Group 1 - The issuance scale of new funds has exceeded 300 billion yuan this year, with nearly half of the funds being equity funds [1][3] - A total of 375 new funds have been established this year, with 275 being equity funds that raised nearly 150 billion yuan, and over 40 equity funds raised more than 1 billion yuan each [3] - The issuance of actively managed equity funds has seen a rebound, with over 50 such funds established in the first quarter, raising approximately 17.84 billion yuan, marking a significant increase compared to the previous quarter [3][4] Group 2 - The technology sector has attracted significant attention this year, leading to a focus on the STAR Market stocks within actively managed equity funds, which had a configuration ratio of 15.17% in the first quarter, up 2.11 percentage points from the previous quarter [3] - The proportion of STAR Market stocks in actively managed equity funds has continued to rise, increasing from 5.91% to 7.50% [3] - The bond fund issuance market is expected to maintain a steady upward trend, with 69 bond funds issued this year, totaling over 140 billion units, including nearly 10 bond funds launched by foreign public funds [5][6] Group 3 - The issuance of FOF (Fund of Funds) has significantly increased, with 16 new FOF products established in the first quarter, raising over 14 billion yuan, a substantial increase compared to the previous quarter [6] - FOF products are increasingly focusing on heavy allocations to ETFs, which are characterized by low costs, high transparency, and strong liquidity, enhancing asset diversification and risk control [6][7] - Despite the recovery in actively managed equity fund issuance, the overall volume and scale remain low, with investors still favoring diversified, low-cost index tools for market participation [7]

Core Insights - The recent fundraising activities in the mutual fund market indicate a strong preference for fixed-income products, with the top fund,浦银安盛普航3个月定开债基, raising nearly 6 billion units, making it the "king of issuance" for April [1] - The overall fundraising for newly established funds reached 24.58 billion units, with passive index funds accounting for nearly half, while actively managed equity products faced challenges with less than 1 billion units raised [1][3] - The market is experiencing structural differentiation, with a significant shift in investor risk appetite towards fixed-income products amid increased volatility in the equity market [1][3] Fundraising Trends - The average issuance of new funds last week was 8.78 billion units, with浦银安盛普航3个月定开 leading at 59.99 billion units, followed by中欧稳航90天持有A at 31.80 billion units and招商稳健策略优选3个月持有A at 29.71 billion units [1] - Over 90% of the newly issued products had a 3-month lock-up period, catering to investors' liquidity needs while providing fund managers with a stable period for building positions [2] - The successful issuance of华泰苏州恒泰租赁住房REIT at 5 billion units highlights the ongoing expansion of the public REITs market in the affordable rental housing sector [3] Market Behavior and Outlook - The issuance of mid-to-long-term pure bond funds reached 73.59 billion units, reflecting a risk-averse sentiment among investors, while passive index funds totaled 65.77 billion units, indicating a preference for low-cost, diversified investment tools [3] - Fund companies are actively preparing for the second quarter market, with expectations that a potential recovery in equity market sentiment could drive both passive index and active management strategies [3] - The continued development of innovative products like REITs and FOFs is expected to inject differentiated momentum into the new issuance market [3]