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]

Group 1 - Three stock ETFs have released listing announcements, with the highest stock allocation being 75.41% for the Penghua CSI All Share Free Cash Flow ETF [1] - The average stock allocation for 21 stock ETFs announced since June is only 19.75%, indicating a trend of lower allocations among newly listed ETFs [1] - The ETFs with the highest allocations include the Penghua CSI All Share Free Cash Flow ETF at 75.41%, followed by the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF and the Great Wall CSI Dividend Low Volatility 100 ETF, both at 40.89% [1] Group 2 - The average number of shares raised for newly announced ETFs since June is 3.38 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 5.90 million shares [2] - Institutional investors hold an average of 19.01% of the shares in these ETFs, with the highest being 88.23% for the Fortune Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF [2] - The listing dates for the ETFs range from June 16 to July 1, 2025, with varying fundraising scales and stock allocations [2][3]

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 - The core point of the news is the announcement of the listing of the Bosera CSI A100 ETF, which will be listed on June 24, 2025, with a total trading share of 236 million [1] - As of June 17, 2025, the fund's asset allocation shows that bank deposits and settlement reserves account for 89.49% of total assets, while stock investments account for 10.51% [1] - In June, a total of 15 stock ETFs have announced their listings, with an average position of only 17.18%, indicating a generally low investment level among newly listed ETFs [1] Group 2 - The average fundraising for the newly announced ETFs in June is 364 million shares, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 16.72% of the shares in these ETFs, with the highest proportions in the Xingyin Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price ETF at 59.97% [2] - The table provided lists various ETFs, their establishment dates, fundraising scales, and asset allocation percentages, highlighting the differences in investment strategies among these funds [2][3]

Core Insights - A total of 12 stock ETFs have announced their listing since June, with the highest allocation being 40.89% for the Great Wall CSI Dividend Low Volatility 100 ETF [1][2] - The average allocation for these newly announced ETFs is only 19.43%, indicating a generally conservative approach to investment during the current period [1][2] Group 1: ETF Listings and Allocations - The Great Wall CSI Dividend Low Volatility 100 ETF will be listed on June 18, 2025, with a total of 320 million shares [1] - The fund's asset allocation as of June 11, 2025, shows 59.08% in bank deposits and settlement reserves, while stock investments account for 40.89% [1] - Other ETFs with significant allocations include the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95%, the Huatai-PB SSE STAR Market New Materials ETF at 32.39%, and the Harvest SSE STAR Market Comprehensive Enhanced Strategy ETF at 26.95% [1] Group 2: Fund Sizes and Investor Composition - The average number of shares raised for the newly listed ETFs is 394 million, with the largest being the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 590 million shares [2] - Institutional investors hold an average of 19.12% of the shares in these ETFs, with the highest proportions in the Xingyin SSE STAR Market Comprehensive Price ETF at 59.97%, the Bank of China CSI All Share Free Cash Flow ETF at 51.12%, and the Tianhong CSI A500 Enhanced Strategy ETF at 31.23% [2] - ETFs with lower institutional ownership include the Huaan Hang Seng Index Hong Kong Stock Connect ETF at 4.09%, the Guotai Chuangye Board New Energy ETF at 5.68%, and the Chuangye Board ETF Dongcai at 5.93% [2]

Group 1 - Two stock ETFs have released listing announcements, with the Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF holding a stock position of 32.39% and the E Fund SSE Sci-Tech Innovation Board 200 ETF holding 11.00% [1] - Since June, a total of 10 stock ETFs have announced their listings, with an average position of only 18.12%. The highest position is held by the Invesco Great Wall CSI 300 Enhanced Strategy ETF at 39.95% [1] - The ETFs with the highest positions include Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (32.39%), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (26.95%), and Huaan Hang Seng Index Hong Kong Stock Connect ETF (21.94%) [1] Group 2 - The average fundraising for the ETFs announced since June is 418 million shares, with the largest being Huaan Hang Seng Index Hong Kong Stock Connect ETF (590 million shares), Harvest SSE Sci-Tech Innovation Board Comprehensive Enhanced Strategy ETF (536 million shares), and Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (518 million shares) [1] - The average proportion of shares held by institutional investors is 18.84%, with the highest being Xingyin SSE Sci-Tech Innovation Board Comprehensive Price ETF (59.97%), Bank of China CSI All Share Free Cash Flow ETF (51.12%), and Huatai-PineBridge SSE Sci-Tech Innovation Board New Materials ETF (21.83%) [2] - The ETFs with the lowest institutional investor holdings include Huaan Hang Seng Index Hong Kong Stock Connect ETF (4.09%), Guotai Junan ChiNext New Energy ETF (5.68%), and ChiNext ETF Dongcai (5.93%) [2]

Group 1 - The issuance of equity funds is accelerating, with an average of less than half a month for a product to complete the fundraising to establishment process [1] - As of May 19, 2023, at least 23 new products are expected to be launched this week, with 16 being equity products, accounting for approximately 70% of the total [1] - The average subscription period for these equity products is 12.56 days, indicating strong market interest [1] Group 2 - The recent issuance includes 14 stock-type funds, all of which are index or enhanced index funds, reflecting a strong demand for low-cost, high-transparency passive investment tools [2] - The China Securities Regulatory Commission has introduced a plan to enhance the scale and proportion of equity investments in public funds, optimizing the registration process for equity funds [2] - As of May 19, 2023, 345 equity funds have been established this year, representing a year-on-year increase of 30.19% [2] Group 3 - The structural characteristics of the market reflect a recovery in market confidence and the penetration of passive investment concepts in asset allocation [3] - Current policies, upgraded demand, and product innovation are creating a favorable ecosystem for the development of equity funds, particularly index-based tools [3]