本报记者 彭衍菘 发起式基金正逐渐成为公募行业布局的"轻骑兵"。 Wind资讯数据显示，截至11月23日，年内全市场新成立发起式基金338只（仅统计主份额），发行总规 模已攀升至473.10亿元。在低门槛设立与管理人跟投机制的双重驱动下，这类产品成为公募机构布局主 题赛道的重要载体，头部与中小机构在这一赛道呈现差异化竞争格局。 管理人跟投机制构建了"利益共享、风险共担"的信任纽带。Wind资讯数据显示，业绩领先的发起式基 金普遍具备主题聚焦、趋势明朗、估值低位这三大特征。例如，自成立以来净值增长率居前的年内新产 品中，中欧信息科技混合发起A净值增长率达77.16%，业绩居首，中欧资源精选混合发起A、富国创业 板50ETF发起式联接A等净值增长均超50%。 在发起式基金赛道上，公募机构呈现清晰的分层竞争态势。头部公募机构凭借综合优势构建产品壁垒。 以华夏基金为例，今年以来共发行38只发起式基金（统计不同份额），其中包括9只创业板主题、2只人 工智能主题和4只港股通产品等，形成了完整的产品矩阵。 中小型公募机构则凭借"小而美"策略实现突围。太平科技先锋混合发起式A自今年4月份成立以来，净 值增长率高达34.68% ...

而发起式基金的发行显然为今年股票型基金发行数量创历史新高作出了贡献。截至11月11日，年内股票型基金以761只的发行量创下历史纪录，较2024年全 年的470只大增62%。在这761只股票型基金中，被动指数型基金有568只，增强指数型基金有167只，两者合计735只，占股票型基金发行比例高达97%。这 意味着今年股票型基金的发行基本上是以指数型基金为主。 不过，尽管新基金发行数量多，但基金发行规模却偏小，呈现为"小而多"的特点。新基金募资规模普遍较小。截至11月11日，年内基金发行总规模约9653亿 元，为2019年以来的新低。同时，年内新基金的平均募集规模仅为7.82亿元。2020年—2024年这一数据分别为21.94亿元、14.92亿元、10.53亿元、9.08亿 元、10.59亿元，均远高于今年基金的平均募集规模。 在"小而多"的特色下，今年发起式基金较为盛行。年内共有334只新基金采用发起式形式设立，占比约四分之一，且多为股票型基金。而发起式基金最大的 优势就是成立的门槛较低，只需要5000万的规模就可以宣告成立。因此，今年发起式基金盛行正好符合了"小而多"的特色。 那么，如何看待今年新基金的发行呢？ ...

Core Viewpoint - The recent data from the third quarter has raised alarms regarding the survival of several initiated funds, highlighting a trend of accelerated exits from the market due to persistent scale challenges [1][2]. Group 1: Fund Performance and Challenges - Many initiated funds are facing imminent liquidation, with some funds, like a certain enhanced index fund, at risk of termination if their scale remains below 200 million yuan by November 2025 [2]. - As of the end of the third quarter, several initiated funds established in 2022 are struggling with scales only in the millions, indicating a high risk of liquidation without new capital inflow [2]. - Some funds have managed to survive the "three-year test" by temporarily boosting their scales through short-term inflows, but this is not a sustainable solution [3]. Group 2: Successful Funds - A few initiated funds have emerged as "star products," achieving significant growth and avoiding liquidation risks, such as the Yongying Technology Smart Selection fund, which has seen a 246.27% increase since its inception [4]. - The success of these funds is attributed to their establishment during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves [5]. Group 3: Market Dynamics and Trends - The initiated funds are experiencing a rapid exit trend, with nearly 20 new active equity initiated funds announced since October, despite the overall pessimism regarding their market performance [7]. - The competition within the fund industry is intensifying, leading to a concentration of resources towards high-performing funds, while underperforming funds face the risk of being eliminated [8]. - The operational costs associated with smaller fund sizes can erode returns, making it difficult for these funds to attract new investments and grow their scales [7].

Core Viewpoint - The article highlights the increasing risk of fund liquidation for many initiated funds due to persistent scale challenges, despite some funds managing to attract additional investments and avoid closure [2][3][8]. Group 1: Fund Performance and Challenges - Several initiated funds are facing imminent liquidation, with a notable example being a fund that will terminate if its scale remains below 200 million yuan by November 2025 [3]. - As of the end of Q3, some funds, including certain pension FOFs, have scales of only a few million yuan, indicating a high risk of liquidation if no new investments are made [3]. - The phenomenon of "self-rescue" is observed in some funds, where temporary inflows allowed them to surpass the 200 million yuan threshold, thus avoiding liquidation [4]. Group 2: Successful Funds - Some initiated funds have become "star products," significantly increasing their scale and avoiding survival crises. For instance, the Yongying Technology Select fund has achieved a return of 246.27% and a scale of 11.52 billion yuan [5]. - Other funds, such as Yongying Advanced Manufacturing Select, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract substantial investments [5]. Group 3: Market Dynamics and Fund Establishment - The timing of fund establishment plays a crucial role in performance, with many initiated funds launched during market downturns, allowing them to acquire undervalued assets that can appreciate when market sentiment improves [6]. - The lower establishment threshold for initiated funds enables quicker launches during market lows, with over 300 initiated products established in 2022 alone [6]. Group 4: Industry Competition and Fund Liquidation - The accelerated pace of initiated fund liquidations reflects intense competition within the fund industry, with resources concentrating on high-quality funds [8]. - The ongoing coexistence of fund liquidations and new fund launches indicates a challenging environment where only funds with strong performance and competitive advantages are likely to survive [8].

Core Insights - The number of newly issued public funds in the market has reached 1,371 as of November 11, marking a three-year high, while the average fundraising scale has decreased to 782 million yuan, indicating a significant shift in the public fund issuance market towards a "tool-oriented, segmented, and institutionalized" approach by 2025 [1][2][4]. Fund Issuance Trends - The public fund issuance has rebounded this year, surpassing previous years' totals, with 1,371 new funds issued, exceeding the total for 2023 (1,266) and 2024 (1,143) [2]. - The trend of "quantity increase and average scale decrease" is evident, with the total fundraising amount for new funds at approximately 9,653 billion yuan, the lowest since 2019, and an average fundraising scale of 782 million yuan, significantly lower than previous years [4][5]. Fund Structure Changes - There is a notable shift in the structure of newly issued funds, with a strong increase in equity funds and a decline in bond funds. As of November 11, 761 equity funds were issued, a record high, representing 37% of total new fund issuance [6][8]. - The majority of new equity funds are passive index funds, with 568 being issued, accounting for 97% of the equity fund issuance [6]. Market Dynamics - The rise in equity fund issuance is attributed to the recovery of the A-share market, with several equity funds experiencing rapid sales. However, fund companies are cautious, limiting the initial fundraising cap for these popular funds to below 3 billion yuan [7]. - In contrast, bond fund issuance has dropped significantly, with only 247 bond funds issued this year, the lowest in nearly a decade, reflecting a lack of investor interest due to market volatility and low yield attractiveness [8][9]. Future Outlook - The market is expected to maintain a structure dominated by equity funds, particularly index funds, while bond fund issuance is anticipated to remain stable [11].

Core Insights - The number of newly issued funds has significantly increased due to a recovering market sentiment, with 1,371 funds launched in 2023, the highest in three years [1] Fund Issuance Trends - The pace of fund issuance has accelerated, reflecting both improved market sentiment and proactive industry positioning [1] - A total of 1,235 funds have been established this year, with notable characteristics observed in the new offerings [2] Index Funds Dominance - Index funds continue to lead the market, with 727 index funds launched this year, accounting for 58.87% of total new funds [3] - The total fundraising for all established funds this year is 9,653.34 billion yuan, with index funds contributing 5,289.86 billion yuan [3] Breakdown of Index Funds - Passive index equity funds are the mainstream, with 526 funds launched and a total issuance of 2,682.66 billion yuan [4] - Passive index bond funds have emerged as "blockbuster makers," with 57 funds launched and a total issuance of 1,804.88 billion yuan, including 47 funds exceeding 2 billion yuan [5] - Enhanced index funds have also seen significant growth, with 144 funds launched and a total issuance of 802.32 billion yuan [5] Market Dynamics - The number of "one-day sold-out" funds has increased, with 96 funds achieving this status, including 39 with a fundraising scale exceeding 1 billion yuan [6] - The emergence of "mini funds" is notable, with 254 funds having an issuance scale of less than 200 million yuan, representing 20.57% of total new funds [6][7] Strategic Marketing - The rise of "initiated funds" is a marketing strategy for fund companies to quickly establish products in popular sectors, enhancing brand visibility [8] Competitive Landscape - The competition among leading fund companies remains intense, with the top firms dominating the number of new fund launches [9] - In terms of fundraising scale, the top ten fund companies each raised over 20 billion yuan this year [10] - Southern Fund leads in total issuance with 478.57 billion yuan, followed by Huaxia Fund and E Fund [11][12] Industry Polarization - A significant disparity exists in the market, with 59 out of 188 public fund managers not launching any new funds this year [12] - The top 30 fund companies captured 70.2% of the total fundraising, indicating a trend of resource concentration among leading firms [12]

Core Insights - The third quarter data has raised alarms for many initiated funds, with a significant number facing liquidation due to scale challenges, despite some funds managing to attract additional investments and avoid closure [1][2][6] - The trend of initiated funds exiting the market is accelerating, while new products continue to be launched, indicating a competitive environment where only a few funds are able to thrive [2][6][7] Fund Liquidation Risks - Several initiated funds, including Huatai Asset Management's fund, are at risk of liquidation if their scale remains below 200 million yuan by November 2025, highlighting the stringent scale requirements [2] - As of the end of the third quarter, some pension FOF funds have scales as low as several million yuan, indicating a high likelihood of liquidation without new investments [2] - The third quarter saw total subscription shares for these funds reach 291 million, suggesting a potential short-term influx of capital to meet scale thresholds, but also a significant amount of redemptions, indicating a "quick in and out" strategy by investors [3] Successful Fund Growth - Despite the challenges, some initiated funds have successfully increased their scale, with funds like Yongying Technology Smart Selection achieving a cumulative growth of 246.27% and a scale of 11.52 billion yuan [4] - Other funds, such as Yongying Advanced Manufacturing Smart Selection, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract significant investments [4] Market Dynamics - Initiated funds often emerge during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves, leading to substantial returns [5] - The design of initiated funds allows for diverse and personalized investment strategies, which can enhance their appeal and growth potential [5] - The competitive landscape is intensifying, with nearly 20 new active equity initiated funds announced since October, reflecting ongoing interest despite the liquidation risks faced by many [7] Challenges and Industry Outlook - The accelerated pace of fund liquidations indicates a survival of the fittest scenario, where only funds with strong performance and market recognition will thrive [6][7] - The reliance on institutional funding and high operational costs for smaller funds can hinder their growth and attractiveness to new investors [6] - The ongoing trend of fund liquidations may lead to increased caution among investors, who will likely demand higher performance and management standards from funds [7]

Core Insights - The rapid growth in the scale of several public funds, particularly the initiator funds, is attributed to their successful investments in the booming technology sector during the third quarter, leading to significant performance improvements and increased fund sizes [1][4][10] Fund Performance and Growth - As of October 23, multiple initiator funds have seen substantial growth, with some funds like the Shangyin Digital Economy C increasing from 0.01 billion to 2.39 billion, a growth of 20,751.47% [2] - The Yongying Technology Smart A fund's size surged from 1.31 billion to 22.78 billion, marking an increase of 1,639.2% [2] - Other funds, such as the Zhongou Digital Economy and Zhongou Information Technology, also experienced significant growth, with sizes reaching 130.21 billion and 64.62 billion respectively [3][4] Market Dynamics and Strategy Adjustments - The rapid increase in fund sizes has led to challenges, as fund managers may need to adjust their investment strategies to manage the larger capital effectively [6][9] - Some funds have implemented measures to limit large purchases to maintain stability and protect the interests of existing investors, reflecting a cautious outlook for the fourth quarter [7][9] Sector Focus and Future Outlook - The technology sector, particularly semiconductor and optical module stocks, has been a key driver of fund performance, with some funds reporting net value increases of nearly 100% [4][10] - Despite the recent volatility, some fund companies remain optimistic about the technology sector, suggesting that current market fluctuations may present good investment opportunities [10][11]

Core Viewpoint - The article discusses the launch of a series of activities aimed at promoting the high-quality development of public funds in Beijing, emphasizing the importance of investor education and protection in line with the regulatory framework established by the China Securities Regulatory Commission [1] Group 1: Industry Transformation - The public fund industry is transitioning from a "scale-oriented" approach to a "value-oriented" one, with the emergence of initiated funds as a key vehicle for high-quality development [2] - Initiated funds have seen significant growth, with over 2,000 funds and a total scale exceeding 3.3 trillion yuan, of which equity initiated funds account for 49%, an increase of 38 percentage points since 2020 [2] Group 2: Zhongyou Fund's Initiated Fund Strategy - Zhongyou Fund has been exploring the initiated fund model since 2018, creating a matrix of equity initiated funds that focus on long-term value and investor needs [3] - The fund's strategy includes investing in sectors aligned with national priorities, such as new energy and high-end manufacturing, while also catering to diverse risk preferences among investors [3] Group 3: Value Creation Framework - Zhongyou Fund's approach to initiated funds is based on a threefold value creation framework: interest binding, long-term investment, and value creation [4] - The interest binding mechanism links the earnings of fund managers and research teams directly to investor returns, fostering trust and aligning interests [5] - Long-term investment strategies allow the fund to focus on the growth of quality companies, minimizing the impact of short-term market fluctuations [7] - A robust research and risk management system supports the fund's ability to create value, ensuring thorough industry analysis and stock selection [8] Group 4: Promoting Inclusive Finance and Investor Education - Zhongyou Fund actively promotes inclusive finance and investor education through various outreach initiatives, helping investors understand the significance of long-term investment and the mechanics of the initiated fund model [9] Group 5: Commitment to High-Quality Development - The ongoing development of initiated funds by Zhongyou Fund aligns with the regulatory emphasis on prioritizing investor interests and reflects a commitment to the core principles of public funds [10]

Core Insights - The scale of initiated funds in China has surpassed 3.2 trillion yuan, marking a significant growth in the past year, driven by policy support and market demand [2][4][5] - Index funds have emerged as the primary product type for initiated funds, accounting for 54% of newly established initiated funds this year [6][4] - Fund companies are increasingly focusing on "opportunity capture" in the current market environment, aiming to quickly enter the market and seize growth opportunities [9][8] Fund Growth and Market Dynamics - As of the end of Q2 this year, the number of initiated funds reached 2,268, reflecting a 20% year-on-year increase, while the total management scale grew by 12% [4] - The establishment of initiated funds is characterized by lower thresholds, allowing fund companies to experiment in new markets and respond to investor demand [5][6] - The current bullish A-share market, with the Shanghai Composite Index rising over 10% this year, has motivated fund companies to establish initiated funds to share in market gains [8][9] Performance and Investor Engagement - Over 80% of actively managed initiated funds have achieved positive returns, with an annualized return rate of 9.17% since inception [14][13] - The self-investment requirement for fund managers in initiated funds fosters a shared interest in long-term performance between managers and investors [14][10] - Fund companies are encouraged to enhance their research capabilities and product differentiation to ensure the sustainable development of initiated funds [12][18] Challenges and Recommendations - The industry faces challenges such as product homogenization and the prevalence of "mini funds," necessitating a focus on improving research and product design [12][18] - Fund companies should avoid blindly following market trends and instead conduct thorough market research to create attractive products [18][19] - Effective investor education is crucial to help investors understand the normalcy of fund liquidation and to ensure transparency in the process [19][18]