Core Insights - The public fund market in May 2025 saw a total issuance scale of approximately 657.59 billion yuan, representing a month-on-month decline of 29.56% and a year-on-year decrease of 34.93% [2][6]. Fund Issuance Structure - In May, the largest issuance scale was for bond funds, exceeding 300 billion yuan, followed by stock funds with an issuance scale of 265.87 billion yuan. FOF funds had a relatively small issuance scale of about 0.1 billion yuan [5][6]. Leading Fund Products - The top product by issuance scale in May was the Huian Yuhong Interest Rate Bond Fund, which had a combined issuance scale of 60 billion yuan and was officially launched on May 16. The fund had 276 effective subscription accounts [6][7]. - The Guotai Zhongzhai Preferred Investment Grade Credit Bond Index Fund also ranked high with an issuance scale of 59.99 billion yuan, tracking the Zhongzhai Preferred Investment Grade Credit Bond Index [6][7]. Fund Company Performance - Fuguo Fund had the highest number of fund issuances in May, launching five new funds, including the Fuguo Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price Index Enhanced Fund [7][8]. Fund Extension Announcements - In May, a total of seven funds announced extensions for their fundraising periods, including the Guangfa Shanghai Stock Exchange Science and Technology Innovation Board 100 ETF and the Bosera Zhongzheng A50 ETF [8].

Group 1 - Five stock ETFs have released listing announcements, with varying stock positions: Bosera CSI A50 ETF at 9.73%, Fuguo CSI Chengtong State-owned Digital Economy ETF at 10.01%, Huaxia National General Aviation Industry ETF at 26.71%, and others [1] - Since May, a total of 27 stock ETFs have announced listings, with an average position of 18.63%. The highest position is held by Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF at 44.14% [1][2] - Generally, ETFs must meet the position requirements specified in the fund contract before listing, and if the position is low, they will complete the building of positions before the official listing [1] Group 2 - The average number of shares raised by the newly announced ETFs since May is 3.89 million, with the largest being Morgan CSI A500 Enhanced Strategy ETF at 10.16 million shares [2] - Institutional investors hold an average of 18.48% of the shares, with the highest proportions in the following ETFs: Jia Shi CSI Chengtong State-owned Digital Economy ETF at 77.51%, and others [2] - A detailed table lists various ETFs, their establishment dates, fundraising scales, and stock positions, indicating a range of positions from 0.00% to 44.14% [2][3]