Core Insights - The new fund issuance market is experiencing a resurgence, with several funds being oversubscribed and closing early, indicating strong investor demand [1][3]. Fund Performance and Management - On November 13, China Europe Fund announced that its "China Europe Xinyue Return One-Year Holding Period Mixed Fund" reached its fundraising cap of 1.5 billion yuan on the first day of issuance, leading to an early closure and the initiation of proportional allocation [2][4]. - The fund was originally set to close on November 26, 2025, but due to high demand, it closed early on November 13, 2025 [4]. - The fund manager, Lan Xiaokang, is noted for his successful track record, having previously managed a popular fund that raised nearly 2 billion yuan on its first day [6]. Market Trends - Since October, nearly 40 funds have announced early closures, with many being actively managed equity products that sold out on the first day [3][7]. - Notable funds that closed early include the "Fuguo Xinghe Mixed Fund," which raised over 3 billion yuan on its first day, and the "Penghua Qihang Quantitative Stock Selection Mixed Fund," which also exceeded 3 billion yuan [7]. - The trend of early closures is indicative of a broader recovery in the equity fund issuance market, with several funds achieving significant oversubscription [7].

Core Viewpoint - The article highlights the rapid success of the China Europe Fund's new product, the China Europe Xinyue Return One-Year Holding Mixed Fund, which reached its fundraising cap of 1.5 billion yuan on its first day of issuance, leading to an early closure and proportional allocation of subscriptions [2][5]. Fundraising Trends - Since October, nearly 40 funds have announced early closures, with many being actively managed equity products that sold out on the first day [3][9]. - The trend of early fundraising closures indicates a resurgence in the equity fund issuance market [8]. Fund Manager Profile - The fund manager for the China Europe Xinyue Return One-Year Holding Mixed Fund is Lan Xiaokang, who is also the head of the Value Strategy Group at China Europe Fund [6]. - Lan Xiaokang has a strong track record, having managed the China Europe Hongli Youxiang Mixed Fund, which has consistently outperformed benchmarks and has a maximum drawdown significantly lower than the Shanghai Composite Index [6]. Investment Style - Lan Xiaokang's investment style is characterized by "contrarian thinking" and "balanced allocation," focusing on achieving a dynamic balance among valuation, corporate quality, and long-term growth potential [7].

Group 1 - Public funds have collectively increased their stock positions in Q3, with an average stock position of 83.28%, up 2.13 percentage points from Q2 [1] - The average stock position for equity open-end funds reached 90.14%, an increase of 2.26 percentage points from the previous quarter [1] - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 percentage points and 2.1 percentage points, respectively [1] Group 2 - Most fund companies have raised their stock positions, with only 37 companies showing a slight decrease; 27 companies have an average stock position exceeding 90% [2] - Notable fund managers have significantly increased their positions, with some funds reaching over 90% stock allocation, such as the funds managed by Guo Jie and He Chongkai [2] - Several mixed funds are nearing full investment, with significant increases in equity assets, including the Zhongxin Jian Investment fund, which saw a stock position increase of over 10 percentage points [3] Group 3 - Some funds have notably reduced their stock positions, indicating market risk; for instance, the fund managed by Wu Wei decreased its stock position from 90% to 60% [3][4] - The performance of style indices has shown significant differences, suggesting that fund managers need to evaluate not only growth potential but also pricing rationality and industry dynamics [4]