Core Insights - The public fund issuance market is experiencing a significant recovery, with 23 new funds launched for subscription in the week of July 21 to July 27, 2025, and a total of 128 funds launched in July, surpassing the total for June and likely setting a new monthly record for the year [1][2] Fund Type Analysis - Among the 23 new funds launched this week, equity funds dominated with 14 funds, accounting for 60.87%, including 10 stock funds and 4 equity-mixed funds [1] - In the stock fund category, passive index funds remain the primary focus, with 8 out of 10 stock funds being passive index funds, while there is 1 enhanced index fund and 1 ordinary stock fund [2] - The issuance enthusiasm for bond funds has also rebounded, with 9 bond funds launched this week, representing a 200% increase from the previous week [1] Institutional Participation - A total of 20 public fund institutions launched new funds this week, with 17 institutions launching 1 new fund each and 3 institutions launching at least 2 new funds [1] - Notable institutions such as Huatai-PB Fund, Yinhua Fund, and Yongying Fund each launched 2 new funds this week [1] Market Environment - The improvement in the capital market environment, with the Shanghai Composite Index stabilizing around 3500 points, along with positive macroeconomic indicators, has boosted investor willingness to allocate to equity assets [3] - Regulatory policies, including the introduction of the "Public Fund High-Quality Development Action Plan" and innovations in floating fee rate products, have optimized the industry ecosystem and enhanced investor confidence [3]

Core Viewpoint - The public fund issuance market is heating up, with 34 new funds launched in the week from June 9 to June 15, leading to investor confusion about choosing between new and old funds [1] Comparison of New and Old Funds - New funds typically have a maximum of three months' lock-up period during which investors cannot buy or redeem, while old funds allow for immediate trading [2][3] - New funds lack historical performance data, making it difficult for investors to assess their potential, whereas old funds provide detailed historical reports [3] - Old funds are seen as more stable due to proven long-term performance, while new funds may offer flexibility in capturing market opportunities during volatile periods [3] Investment Strategies - Investors seeking to capitalize on market uptrends may prefer old funds, while those looking to invest during market downturns might find new funds more appealing due to their gradual investment strategies [4] - It is advisable for investors to choose new funds managed by experienced fund managers to mitigate risks associated with inexperienced management [4] Similarities Between New and Old Funds - Some funds, such as broad-based index funds, show minimal differences between new and old versions, allowing investors to choose based on size and liquidity rather than age [5] - Money market funds also exhibit similar characteristics, with stable returns regardless of whether they are new or old [5]

智通财经6月5日电，6月4日23只新基金成立，今年以来单日成立基金数量仅次于4月29日的29只。6月4 日成立的23只新基合计首发募集超120亿元，其中权益类基金合计募集规模占一半以上。 23只新基同日成立 募集规模合计超120亿元 ...