尽管与2020年和2021年的市场高点相比，当前仍有差距，但股票型基金发行规模的显著增长，主要得益 于指数基金的高速发展。 有关数据显示，2025年股票型指数基金发行规模达4004.71亿元，成为股票型指数基金年度发行规模史 上首次突破4000亿元。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 中经实习记者 孙小琴 记者 夏欣 北京报道 根据Choice数据统计，截至12月24日，2025年市场新成立基金总数达1604只，累计发行规模突破 11387.39亿元。其中，股票型基金表现尤为抢眼，年内成立数量达816只，发行规模达到4138.43亿元， 创下2015年以来的次高纪录。 ...

Core Insights - The number of new funds issued this year has reached 1,371 as of November 11, marking a three-year high and surpassing the total for both 2023 and 2024, with only 2022's total of 1,424 funds remaining slightly higher [1][2] - Despite the high number of new fund issuances, the total fundraising scale is relatively low, with a total of approximately 965.3 billion yuan, the lowest since 2019, and an average fundraising scale of only 782 million yuan [1][5] - The prevalence of initiator funds this year, with 334 new funds launched in this format, indicates a trend towards smaller, more numerous fund offerings, aligning with the "small but many" characteristic [1][4] Fund Issuance Characteristics - The surge in stock fund issuance, with 761 new stock funds launched, represents a historical record, significantly higher than the 470 funds issued in 2024, with passive index funds dominating this category [2][4] - The majority of stock funds issued this year are index funds, with 735 out of 761 being either passive or enhanced index funds, accounting for 97% of the total stock fund issuance [2] Market Dynamics - The current fund issuance trend reflects a rational approach, as evidenced by the smaller average fund sizes and the absence of "hot" funds, indicating a lack of investor frenzy [4][5] - The low fundraising scale is attributed to two main factors: the predominance of index funds, which do not showcase star fund managers, and the absence of a significant profit effect in the market, leading to low participation from retail investors [5]

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]