本文共2000 字 阅读完约5分钟 从发行市场的情况来看，进入9月以来，一日售罄的权益类基金在增多，主动权益类基金的发行数据也颇为靓丽。 数据显示，截至9月22日，9月以来成立的权益类基金中，共有7只一日售罄，其中6只是主动权益类基金。 招商均衡优选发行规模较大，该基金自9月2日开始发行，原定募集截止日为9月12日，同时设置了50亿元的募集规模上限，最终提前结束募集，仅售一 日。该基金于9月4日正式成立，募集规模为49.55亿元，最终认购申请确认比例仅为56.67%，这意味着当日认购资金或高达88亿元。该基金也成为今年以 来新发规模最大的主动权益型基金。近期该基金净值有所波动，显示已逐步建仓。 华商港股通价值回报基金也一日售罄。该基金自9月8日开始发行，原定募集截止日为9月24日，同时设置了10亿元的募集规模上限，最终仅售一日便超出 募集规模上限而提前结束募集，并按32.95%的末日比例确认认购份额，最终募集规模为9.9亿元。 金融投资报记者 刘庆华 伴随着A股市场的稳步上行，权益类基金发行市场逐渐回暖，9月以来权益类基金发行亮点频现。 一方面，多只权益类基金一日售罄，环比上月数量明显增多，包括招商均衡优选、 ...

Core Insights - The bond market is experiencing significant fluctuations, with bond funds attracting 40 billion in investments, indicating strong investor interest, while pure bond funds are facing restrictions on large subscriptions [1][7] - The shift in fund issuance reflects a move away from large-scale fundraising towards more manageable and focused fund sizes, with many new equity funds capped at 1 to 5 billion [3][5] - Fund companies are prioritizing performance over size, aiming to regain investor trust after previous performance issues related to large fund sizes [4][9] Group 1: Market Trends - The bond market is not being overlooked; it is actively evolving with the introduction of new products, such as the second batch of 14 science and technology bond ETFs, which collectively raised nearly 400 billion [7] - Regulatory changes are encouraging bond funds to diversify their offerings, promoting "fixed income plus" products that can generate stock returns, thus revitalizing the bond fund sector [7] Group 2: Fund Issuance Dynamics - The current trend in fund issuance resembles a shift from large, high-capacity funds to smaller, more selective offerings, with many new equity funds limiting their fundraising to 1 to 5 billion [3][5] - Fund companies are adopting a strategy of "small but exquisite," focusing on delivering stable performance rather than merely increasing fund size, which has been a concern for investors [4][9] Group 3: Investor Experience - The changes in the fund market are expected to enhance the investment experience for ordinary investors, moving away from the hype of large fund sizes to a more rational approach that emphasizes performance and suitability [9] - Investors are encouraged to select funds based on their risk tolerance and to avoid being swayed by the allure of large fund sizes, which can lead to poor investment outcomes [9]

Group 1 - Fund companies have learned to exercise restraint, setting fundraising limits between 1 billion to 5 billion, contrasting sharply with the previous trend of raising hundreds of billions [1][3] - The motivation behind this restraint is to prioritize the stability of product performance, as larger funds can hinder fund managers' operations and negatively impact performance [1][3] - The industry is shifting from a "scale is king" mentality to one that values "performance and experience above all" [5] Group 2 - Recent regulatory adjustments have aimed to cool down the pure bond fund market while encouraging the development of products with equity attributes [7][9] - The approval process for pure bond funds will be limited to two per company, while mixed bond funds with minimum stock holdings will see expedited approvals [9][11] - The market has responded positively to these changes, with a significant increase in the issuance of equity funds and a resurgence of "daylight funds" [14] Group 3 - The current market environment is characterized by a cautious optimism, with a focus on sectors like artificial intelligence and overseas expansion [16][18] - The industry is transitioning from merely increasing the size of the market to enhancing the quality and attractiveness of investment products [18]

Core Insights - The public fund issuance market has seen a significant increase in September, with 119 new funds launched, representing a 41.67% month-over-month growth [2] - The average subscription period for new funds has shortened to 12.76 days, down from 17.42 days in the previous month, indicating a faster pace of capital inflow [3][15] - The rise in public fund subscriptions is attributed to improved market performance, increased investor confidence, and notable profitability of equity funds [4][15] Fund Performance and Trends - Equity funds have become the dominant category in new fund launches, with 77 equity funds accounting for 64.71% of the total new funds in the first half of September [6] - Several equity funds have ended their subscription periods early, leading to the emergence of "daylight funds" [7][11] - The "daylight fund" phenomenon is exemplified by the HuaShang Hong Kong Stock Connect Value Return Fund, which exceeded its initial fundraising target of 1 billion yuan on the first day of subscription [7] Fund Manager Insights - Fund managers are optimistic about the investment potential in the Hong Kong market, highlighting sectors such as AI chips, innovative pharmaceuticals, and international companies [10][12] - The manager of the HuaShang fund, Yu Yi, has a strong track record, managing multiple funds with significant returns [9] Market Outlook - The overall market sentiment remains positive, with institutions forecasting continued growth in the stock market, supported by economic transformation and favorable policy changes [20] - The public fund industry has reached a record high in total assets, surpassing 35 trillion yuan as of July 2023 [18] - Despite the positive outlook, there are warnings about the potential underperformance of funds launched at market peaks, emphasizing the need for careful selection by investors [5][21][22]

Group 1 - The core viewpoint of the article highlights the resurgence of "explosive" equity funds in the A-share market, particularly with the successful launch of the招商均衡优选 fund, which raised over 73 billion yuan in just half a day, exceeding its 50 billion yuan cap [2][4] - The fund is managed by 吴潇, who has a track record of managing multiple funds with a total scale of 92.32 billion yuan [2] - The article notes that since 2023, only one other active equity fund, 华安景气领航, has surpassed the 50 billion yuan mark at its launch, indicating a rarity of such successful fund launches in the current market [2][4] Group 2 - Factors contributing to the success of the招商均衡优选 fund include the fund manager's decent performance and a balanced investment style that appeals to institutional investors [4] - The strong sales channels, particularly through招商银行, which ranks second in active equity fund holdings with 410.5 billion yuan, also played a significant role in the fund's rapid fundraising [4][9] - The article defines "explosive" funds as those that sell out quickly and exceed fundraising expectations, with the peak period for such funds occurring between 2020 and 2021 [4][6] Group 3 - The article discusses the decline in performance of many previously successful "explosive" funds, with only 10 out of 30 funds launched in 2020 maintaining positive returns as of September 2 [7] - The highest return among these funds is 63.01% for 富国成长策略A, while the lowest is -31.49% for 嘉实核心成长A, highlighting the volatility and challenges faced by large-scale funds [7][8] - The article attributes the poor performance of many "explosive" funds to their launch during market peaks, which often leads to larger fund sizes that can hinder management effectiveness [7] Group 4 - The public fund industry is undergoing a transformation towards high-quality development, with total net assets reaching 35.08 trillion yuan as of July, marking a record high [9] - Recent reforms in fund fee structures aim to reduce investor costs and shift the focus from scale to returns, indicating a significant change in industry dynamics [9][10] - The trend of multiple fund managers co-managing funds is becoming more common, with over 25% of funds now employing a co-management model [12]

人民财讯9月2日电，近期资本市场表现持续向好，权益基金发售回暖。9月2日，招商均衡优选在发行首 日发布募集规模上限公告称，基金募集过程中，若募集规模接近、达到或超过50亿元时，基金可提前结 束募集。据悉，该基金最新募集规模已经超过50亿元，有望成为今年成立规模最大的主动权益基金。 ...