基金公司冲刺四季度新基金发行收官季。 国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎来本年最后的"决战季"。 Wind数据显示，10月9日当天共计有23只基金同日开启发售，定档10月份发行的新基金数量接近70只， 其中不乏一些绩优基金经理挂帅的主动权益基金。 从新发基金类型来看，主动权益基金、指数基金、含权债基成为发行主力，有望为权益市场持续带来增 量资金。 绩优基金经理挂帅 Wind数据显示，已有19只主动权益基金定档节后发行，其中不乏由一些今年业绩表现突出的基金经理 挂帅。 闫思倩挂帅的新基金鹏华制造升级于10月9日开启发售，该基金也将成为她在管的第6只基金。闫思倩管 理的鹏华碳中和主题基金今年业绩实现翻倍增长，因此新基金的发售规模以及布局方向备受市场关注。 财通基金金梓才将时隔2年再度挂帅新基金发行，财通品质甄选将自10月16日开启发售。金梓才管理的 多只科技主题基金去年业绩排名行业前列，近三个月累计涨幅接近翻倍。 今年前三季度，科技主题基金业绩表现强势，一些基金公司在四季度加大布局此类主题基金，锚定科技 大行情。如广发基金基金经理观富钦担纲发行广发信息产业，彭凌志领衔发行国泰半导体制造精选， ...

数据显示，10月9日当天共计有23只基金开启发售，定档10月份发行的新基金数量接近70只，其中不乏 一些绩优基金经理挂帅的主动权益基金。 从新发基金类型看，主动权益基金、指数基金、含权债基成为发行主力，有望为权益市场持续带来增量 资金。 绩优基金经理挂帅 基金公司冲刺四季度新基金发行收官。 国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎来本年最后的"决战季"。 值得注意的是，目前定档10月发行的债券基金中，均为二级混合债基金，属于固收+基金，无一只产品 为纯债基金。含权债基发行提速。 数据显示，已有19只主动权益基金定档节后发行，其中不乏由一些今年业绩表现突出的基金经理挂帅。 今年前三季度，科技主题基金业绩表现强势，一些基金公司在四季度加大布局此类主题基金，锚定科技 大行情。如广发基金基金经理观富钦担纲发行广发信息产业，彭凌志领衔发行国泰半导体制造精选，马 翔和马磊共同管理的汇添富港股通科技精选拟于10月13日开启发行。 闫思倩挂帅的新基金鹏华制造升级于10月9日开启发售。该基金也将成为她在管的第六只基金。闫思倩 管理的鹏华碳中和主题基金今年业绩实现翻倍增长，因此新基金的发售规模以及布局方向备受市场 ...

基金公司冲刺四季度新基金发行收官季。 国庆中秋"双节"后，新基金发行迎来发售高潮，基金管理人迎来本年最后的"决战季"。 Wind数据显示，10月9日当天共计有23只基金同日开启发售，定档10月份发行的新基金数量接近70只，其中不 乏一些绩优基金经理挂帅的主动权益基金。 从新发基金类型来看，主动权益基金、指数基金、含权债基成为发行主力，有望为权益市场持续带来增量资 金。 绩优基金经理挂帅 Wind数据显示，已有19只主动权益基金定档节后发行，其中不乏由一些今年业绩表现突出的基金经理挂帅。 闫思倩挂帅的新基金鹏华制造升级于10月9日开启发售，该基金也将成为她在管的第6只基金。闫思倩管理的鹏 华碳中和主题基金今年业绩实现翻倍增长，因此新基金的发售规模以及布局方向备受市场关注。 财通基金金梓才将时隔2年再度挂帅新基金发行，财通品质甄选将自10月16日开启发售。金梓才管理的多只科 技主题基金去年业绩排名行业前列，近三个月累计涨幅接近翻倍。 今年前三季度，科技主题基金业绩表现强势，一些基金公司在四季度加大布局此类主题基金，锚定科技大行 情。如广发基金基金经理观富钦担纲发行广发信息产业，彭凌志领衔发行国泰半导体制造精选，马 ...

Core Viewpoint - The fund market is experiencing a surge in activity, with new funds being launched and significant inflows, indicating a recovery in investor confidence and interest in equity funds [2][4][9]. Group 1: Fund Market Activity - In the first week of September, 38 new funds were established, raising a total of 27.573 billion yuan, with over 88% being equity products [4][5]. - A notable highlight is the "daylight fund" launched by招商均衡优选, which raised over 8.7 billion yuan on its first day, becoming the first non-initiated active equity product to sell out in one day this year [5][6]. - The overall fundraising efficiency has improved, with 404 new funds starting subscriptions in the third quarter, marking a peak since 2022 [6]. Group 2: Investor Sentiment - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation suggestions [9]. - Optimism is spreading among investors, driven by the market's upward movement and supportive policies, although some analysts caution that the market sentiment has not yet reached overheating levels [9][10]. - Despite the positive sentiment, there are concerns about potential risks accumulating in the micro-structure of the market due to the strong performance of certain sectors [10]. Group 3: Market Trends and Adjustments - Recent market adjustments are attributed to short-term behaviors of funds, which may lead to a more stable market in the long run [11][12]. - Observations indicate that certain sectors, particularly those related to AI, have seen concentrated trading activity, while other thematic sectors have had limited opportunities [12].

Group 1 - The fund market is experiencing a surge in activity, with 38 new funds launched in the first week of September, attracting a total of 27.5 billion yuan, primarily in equity products [1][2] - A notable highlight is the launch of the "Zhaoshang Balanced Optimal Fund," which achieved over 8.7 billion yuan in subscriptions on its first day, making it the first non-initiated active equity fund to sell out in one day this year [2][3] - Investor interest in the A-share market has increased, as evidenced by a rise in inquiries about market dynamics and fund allocation advice, indicating a recovery in investor confidence [1][6] Group 2 - The performance of equity funds has significantly improved, with 34 equity funds launched in a short span, raising 24.3 billion yuan, which constitutes over 88% of the total new fund issuance [2][3] - The number of new funds launched in the third quarter has reached a peak not seen since 2022, with 404 new funds initiated, and 93 funds opting for early closure due to high demand [3][4] - Some high-performing existing funds have had to impose purchase limits due to overwhelming inflows, such as the Yongying Technology Smart Selection Fund, which reduced its daily purchase limit from 1 million yuan to 10,000 yuan [4][5] Group 3 - Market sentiment remains optimistic, driven by the upward trend in the A-share market and supportive policies, although there are differing views among institutions regarding the sustainability of this sentiment [6][7] - Analysts suggest that while there is a positive outlook, caution is advised due to the accumulation of risks in the micro-structural level of the market [7][8] - The "AI+" sector has emerged as a key focus, with significant trading activity, while other thematic sectors have seen limited opportunities this year [8]

Core Viewpoint - The article highlights the increasing trend of public funds in China engaging in self-purchase of equity funds, reflecting institutional confidence in the market's future performance despite recent market fluctuations [2][4][5]. Group 1: Self-Purchase Activities - On August 10, Southern Fund announced a self-purchase of 230 million yuan in three equity ETFs, demonstrating strong institutional confidence [1][4]. - As of August 10, nearly 130 public funds have initiated self-purchases this year, totaling over 5 billion yuan, with equity fund products accounting for a significant portion [2][4]. - The trend of self-purchases has continued even after a market peak in June, indicating expectations for a favorable market in the second half of the year [5][7]. Group 2: Market Valuation and Economic Outlook - Public funds are making self-purchases based on the belief that the Chinese capital market is currently undervalued, with a slow but steady growth outlook rather than a rapid surge [6][7]. - The strong resilience and vitality of the Chinese economy, evidenced by a 5.3% GDP growth in the first half of the year, supports the long-term positive outlook for the capital market [7][8]. - Current valuation metrics show that the price-to-earnings ratios of major Chinese indices are significantly lower than those of developed markets, indicating a favorable investment environment [2][7]. Group 3: Investor Behavior and Market Dynamics - The shift of household savings into the capital market, driven by low deposit interest rates, is expected to create more investment opportunities and enhance market participation [8]. - The issuance of new equity funds has seen a notable recovery, with many new funds exceeding 1 billion yuan in initial scale, signaling increased willingness from external investors to enter the market [8]. - Foreign capital inflows into A-shares and Hong Kong stocks have also been significant, with over 10.1 billion USD entering the market in the first half of the year, suggesting a positive sentiment towards Chinese assets [8].

Core Viewpoint - Public funds in China are showing strong confidence in the equity market by significantly increasing their self-purchases, indicating a positive outlook for the second half of the year [2][3][5]. Group 1: Self-Purchase Activities - On August 10, Southern Fund announced a self-purchase of 230 million yuan in three equity ETFs, reflecting confidence in the long-term stability of the Chinese capital market [1][3]. - As of August 10, nearly 130 public funds have initiated self-purchases this year, totaling over 5 billion yuan, with equity fund products accounting for a substantial portion [2][3]. - Other funds, such as Dachen Fund and Industrial Bank of China Fund, have also committed significant amounts to self-purchases, further demonstrating institutional confidence [4]. Group 2: Market Outlook and Valuation - The self-purchase trend is driven by the perception of a valuation gap in the capital market, with a slow bull market expected rather than a rapid surge [6][7]. - As of August 6, the price-to-earnings ratios for the CSI 300 and Hang Seng indices were 13.93 and 11.83, respectively, both lower than major mature markets like the S&P 500 (26.89) and Nikkei 225 (18.88), highlighting the investment attractiveness of the Chinese market [7]. - The strong resilience of the Chinese economy, evidenced by a 5.3% GDP growth in the first half of the year, supports the positive outlook for the capital market [7][8]. Group 3: Investor Behavior and Trends - There is a notable shift of household savings towards the capital market, driven by declining deposit rates, which is expected to create more investment opportunities [8]. - The issuance of new equity funds has seen a significant increase, with many new funds surpassing 1 billion yuan in initial scale, indicating a rising willingness among investors to enter the market [8]. - Foreign capital inflows into A-shares and Hong Kong stocks have also been substantial, with over 10.1 billion USD entering in the first half of the year, suggesting a continued positive sentiment towards Chinese assets [8].

Core Viewpoint - The public fund industry is experiencing a significant recovery in 2025 after a four-year downturn, with over 90% of active equity funds achieving positive returns this year, leading to increased confidence among fund managers and a revival in fund issuance [1][2]. Fund Performance - Active equity funds have seen an average return of over 13% year-to-date as of August 1, with a notable number of funds doubling their performance, including 17 funds that achieved over 140% returns [2]. - More than 800 active equity funds reached historical net asset value highs in the past month, indicating a strong recovery from previous losses [3]. Market Dynamics - The current market environment presents structural opportunities in sectors like humanoid robots, AI hardware, and innovative pharmaceuticals, which have contributed to the recovery of fund performance [2]. - Fund managers are increasingly focusing on high-growth sectors, with a shift from traditional sectors like real estate and bonds to equities, particularly in new economy sectors [3]. Fund Manager Behavior - Fund managers are showing a clear increase in risk appetite, with many raising their stock positions and concentrating their holdings in core stocks [5]. - Data shows that nearly 2,500 funds increased their stock positions and concentration in the second quarter, reflecting a significant shift in risk preference [5]. Fund Issuance Trends - The pace of new fund issuance has accelerated, with 149 new funds launched in July, matching the issuance rate from November 2022 [11]. - Notable funds like Dachen Insight Advantage raised 2.461 billion yuan in just eight days, marking the largest initial fundraising for active equity funds this year [9]. Investor Sentiment - Despite the positive performance, many investors remain cautious, with a tendency to redeem funds once they break even, indicating a need for trust rebuilding in active equity funds [1][11]. - The market is witnessing a preference for passive investment products over active equity funds, with high-performance products gaining more attention [11].

Core Viewpoint - The public fund industry is experiencing a significant recovery in 2025 after a four-year downturn, with over 90% of active equity funds achieving positive returns this year, leading to increased confidence among fund managers and a revival in fund issuance [1][3]. Fund Performance - Active equity funds have seen an average return of over 13% year-to-date, with a notable number of funds doubling their performance, including 17 funds that achieved over 140% returns as of July 29 [3]. - Despite some funds still recovering from previous losses, the short-term performance rebound is expected to support long-term growth [3]. - More than 800 active equity funds reached historical net asset value highs in the past month, indicating a strong recovery [3]. Fund Manager Sentiment - Fund managers are showing increased risk appetite, with many raising stock positions and focusing on core holdings [7][8]. - A significant number of funds have increased their stock positions by 5 to 8 percentage points, particularly in technology and growth sectors, as they anticipate improving profit growth in the latter half of the year [8][10]. Fund Issuance Trends - The positive performance has led to a noticeable acceleration in the issuance of new funds, particularly equity funds, with a significant increase in marketing efforts [12]. - In June, 155 new funds were established, marking a near-record high, and 135 funds were launched in July, indicating a robust recovery in the fund issuance market [13]. - Fund companies are rapidly increasing the pace of new fund launches to capitalize on the market rebound, with 149 new funds initiated in July alone [13]. Investor Behavior - Despite the positive performance, many investors remain cautious, with a tendency to redeem funds once they break even, indicating a trust gap that needs to be addressed for sustained growth [1][14]. - The demand for passive investment products is currently outpacing that for active equity funds, with high-performance products attracting more interest than stable ones [14].

Group 1 - In July, the public fund issuance saw a resurgence with nearly 150 new funds launched, marking a monthly issuance record for the year [1] - The strong market performance has led to increased investor sentiment, making it easier for fund companies to issue new products [1] - The optimism from fund companies regarding future market performance is reflected in the high issuance enthusiasm [1] Group 2 - As of August 3, over 90 of the 149 newly launched public funds in July have been established, with total fund issuance exceeding 800 billion units [2] - Bond funds dominated the issuance scale, accounting for more than half of the total, with the largest single product being Huatai-PineBridge's 6-month holding fund, which issued 3.741 billion units [2] - The first batch of Sci-Tech Bond ETFs was a highlight, with 10 ETFs collectively issuing over 28 billion units, representing nearly 40% of the total issuance for July [2] Group 3 - Equity fund issuance showed significant recovery, with 81 new stock funds launched in July, nearly 2.8 times that of the same period last year [3] - The issuance scale of stock funds in July was 5.7 times higher than last year, with stock funds accounting for 32.33% of total fund issuance [3] - The total issuance of stock funds in the first seven months of the year exceeded 210 billion, reflecting substantial growth compared to the previous year [3] Group 4 - Looking ahead, the issuance of equity funds is expected to continue to rise, supported by favorable market conditions and policies [4] - Over 60 public funds are scheduled to launch in August, with more than 80% being equity funds [4] - On August 4, 18 equity funds were launched, primarily consisting of actively managed funds [4] Group 5 - A second batch of 12 new floating fee rate products has been approved, including 2 stock funds and 10 mixed equity funds [5] - The new floating fee rate products are expected to align the interests of fund managers and investors, promoting healthy industry development [5] - The regulatory framework encourages leading fund management firms to issue floating fee rate funds, aiming for at least 60% of their active equity fund issuance [5]