Group 1 - The core viewpoint of the article highlights a significant recovery in the issuance of active equity funds, with a total of 276 new funds established this year, raising a total of 1410.68 billion yuan, representing a year-on-year increase of 132.25% [1][2][3] Group 2 - A notable indicator of the recovery in active equity fund issuance is the early closure of fundraising for many funds, with 73 funds closing early this year, including several "daylight funds" [3] - The reasons for the recovery in active equity fund issuance include a rebound in the A-share market since last year's fourth quarter, improvements in corporate earnings, and the introduction of policies encouraging long-term investment in equity markets [3][4] - The issuance of passive index products has also surged, with over 760 new index funds established this year, raising more than 5500 billion yuan, marking a year-on-year growth of 89.36% in number and 24% in scale [4] - The market is currently experiencing a phase where both active equity and passive index products are growing, with a shift towards more diverse investment tools [4]

新基金发行市场再现"日光基"。 10月以来，已有近40只基金宣布提前结募，其中不乏主动权益类产品，且多只为"一日售罄"的小爆款。 中欧鑫悦回报一年持有期混合"一日售罄"，启动比例配售 11月13日下午，中欧基金接连发布关于中欧鑫悦回报一年持有期混合提前结束募集及进行比例配售的公告。 根据公告，中欧鑫悦回报一年持有期混合于2025年11月13日开始募集，原定募集截止日为2025年11月26日。截至2025年11月13日，该基金累计有效认购申 请金额已超过本次募集规模上限15亿元（不含募集期利息），公司决定将本基金募集截止日提前至2025年11月13日。同时，将对2025年11月13日的有效认 购申请采用"末日比例确认"的原则予以部分确认。 11月13日，中欧基金发布公告称，旗下中欧鑫悦回报一年持有期混合发行首日便达到15亿元募集上限，提前结束募集，并启动比例配售。 权益基金发行持续回暖 近期，已有多只权益基金宣布提前结束募集。据记者不完全统计，10月以来，近40只基金宣布提前结募，其中不乏主动权益类产品。 范妍掌舵的富国兴和混合于11月3日首发，随后富国基金发布公告，发行首日募集金额已突破30亿元募集规模上限， ...

【导读】中欧鑫悦回报一年持有期混合"一日售罄"，启动比例配售 新基金发行市场再现"日光基"。 10月以来，已有近40只基金宣布提前结募，其中不乏主动权益类产品，且多只为"一日售罄"的小爆款。 中欧鑫悦回报一年持有期混合"一日售罄" 启动比例配售 11月13日下午，中欧基金接连发布关于中欧鑫悦回报一年持有期混合提前结束募集及进行比例配售的公告。 根据公告，中欧鑫悦回报一年持有期混合于2025年11月13日开始募集，原定募集截止日为2025年11月26日。截至2025年11月13日，该基金累计有效认购申 请金额已超过本次募集规模上限15亿元（不含募集期利息），公司决定将本基金募集截止日提前至2025年11月13日。同时，将对2025年11月13日的有效认 购申请采用"末日比例确认"的原则予以部分确认。 11月13日，中欧基金发布公告称，旗下中欧鑫悦回报一年持有期混合发行首日便达到15亿元募集上限，提前结束募集，并启动比例配售。 公开资料显示，中欧鑫悦回报一年持有期混合基金拟任基金经理为中欧基金权益投决会委员、中欧基金价值策略组负责人蓝小康。 值得一提的是，就在上个月，中欧基金旗下刚诞生过一只小爆款产品——中欧价值 ...

Core Viewpoint - The article highlights the rapid success of the China Europe Fund's new product, the China Europe Xinyue Return One-Year Holding Mixed Fund, which reached its fundraising cap of 1.5 billion yuan on its first day of issuance, leading to an early closure and proportional allocation of subscriptions [2][5]. Fundraising Trends - Since October, nearly 40 funds have announced early closures, with many being actively managed equity products that sold out on the first day [3][9]. - The trend of early fundraising closures indicates a resurgence in the equity fund issuance market [8]. Fund Manager Profile - The fund manager for the China Europe Xinyue Return One-Year Holding Mixed Fund is Lan Xiaokang, who is also the head of the Value Strategy Group at China Europe Fund [6]. - Lan Xiaokang has a strong track record, having managed the China Europe Hongli Youxiang Mixed Fund, which has consistently outperformed benchmarks and has a maximum drawdown significantly lower than the Shanghai Composite Index [6]. Investment Style - Lan Xiaokang's investment style is characterized by "contrarian thinking" and "balanced allocation," focusing on achieving a dynamic balance among valuation, corporate quality, and long-term growth potential [7].

与火热的发行数量形成鲜明对比的是，新基金平均募集规模仅为7.82亿元。这一"数量增+平 均规模减"的现象，勾勒出2025年公募基金发行市场的深刻变局。 截至11月11日， 今年以来全市场新发基金数量已达1371只，创近三年新高 。 特约记者丨庞华玮 编辑丨包芳鸣 业内人士认为， 2025年公募基金发行市场已从依靠明星基金经理和爆款单品驱动的模式，彻 底转向了以"工具化、细分化、机构化"为特征的"广撒网"新阶段 。基金公司正在通过密集布 局低成本、高效率的工具产品，以适应市场变化和投资者日益理性的需求。这一趋势预计将 在未来几年持续深化。 策略转向："广撒网"替代"造爆款" 今年以来公募基金的发行回暖，发行量创近三年新高。 Wind数据显示，按照认购起始日统计口径（下同），截至11月11日，年内公募基金的新基发 行数量达到1371只，超越2023年全年（1266只）和2024年全年（1143只），距离2022年全年 发行数量（1424只）仅一步之遥。 值得关注的是，今年以来发起式基金盛行。 年内共有334只新基金采用发起式形式设立，占比 约四分之一，且多为股票型基金 。 这与发起式基金成立门槛低的特点有关：普通 ...

21世纪经济报道特约记者庞华玮 截至11月11日，今年以来全市场新发基金数量已达1371只，创近三年新高。 与火热的发行数量形成鲜明对比的是，新基金平均募集规模仅为7.82亿元。这一"数量增+平均规模减"的现象，勾勒出2025年公募基金发行市场的深刻变 局。 值得关注的是，今年以来发起式基金盛行。年内共有334只新基金采用发起式形式设立，占比约四分之一，且多为股票型基金。 这与发起式基金成立门槛低的特点有关：普通基金需要2亿元和200户投资者才能成立；发起式基金只需5000万元（且管理人自有资金认购不少于1000万）并 承诺持有3年以上。 不过，百亿级新基金已一去不复返了，新基金募资规模普遍较小。截至11月11日，年内基金发行总规模约9653亿元，为2019年以来的新低。此外，年内新基 金的平均募集规模仅为7.82亿元。2020年—2024年这一数据分别为21.94亿元、14.92亿元、10.53亿元、9.08亿元、10.59亿元，均远高于今年。 总体来看，今年新基金发行策略转向了"广撒网"，代替以往的"造爆款"。 "基金公司不再依赖少数明星基金经理押注'爆款基金'，而是采取'广撒网、小步快跑'的策略。"格上 ...

Core Viewpoint - The active equity fund market has seen a significant increase in new fund issuance this year, with a doubling of the issuance scale compared to the previous year, indicating a strong recovery in the A-share market and a shift of household savings into capital markets [1][6]. Fund Issuance Trends - As of November 10, the number of new funds issued this year reached 1,354, the highest in nearly three years, with a total issuance scale of 1.02 trillion yuan, up over 6% from the same period last year [4][5]. - The issuance scale of active equity funds reached approximately 1389.72 billion yuan, compared to only 567.8 billion yuan in the same period last year, marking a year-on-year doubling [5]. Popularity of New Funds - Several new funds have sold out on the first day of issuance, indicating strong demand. For example, the 富国兴和混合 fund raised about 30 billion yuan in a single day [4]. - Notable funds that have also seen rapid sales include 鹏华启航量化选股混合 and 中欧价值领航混合, both achieving significant fundraising within a short period [4]. Future Outlook - Industry experts predict that the sales of active equity funds will continue to recover, providing a steady influx of capital into the A-share market, which could create a positive feedback loop [1][6]. - However, there are concerns that if the market experiences a downturn, fund issuance may cool off, leading to a potential shift of funds back to high-performing existing funds [1][6].

Group 1: Fund Performance and News - The public fund performance benchmark element library has been issued, including 69 first-class indices and 72 second-class indices, with a dynamic management mechanism in place [1] - QDII funds have significantly increased their positions in US stocks following major investments in AI healthcare by companies like Nvidia, Microsoft, Google, and Samsung, leading to improved performance for previously lagging funds [2] - The average annual return for personal pension funds has reached 17.45%, with 98% of the 280 funds showing positive returns, and 4 funds exceeding a 50% increase [3] Group 2: Notable Fund Manager Activities - New funds managed by Su Junjie and Fan Yan sold out on the first day of their launch, with both managers managing over 10 billion yuan as of the end of Q3 [4] Group 3: ETF Market Overview - The market experienced a rebound, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 1.03%, with a total trading volume of 1.87 trillion yuan [5] - The electric grid equipment sector showed strong performance, with solar-related ETFs rising by as much as 5.59% [6] - Notable declines were observed in the Asia-Pacific Select ETF and the China-Korea Semiconductor ETF, both dropping over 3% [8] Group 4: Future Investment Opportunities - The increasing penetration of new energy in the power supply sector and the anticipated rise in demand for electric grid equipment due to major projects suggest a stable growth outlook for the industry, with continued investment expected in the electric grid [9]