Core Viewpoint - The recent trend of early fundraising closures for new funds indicates a warming market, with increased investor enthusiasm and a shift from cautious observation to active participation [1][4]. Fundraising Market Recovery - Multiple new fund products have completed fundraising ahead of schedule, reflecting a significant increase in investor confidence as the domestic stock and bond markets stabilize [3][4]. - Since March, over ten funds have ended their fundraising early, including low-risk products like bond funds and various equity funds, showcasing a diverse product offering [3]. Focus on Technology Innovation Funds - Technology-focused funds, particularly ETFs, have seen remarkable demand, with several products like the Huatai-PB SSE Sci-Tech Innovation Board 200 ETF completing fundraising quickly [6][9]. - The surge in interest for technology funds is attributed to improved market sentiment and a growing recognition of the investment logic in the tech sector, especially in areas like artificial intelligence [6][10]. Investor Preferences and Strategies - Investors are increasingly favoring short- to medium-term bond funds due to their clear cash flow expectations and liquidity, aligning with current risk preferences [7]. - ETFs are becoming the primary tool for investors to access the Sci-Tech sector, offering low costs, high efficiency, and risk diversification, making them attractive for capturing long-term growth opportunities [9][10].

Core Viewpoint - The recent surge in early fund closures indicates a warming market sentiment, with investors showing increased enthusiasm for entering the market [1][4]. Fund Market Recovery - The fund issuance market is experiencing a recovery, with multiple new funds closing early due to heightened investor confidence. Over ten funds have completed their fundraising ahead of schedule since March, including low-risk products like bond funds and various equity funds [3][4]. - Notable early closures include the China Merchants Stable 120-Day Rolling Holding Pure Bond Fund and the Guotai Junan Growth Enterprise Board 50 Index Fund, reflecting strong demand for both index and actively managed equity funds [3][4]. Focus on Technology Innovation Funds - Technology innovation funds, particularly those related to the STAR Market, have seen significant interest, with several ETFs and actively managed funds closing early. This trend highlights investors' strong appetite for technology-related investments [5][6]. - The Huatai-PB STAR 200 ETF, which tracks a broad index of promising companies in sectors like semiconductors and artificial intelligence, exemplifies the growing preference for ETFs as a low-cost, efficient way to invest in the tech sector [8][9]. Investor Sentiment and Market Dynamics - Analysts suggest that the early closures of new funds signal a positive shift in market sentiment, as investors are becoming more optimistic about future market conditions following a prolonged period of adjustment [4][6]. - The demand for bond funds with clear cash flow expectations and strong liquidity reflects a shift in investor preferences towards lower-risk assets amid market volatility [6]. ETF as a Key Investment Tool - ETFs are increasingly becoming the primary choice for investors looking to capitalize on the technology sector due to their low entry barriers, risk diversification, and ease of trading [8][9]. - The rapid issuance of technology-focused ETFs allows investors to efficiently track market trends and capitalize on long-term growth opportunities in the tech industry [8][9]. Future Outlook - Despite potential short-term fluctuations in technology stocks, the long-term investment logic remains robust, with continued policy support and market interest in sectors like semiconductors and renewable energy [9]. - Investors are encouraged to leverage ETFs to capture structural opportunities in the STAR Market while being mindful of the underlying index composition and valuation [9].