Core Viewpoint - The A-share market has shown signs of recovery with a three-day rise in the Shanghai Composite Index, leading to a structural "market" in public fund issuance since June [1] Fund Issuance Overview - The total scale of newly issued funds since June has exceeded 90 billion yuan, with bond funds accounting for a significant portion of this growth [2][3] - Mixed FOF funds have emerged as the "fund-raising king" with a single fund raising 6.573 billion yuan, while bond funds dominate in terms of quantity [2][3] Fund Types and Performance - As of June 24, 22 newly issued bond funds raised 43.285 billion yuan, making up 47.63% of the total issuance, with an average size of 1.968 billion yuan per fund [3] - Notable bond funds include two policy financial bond index funds that raised 6 billion yuan each, indicating strong demand for high-quality pure bond products [3] - Mixed funds raised 21.571 billion yuan, accounting for 23.74% of the total, marking the highest proportion since January 2023, reflecting institutional enthusiasm for equity market positioning [3] FOF and Passive Index Funds - Eight FOF funds were issued, raising 9.111 billion yuan, with an average size of 1.139 billion yuan, indicating increased investor recognition of asset allocation products [4] - Passive index products have seen a decline in issuance, with many tracking major indices and lacking differentiation, leading to lower fundraising amounts [4] New Fund Innovations - The issuance of new floating-rate funds has gained momentum, with 13 out of 26 approved funds raising over 12.6 billion yuan, marking a significant development in fund fee reform [5] - Innovative funds such as the first central enterprise commercial real estate REIT raised 500 million yuan and ended fundraising early, showcasing market interest in quality asset securitization products [5] Market Trends and Future Outlook - The market continues to exhibit a "strong bond, weak equity" trend, driven by decreased investor risk appetite and a shift towards low-volatility bond products [6] - As market conditions improve, the issuance of equity funds is expected to gradually recover, while bond funds will remain crucial in asset allocation [7]

Core Viewpoint - The A-share market has experienced a structural "market" in public fund issuance since June, with a significant increase in new fund sizes, particularly in bond funds, while passive index products have seen a decline in popularity [1][2]. Fund Issuance Overview - The total new fund issuance in June exceeded 90 billion yuan, with bond funds raising 43.285 billion yuan, accounting for 47.63% of the total, and an average size of 19.68 billion yuan per fund [3]. - Notably, two policy financial bond index funds raised 60.01 billion yuan and 60 billion yuan respectively, indicating strong institutional demand for high-quality pure bond products [3]. Fund Types and Performance - Mixed-asset FOF funds raised 91.11 billion yuan, representing 10.03% of the total, with the largest fund, Oriental Red Yingfeng, raising 65.73 billion yuan in just 7 days, highlighting the growing recognition of asset allocation products [4]. - The issuance of mixed funds reached 215.71 billion yuan, the highest proportion since January 2023, reflecting institutional enthusiasm for equity market positioning [4]. Passive Index Products - The issuance of passive index products has cooled, with many tracking broad indices like the CSI A500 and CSI 300, showing limited differentiation and lower fundraising amounts, such as 2.52 billion yuan and 2.34 billion yuan for specific ETFs [5]. Innovative Fund Trends - The popularity of new floating-rate funds has surged, with 13 out of 26 approved funds raising over 12.6 billion yuan, indicating a significant advancement in fund fee reform [6]. - Innovative funds, such as the first central enterprise commercial real estate REIT, raised 5 billion yuan and ended fundraising early, reflecting market interest in quality asset securitization products [6]. Market Dynamics - The new fund market continues to reflect a "strong bond, weak equity" trend, driven by decreased investor risk appetite and a shift towards low-volatility bond products [7]. - Despite overall market issuance differentiation, innovative products like Sci-Tech theme ETFs and REITs have attracted attention, indicating a demand for structural investment opportunities [7]. Future Outlook - As market conditions improve, the issuance of floating-rate funds is expected to continue, with a gradual recovery in equity fund issuance while bond funds will remain crucial in asset allocation [8].

Group 1: New Fund Launches - A total of 34 new funds were launched this week, covering various types including equity, mixed, QDII, FOF, and REITs, involving 26 fund companies such as E Fund, GF Fund, and Penghua [1][2] - Among the new products, 19 are equity funds, 5 are mixed funds, 4 are FOF funds, 3 are bond funds, 2 are REITs, and 1 is an international (QDII) fund [1] Group 2: Focus on Equity Funds - The newly launched equity funds primarily focus on popular indices such as the CSI A500, ChiNext 50, and the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index [2] - Notable fund managers include Zhang Yuxiang from Penghua, Xu Rongman from CMB, and Liu Jie from GF Fund, among others [2] Group 3: Key Fund Managers and Strategies - The "Fuguo Zhixiang Quantitative Stock Selection" fund, managed by Wang Baohe and Fang Min, employs a combination of top-down and bottom-up investment strategies, focusing on qualitative and quantitative analysis throughout the investment process [3] - The fund's performance benchmark is composed of 90% of the CSI All Share Index return, 5% of the CSI Hong Kong Stock Connect Composite Index return, and 5% of the after-tax bank demand deposit rate [3] Group 4: Mixed Funds Overview - This week saw the launch of 5 mixed funds with a minimum subscription of 1 or 10 yuan, with performance benchmarks including the CSI 300 Index and the China Bond Composite Index [5][6] - Notable fund managers include Xu Xijia from Dongfanghong Asset Management and Yuan Wei from Anxin Fund [5] Group 5: FOF Funds and Pension Products - Four FOF funds were launched this week, including two pension funds managed by Wang Ling and Li Biao, with a fundraising target of 2 billion yuan for the E Fund's pension target date fund [7][8] - The performance benchmarks for these funds include various bond and equity indices [7] Group 6: REITs and QDII Funds - Two REITs were launched this week, including the Zhongjin Yizhuang Industrial Park REIT and the Zhongjin China Green Development Commercial Asset REIT, with fundraising targets of 400 million yuan and 500 million yuan respectively [9][10] - The Dachen Hang Seng Medical Care Link fund was also launched, focusing on the Hang Seng Medical Care Index [10]

Group 1 - As of June 6, 32 new public funds are set to be launched from June 9 to June 13, involving 24 fund companies, with an average fundraising period of approximately 25 days [1] - Among the new funds, equity funds are predominant, with 18 out of the 30+ new funds being equity funds, followed by 4 mixed funds and 4 FOF funds [2] - The newly launched equity funds are primarily index funds, including 9 passive index funds and 7 enhanced index products, featuring products like Huaxia ChiNext 50 Link and Wanjiaguo Zheng Hong Kong Stock Connect Technology ETF [4] Group 2 - Notable fund companies involved in the new fund launches include Yongying Fund, Penghua Fund, and Zhongjin Fund, with Yongying Fund issuing the most products, including three funds during the specified period [5] - A total of 18 products have announced fundraising limits, with some funds like Dongfanghong Yingfeng Stable Allocation 6-Month Holding and CITIC Construction Investment CSI 500 Index Enhanced having a fundraising cap of 8 billion units [5] - One innovative floating fee rate fund, Anxin Value Win, will be launched during this period, which is a mixed fund with a management fee structure based on the holding period and performance relative to a benchmark [8]