"日光基"频现 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合11月13日结束募集，该基金募集期内有 效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，这只基金的募集时间仅为一天。 这是基金经理蓝小康近1个月来的第二只"日光基"。10月21日晚间，中欧基金发布《中欧价值领航混合 基金合同生效公告》。根据公告，中欧价值领航混合基金一日募集资金为19.7亿元，获近万户有效认 购。其中，基金管理人运用固有资金认购900万份，基金管理人的从业人员认购111.89万份，两者合计 占比约为0.51%。公告显示，中欧价值领航混合基金原定发售日期为10月16日至10月28日，但该基金仅 发售一天就提前结束募集。 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合已于11月13日结束募集，该基金募集期 内有效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，该基金拟由基金经理蓝小康管 理。 10月末，由蓝小康担纲的中欧价值领航混合基金亦仅发售一天，募集近20亿元。此外，鹏华启航量化选 股混合、华泰柏瑞盈泰稳健3个月持有FOF等多只近期新发基金也出现"一日结募"。 公开资料显示，截至11 ...

临近年末，基金发行市场再掀热潮。 11月13日，中欧鑫悦回报一年持有发布公告，该基金在启动当日即完成募集，成为11月以来又一只"日 光基"。 四季度以来，主动权益基金的发行热度持续升温，易方达基金、富国基金等多家基金公司旗下的主动权 益产品相继提前结束募集。久违的"日光"行情，正在发行端重新上演。 业内人士指出，"日光基"的重现并非孤立事件，而是资金面改善、投资信心修复与制度改革红利共振的 结果。随着A股在4000点附近企稳，结构性机会逐步显现，市场对主动管理价值的再度聚焦，正为公募 行业注入新的活力。 四季度"日光基"频现 11月13日，中欧基金发布公告，中欧鑫悦回报一年持有自2025年11月13日起开始募集，原定募集截止日 为11月26日，现将募集截止日提前至11月13日，即11月13日为本基金的最后一个募集日，自11月14日 （含当日）起不再接受投资者的认购申请。 这只由中欧基金蓝小康管理的偏股混合型产品，在启动当日即完成募集，延续了今年以来基金市场 上"日光基"现象的回归。近日，有多只主动权益基金在开放认购当天即被资金抢购，既反映出当前资金 面的充裕，也传递出投资者风险偏好逐步回升的信号。 事实上，自 ...

此外，中欧价值领航、鹏华制造升级及易方达港股通科技等多只 基金 产品，也相继在首发期提前结束募集， 募集规模均在20亿元左右。短短一个多月，多家基金公司相继迎来"一日售罄"的场面。 临近年末，基金发行市场再掀热潮。 11月13日，中欧鑫悦回报一年持有发布公告，该基金在启动当日即完成募集，成为11月以来又一只"日光基"。 四季度以来，主动权益基金的发行热度持续升温，易方达基金、富国基金等多家基金公司旗下的主动权益产品 相继提前结束募集。久违的"日光"行情，正在发行端重新上演。 业内人士指出，"日光基"的重现并非孤立事件，而是资金面改善、投资信心修复与制度改革红利共振的结果。 随着A股在4000点附近企稳，结构性机会逐步显现，市场对主动管理价值的再度聚焦，正为公募行业注入新的 活力。 四季度"日光基"频现 11月13日，中欧基金发布公告，中欧鑫悦回报一年持有自2025年11月13日起开始募集，原定募集截止日为11月 26日，现将募集截止日提前至11月13日，即11月13日为本基金的最后一个募集日，自11月14日（含当日）起不 再接受投资者的认购申请。 这只由中欧基金蓝小康管理的偏股混合型产品，在启动当日即完成募集 ...

Group 1 - The core viewpoint of the articles highlights a significant recovery in the issuance of public funds in the A-share market, with a notable increase in the number and scale of stock funds established this year [1][2][3] - As of October 27, 2023, a total of 1,187 new funds have been established, surpassing last year's total of 1,135, indicating a positive trend in fund issuance [1][2] - The issuance scale of stock funds reached 3,456.53 million units, accounting for 37.47% of the total issuance, marking the highest proportion since 2011 [1][2] Group 2 - Stock funds accounted for 57% of the new fund issuance this year, with 676 stock funds established, a significant increase from last year's 21.14% [2] - The average issuance size of new stock funds is 5.11 million units, slightly lower than the average from the previous year, indicating that the market has not yet reached a peak in fund issuance [3] - The increase in stock fund issuance is primarily driven by passive index funds, with six equity funds exceeding 2.5 billion units in issuance, five of which are passive index funds [3] Group 3 - Seven products this year have achieved issuance scales of 6 billion yuan or more, with the top product being the Dongfang Asset Management's Dongfang Hong Yingfeng Stable Allocation Fund, raising 6.573 billion yuan [1] - Among the seven products with significant fundraising, five are bond funds, while two are fund of funds (FOF), indicating a diverse range of investment strategies [1] - Several FOF products have experienced rapid fundraising, with some announcing early closure of subscriptions on their first day due to high demand [1][3]

Core Insights - The public fund issuance market is experiencing a significant surge, with a notable increase in "one-day sold-out" funds, indicating strong investor demand for public products [1][4] - A total of 88 funds were sold out on their first day of issuance as of October 25, 2025, reflecting a robust appetite for public offerings [1] - The emergence of "daylight funds" is primarily driven by a stabilizing macroeconomic environment and rising A-share market, leading to increased investor risk appetite [4] Fund Issuance Trends - The issuance of funds has remained high, with 12 funds achieving over 1 billion yuan in issuance this year, and several products raising funds in less than 10 days [1][2] - Notable funds include Huatai-PineBridge's Yingtai Stable 3-Month Holding FOF, which raised over 5 billion yuan and announced early closure on its first day [1] - Passive index bond funds, particularly those tracking high-credit-rated technology innovation bonds, have become dominant, with many achieving 3 billion yuan in issuance within one day [2] REITs and Equity Funds - Real Estate Investment Trusts (REITs) have gained attention, with several products achieving significant first-day sales, indicating strong demand for assets with stable distribution characteristics [2] - Equity funds are also showing promise, with mixed-asset funds like China Merchants Balanced Preferred A raising nearly 5 billion yuan and selling out on the first day, suggesting a recovery in investor confidence in the equity market [3] - The market is witnessing a diversification in risk appetite, with investors actively seeking opportunities in various sectors, including Hong Kong stocks and technology themes [3] Market Outlook - Analysts predict that the active trend in the public fund issuance market is likely to continue, with "daylight funds" potentially becoming a regular occurrence as the market remains favorable [4] - The high proportion of passive index products in new fund issuances reflects a deepening trend towards index-based investment strategies [4]

Core Viewpoint - The recent surge in the issuance of public funds, particularly the rapid fundraising of FOF products, indicates a recovery in market liquidity and investor sentiment, reflecting a strong trust in stable assets and skilled fund managers [2][3][6]. Group 1: Fund Issuance Trends - On October 23, Huatai-PineBridge Yingtai Stable 3-Month Holding FOF announced the early closure of its fundraising period on its first day, marking it as another "daylight fund" [1][3]. - Multiple funds have recently completed fundraising on their first day, showcasing a resurgence of "daylight funds" in the market [2][3]. - The early closure of funds like the China Europe Value Navigator Fund and Penghua Manufacturing Upgrade Fund indicates sustained investor enthusiasm, with the latter attracting over 2 billion yuan in just two days [3][4][5]. Group 2: Performance and Market Sentiment - The emergence of "daylight funds" reflects ample market liquidity and a rebound in investor risk appetite, as seen with the performance of several FOF products [6][7]. - The Morgan Yingyuan Stable 3-Month Holding FOF, launched on August 7, was the first public FOF to complete fundraising in one day since 2025, with a total initial scale of 27.52 billion yuan [6]. - High-performing FOFs have shown impressive returns this year, with notable examples including Guotai's Preferred Navigator Fund achieving a total return of 72.83% [6][7]. Group 3: Future Outlook - The current trend indicates that FOF products are moving away from a previous "wait-and-see" phase, with a new influx of funds focusing on stable asset allocation and multi-asset strategies [7]. - The combination of declining interest rates and an optimized asset allocation structure among residents suggests a promising future for FOF products [7].