Core Insights - The enthusiasm for subscribing to newly issued public funds remains high in July, driven by the floating fee rate reform, with a total of 135 new funds raising 104.87 billion yuan, marking the second-highest monthly fundraising scale this year [1] - The floating fee rate reform has significantly boosted the new fund market, with the first batch of 26 floating fee rate funds raising 25.87 billion yuan and achieving 261,500 subscriptions [1] - The issuance of mixed funds has also accelerated, with 23 new mixed funds raising a total of 10.18 billion yuan, indicating an increased willingness among investors to allocate to equity assets [2] Group 1 - In July, the new fund issuance reached a total of 135 funds with a combined fundraising of 104.87 billion yuan, making it the third month this year to exceed 100 billion yuan in fundraising [1] - The first batch of 26 floating fee rate funds raised 25.87 billion yuan, with 261,500 effective subscriptions, reflecting strong market interest [1] - The rapid fundraising of 10 exchange-traded funds (ETFs) focused on technology innovation bonds, which collectively raised 28.99 billion yuan in just one day, highlights the demand for quality credit bonds [1] Group 2 - The mixed fund category saw 23 new funds issued in July, raising a total of 10.18 billion yuan, with a shortened fundraising cycle indicating a growing investor interest in equity assets [2] - The July fund issuance is characterized by "structural differentiation and innovation leadership," with both bond and stock funds driving growth, particularly in technology innovation bonds and ESG themes [2] - The anticipated recovery in equity fund issuance is supported by effective stock market stabilization policies and a rebound in corporate earnings [2]