Core Viewpoint - Recent market adjustments have revealed investment opportunities, particularly in technology and consumer sectors, prompting fund managers to prepare for increased positions by late November to early December [1][3]. Market Activity - As of November 24, 59 new active equity funds were established in November, with 51 experiencing changes in unit net value, indicating that fund managers have begun building positions [2][3]. - Despite the market's volatility, only 400 out of over 8000 active equity funds achieved positive returns since November [2]. Fund Manager Sentiment - Fund managers emphasize the need for a rational perspective on recent market fluctuations, noting that prior rapid gains in certain sectors require time for digestion [2]. - The fourth quarter is typically characterized by significant market volatility, driven by institutional trading behaviors [2]. Investment Focus - Fund managers suggest focusing on sectors that have undergone substantial corrections, such as gaming, Hang Seng Technology, and TMT (Technology, Media, and Telecommunications) [3]. - The AI bubble concerns are viewed as a short-term setback rather than a signal of a downward cycle for the A-share market, supported by industry trends and policy backing [3]. Future Outlook - Looking ahead to 2026, there is a positive outlook for A-shares, driven by trends in "Chinese manufacturing" and "Chinese innovation," with expectations of strong performance in AI and sectors benefiting from "anti-involution" [4]. - The potential for Chinese technology companies to expand their overseas business is anticipated, particularly in communications, new energy, pharmaceuticals, vehicles, and gaming [4].

近期市场分化行情让不少基民在社交媒体评论区大喊"钱难赚"。数据显示，截至11月24日，在全市场超 8000只主动权益基金中，仅有400只产品11月以来的份额净值增长率为正。 "随着前期科技、消费、周期等板块陆续调整，很多优质资产又回到了合理的估值中枢。"日前，一位基 金经理向中国证券报记者透露，"我们团队会密切跟踪11月末至12月初的市场态势，并在合适的时点出 手加仓。" 11月以来，尽管市场开启震荡模式，但在不少机构看来，"倒车接人"的时点不断变得清晰。记者梳理发 现，不少近期成立的新基金已然开启建仓模式。数据显示，截至11月24日，全市场自11月以来共有59只 主动权益基金成立（不同份额分开计算，下同），其中有51只基金单位净值已经发生变化。 在震荡中入场 东吴证券表示，四季度作为全年业绩定调的关键阶段，机构的核心诉求会从赚取超额收益转向锁定既有 盈利、规避排名波动风险——前期主线经过持续上涨后，不仅积累了可观的涨幅，更因资金长期集中形 成较高的交易拥挤度，风险收益比下降，成为机构眼中需兑现的收益。 "经过这一轮调整，不少优质资产又重新回归到了合理的估值水平。"上述基金经理表示，"市场可能慢 慢接近阶段性 ...

Core Viewpoint - The article discusses the surge in new fund issuances in the fourth quarter, highlighting the competitive environment among fund managers as they aim to capitalize on market opportunities following the National Day and Mid-Autumn Festival holidays [2][7]. Fund Issuance Trends - After the "Double Festival," there is a significant increase in new fund launches, with nearly 70 new funds scheduled for October, including many actively managed equity funds led by high-performing fund managers [2][3]. - On October 9, 23 funds were launched simultaneously, indicating a strong market response [2]. Active Equity Funds - A total of 19 actively managed equity funds are set to be issued post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting their successful track records this year [3][4]. - The technology-themed funds have shown remarkable performance, prompting fund companies to increase their focus on this sector [3]. Value Theme Funds - Although value-themed funds have not outperformed technology funds, they have demonstrated steady growth and have gained investor trust, with several funds reaching historical net asset value highs [3][4]. Index Funds - October will see over 30 new index funds launched, covering various indices such as the Shanghai 180 and CSI 500, catering to diverse investor needs [5]. - Quantitative funds have also performed well, with many near historical highs, leading to increased issuance from smaller fund companies [5]. Bond Funds - All bond funds scheduled for October are classified as mixed-asset funds, with no pure bond funds being launched, reflecting a shift in market conditions and regulatory changes [6]. - The approval process for bond funds has changed, with a focus on encouraging the creation of mixed-asset and thematic bond ETFs [6]. Market Recovery - The new fund issuance market has shown signs of recovery, with a total of 1,148 new funds established in the first three quarters, surpassing the total for the previous year [8][10]. - The issuance of active equity funds has increased significantly, with 654 stock funds launched, marking the highest number in recent years [9][10].

Group 1 - The core viewpoint of the articles highlights a significant increase in the issuance of public funds in the A-share market, with over 50 new funds scheduled for release after the National Day holiday, primarily focusing on "rights-containing" products [1][2][4] - In October, there are more than 50 new public funds set to be issued, with nearly 20 products launched on October 9 alone, indicating a strong market response [2][4] - The number of newly issued public funds has surpassed 1,100 in the first three quarters of this year, approaching the total expected for the entire year of 2024, with a notable increase in the third quarter [4][5] Group 2 - The upcoming public funds include a variety of products, with 19 passive index funds and 12 equity mixed funds scheduled for issuance in October, featuring well-known fund managers [2][3] - Several new public fund products have set initial fundraising caps, such as 10 billion yuan for some funds and 20 billion yuan for others, indicating a strategic approach to fundraising [3][4] - The issuance of FOF (Fund of Funds) products has also seen a resurgence, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation [6][7]

Core Insights - The public fund industry in China is experiencing a significant revival, with over 50 new public funds scheduled for issuance after the National Day holiday, primarily focusing on "rights-containing" products [1][2][4] - The number of newly issued public funds has surpassed 1,100 in the first three quarters of this year, nearing the total expected for 2024, with a notable increase in the third quarter [4] - Major fund managers are leading the issuance of new products, including well-known names such as Jin Zicai from Caitong Fund and Yao Jiahong from Guojin Fund [2][4] Fund Issuance Trends - In October, more than 50 new public funds are set to be issued, with nearly 20 products launching on October 9 alone [2] - Passive index funds dominate the new offerings, with 19 planned for issuance, covering various growth and dividend style indices [2] - Active equity products are also gaining traction, with 12 new mixed equity funds scheduled for release [2] Fundraising Limits - Several upcoming public fund products have set initial fundraising caps, such as 1 billion yuan for some funds and 2 billion yuan for others [3] Market Performance - The A-share market's upward trend has led to a significant increase in public fund issuance, with monthly new product numbers rising from around 120 in Q2 to approximately 150 in Q3 [4] - The number of newly issued passive index funds has exceeded 480 in the first three quarters, with index-enhanced funds also seeing substantial issuance [4] Investor Interest - The AI sector has attracted considerable investor interest, as evidenced by the high subscription rates for newly launched AI-related funds [5] New Product Developments - Xingsheng Global Fund has reported its first ETF product, the Xingsheng Global CSI 300 Quality ETF, marking a significant move into the ETF space [6] - The FOF (Fund of Funds) market is also seeing increased activity, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation [6][7]

Core Viewpoint - The A-share market is experiencing a surge in public fund issuance, with over 50 new funds scheduled for release after the National Day holiday, primarily focusing on "rights-containing" products [1][2]. Fund Issuance Trends - More than 1,100 public funds have been launched in the first three quarters of this year, nearing the total expected for 2024, with a significant increase in new fund numbers in Q3 compared to Q2 [3][4]. - In October, there are over 50 new funds set to be issued, with nearly 20 launched on October 9 alone, indicating strong market activity [1][3]. Types of Funds - The upcoming funds include 19 passive index funds covering various indices such as the ChiNext Composite and the STAR 50, as well as 12 actively managed equity funds led by notable fund managers [2][3]. - The issuance of index-enhanced funds has also increased, with a focus on major indices like the CSI 300 and the Hang Seng Index [2][3]. Fund Management Companies - Fund management companies like Fortune Fund and Huaxia Fund have been particularly active, with Fortune Fund launching over 50 new public funds this year, including 37 passive index funds [4]. - Other major players such as E Fund and Southern Fund have also reported high numbers of new fund launches, with Southern Fund raising over 40 billion yuan from new products [4]. New Product Highlights - The recent trend includes several funds setting initial fundraising caps, such as 1 billion yuan for certain products, indicating a strategic approach to manage fund sizes [3]. - The introduction of the first ETF by Xingzheng Global Fund has garnered significant attention, marking a notable entry into the ETF market by a brokerage-affiliated fund company [5]. FOF Product Development - The FOF (Fund of Funds) market has seen a revival, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation among investors [6]. - The recent regulatory changes have led to more detailed performance benchmarks for FOF products, enhancing their appeal to investors seeking diversified investment strategies [6].