而发起式基金的发行显然为今年股票型基金发行数量创历史新高作出了贡献。截至11月11日，年内股票型基金以761只的发行量创下历史纪录，较2024年全 年的470只大增62%。在这761只股票型基金中，被动指数型基金有568只，增强指数型基金有167只，两者合计735只，占股票型基金发行比例高达97%。这 意味着今年股票型基金的发行基本上是以指数型基金为主。 不过，尽管新基金发行数量多，但基金发行规模却偏小，呈现为"小而多"的特点。新基金募资规模普遍较小。截至11月11日，年内基金发行总规模约9653亿 元，为2019年以来的新低。同时，年内新基金的平均募集规模仅为7.82亿元。2020年—2024年这一数据分别为21.94亿元、14.92亿元、10.53亿元、9.08亿 元、10.59亿元，均远高于今年基金的平均募集规模。 在"小而多"的特色下，今年发起式基金较为盛行。年内共有334只新基金采用发起式形式设立，占比约四分之一，且多为股票型基金。而发起式基金最大的 优势就是成立的门槛较低，只需要5000万的规模就可以宣告成立。因此，今年发起式基金盛行正好符合了"小而多"的特色。 那么，如何看待今年新基金的发行呢？ ...

Core Insights - As of June 27, 2025, a total of 661 funds have been established this year, with a combined issuance of 526.1 billion shares, marking a historical low in average issuance of 796 million shares per fund [1] - The poor performance of bond funds has negatively impacted the overall fund issuance, while stock funds have reached a new high in issuance scale for the same period in nearly four years [1] - Among the various fund types, stock funds accounted for 380 funds with a total issuance of 185.532 billion shares, representing nearly 80% of the newly issued equity funds; the number and scale of new issuances increased by 66.67% and 179.24% year-on-year, respectively, reaching the highest level since 2022 for the same period [1] - The growth in stock fund issuance is primarily driven by index funds, with 366 index funds established in the first half of the year, totaling 183.203 billion shares, which constitutes the majority of the new issuance scale for stock funds [1]