Core Insights - The number of newly issued public funds in the market has reached 1,371 as of November 11, marking a three-year high, while the average fundraising scale has decreased to 782 million yuan, indicating a significant shift in the public fund issuance market towards a "tool-oriented, segmented, and institutionalized" approach by 2025 [1][2][4]. Fund Issuance Trends - The public fund issuance has rebounded this year, surpassing previous years' totals, with 1,371 new funds issued, exceeding the total for 2023 (1,266) and 2024 (1,143) [2]. - The trend of "quantity increase and average scale decrease" is evident, with the total fundraising amount for new funds at approximately 9,653 billion yuan, the lowest since 2019, and an average fundraising scale of 782 million yuan, significantly lower than previous years [4][5]. Fund Structure Changes - There is a notable shift in the structure of newly issued funds, with a strong increase in equity funds and a decline in bond funds. As of November 11, 761 equity funds were issued, a record high, representing 37% of total new fund issuance [6][8]. - The majority of new equity funds are passive index funds, with 568 being issued, accounting for 97% of the equity fund issuance [6]. Market Dynamics - The rise in equity fund issuance is attributed to the recovery of the A-share market, with several equity funds experiencing rapid sales. However, fund companies are cautious, limiting the initial fundraising cap for these popular funds to below 3 billion yuan [7]. - In contrast, bond fund issuance has dropped significantly, with only 247 bond funds issued this year, the lowest in nearly a decade, reflecting a lack of investor interest due to market volatility and low yield attractiveness [8][9]. Future Outlook - The market is expected to maintain a structure dominated by equity funds, particularly index funds, while bond fund issuance is anticipated to remain stable [11].