Core Viewpoint - The article highlights the recent surge in new fund issuances in China, with a total of 17 new funds launched in the week of June 23-27, and a record high fundraising scale of 459.23 billion yuan in the previous week [2][7]. Fund Issuance Overview - A total of 17 new funds were issued this week, with index funds being the dominant product type, accounting for 7 out of the 17 [4][6]. - The previous week saw 48 new funds established, marking the highest weekly fundraising amount of the year at 459.23 billion yuan [7][8]. Fund Types and Performance - Among the new funds, there were 7 index funds, 5 mixed funds, and 3 bond funds, along with 1 FOF and 1 REITs product [4]. - The top-performing fund from the previous week was a mixed FOF product that raised 65.73 billion yuan, making it the largest fundraising fund of the year [8][9]. Notable Fund Details - The "Qianhai Kaiyuan CSI 500 Equal Weight Link A" fund has a fundraising cap of 8 billion units, while "Pengyang Chunhua A" has a cap of 6 billion units [6]. - The "Fidelity Hong Kong Stock Selection A" fund is managed by a well-trained manager with extensive experience in growth stocks and Hong Kong market research [6]. Market Trends - There is a growing interest in multi-asset allocation public FOFs, which are attracting significant capital inflows and expanding their investment scope to include QDII funds, commodity funds, and REITs [9]. - Passive index bond funds are also gaining popularity, with notable fundraising figures of 6.01 billion yuan and 5.99 billion yuan for specific funds [9].

Group 1 - Tianhong Fund launched the Tianhong CSI A100 ETF on June 17, which is a passive index fund managed by Zhang Ge [1][3] - The fund aims to track the CSI A100 Index, which includes 100 large-cap, liquid, and representative companies, with a target tracking deviation of 0.2% and an annualized tracking error of 2% [3] - The fund has a minimum fundraising target of 200 million shares and an annual management fee of 0.15% based on the previous day's net asset value [3][4] Group 2 - Zhang Ge, the proposed fund manager, has 9 years of experience in the securities industry and currently manages 8 funds with a total scale exceeding 2 billion yuan [5][6] - The largest fund currently managed by Zhang Ge is the Tianhong Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, which has seen a decline of 6.75% since its inception on February 2025 [7] - The Tianhong North Securities 50 Component Index A, managed by Zhang Ge, achieved a year-to-date return of 29.57%, underperforming its benchmark by over 3 percentage points [8]

Core Insights - The public fund market is active with 19 new products launched this week, with an average subscription period of 19.95 days, primarily driven by equity and passive index funds, which together account for over 70% of the total [1][2] Group 1: Market Trends - Three major trends are observed in the public fund issuance market: recovery of market risk appetite, high proportion of equity funds, and accelerated expansion of passive index products [2] - Equity funds dominate the issuance market with 15 new funds launched, representing 73.68% of the total, including 11 passive index equity funds and 3 enhanced index equity funds [3] - Bond funds issued 3 new products, accounting for 15.79%, with 2 passive index bond funds and 1 medium to long-term pure bond fund [3] Group 2: Fund Characteristics - The issuance of passive index funds (both equity and bond) is a core focus for fund companies, with 13 new passive index funds launched this week, making up over 68% of total issuances [3] - The characteristics of the new funds include a significant focus on equity assets through passive index tools, with nearly 60% of the new equity funds being passive index equity funds [3] Group 3: Institutional Activity - A total of 17 public fund institutions participated in the new fund issuance, with Tianhong Fund and E Fund each launching 2 products, leading the institutional activity [5][6] - E Fund's new products include a passive index equity fund and an enhanced index equity fund, with a significant fundraising cap of 80 billion for the core asset-focused fund [6] - Tianhong Fund launched both a passive index bond fund and a passive index equity fund, indicating a dual focus on equity and fixed income [6] Group 4: Subscription Periods - The longest subscription periods are observed for the Invesco CSI Science and Technology Innovation Board 200 Index A and E Fund's CSI A50 Enhanced Strategy ETF, both set at 92 days [8] - Subscription periods vary significantly, with some funds like the Huatai Baichuan Hong Kong Stock Connect Medical Selection A having only a 1-day subscription period due to its nature as a launch fund [9]