Core Viewpoint - The A-share market in April experienced significant fluctuations, leading to a "golden pit" bottoming out, with a notable influx of funds into equity funds, particularly FOF funds, which have gained popularity due to their "dumbbell" configuration advantage [1][2]. Fund Issuance Summary - In April, 119 new funds raised a total of 901.56 million units, with equity funds accounting for 435.53 million units, representing 48.31% of the total issuance [2][5]. - Passive index funds contributed nearly 60% of the total, with individual products from Huaxia and E Fund each raising over 40 million units, highlighting strong market interest in the sci-tech sector [2][6]. - Fixed income products maintained a steady issuance pace, with 20 bond funds raising 337.97 million units, making up 37.5% of the total, and long-term pure bond funds comprising 68% of this category [2]. FOF Fund Performance - Four newly launched mixed FOF funds raised a total of 88.84 million units, accounting for nearly 10% of the total for the month, with an average size of 22.21 million units, significantly above the industry average [3]. - The popularity of FOF funds is attributed to a shift in wealth management strategies among residents from single products to diversified portfolios, aligning with the current market demand for stable growth [3]. Innovative Products - April saw the emergence of several innovative products, including a new REIT focused on rental housing, which successfully raised 500 million units, indicating a deepening of public REITs in the livelihood sector [4]. - The introduction of cross-border index products and thematic funds focused on sectors like sci-tech and artificial intelligence reflects a trend towards precise investment strategies in a volatile market [4]. Head Effect in Fund Issuance - The top 20 equity funds accounted for 73% of the total issuance, significantly higher than the industry average, indicating a strengthening head effect in the market [5]. - Investors are increasingly favoring established products with clear investment frameworks, leading to a concentration of resources among high-quality managers [5][6].

Core Viewpoint - The A-share market in April experienced significant fluctuations, creating a "golden pit" for investment opportunities, with a notable influx of funds into equity funds and FOF products, indicating a shift in investor preferences towards stable and diversified investment strategies [1][2][3]. Fund Issuance Overview - In April, a total of 119 new funds raised 901.56 billion units, with equity funds accounting for 435.53 billion units, representing 48.31% of the total issuance [2][5]. - Passive index funds contributed nearly 60% of the total, with specific products from Huaxia and E Fund each raising over 40 billion units, highlighting strong market interest in the technology sector [2][5]. - Fixed income products maintained a steady issuance pace, with 20 bond funds raising 337.97 billion units, making up 37.5% of the total, and long-term pure bond funds comprising 68% of this category [2]. Performance of FOF Funds - Four newly launched mixed FOF funds raised a total of 88.84 billion units, accounting for nearly 10% of the total issuance, with an average size of 22.21 billion units, significantly above the industry average [3]. - The popularity of FOF products is attributed to a shift in wealth management strategies among investors, moving from single products to diversified portfolios, aligning with the current market demand for stable growth [3]. Innovative Products - April saw the introduction of several innovative fund products, including a new REIT focused on rental housing, which successfully raised 5 billion units, indicating ongoing development in public REITs within the housing sector [4]. - The launch of cross-border index products and thematic funds, such as those focused on artificial intelligence, reflects a trend towards targeted investment strategies in a volatile market [4]. - Funds targeting specific themes like the STAR Market and Hong Kong Stock Connect accounted for 37% of new fund issuances, suggesting a preference for precise investment rather than broad-based strategies [4]. Head of Fund Issuance - The top 20 equity funds accounted for 73% of the total issuance, indicating a strong head effect where investors prefer established products with clear performance histories [5][6]. - Notably, passive index and actively managed products exhibited distinct head characteristics, with leading funds in the technology sector attracting significant capital [5][6].