Group 1 - The core viewpoint of the article highlights a significant shift in the public fund issuance market, moving from a reliance on star fund managers and blockbuster products to a more diversified and institutionalized approach characterized by "broad net" strategies [3][4][6] - As of November 11, 2023, the total number of newly issued funds reached 1,371, marking a three-year high, while the average fundraising scale dropped to 782 million yuan, indicating a trend of increasing quantity but decreasing average size [5][6] - The issuance strategy has transitioned to "broad net" instead of "creating blockbuster funds," with fund companies focusing on low-cost, efficient tool products to meet changing market demands and more rational investor behavior [6][10] Group 2 - The stock market's recovery has led to a structural change in new fund issuance, with equity funds gaining strength and bond funds cooling down [7][8] - A record 761 equity funds were issued this year, a 62% increase compared to the total of 470 in 2024, with passive index funds making up 97% of the new equity fund issuance [8][9] - Conversely, bond fund issuance has dropped to a near ten-year low, with only 247 bond funds issued this year, reflecting a significant decline in interest [9][10] Group 3 - The disparity between the performance of equity and fixed-income funds is attributed to low valuations in the A-share market, economic stabilization, and the popularity of passive investment strategies [10] - The article anticipates that the current issuance pattern, characterized by a dominance of equity products, particularly index funds, will continue, while bond fund issuance is expected to remain stable [10]