Core Viewpoint - The article highlights a significant surge in the issuance of equity funds, particularly active equity funds, in October, with notable fundraising achievements from several funds [1][2][3]. Fundraising Overview - Two major active equity funds, the E Fund Hong Kong Stock Connect Technology Mixed Fund and the Penghua Manufacturing Upgrade Mixed Fund, each raised nearly 2 billion yuan, marking them as the largest and second-largest active equity funds issued in October [2][3]. - As of October 15, 127 equity funds have raised over 1 billion yuan this year, with more than 70% being index funds, predominantly non-ETF products [2][4]. Active Equity Funds - Many large-scale active equity funds were established in the third quarter, with the largest being the CMB Balanced Optimal Fund, which raised 4.955 billion yuan and had 38,355 effective subscriptions [4]. - Other notable funds established in the third quarter include the Dacheng Insight Advantage Fund, E Fund Value Return Fund, and others, each raising over 2 billion yuan [4]. New Fee Structure Funds - Nearly 40 new floating fee structure funds have been established this year, raising over 42 billion yuan in total, with 16 of these funds exceeding 1 billion yuan in fundraising [5]. Index Funds Performance - Among the 127 equity funds that raised over 1 billion yuan, 90 are index funds, accounting for over 70% of the total, with 51 being non-ETF index funds [6]. - The top four funds by fundraising are all ETF-linked funds, with significant contributions from the Huaxia and E Fund series [6]. Emerging Fund Managers - The article notes that several large-scale index funds have been launched by both major firms and smaller public funds, indicating a diverse market landscape [7].

Core Insights - The A-share market is experiencing a steady rise, leading to a recovery in the issuance of equity funds, with notable highlights since September [1] - A total of 133 funds were established in September, raising 124.195 billion yuan, marking a new high for the year and continuing a trend of over 100 billion yuan in issuance for two consecutive months [7] Fund Issuance Performance - Several equity funds sold out in one day, with a significant increase in the number of active equity funds, indicating a strong market demand [3][4] - The "Zhaoshang Balanced Optimal" fund raised 4.955 billion yuan, becoming the largest newly issued active equity fund of the year, with a subscription confirmation ratio of 56.67% [3][4] - Other notable funds that sold out in one day include "Huashang Hong Kong Stock Connect Value Return" and several smaller funds, reflecting a trend of rapid fundraising [3][4] Fund Types and Trends - Active equity funds have shown a clear recovery, with several funds exceeding 17 billion yuan in issuance, including "Ping An Hong Kong Stock Connect Technology Selected" and "Jiaoyin Industry Selection" [5] - Among the newly established equity index funds, four funds raised over 2 billion yuan, with the "Tianhong National Index Hong Kong Stock Connect Technology" fund leading at 2.522 billion yuan [5] - The overall issuance of equity funds accounted for over half of the total, indicating a positive shift in market sentiment towards equity investments [7] Market Sentiment and Future Outlook - The steady rise in the equity market has led to a visible profit effect for equity funds, contributing to the recovery of the issuance market [7] - The average issuance scale of new funds in September was 924 million yuan, marking the second-highest peak of the year [7] - The focus of fund managers and capital allocation is increasingly directed towards technology growth sectors and the Hong Kong market [6]

资料显示，天弘国证港股通科技指数基金跟踪指数聚焦30家最具代表性的科技龙头，涵盖互联网、电 子、通信、生物科技、智能汽车等高成长赛道。其成分股权重上限更高（15%）、集中度更优。 一是稀缺性。港股市场拥有众多A股市场无法覆盖的优质科技公司，尤其在创新药、互联网平台、智能 汽车等领域。 观点仅供参考，不构成投资意见，市场有风险，投资需谨慎，指数基金存在跟踪误差。 港股市场持续受资金追捧。天弘基金17日公告，天弘国证港股通科技指数基金（A类：024885，C类： 024886）成立，募集超25亿元，主销渠道及托管行为建设银行。 三是资金面支撑。南向资金持续大幅流入，年内累计净买入已近万亿港元。叠加美联储降息预期增强， 港股流动性环境有望进一步改善。 基金经理沙川表示，当前正处在由科技驱动的新经济起点，港股市场尤其是港股通标的中的科技龙头企 业，正是这一浪潮中最具代表性的投资阵地，具备三大优势： 机构人士指出，美联储9月降息几乎成定局，年底前仍有一定降息空间，港股市场有望持续受益。 二是估值优势。数据显示，国证港股通科技指数估值处于近五年30%分位左右，安全边际较高，向上空 间广阔。 ...

Market Review - The A-share market showed mixed performance last week, with the ChiNext Index, Shanghai Composite Index, and CSI 300 Index yielding returns of 0.22%, -0.25%, and -0.25% respectively, while the STAR 50, CSI 1000, and SME Index lagged with returns of -1.89%, -0.76%, and -0.65% respectively [1][10] - The metals, oil and petrochemicals, and pharmaceuticals sectors performed well, with returns of 3.95%, 3.31%, and 1.54% respectively, while food and beverage, computers, and building materials sectors underperformed with returns of -4.42%, -2.25%, and -2.16% respectively [1][17] - The central bank's reverse repo operations resulted in a net withdrawal of 72.7 billion yuan, with 930.9 billion yuan maturing and a net market injection of 858.2 billion yuan [19][21] Fund Performance - Active equity, flexible allocation, and balanced mixed funds yielded returns of 0.07%, 0.02%, and -0.28% respectively last week. Year-to-date, alternative funds have performed best with a median return of 12.15% [29][30] - The median excess return for index-enhanced funds was 0.23%, while quantitative hedge funds had a median return of -0.06%. Year-to-date, index-enhanced funds have a median excess return of 2.38% [33][34] Fund Issuance - A total of 16 new funds were established last week, with a total issuance scale of 8.934 billion yuan, a decrease from the previous week. The majority of new funds were equity mixed funds and passive index funds [40][45] - There were 34 funds entering the issuance phase last week, with 17 funds expected to start issuance this week [2][40] ETF Dividend Announcement - On June 11, Huatai-PB Fund announced a cash dividend for its Huatai-PB CSI 300 ETF, with a distribution of 0.880 yuan per 10 fund shares. The record date for dividend rights is June 17, the ex-dividend date is June 18, and the cash dividend payment date is June 27 [4][6]