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]