter-on-quarter increase of 32.55% [1][3] Fund Type Analysis - Stock funds were the main contributors to the fundraising, with 390 stock funds launched, accounting for 57.35% of the total. Both year-on-year and quarter-on-quarter growth exceeded 60%, indicating a notable increase in stock fund issuance [1][3] - Among the 390 stock funds, passive index funds comprised 293, making up 75.13% of the stock fund total, highlighting the growing popularity of index funds in the market [1] - FOF (Fund of Funds) funds experienced a peak in issuance, with 31 funds launched, representing 4.56% of the total, but showing significant year-on-year and quarter-on-quarter growth of 82.35% and 93.75%, respectively [1][2] Other Fund Types - Bond funds and mixed funds, while showing a year-on-year decline, exhibited signs of recovery quarter-on-quarter. A total of 131 bond funds were launched, making up 19.26% of the total, while mixed funds also exceeded 100, accounting for 16.18% [2][3] - QDII funds saw a significant year-on-year decline of 63.64%, with only 8 funds launched, while REITS experienced a slight increase of 11.11% year-on-year, totaling 10 funds [3] Issuing Institutions - A total of 120 public fund institutions launched new products in the first half of 2025, representing 73.62% of the total public fund institutions. Among these, 42 institutions launched 5 or more new products [3][4] - Notably, China Universal Fund led with 32 new funds, primarily in stock funds, including 21 passive index stock funds. Other institutions like Huatai-PB Fund and E Fund followed closely with 26 new funds each, focusing mainly on passive index stock funds [4]

Group 1 - The public fund market has shown robust vitality this year, with approximately 660 funds issued and a total issuance of about 420 billion units as of June 17 [1][2] - March marked a peak in fund issuance, with over 100 billion units issued [1][2] - A total of 171 public funds have ended their fundraising early this year, indicating strong market interest [1][7] Group 2 - The issuance of equity funds has been significant, with 382 stock funds and 107 mixed funds issued, totaling 158.88 billion units and 27.49 billion units respectively [2] - Bond funds have dominated in terms of issuance volume, with 125 funds issued but exceeding 200 billion units in total [2] - Several funds, such as the Guangfa Smart Selection Mixed Fund and the Oriental Red Yingfeng Stable Allocation Fund, announced early closure of fundraising, reflecting high investor demand [4][5] Group 3 - The phenomenon of "daylight funds" has emerged, where certain funds complete their fundraising in just one day, such as the Zhongyou Interbank Certificate Index Fund [5][6] - The healthcare sector has seen a surge in interest, with multiple healthcare-themed funds closing early due to strong performance, including the Oriental Alpha Health Industry Mixed Fund [7][8] - Over 290 healthcare-themed funds have been launched this year, with more than 270 achieving positive returns, and over 90 funds yielding over 30% [7]