值得一提的是，今年认购天数仅为1天的"日光基"数量显著增多，并且募集规模非常可观，被动指数型 债券基金是绝对主力。特别是追踪上证AAA科创债、中证AAA科技创新公司债等指数的ETF产品，几 乎呈现全面开花之势，多家基金公司旗下同类产品均一日售罄，且发行规模大多集中在30亿元左右，显 示出投资者对高信用等级科创主题债券资产的旺盛需求，以及对利率环境及稳健收益的明确偏好。例 如，富国中证AAA科技创新公司债ETF发行规模为30亿元、兴业中证AAA科技创新公司债ETF发行规模 为近30亿元等，均仅用1天时间完成发行。 市场分析人士指出，"日光基"频现主要受益于2025年宏观经济企稳向好以及A股市场持续创出新高，投 资者风险偏好明显提升。同时，基金公司推出的产品更加精准契合市场需求，如科技创新债ETF、 REITs等创新品种，为投资者提供了多元配置工具。数据显示，今年新发基金中，被动指数型产品占比 居高，反映了指数化投资趋势的深化。业内预计，未来公募基金新发市场活跃态势有望延续，随着市场 持续回暖，"日光基"或将成为常态。 今年公募基金新发市场呈现出一派火热景象，新发基金不仅在数量上保持高位，更引人注目的是，认购 天 ...

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]

分类型来看，9月新成立基金中，权益类新基金发行显著回升，成为发行"主力"，其中，股票型基金发行份额为658.44亿份（占比为39.35%），环比增长 近40%。混合型基金发行份额为302.92亿份（占比为18.10%），环比增长超110%。与此同时，债券型基金发行也大幅增长，发行份额达659.59亿份（占比 近40%），环比增长近90%，创年内单月新高。 从9月爆款产品来看，发行规模居前的均为指数型基金。其中，贝莱德中债投资优选绿色指数A、招商均衡优选A成立规模分别为60亿元、49.55亿元。紧 随其后的是新华中证同业存单指数7天持有、华夏上证科创板人工智能ETF联接A，首发规模均在40亿元左右。9月，科创债ETF也是新基金发行的一大亮 点。第二批14只科创债ETF于9月中下旬集中发布基金合同生效公告，发行规模合计为407.86亿元。其中，13只科创债ETF发行规模均超过29亿元。加上这 14只科创债ETF，当前科创债ETF总规模超2300亿元，债券ETF总规模超6700亿元。 9月，有48只基金宣布提前结募，较8月有所增加。对于后续基金发行市场，多位基金业内人士保持乐观态度，认为基金发行形势有望持续回暖。 ...

从9月爆款产品来看，发行规模居前的均为 指数 型基金。其中，贝莱德中债投资优选绿色指数A 、招商均衡优选A 成立规模分别为 60 亿 元、 49.55 亿元。紧随其后的是新华中证同业存单指数7天持有 、华夏上证科创板人工智能ETF 联接 A ，首发规模均 在40 亿元 左右 。 9月， 科创债ETF 也是新基金发行的一大亮点。 第二批14只科创债ETF 于9月中下旬 集中发布基金合同生效公告，发行规模合计为 407.86亿元。其中，13只科创债ETF发行规模均超过29亿元。加上这14只科创债ETF，当前科创债ETF总规模超 2300 亿元，债券ETF总 规模 超 6 7 00亿元。 9月，有 48 只基金宣布提前结募，较8月有所增加。对于 后续基金发行市场，多位基金业内人士保持乐观态度，认为基金发行形势有望持 续回暖。 业内人士指出， 在一系列政策组合拳下，9月A股市场明显回暖，基金发行市场展现出了整体向好态势。同时提前结募产品数量增加，充分 反映了市场活跃度提升和投资者信心的恢复。各家基金公司也加速布局市场热点，积极推出新发产品，新发基金的节奏逐渐加快，显示出 基金公司对当前市场环境和未来市场预期的看好。 ...

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]