Core Insights - The public fund market in September 2025 saw a combined issuance scale of approximately 169.425 billion yuan, representing a year-on-year increase of 85.79% and a month-on-month increase of 62.13% [2][5] Fund Issuance Structure - In September, the issuance scale of equity funds reached 66.043 billion yuan, while bond funds followed closely with 65.959 billion yuan. Mixed funds had an issuance scale of 30.292 billion yuan, and FOF funds were relatively small at 1.643 billion yuan [3][5] - The largest product by issuance scale was the BlackRock China Bond Investment Preferred Green Index Fund, which had a scale of 6 billion yuan and was launched on September 25 [6] - The second largest was the China Merchants Balanced Preferred Fund, a mixed equity fund with a performance benchmark based on multiple indices [7] Fund Extension Announcements - In September, four funds announced extensions of their fundraising periods, including the Guotai Semiconductor Manufacturing Selected Fund and the Hengsheng Qianhai Craftsman Selected Fund [11]

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 number of newly established funds reached 56 with a total issuance scale of 767.15 billion yuan during the week of September 15-21, marking the highest weekly issuance scale in the past three years [1] - There is a significant structural differentiation in the fundraising performance of new funds, with the top 10 popular products raising a total of 243.8 billion yuan, predominantly passive index bond funds, highlighting a pronounced head effect [1] - In contrast, 12 funds raised less than 100 million yuan, with some having subscription periods extending up to 82 days, indicating a market trend where funds are increasingly concentrated in high-quality products [1] Fund Performance - Bond funds emerged as the main focus of issuance, with 21 new bond funds established, totaling 486.21 billion yuan, accounting for 63% of the total issuance scale [1] - The Xinhua Zhongzheng Interbank Certificate of Deposit Index 7-Day Holding Fund led the issuance with a scale of 41.57 billion yuan, significantly surpassing other similar products [1] - The newly launched 14 technology innovation bond ETFs collectively raised 407.86 billion yuan, making up over 80% of the total scale of new bond funds for the week [1] Technology Innovation Bond ETFs - Several technology innovation bond ETFs showed outstanding fundraising performance, with products like the Industrial Bank Zhongzheng AAA Technology Innovation Corporate Bond ETF and others nearing 30 billion yuan in scale [2] - Most of these ETFs had subscription periods of only one day, reflecting high investor recognition and demand [2] - The 14 technology innovation bond ETFs are scheduled to be listed on September 24, with 11 of them having over 98% of their holdings by institutional investors [2] Market Trends and Future Outlook - The popularity of technology innovation bond ETFs is attributed to their unique investment value, as they provide crucial financing channels for technology innovation enterprises, which are vital for high-quality economic development [3] - These bonds typically have high credit ratings, making them attractive to investors seeking stable returns [3] - As the technology innovation bond market expands and investor interest grows, more institutions are expected to invest in related products, with potential future offerings focusing on niche areas like specialized technology, semiconductors, and AI [3]

Core Insights - The total number of newly established funds reached 56 with a combined issuance scale of 767.15 billion yuan during the week of September 15-21, marking the highest weekly issuance scale in the past three years [1] - There is a significant structural differentiation in the fundraising performance of new funds, with the top 10 popular products raising a total of 243.8 billion yuan, predominantly passive index bond funds, highlighting a pronounced head effect [1] - In contrast, 12 funds raised less than 100 million yuan, with some subscription periods extending up to 82 days, indicating a market trend where funds are increasingly concentrated in high-quality products [1] Fund Performance - Bond funds emerged as the main focus of issuance, with 21 new bond funds established, totaling 486.21 billion yuan, accounting for 63% of the total issuance [1] - The Xinhua Zhongzheng Interbank Certificate of Deposit Index 7-Day Holding Fund led the issuance with a scale of 41.57 billion yuan, significantly outperforming other similar products [1] - The newly launched 14 science and technology innovation bond ETFs collectively raised 407.86 billion yuan, representing over 80% of the total scale of new bond funds for the week [1] Science and Technology Innovation Bond ETFs - Several science and technology innovation bond ETFs showed outstanding fundraising performance, with multiple products raising close to 3 billion yuan each, and most having a subscription period of only one day [2] - The high subscription efficiency reflects strong investor recognition of science and technology innovation bond ETFs, contrasting with some new funds that had subscription periods lasting several weeks [2] - A total of 14 science and technology innovation bond ETFs are scheduled to be listed on September 24, with 11 of them having over 98% of their holdings by institutional investors [2] Market Trends and Future Outlook - The popularity of science and technology innovation bond ETFs is attributed to their unique investment value, as they provide crucial financing channels for technology innovation enterprises, which are vital for high-quality economic development [3] - These bonds typically have high credit ratings, making them attractive to investors seeking stable returns [3] - As the science and technology bond market expands and investor interest in technology innovation increases, more institutions are expected to invest in related products, with potential future offerings focusing on niche areas such as specialized technology, semiconductors, and AI [3]