Core Insights - The public fund issuance in the first half of the year reached 537.27 billion yuan, a decrease of 20.32% year-on-year, but the issuance scale of equity funds hit a four-year high [1][3] - Equity index funds accounted for 90% of the new equity fund issuance, indicating a strong preference for passive management strategies among investors [1][5] - The market outlook suggests that if the stock market trends upward in the second half, equity funds may see significant performance and increased capital inflow, potentially surpassing bond funds in new issuance [1][8] Fund Issuance Overview - A total of 671 new funds were established in the first half, with a cumulative issuance scale of 537.27 billion yuan, marking a 9.82% increase in the number of funds but a 20.32% decrease in scale compared to the previous year [3] - Bond funds led the new issuance with 246.99 billion yuan, accounting for 45.97% of the total, although this was the lowest issuance in three years [3] - The new issuance scale of equity funds was 186.20 billion yuan, representing 34.66% of the total and the highest for the same period in four years [3] Equity Fund Performance - The issuance of equity index funds was particularly notable, with 368 new products launched and a total issuance of 183.87 billion yuan, making up over 30% of the total public fund issuance [5] - The largest new equity index fund was the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive Link, with an issuance of 4.89 billion yuan [5] - The performance of equity funds has been lackluster, contributing to the absence of "billion-dollar blockbuster" funds in the current market environment [6][7] Market Outlook - Analysts suggest that the lack of blockbuster funds is related to the current market conditions, with a weak risk appetite among investors [6][7] - The increasing issuance of index funds reflects a shift in investor preference towards products that closely track market indices, reducing reliance on individual fund manager performance [7] - Looking ahead, if the market strengthens, new fund issuance is expected to rise, potentially exceeding that of bond funds [8]