Core Insights - The public fund market in October 2025 saw a combined issuance scale of approximately 743.76 billion yuan, representing a year-on-year increase of 82.44% but a month-on-month decrease of 56.1% [1][2] Fund Issuance Structure - In October, the largest issuance scale was for equity funds, exceeding 200 billion yuan, with a total of 225.38 billion yuan for equity funds, followed by FOF funds at 172.94 billion yuan, mixed funds at 158.88 billion yuan, and bond funds at 145.21 billion yuan [2][3] - The issuance scale for QDII funds was relatively small at 14.52 billion yuan [2] Top Fund Products - The largest product by issuance scale was the Huatai-PB Yingtai Stable 3-Month Holding Fund, which had an issuance scale of 55.77 billion yuan and effective subscriptions of 15,214 households [3] - The Southern Growth Enterprise Board Artificial Intelligence ETF Link ranked second in issuance scale [3] - The Fortune Stable Tianrong Fund also had a significant issuance scale of 35.7 billion yuan, classified as a mixed bond secondary fund [3] Fund Company Activity - Huaxia Fund and Southern Fund were the companies with the highest number of new fund issuances in October, each launching five new products [5] - A total of six funds announced extensions for their fundraising periods, including products from Wanji Fund and Taikang Fund [8]

Core Viewpoint - The recent divergence in returns and risks between equity and bond markets in China has led to a renewed interest in "fixed income plus" products, which combine bonds with a small allocation to equities to meet investor demand for both risk aversion and capital appreciation [1][2]. Group 1: Equity Market Insights - The equity market is currently favoring high valuation and high growth sectors, resulting in increased volatility, which poses a risk of losses for investors who misjudge market timing [1]. - The strategy for equity allocation focuses on low valuation blue-chip stocks with high dividends and shareholder returns, ensuring a strong margin of safety and resilience against market fluctuations [2]. Group 2: Bond Market Insights - The bond market is experiencing a continuous decline in interest rates, which compresses the yield space for pure bond funds, diminishing their attractiveness for conservative investors [1]. - The "fixed income plus" product, specifically the 富国稳健添荣 fund, allocates at least 80% of its assets to bonds, primarily focusing on short-duration, high-grade credit bonds to mitigate interest rate risk and ensure stable coupon income [1][2]. Group 3: Fund Management Strategy - The fund employs a three-layered approach to risk management: cautious valuation assessments to avoid overvalued assets, regular adjustments of the equity-bond ratio to maintain balance, and close monitoring of individual stocks to promptly address any emerging risks [2]. - The fund is managed by Zhu Chenjie, who has extensive experience in securities and investment management, emphasizing a conservative investment philosophy that prioritizes high-quality assets and valuation protection [3].