Group 1 - The fund is named "Bank of China CSI Hong Kong Stock Connect Internet Index Fund" and has been approved for registration by the China Securities Regulatory Commission [1][10] - The fund is an open-ended, equity-type index fund that aims to closely track the performance of its benchmark index [10][13] - The fund's investment scope includes constituent stocks of the benchmark index, Hong Kong Stock Connect stocks, and other financial instruments as permitted by regulations [14][15] Group 2 - The fund's subscription period is from August 13, 2025, to August 13, 2025, with a minimum total subscription amount of 10 million units [19][20] - Investors can subscribe through various sales channels, including direct sales by the fund management company and other designated sales institutions [22][40] - The fund offers two classes of shares: Class A, which charges a subscription fee, and Class C, which does not charge a subscription fee but deducts service fees from the fund's assets [17][26] Group 3 - The fund management company is Bank of China Investment Management Co., Ltd., and the custodian is Ningbo Bank Co., Ltd. [1][46] - The fund's assets must maintain at least 80% in stocks, including depositary receipts, and at least 5% in cash or short-term government bonds [15][14] - The fund may participate in financing and securities lending activities as permitted by law and the fund contract [15][9]

Group 1 - A total of 17 new public funds will be launched from June 16 to June 20, involving 15 fund companies, with an average fundraising period of approximately 21 days [1][5] - Among the new funds, equity funds dominate with 12 offerings, followed by 3 bond funds, primarily consisting of index funds [2][4] - The newly issued stock funds mainly include 10 passive index funds and 2 enhanced index products, featuring ETFs such as the Fortune Creation Board AI ETF and the Huabao Hang Seng Hong Kong Stock Connect Innovative Drug Selection ETF [2][4] Group 2 - Only one actively managed equity product will be issued during this period, which is the Huatai-PB Hong Kong Stock Connect Medical Selection Fund, focusing on quality listed companies in the medical industry [4] - The number of FOF funds issued is also limited to one, which is the Ping An Fund's Ping An Yingxuan 90-day Holding Bond FOF [4] - Notably, the issuance of new products includes two from E Fund and Tianhong Fund, with E Fund launching the E Fund National Certificate Value 100 ETF and the E Fund CSI A50 Enhanced Strategy ETF [5] Group 3 - The fundraising cap for 10 of the new products has been announced, with some reaching up to 8 billion units, such as the Southern CSI Hong Kong Stock Connect Technology ETF and the Morgan Shanghai-Shenzhen 300 Free Cash Flow Linked Fund [5][8] - The average fundraising duration for the 17 products is about 21 days, with the E Fund CSI A50 Enhanced Strategy ETF and the Invesco CSI Science and Technology Innovation Board 200 Index having a longer subscription period of 92 days [8] - The management fee for the Huatai-PB Hong Kong Stock Connect Medical Selection Fund is relatively high, reaching an annual rate of 1.2% [8]

Group 1 - The issuance of equity funds is accelerating, with an average of less than half a month for a product to complete the fundraising to establishment process [1] - As of May 19, 2023, at least 23 new products are expected to be launched this week, with 16 being equity products, accounting for approximately 70% of the total [1] - The average subscription period for these equity products is 12.56 days, indicating strong market interest [1] Group 2 - The recent issuance includes 14 stock-type funds, all of which are index or enhanced index funds, reflecting a strong demand for low-cost, high-transparency passive investment tools [2] - The China Securities Regulatory Commission has introduced a plan to enhance the scale and proportion of equity investments in public funds, optimizing the registration process for equity funds [2] - As of May 19, 2023, 345 equity funds have been established this year, representing a year-on-year increase of 30.19% [2] Group 3 - The structural characteristics of the market reflect a recovery in market confidence and the penetration of passive investment concepts in asset allocation [3] - Current policies, upgraded demand, and product innovation are creating a favorable ecosystem for the development of equity funds, particularly index-based tools [3]

Core Viewpoint - In the first quarter, public funds are strategically investing in newly launched equity products, particularly favoring technology-themed and enhanced index funds [2][3]. Group 1: Changes in Self-Purchase Trends - There has been a structural change in the flow of self-purchase funds, with a slight decrease in overall self-purchase amounts but an increase in net subscriptions for equity funds, rising from 4.6 million to 5.3 million [3]. - The net subscription amount for public funds in Q1 2025 was 1.138 billion, down from 2.444 billion in the same period last year [3]. Group 2: Focus on Newly Launched Index Products - Self-purchases are primarily concentrated on newly launched index products, including traditional broad-based indices and industry-themed indices [4]. - Notable fund companies engaging in self-purchases include China Europe Fund, Yongying Fund, and others, with China Europe Fund's total self-purchase amount reaching 60 million [4]. Group 3: Specific Fund Examples - The China Europe Fund's newly launched China Securities Artificial Intelligence Theme Index saw a self-purchase of 10 million, accounting for 11% of the total fund size [5]. - Yongying Fund's enhanced index product, the Yongying China Securities 500 Index Enhanced, received a self-purchase of 10 million, representing 21% of its total size [6]. - Other types of newly launched products, such as the Wanjiayuan Stable Three-Month Holding Mixed FOF, also received self-purchases of 10 million, making up 8% of its total size [7]. Group 4: Significance of Self-Purchases - Self-purchases are viewed as a vote of confidence from fund companies regarding their products and market outlook, especially in a volatile market [8]. - The trend of self-purchases reflects a strategic long-term vision, with companies supporting products they believe in, which can help stabilize investor sentiment [9][10]. Group 5: Market Implications - The decrease in self-purchase enthusiasm is seen as a sign of prudence and rationality, indicating a return to a product-centric long-term approach [10]. - Self-purchases can help new funds meet regulatory scale requirements and enhance their visibility in a competitive fundraising environment [10].