今年以来，在市场行情回暖背景下，公募基金发行显著升温。Wind数据显示，截至12月2日，今年以来 共有1450只新基金发行，发行份额合计为10359.09亿份。今年新基金发行数量已经超过去年全年的1143 只，并且创下近3年的新高。 在今年新发行并成立的基金中，有7只产品合并发行份额达到或超过60亿份，包括东方红盈丰稳健配置6 个月持有和富国盈和臻选3个月持有两只FOF以及惠升和盛纯债、贝莱德中债投资优选绿色指数等5只债 券型基金。另有29只基金合并发行份额在40亿份-60亿份之间，以债券型产品为主。 虽然新成立的规模较大的基金以债券型产品居多，但整体来看，权益类产品无疑成为今年新基金发行的 主力军。Wind数据显示，今年以来共计发行795只股票型基金和251只偏股混合型基金，占比超过七 成。 新基金密集发行 进入12月，新基金的发行热度仍在持续。Wind数据显示，截至12月2日，在已经公告发行档期的基金 中，共有64只产品在12月开始发行。其中，仅12月1日当天，就有28只新基金同台竞技。 权益类产品是新发基金的主力军。共有26只股票型基金在12月开始发行，其中绝大多数是被动型基金， 仅有广发质量优选、路博 ...

新基金密集发行 进入12月，新基金的发行热度仍在持续。数据显示，截至12月2日，在已经公告发行档期的基金中，共 有64只新基金在12月开始发行。 权益类基金是新发基金中的主力军。共有26只股票型基金在12月开始发行，其中绝大多数是被动型基 金，仅有广发质量优选、路博迈港股通科技、国金科创创业量化选股三只普通股票型基金。另外，还有 16只混合型基金在12月开始发行，其中有11只是偏股混合型基金和灵活配置型基金。这些正在发行或即 将发行的权益类基金中，不乏拟由知名基金经理管理的产品，比如广发质量优选的拟任基金经理杨冬。 除了权益类基金，12月还有14只债券型基金、7只FOF和1只QDII基金开始发行。 12月，新基金发行热度不减。截至12月2日，超60只基金已经开始或即将发行（按认购起始日统计，下 同）。仅12月1日当天，就有28只新基金开始发行，打响12月的新基金"发行战"。今年以来，已经有 1450只新基金发行，超过去年全年的1143只，并且创下近3年新高。 权益类基金成主力军 今年以来，在市场行情回暖背景下，公募基金发行显著升温。数据显示，截至12月2日，今年以来共有 1450只新基金发行，发行份额合计为1 ...

Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].

Core Insights - The public fund industry is experiencing a surge in new fund launches as the year-end approaches, with 40 new funds being introduced this week, primarily focusing on equity funds [1][2] Fund Launch Overview - A total of 40 new public funds are being launched this week, with equity products being the main focus for various fund companies [2] - Among the new funds, 16 are actively managed equity funds and 13 are index funds, indicating a strong emphasis on equity investment strategies [2] Thematic Focus of New Funds - Many newly launched funds are targeting current hot themes, such as overseas expansion and consumer trends. For instance, the Yongying Qihang Huixuan fund focuses on growth opportunities from overseas contributions, highlighting that the gross margin of non-financial A-share companies has been higher overseas since 2021 [3] - The Caitong Consumer Preferred fund is aimed at young consumer trends, including brand expansion and innovative consumption, with the fund manager optimistic about the growth potential in the consumer sector [3] Experienced Fund Managers - Several new funds are managed by seasoned professionals, such as Teng Yue from China Merchants, who has nearly 16 years of investment research experience and focuses on sectors like technology, manufacturing, and healthcare [4] - Yang Dong from Guangfa Quality Preferred fund, with 19 years in the securities industry, plans to use a strategy combining subjective long positions, active quantification, and AI enhancement to identify quality assets with growth potential [4] Variety in Index Funds - The newly launched index funds include a range of enhanced index products and broad-based ETFs, such as the Penghua Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index Enhanced Fund and the Jiayin China Securities Index Selection Hong Kong and Shanghai Technology 50 ETF [4] Popularity of Fixed Income and FOF Products - Recent trends show that fixed income plus ("固收+") and Fund of Funds (FOF) products are gaining popularity, with several products achieving significant fundraising success [5] - For example, the Huatai Fuyin Stable Preferred Fund raised approximately 2.498 billion yuan, while other FOF products also saw fundraising in the range of 1 billion to 1.5 billion yuan [5] AI ETF Launch Success - The launch of seven AI-themed ETFs by various fund companies has been met with strong market interest, with the Yongying China Securities Sci-Tech Innovation Entrepreneurship AI ETF selling out in just one day, raising over 900 million yuan [6] - The rapid sale of these AI ETFs reflects the growing enthusiasm for the AI sector, as the domestic AI industry continues to advance across various segments [6]

Core Insights - A total of 40 new public funds are being launched this week, with a focus on equity funds, indicating strong market confidence as the year-end approaches [2][4] - The majority of new funds are actively managed equity funds and index funds, with 16 active equity funds and 13 index funds being introduced [4] - Many new funds are designed to fill product line gaps or align with future market trends, such as overseas expansion, technology, and consumer themes [2][5] Fund Distribution - Among the new funds, 13 are mixed funds, 2 are stock funds, and 1 is a flexible allocation fund within the active equity category [4] - The index funds include a variety of enhanced index funds and broad-based ETFs, such as the Penghua Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund and the China Universal Technology 50 ETF [6][8] Investment Themes - Specific funds are targeting current hot themes, such as the Yongying Qihang Huixuan Fund, which focuses on overseas growth opportunities, and the Caitong Consumer Preferred Fund, which targets young consumer trends and brand expansion [5][6] - Fund managers with extensive experience are leading many of the new funds, indicating a focus on sectors like technology, manufacturing, and healthcare for long-term investment [7][8] Recent Fund Performance - Last week, several "fixed income +" and FOF products attracted significant capital, with the Huatai-PineBridge Stable Selection Fund raising approximately 2.498 billion yuan [9] - The market shows a growing interest in AI-related funds, as evidenced by the rapid subscription of the Yongying Zhongzheng AI ETF, which reached nearly 900 million yuan in a single day [10][11]