Group 1 - In July, the public fund issuance saw a resurgence with nearly 150 new funds launched, marking a monthly issuance record for the year [1] - The strong market performance has led to increased investor sentiment, making it easier for fund companies to issue new products [1] - The optimism from fund companies regarding future market performance is reflected in the high issuance enthusiasm [1] Group 2 - As of August 3, over 90 of the 149 newly launched public funds in July have been established, with total fund issuance exceeding 800 billion units [2] - Bond funds dominated the issuance scale, accounting for more than half of the total, with the largest single product being Huatai-PineBridge's 6-month holding fund, which issued 3.741 billion units [2] - The first batch of Sci-Tech Bond ETFs was a highlight, with 10 ETFs collectively issuing over 28 billion units, representing nearly 40% of the total issuance for July [2] Group 3 - Equity fund issuance showed significant recovery, with 81 new stock funds launched in July, nearly 2.8 times that of the same period last year [3] - The issuance scale of stock funds in July was 5.7 times higher than last year, with stock funds accounting for 32.33% of total fund issuance [3] - The total issuance of stock funds in the first seven months of the year exceeded 210 billion, reflecting substantial growth compared to the previous year [3] Group 4 - Looking ahead, the issuance of equity funds is expected to continue to rise, supported by favorable market conditions and policies [4] - Over 60 public funds are scheduled to launch in August, with more than 80% being equity funds [4] - On August 4, 18 equity funds were launched, primarily consisting of actively managed funds [4] Group 5 - A second batch of 12 new floating fee rate products has been approved, including 2 stock funds and 10 mixed equity funds [5] - The new floating fee rate products are expected to align the interests of fund managers and investors, promoting healthy industry development [5] - The regulatory framework encourages leading fund management firms to issue floating fee rate funds, aiming for at least 60% of their active equity fund issuance [5]

Core Viewpoint - In July, the public fund issuance experienced a resurgence, with nearly 150 new funds launched, marking a monthly issuance record for the year, driven by improved market sentiment and investor enthusiasm [1][2] Fund Issuance Overview - A total of 149 public funds were launched in July, with over 90 funds already established by August 3, accumulating over 800 billion units in issued fund shares [1] - The largest single product by issuance was the Huatai-PineBridge Stable Return Fund, which issued 3.741 billion units, with 6,904 effective subscriptions [1] - The first batch of Sci-Tech Bond ETFs was a significant highlight, with 10 ETFs collectively issuing over 28 billion units, accounting for nearly 40% of the total issuance for the month [1] Bond and Equity Fund Trends - Bond funds remained the mainstay of fund issuance, although their issuance volume decreased by over 40% compared to the same period last year, with total issuance for the first seven months being less than half of last year's figures [2] - Conversely, equity fund issuance showed a marked recovery, with 81 new stock funds launched in July, nearly 2.8 times the number from the previous year, and issuance scale increasing by 5.7 times [2][3] Performance of Equity Funds - The highest issuance scale among equity funds was for the index fund, HuaBao CSI 300 Free Cash Flow Link Fund, with a total issuance scale close to 2.7 billion [3] - Several actively managed equity funds also performed well, with multiple funds exceeding 2 billion in issuance [3] - The most popular themes among newly issued equity funds included free cash flow, dividend themes, and sectors like technology, innovative pharmaceuticals, robotics, artificial intelligence, and aerospace [3] Future Fund Launches - Looking ahead, the issuance of equity funds is expected to continue, with over 60 public funds scheduled to launch in August, of which more than 80% are equity funds [4] - On August 1, 10 equity funds were launched simultaneously, featuring well-known fund managers [4] - Additionally, a second batch of 12 new floating fee rate products has been approved, with expectations for these products to become a regular feature in the market [4]

Market Review - The A-share market showed a mixed performance last week, with the CSI 300, CSI 500, and Shanghai Composite Index yielding returns of 1.59%, 1.43%, and 1.39% respectively, while the Sci-Tech 50, ChiNext, and CSI 1000 indices had returns of -1.76%, 0.97%, and 0.97% respectively [5][11] - The total trading volume of major broad-based indices decreased last week, with the average daily trading volume also declining over the past month [13][14] - The food and beverage, coal, and non-ferrous metals sectors performed well, with returns of 6.24%, 4.97%, and 3.33% respectively, while the computer, electronics, and machinery sectors lagged behind with returns of -1.20%, -0.56%, and 0.11% respectively [15][16] Fund Issuance and Performance - A total of 34 new funds were established last week, with a total issuance scale of 17.807 billion yuan, which is a decrease compared to the previous week [3] - The number of funds reported for issuance last week was 36, consistent with the previous week, including 3 FOFs and 1 QDII [4][6] - The median return for alternative funds this year is 8.88%, while the median returns for active equity, flexible allocation, and balanced mixed funds are 7.24%, 4.34%, and 1.93% respectively [23][27] Fund Sales and Management - The top three fund sales institutions by equity fund retention scale are Ant Fund, China Merchants Bank, and Tiantian Fund, with scales of 738.8 billion yuan, 410.5 billion yuan, and 349.3 billion yuan respectively [8][9] - The total equity fund retention scale for the second half of 2024 is 48,518 billion yuan, an increase of 2.61% compared to the first half of 2024 [8][9] Digital Currency Integration - Huatai Fund has become the first public fund company to launch digital RMB payment services, aiming to provide a more convenient and efficient payment method for fund transactions [10][12] - The digital RMB payment service enhances user experience by improving fund circulation efficiency and ensuring fund security through traceability [12] Bond Market - The central bank's net reverse repurchase was 251.7 billion yuan last week, with a total of 777.9 billion yuan maturing [17] - The yield spread for different maturities of government bonds has widened by 2.33 basis points, with increases in yields for various credit bonds [18][19] Convertible Bond Market - The China Convertible Bond Index rose by 0.15% last week, with total trading volume of 385.4 billion yuan, a decrease of 7.9 billion yuan compared to the previous week [21]