Core Insights - The public fund issuance market is experiencing a significant surge, with a notable increase in "one-day sold-out" funds, indicating strong investor demand for public products [1][4] - A total of 88 funds were sold out on their first day of issuance as of October 25, 2025, reflecting a robust appetite for public offerings [1] - The emergence of "daylight funds" is primarily driven by a stabilizing macroeconomic environment and rising A-share market, leading to increased investor risk appetite [4] Fund Issuance Trends - The issuance of funds has remained high, with 12 funds achieving over 1 billion yuan in issuance this year, and several products raising funds in less than 10 days [1][2] - Notable funds include Huatai-PineBridge's Yingtai Stable 3-Month Holding FOF, which raised over 5 billion yuan and announced early closure on its first day [1] - Passive index bond funds, particularly those tracking high-credit-rated technology innovation bonds, have become dominant, with many achieving 3 billion yuan in issuance within one day [2] REITs and Equity Funds - Real Estate Investment Trusts (REITs) have gained attention, with several products achieving significant first-day sales, indicating strong demand for assets with stable distribution characteristics [2] - Equity funds are also showing promise, with mixed-asset funds like China Merchants Balanced Preferred A raising nearly 5 billion yuan and selling out on the first day, suggesting a recovery in investor confidence in the equity market [3] - The market is witnessing a diversification in risk appetite, with investors actively seeking opportunities in various sectors, including Hong Kong stocks and technology themes [3] Market Outlook - Analysts predict that the active trend in the public fund issuance market is likely to continue, with "daylight funds" potentially becoming a regular occurrence as the market remains favorable [4] - The high proportion of passive index products in new fund issuances reflects a deepening trend towards index-based investment strategies [4]

Core Viewpoint - The recent launch of the China Europe Fund's "China Europe Value Navigation Mixed Fund" has raised nearly 2 billion yuan in just one day, indicating a strong demand for actively managed equity funds in the current market environment [1][2]. Fundraising Details - The fund raised 1.97 billion yuan in a single day, with nearly 10,000 effective subscriptions [2]. - The fund's original sale period was from October 16 to October 28, but it closed early due to reaching its fundraising cap on the first day [2]. Fund Manager Profile - The fund manager, Lan Xiaokang, is a member of the equity decision-making committee at China Europe Fund and heads the value strategy group [3]. - Lan currently manages three funds, with the largest being "China Europe Dividend Enjoyment," which had a scale of 9.666 billion yuan as of the end of Q2 this year [3]. - Performance data shows that the funds managed by Lan have impressive returns, with "China Europe Dividend Enjoyment A" achieving a return of 170.24% [3]. Market Trends - The issuance of equity funds is recovering, with several funds recently announcing early closures due to high demand [4]. - For instance, the Penghua Fund's "Manufacturing Upgrade" fund closed early after just two days of fundraising, exceeding its 2 billion yuan cap [4]. - Since September, over 50 funds have announced early closures, particularly among actively managed equity products, suggesting a trend of increasing investor interest in this segment [5]. Industry Insights - The recent performance of actively managed equity funds is attributed to a recovering equity market and the reputation of skilled fund managers [5]. - The sales capabilities of fund custodians also play a crucial role in achieving successful fundraising outcomes [5].

Core Insights - The A-share market is experiencing a strong influx of funds through equity funds, with a total of 1,163 new funds established by October 19, 2025, surpassing the total of 1,135 for the entire year of 2024, indicating a robust recovery in the fund market [1] - The number of newly established equity funds has reached 661, with a total issuance scale of 339.396 billion yuan, accounting for 37.45% of the total issuance scale, marking the highest proportion in nearly 15 years since 2011 [1] - The high proportion of equity funds in 2025 reflects investors' desire for higher returns during a bull market and indicates that fund companies are responding to market demand by increasing the issuance of equity funds [1] Fund Issuance Trends - The total issuance scale for the year has reached 906.273 billion yuan, with seven products exceeding 6 billion yuan in initial fundraising, and 50 funds surpassing 3 billion yuan [1] - The top mixed FOF fund, Dongfanghong Yingfeng, has raised 6.573 billion yuan, leading the market, followed by several other funds with similar fundraising scales, indicating strong institutional interest in bond index tools and stable strategy products [2] - Passive index bond funds have become the mainstay in the 3 billion to 6 billion yuan range, with several bond ETFs achieving over 3 billion yuan in fundraising, highlighting the demand for low-volatility assets [2] Market Dynamics - The rebound in the equity market has led to increased issuance of active equity funds, with several products surpassing 2 billion yuan in scale, reflecting a growing demand for equity assets [3] - The issuance scale of bond funds has decreased compared to last year, as the attractiveness of the stock market increases amid narrowing interest rate space, demonstrating a "stock-bond seesaw" effect [3] - The structural changes in the fund issuance market indicate a shift in capital flow, with public funds becoming a significant channel for capital inflow into the A-share market, suggesting a potential continuation of the equity investment golden period [3]

Core Insights - In September, the A-share market experienced significant growth, surpassing 3,800 points, leading to a recovery in the new fund issuance market, with a total of 201 new public funds established, marking the highest monthly figures of the year [1][3] Fund Issuance Overview - The total issuance volume of new funds in September reached 1,673.39 billion units, representing a month-on-month increase of 93.26% and 64.02% respectively [1][3] - In the first three quarters of the year, new fund issuance exceeded 8,900 billion units, an increase of nearly 400 billion units compared to the same period last year, with 1,148 new funds launched, surpassing the total for the entire year of 2024 [3] Fund Types and Performance - In September, the majority of newly established funds were equity funds, with 104 new equity funds launched, a 22.35% increase from August [3] - Bond funds also saw significant growth, with 39 new bond funds established, a 62.5% increase from the previous month [3] - The issuance of equity funds accounted for 39.35% of the total issuance, with a volume of 658.44 billion units, reflecting a nearly 40% month-on-month increase [3] - Mixed funds and bond funds also showed strong performance, with mixed funds at 302.92 billion units (18.10% share) and bond funds at 659.59 billion units (nearly 40% share), both experiencing substantial month-on-month growth [3] Notable Fund Products - The top-performing funds in September were index funds, with notable issuances including BlackRock's China Bond Investment Preferred Green Index A and China Merchants Balanced Preferred A, with issuance sizes of 6 billion and 4.955 billion respectively [4] - The second batch of 14 science and technology bond ETFs was launched in mid to late September, with a total issuance scale of 407.86 billion, contributing to a total scale of over 2,300 billion for science and technology bond ETFs [4] Market Outlook - There were 48 funds that announced early closure in September, indicating increased market activity and investor confidence [5] - Industry insiders remain optimistic about the future of the fund issuance market, expecting continued recovery driven by favorable policies and market conditions [5] - Following the National Day holiday, around 100 new funds are set to compete in the market, with 30 currently in issuance and 70 more planned for October, predominantly in equity categories [5]

Core Viewpoint - In September, the A-share market experienced significant growth, leading to a recovery in the new fund issuance market, with the highest monthly figures recorded for the year [2][3]. Fund Issuance Overview - A total of 201 new public funds were established in September, with an issuance volume of 1,673.39 billion units, marking a month-on-month increase of 93.26% and 64.02% respectively [2]. - In the first three quarters of the year, new fund issuance exceeded 890 billion units, an increase of nearly 40 billion units compared to the same period last year [3]. Fund Types and Performance - The majority of new funds in September were equity funds, with 104 stock funds established, a 22.35% increase from August [3]. - Bond funds also saw significant growth, with 39 new funds established, a 62.5% increase from the previous month [3]. - Equity funds accounted for 39.35% of the total issuance, with 658.44 billion units issued, reflecting a nearly 40% month-on-month growth [3]. Notable Fund Products - The top-performing new funds in September were index funds, including the BlackRock China Bond Investment Preferred Green Index A and the China Merchants Balanced Preferred A, with issuance sizes of 6 billion and 4.955 billion respectively [4]. - A total of 14 new science and technology bond ETFs were launched in mid to late September, with a combined issuance scale of 407.86 billion, contributing to a total scale of over 2,300 billion for science and technology bond ETFs [4]. Market Outlook - Following the National Day holiday, 100 new funds are set to compete in the market, with 30 currently in issuance and 70 more expected to launch in October [5]. - The increase in the number of funds that announced early closure reflects heightened market activity and restored investor confidence [4].

Core Insights - The public fund market in China is experiencing a surge in early fundraising closures, with 19 funds announcing early closures in September, indicating a positive market sentiment and increased investor confidence [2][5][6] - The total net asset value of public funds in China has surpassed 35 trillion yuan, marking a historical high and reflecting the growing demand for wealth management products among residents [6][7] - The trend of "daylight funds" re-emerging, where funds sell out quickly, suggests a robust interest in equity products and a healthy market environment [2][3][5] Fundraising Trends - 19 public funds have announced early closures in September, with some funds selling out within a day, indicating strong demand [2][3] - Specific funds like the Huaxia KaiDe Commercial REIT and Huashang Hong Kong Stock Connect Value Return Fund have seen significant oversubscription, with the former attracting over 300 billion yuan in subscriptions [4] - The rapid fundraising closures are a strategic move by fund managers to protect investor interests and capitalize on market opportunities [3][5] Market Size and Growth - As of July 2025, the total net asset value of public funds in China reached 35.08 trillion yuan, a record high and the tenth time it has surpassed this threshold since 2024 [6][7] - The growth is driven by a combination of factors, including a recovering A-share market and increased investor interest in equity funds [7][8] Investor Sentiment - The increase in early fund closures and the emergence of "daylight funds" reflect a significant rebound in investor confidence and a shift towards equity investments [2][5] - Fund companies are actively responding to market conditions by launching products that align with investor demand, further fueling this trend [5][7] Future Outlook - The A-share market is expected to present structural opportunities, with a focus on technology growth and stable dividend stocks as key investment themes [8] - Investment opportunities are anticipated in sectors such as artificial intelligence, semiconductor technology, and consumer goods, driven by economic transformation [8]

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, CSI 300, and Shenzhen Component Index gaining 2.35%, while the Sci-Tech 50, CSI 1000, and SME Index lost -5.42%, -2.59%, and -2.29% respectively [6][14] - The total trading volume of major indices decreased, except for the ChiNext Index, indicating a decline in market activity [17] - The People's Bank of China conducted a net withdrawal of 1,204.7 billion yuan through reverse repos, with a total of 2,273.1 billion yuan maturing [24] Fund Performance - Last week, the performance of active equity, flexible allocation, and balanced mixed funds was -0.57%, -0.49%, and -0.26% respectively [32] - Year-to-date, active equity funds have shown the best performance with a median return of 24.10%, followed by flexible allocation and balanced mixed funds at 17.59% and 10.09% respectively [34] - The median excess return for index-enhanced funds was 0.00%, while quantitative hedging funds had a median return of 0.21% last week [36] Fund Issuance - A total of 39 new funds were established last week, with a combined issuance scale of 27.573 billion yuan, an increase from the previous week [4] - 48 funds were reported for issuance, including 10 FOFs and 2 QDIIs, indicating a growing interest in diverse fund products [5] Regulatory Changes - The China Securities Regulatory Commission announced a revision to the sales fee management regulations for public funds, aiming to reduce investor costs by lowering subscription, purchase, and service fees [10] Index Adjustments - FTSE Russell announced adjustments to the FTSE China A50 Index, which will include new stocks such as BeiGene and WuXi AppTec, while removing others like China Nuclear Power and China Unicom [11][12]

Core Viewpoint - The recent recovery of the Shanghai Composite Index above 3800 points has led to a resurgence in market confidence, resulting in a strong performance in the public fund issuance market during September, particularly in the first week [1] Fund Issuance Summary - A total of 38 new funds were established in the first week of September, with a total issuance scale of 27.573 billion yuan, averaging 726 million yuan per fund, indicating a simultaneous increase in both volume and price [1] - Equity funds emerged as the primary contributors to the issuance, with 23 new funds raising 11.663 billion yuan, accounting for 42.3% of the total; mixed funds followed closely with 11 products raising 12.666 billion yuan, making up 45.9% of the total [1] - The top fund by issuance scale was the招商均衡优选A, which raised 4.955 billion yuan, followed by广发创业板指数增强A and平安港股通科技精选A with 2.393 billion yuan and 1.738 billion yuan respectively, reflecting a renewed demand for equity assets [1] Investment Themes - Recent fund issuance trends indicate a focus on technology, high-end manufacturing, and consumer recovery, highlighting investor interest in high-growth sectors [2] - Notable funds include兴业上证科创板人工智能指数A (9.57 billion yuan),国投瑞银上证科创板人工智能指数A (8.81 billion yuan), and华安恒生生物科技ETF (9.18 billion yuan), which target key areas in the AI and biotech sectors [2] - Several new funds experienced rapid subscription periods, with some achieving "one-day sell-out" status, demonstrating strong investor confidence in technology growth sectors [2] Market Environment - In contrast to the recovery in equity fund issuance, bond funds raised only 3.244 billion yuan, accounting for 11.8%, while money market funds saw no new issuances [3] - The improvement in equity fund issuance is closely linked to the recent favorable market conditions, with the Shanghai Composite Index's return to 3800 points enhancing the attractiveness of equity assets [3] - Industry insiders noted an increase in investor risk appetite, particularly towards growth sectors, with a significant proportion of new funds focusing on technology and healthcare themes [3]