- The report does not contain any specific quantitative models or factors for analysis [1][2][3] - The report primarily focuses on market trends, fund positions, and industry movements without detailing quantitative models or factor construction [4][5][6] - No formulas, construction processes, or performance metrics related to quantitative models or factors are provided in the report [7][8][9]

Core Insights - The public fund issuance market is experiencing a significant recovery, with 23 new funds launched for subscription in the week of July 21 to July 27, 2025, and a total of 128 funds launched in July, surpassing the total for June and likely setting a new monthly record for the year [1][2] Fund Type Analysis - Among the 23 new funds launched this week, equity funds dominated with 14 funds, accounting for 60.87%, including 10 stock funds and 4 equity-mixed funds [1] - In the stock fund category, passive index funds remain the primary focus, with 8 out of 10 stock funds being passive index funds, while there is 1 enhanced index fund and 1 ordinary stock fund [2] - The issuance enthusiasm for bond funds has also rebounded, with 9 bond funds launched this week, representing a 200% increase from the previous week [1] Institutional Participation - A total of 20 public fund institutions launched new funds this week, with 17 institutions launching 1 new fund each and 3 institutions launching at least 2 new funds [1] - Notable institutions such as Huatai-PB Fund, Yinhua Fund, and Yongying Fund each launched 2 new funds this week [1] Market Environment - The improvement in the capital market environment, with the Shanghai Composite Index stabilizing around 3500 points, along with positive macroeconomic indicators, has boosted investor willingness to allocate to equity assets [3] - Regulatory policies, including the introduction of the "Public Fund High-Quality Development Action Plan" and innovations in floating fee rate products, have optimized the industry ecosystem and enhanced investor confidence [3]