Core Insights - The public fund issuance in the first half of the year reached 537.27 billion yuan, a decrease of 20.32% year-on-year, but the issuance scale of equity funds hit a four-year high [1][2] - Equity index funds accounted for 90% of the new equity fund issuance, indicating a strong preference for passive management strategies [1][4] - The market outlook suggests that if the stock market trends upward in the second half, equity funds may outperform bond funds in terms of new issuance [7] Fund Issuance Overview - A total of 671 new funds were established in the first half, with a cumulative issuance scale of 537.27 billion yuan, marking a 9.82% increase in the number of funds but a 20.32% decrease in scale compared to the previous year [2] - Bond funds led the new issuance with 246.99 billion yuan, accounting for 45.97% of the total, although this was the lowest issuance in three years [2] - The new issuance scale of equity funds was 186.20 billion yuan, representing 34.66% of the total and the highest for the same period in four years [2] Equity Fund Dynamics - The issuance of equity index funds surged, with 368 new products launched and a total issuance of 183.87 billion yuan, making up over 30% of the total public fund issuance [4] - The largest new equity index fund was the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive Link, with an issuance of 4.89 billion yuan [4] - The performance of equity funds has been lackluster, contributing to the absence of "billion-dollar blockbuster" funds in the market [5] Market Outlook - Analysts suggest that the lack of blockbuster funds is related to the current market environment, which remains in a nascent stage [5][7] - There is potential for new fund issuance to continue to rise in the second half, especially if the stock market shows positive momentum [7] - The increasing popularity of equity index funds reflects a shift in investor preference towards products that are less influenced by individual fund managers [5][6]

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].

Core Viewpoint - Recently, funds that had been dormant for months have attracted significant capital upon resuming operations, highlighting the flexibility of institutional design and the demand for bond market allocation [3][5]. Group 1: Fund Resurgence - The fund "Hui'an Hengli 39-Month Open" saw over 8 billion yuan in subscription applications, triggering a proportional allocation mechanism with a confirmation ratio of 92.81% [5][6]. - This fund had previously suspended operations due to insufficient holders, with its share count dropping from 4.2 billion to 100 million in a year [6]. - After a year-long hiatus, the fund resumed operations on May 26, 2023, implementing a fee reduction from 0.3% to 0.15% for management fees [6][7]. Group 2: Market Dynamics - The recent surge in bond fund interest is evident, with new bond fund issuance accounting for over 55% of the public offering market in May, an increase of 18.53 percentage points from the previous month [7][8]. - Bond ETFs have also seen accelerated inflows, with net inflows of over 40 billion yuan in May, a 45% increase month-on-month [3][8]. - The resurgence of these funds reflects a broader trend of increasing bond fund popularity, driven by favorable market conditions and institutional demand [7][8].

Group 1 - The core phenomenon observed is the revival of previously dormant fund products, such as Huian Hengli 39-month open-end fund, which attracted significant capital after resuming operations, triggering a proportional allotment mechanism [1][2] - The revival of these bond funds is attributed to several factors, including flexible institutional design, the need for institutional capital allocation, and fluctuations in the bond market [1][4] - The recent increase in attention towards bond funds is evident, with new bond fund issuance in the past month rising nearly 20% compared to the previous month, and bond ETFs seeing a net inflow of over 40 billion yuan in May, a 45% increase [1][6] Group 2 - Huian Hengli 39-month open-end fund saw a significant turnaround, with subscription applications exceeding 8 billion yuan during its recent open period, leading to a confirmation ratio of 92.81% [2][3] - The fund had previously faced challenges, including a drastic reduction in fund shares from 4.2 billion to 100 million and a decrease in the number of holders from 236 to 183 due to insufficient holders during its first open period [3][4] - The fund management announced a fee reduction upon resuming operations, lowering the management fee from 0.3% to 0.15% and the custody fee from 0.06% to 0.05% [3][4] Group 3 - The underlying logic for the revival of these funds is linked to the temporary suspension due to low bond yields, which made the products less competitive, leading to institutional redemptions [5][6] - Once the bond market adjusts and yields become more attractive, fund managers can restart operations, allowing institutional capital to re-enter [5][6] - The recent surge in bond fund popularity is reflected in the public offering market, where bond fund issuance accounted for over 55% of the total in May, an increase of 18.53 percentage points from the previous month [5][6]