Core Viewpoint - The public fund issuance continues to show a warming trend, with a total of 145 public funds launched in November 2025, representing a 6.62% month-on-month increase from October's 136 funds [1]. Fund Issuance by Type - Equity funds dominate the issuance market in November, with 69 stock funds launched, accounting for 47.59% of the total. Among mixed funds, 31 equity-mixed funds were issued, making up 21.38%. Together, these two categories represent 68.97% of the total issuance for the month, indicating strong confidence in the equity market from both fund companies and investors [2][3]. - Passive index funds lead the stock fund category, with 49 issued in November, comprising 33.79% of the total fund issuance. Enhanced index funds accounted for 12.41% with 18 funds, while ordinary stock funds only had 2 issued, representing 1.38%. This structure suggests a preference for low-cost, high-transparency passive index products in the current market environment [3]. - Bond fund issuance saw a significant month-on-month increase, with 23 bond funds launched in November, up 64.29% from 14 in October. Mixed bond funds accounted for 65.22% of bond fund issuance, reflecting a continued focus on "fixed income plus" strategies to seek moderate equity-enhanced returns [3]. - FOF (Fund of Funds) products performed exceptionally well, with 17 launched in November, marking a new monthly high for 2025 and the highest in nearly 31 months. The FOF market has shown continuous expansion, with 76 new FOFs established in 2025, more than double last year's total, and issuance volume reaching 71.353 billion units, a four-year high [3]. Market Dynamics - The increase in bond fund issuance is driven by expectations of declining market interest rates and volatility in the equity market, which has created a demand for risk-averse investments. Regulatory guidance encouraging long-term capital to enter the market has also contributed to the rise in FOF fund issuance, which aligns with institutional needs for asset allocation and risk diversification [4]. - Despite fluctuations in the A-share market, there remains confidence in future market performance, supporting stable issuance of equity funds [5]. Issuance by Fund Companies - In November, 71 public fund institutions participated in the issuance, with 38 institutions each launching one product, while 33 institutions issued two or more products. Notably, GF Fund and E Fund each launched 9 public funds, primarily focusing on stock ETFs. Penghua Fund and China Europe Fund followed closely with 6 funds each, with the latter exclusively issuing mixed funds. Other notable issuers included Fortune Fund, Ping An Fund, and Tianhong Fund, each launching 5 funds [5].

Core Insights - The public fund issuance market has experienced a significant recovery, with a total of 1,378 public funds issued by November 17, surpassing last year's total of 1,143 funds, marking the highest issuance in three years and ending a three-year decline in public fund issuance [1] Group 1: Market Performance - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating a faster fundraising cycle and increased market activity [1] Group 2: Contributing Factors - Several factors contribute to the recovery of the public fund issuance market: - The overall positive trend in the A-share market, with improving corporate profit expectations and economic recovery enhancing investors' willingness to allocate to equity assets [1] - Ample market liquidity and accelerated inflow of international funds into the Chinese capital market, providing additional capital for fund issuance [1] - Improved market sentiment and increased investor confidence as a result of these developments [1]

Core Insights - The public fund issuance market has shown significant growth in October, with a notable increase in the number of new funds launched and a decrease in the average subscription period [1][3] Group 1: Fund Issuance Trends - A total of 52 new funds were launched for subscription from October 13 to October 19, marking a 116.67% increase from the previous week [1] - The average subscription period for new funds is 12.73 days, which has shortened compared to earlier periods [1] - Nearly 60 funds have announced early closure of their fundraising since September, indicating strong market demand [4] Group 2: Equity-Dominated Structure - Among the 52 new funds, 42 are equity products, accounting for 80.77%, including 32 stock funds and 10 equity-mixed funds [2] - The issuance of passive index funds has surged, with 23 such funds launched, representing 44.23% of the total [2] - The current interest in equity assets is driven by a favorable interest rate environment and a significant "risk-on" sentiment among investors [2] Group 3: Market Performance and Investor Sentiment - The A-share market has been strong, with the Shanghai Composite Index surpassing 3900 points, creating structural opportunities that enhance equity asset allocation enthusiasm [3] - The average return of actively managed equity funds reached 25.93% in the third quarter, boosting investor confidence [3] - Fund companies are expanding their product lines, with new REITs and FOF products being launched, reflecting a recovery in the public fund issuance market [3] Group 4: Early Closures and Over-Subscription - Several funds, including those from smaller fund companies, have experienced early closures due to over-subscription, indicating a shift in investor sentiment [4][5] - For example, the Penghua Manufacturing Upgrade Mixed Fund exceeded its fundraising cap of 2 billion yuan within a day, leading to an early closure [4] - The trend of early closures and over-subscription highlights the increasing willingness of investors to engage with the market [5] Group 5: Future Market Outlook - The market is expected to maintain a high-risk appetite due to favorable external conditions, including continued interest rate cuts and manageable tariff risks [6] - However, the A-share market has already seen significant gains, necessitating close monitoring of incremental capital, particularly from high-risk tolerant investors [6] - Long-term prospects for the A-share market remain positive, supported by declining risk-free rates and improving profit expectations [6]

Core Viewpoint - In September, the A-share market experienced significant growth, leading to a recovery in the new fund issuance market, with the highest monthly figures recorded for the year [2][3]. Fund Issuance Overview - A total of 201 new public funds were established in September, with an issuance volume of 1,673.39 billion units, marking a month-on-month increase of 93.26% and 64.02% respectively [2]. - In the first three quarters of the year, new fund issuance exceeded 890 billion units, an increase of nearly 40 billion units compared to the same period last year [3]. Fund Types and Performance - The majority of new funds in September were equity funds, with 104 stock funds established, a 22.35% increase from August [3]. - Bond funds also saw significant growth, with 39 new funds established, a 62.5% increase from the previous month [3]. - Equity funds accounted for 39.35% of the total issuance, with 658.44 billion units issued, reflecting a nearly 40% month-on-month growth [3]. Notable Fund Products - The top-performing new funds in September were index funds, including the BlackRock China Bond Investment Preferred Green Index A and the China Merchants Balanced Preferred A, with issuance sizes of 6 billion and 4.955 billion respectively [4]. - A total of 14 new science and technology bond ETFs were launched in mid to late September, with a combined issuance scale of 407.86 billion, contributing to a total scale of over 2,300 billion for science and technology bond ETFs [4]. Market Outlook - Following the National Day holiday, 100 new funds are set to compete in the market, with 30 currently in issuance and 70 more expected to launch in October [5]. - The increase in the number of funds that announced early closure reflects heightened market activity and restored investor confidence [4].

Core Insights - This week, 11 new funds are being launched, with index funds being the main focus of the offerings [1][6] Fund Launch Details - Out of the 11 new funds, 5 started issuing on Monday, accounting for 45.45% of the total new funds for the week. The remaining funds were issued on Tuesday (2), Wednesday (0), Thursday (1), and Friday (3) [2] - The average subscription period for the new funds is 35 days, with the longest subscription period being 90 days for two FOF funds [3][2] - The shortest subscription period is 1 day for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [4][5] Fund Types and Goals - Index funds dominate this week's offerings, with 6 out of 11 funds (54.54%) classified as index funds. This includes 5 passive index funds and 1 enhanced index fund [6] - Among the new funds, 8 have disclosed their fundraising targets, with the highest target set at 8 billion units for both the E Fund Shanghai Stock Exchange 580 ETF and the Qianhai Kaiyuan Yutai 3-Month Holding Period Mixed Fund of Funds [4] - The lowest fundraising target is 500 million units for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme Index Fund [5] Market Outlook - Industry experts suggest that the current fund issuance market is improving, with an increase in average issuance volume and a rise in equity product issuance scale. If investor risk appetite continues to grow, the public fund issuance market is expected to recover, with index funds likely remaining the primary focus [6]