Core Viewpoint - The recent increase in "secondary offerings" of high-performing funds is driven by the recovery of the A-share market and growing investor demand for these funds since July 2025 [1][5][14] Group 1: Definition and Mechanism - "Secondary offerings" refer to the concentrated marketing of existing funds through collaboration with sales channels, resembling the launch of new funds [3][8] - This approach is a form of maintaining existing funds, where channels prioritize certain products for promotion, often leading to resource competition among channels [3][9] Group 2: Market Trends and Performance - Since July 2025, there has been a notable increase in "secondary offerings," with several fund companies collaborating with banks to promote their existing high-performing funds [1][5] - The performance of funds during these offerings has been strong, with examples such as the West China Central Enterprise Preferred Stock Fund achieving over 20% returns since its inception [5][6] Group 3: Advantages of Secondary Offerings - "Secondary offerings" provide advantages for all parties involved: channels find it easier to promote funds with historical performance, investors benefit from lower fees and established track records, and fund companies can quickly increase their assets under management [10][14] - The marketing strategy for "secondary offerings" is more aggressive and time-limited compared to regular fund promotions, often involving incentives and promotional events [9][10] Group 4: Challenges and Market Dynamics - Despite the positive trends, challenges remain in fund marketing, particularly with mixed results in attracting retail investors compared to institutional ones [12][13] - The industry is experiencing a structural differentiation in fund performance, with equity funds seeing growth while mixed funds face redemption pressures [13][14] Group 5: Future Outlook - The trend of "secondary offerings" is expected to continue in the near term, with a focus on funds managed by high-performing managers [14] - Fund companies are advised to carefully select products for "secondary offerings" to ensure quality and manage potential risks associated with rapid inflows of capital [14]

Core Viewpoint - The recent trend of "secondary offerings" of high-performing funds in the A-share market is driven by a recovery in the capital market and increased investor demand for these funds [1][12][16]. Group 1: Definition and Mechanism - "Secondary offerings" refer to the concentrated marketing of existing funds through collaboration with sales channels, resembling the launch of new funds [3][9]. - This approach allows fund companies to leverage historical performance to attract new capital, as these funds have already demonstrated their effectiveness over time [12][16]. Group 2: Market Trends and Performance - Since July 2025, there has been a noticeable increase in "secondary offerings," with multiple fund companies and banks engaging in this practice [1][4]. - Notable funds participating in "secondary offerings" include those managed by Huaxia Fund, Western Li De Fund, and Yuanxin Yongfeng Fund, which have shown significant returns [4][6][10]. Group 3: Advantages for Stakeholders - For investors, "secondary offerings" provide access to established funds with proven track records, often at reduced fees, enhancing their investment confidence [12][16]. - Fund companies benefit from rapid scale expansion and increased market influence through this model, as it allows them to mobilize existing products effectively [1][10][16]. Group 4: Challenges and Considerations - Despite the advantages, the reliance on market sentiment and the execution capabilities of sales channels can lead to varied outcomes for different funds [11][12]. - Fund companies face challenges in maintaining performance and managing investor expectations, especially if large inflows disrupt investment strategies [12][14].

Group 1 - The total scale of ETFs in China has reached a record high of 5 trillion, achieving this milestone in just four months from 4 trillion [1] - The A-share market is showing signs of improvement, leading to changes in the public fund-raising market, with several fund companies collaborating with major banks for "second launches" of well-performing funds [2][3] Group 2 - "Second launch" refers to a concentrated sales effort for existing funds that have performed well but have low asset sizes, aimed at expanding their scale [3] - Notable funds involved in "second launches" include the West China State-Owned Enterprises Preferred Stock Fund, which saw its size grow rapidly after a successful fundraising campaign [3][4] - Other high-performing funds like the Huaxia Smart Selection Mixed Fund and the Yuanxin Yongfeng Pharmaceutical Health Mixed Fund have also undergone "second launches," with returns of 55.43% and 108.82% respectively [4] Group 3 - The trend of diminishing star fund manager effects is becoming a consensus in the industry, with many investors unaware of specific top-performing managers [5] - Index funds, such as the GF CSI Hong Kong Innovative Medicine ETF and the Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Medicine ETF, have also shown impressive returns exceeding 130% over the past year, indicating strong performance compared to actively managed funds [5][6] Group 4 - Investors often have high expectations for star fund managers, but individual funds may struggle to maintain strong performance across different market conditions [6] - For risk-averse investors, ETF products may be a more suitable option compared to actively managed funds [6]

Group 1 - The core viewpoint of the article highlights the increasing trend of "secondary offerings" for existing high-performing mutual funds, which enhances fundraising efficiency and attracts rational capital by leveraging proven performance [1][2][3] - Since July 2023, there has been a noticeable surge in the number of mutual funds engaging in "secondary offerings," with some funds experiencing growth of over three times in scale [3] - The focus of these "secondary offerings" is primarily on quantitative funds and industry-themed products, with average returns exceeding 45% for quantitative funds and 46% for certain industry-themed funds over the past year [3] Group 2 - Specific examples of successful "secondary offerings" include the West China Central Enterprise Preferred Stock Fund, which saw its scale grow rapidly after its offering through the Bank of Communications, and the Huaxia Smart Winning Mixed Fund, which offered fee discounts during its secondary offering at China Merchants Bank [2] - The total scale of ETFs is approaching 5 trillion yuan, with significant net subscriptions in August 2023, indicating a strong inflow of funds into passive index funds [4] - The mutual fund industry is encouraged to enhance communication with channels and focus on value creation rather than merely chasing scale, aligning suitable products with appropriate investors [3]