Group 1 - The fund issuance market has shown signs of recovery, with the launch of a major actively managed equity fund, Guangfa Research Smart Selection A, which achieved an issuance of 7.221 billion shares, marking the first fund to exceed 7 billion shares since October 2022 [1] - As of January 25, 2026, a total of 76 new funds have been established, with a combined issuance of 71.939 billion shares. Among these, 24 mixed funds accounted for 27.806 billion shares, and 31 stock funds accounted for 16.506 billion shares [3] - The average issuance of newly established funds in January was 9.47 million shares, significantly higher than the 6.33 million shares in December 2025, representing the highest monthly average since February 2025 [3] Group 2 - Several actively managed equity products have performed well in terms of issuance, with E Fund Balanced Selection achieving 3.408 billion shares, and other mixed funds like Baodao Shengxiang Quality Growth and Huatai-PineBridge Technology Leading A exceeding 2 billion shares each [3] - There are plans for 50 new funds to be issued from January 26 until before the Spring Festival, including 18 passive index and enhanced index funds, and 18 actively managed equity funds, indicating a shift from the previous dominance of passive index products [3] - Some institutions express a rationally optimistic outlook for the equity market in 2026, suggesting that policy guidance and improving industrial cycles may support the fundamentals, with a focus on technology growth and sectors experiencing low-level rebounds [4]

Group 1 - The core viewpoint of the articles indicates a significant rebound in the issuance of actively managed equity funds, highlighted by the launch of the Guangfa Research Smart A fund, which achieved an issuance of 7.221 billion shares, marking it as a "blockbuster product" [1][4] - As of January 25, 76 new funds have been established in 2026, with a total issuance of 71.939 billion shares, showing a recovery in the fund issuance market [2][3] - The average issuance of new funds in January 2026 reached 9.47 billion shares, significantly higher than the 6.33 billion shares in December 2025, indicating a notable improvement in market conditions [3] Group 2 - The issuance of actively managed equity funds is gaining momentum, with several funds exceeding 2 billion shares, including the E Fund Balanced Selection with 3.408 billion shares [5] - The upcoming issuance of 50 new funds before the Spring Festival suggests a balanced market between actively managed equity funds and passive index funds, with both types of funds having equal representation [5] - Institutions are cautiously optimistic about the equity market in 2026, with expectations of significant style and structural shifts, driven by positive policies and improving fundamentals [6]