扬子晚报网1月3日讯（记者 范晓林 薄云峰）新年新气象，从元旦小长假之后开始，陆续入市的公募资金规模在430亿元以上。拟于元旦后上市的16只ETF （交易型开放式指数基金），合计资金规模近50亿元；2025年11月后成立的60多只处于建仓初期的主动权益基金，合计规模380多亿元。 | 1.389 | +0.008 | +0.58% | | | | | | --- | --- | --- | --- | --- | --- | --- | | 指数 | | 科创100 +0.31% > 成分股 | | | 中科飞测 +0.73% > | | | 今开 | 1.381 | 最高 | 1.392 | 成交量 | | 250.01万 | | 昨收 | 1.381 | 最低 | 1.374 | 成交额 | | 3.46亿 | | 换手 | 5.13% | 均价 | 1.384 | 振幅 | | 1.30% | | 分时 | 五日 | 日K | 間K | 月K | 眉草 | 0 | | | | 实时参考净值 1.3844 溢价率 +0.33% | | | | | | 叠加 > | 竟价 | | | 五档 | | 分享 | ...

Core Viewpoint - The article discusses the anticipated influx of public funds into the market in 2026, driven by the launch of ETFs and actively managed equity funds, with a total expected scale exceeding 430 billion yuan by the end of 2025 [1][6]. Group 1: ETF Market - Six ETFs are set to launch in the first week of 2026, with a total funding of over 20 billion yuan, including significant contributions from individual investors [3][9]. - The total scale of the 16 ETFs expected to enter the market after New Year's is nearly 50 billion yuan, with a focus on technology and innovation sectors [3][6]. - The stock positions of these ETFs are currently low, indicating potential for future growth as they begin to deploy their capital [3][5]. Group 2: Actively Managed Equity Funds - Over 66 actively managed equity funds were established by the end of December 2025, with a total fundraising of approximately 387.35 billion yuan, contributing significantly to the market [4][5]. - The average return of these newly established funds is relatively low, suggesting that a substantial portion of the raised capital is yet to be invested [5]. Group 3: Potential for Increased Investment - There is a significant potential for "deposit migration" into the market, with estimates suggesting an additional 2 trillion to 4 trillion yuan could flow into non-fixed deposit investments in 2026 [10]. - The total scale of ETFs reached over 6 trillion yuan by the end of 2025, with nearly 1 trillion yuan added during that year, indicating strong investor interest [10]. Group 4: Market Dynamics and Future Outlook - The market is expected to shift its driving factors from valuation to profitability, with anticipated recovery in earnings growth and return on equity (ROE) levels in 2026 [11][12]. - The technology investment landscape is expected to become more challenging in 2026, requiring precise industry timing and stock selection to achieve excess returns [13].

新华财经北京12月8日电以基金成立日统计，2025年11月公募基金市场合并发行规模约为966.16亿元，发行规模同比下降35.12%，环比上升29.9%。 从产品发行结构来看，11月股票型基金发行规模较大，超过300亿元。其中，易方达如意盈安6个月持有、长城元利、易方达产业优选发行规模居前。 11月共有12只基金宣布延募，涉及中海基金、富国基金等旗下产品。 合并发行规模约为966.16亿元环比上升29.9% 以基金成立日统计，2025年11月公募基金市场合计发行基金产品136只（初始基金口径并剔除转型基金和后分级基金，下同），合并发行规模约为966.16亿 元，发行规模同比下降35.12%，环比上升29.9%。 | 面前12 | | | --- | --- | | 11月新发基金类型统计 | | | 类型 合并发行规模 (亿元) | | | 股票型基金 | 306.69 | | 混合型基金 | 240.00 | | 债券型基金 2216.66 | | | FOF其余 | 169.75 | | REITs | 24.48 | | 国际(QDII)基金 | 8.57 | | 数据来源: 新华财经、面包财经、公司公 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the number of new funds issued in the first 11 months of the year, with a total of 1,375 new funds and a fundraising scale exceeding 1.06 trillion yuan, indicating a structural shift towards equity funds which now account for over half of the total [1][2][4] Group 2 - In the first 11 months, the number of newly established funds reached 1,376, with total issuance of 10,624.56 billion units, reflecting a year-on-year increase of 34.38% in quantity and 2.72% in scale [2] - Equity funds (including stock and mixed funds) and bond funds have become the main drivers of issuance, with 768 stock funds raising 390.44 billion units (36.71%) and 257 mixed funds raising 147.07 billion units (13.84%), together accounting for 50.55% of the total [2] - The structure of new fund issuance has changed significantly compared to the previous year, with equity funds now making up more than half of the total, while bond funds have seen a decline in fundraising scale by over 40% [2] - FOF products have experienced explosive growth, with 69 products established this year, raising a total of 73.55 billion units, which is 5.53 times that of the same period last year [2] Group 3 - In November, 136 new funds were established, with a total issuance of 945.67 billion units, maintaining a relatively fast pace despite market fluctuations [4] - Equity funds continued to be the main contributors in November, raising 546.69 billion units (57.81%), while bond funds raised 216.66 billion units, marking a new low for the year [4] - The issuance of FOF products remained strong, with 11 products raising a total of 169.75 billion units in November [4] Group 4 - Among individual products, stable types have attracted more capital, with the top 10 products in terms of issuance being FOF or bond funds [3] - Notable individual fund issuances include the E Fund Industry Preferred Fund raising 31.62 billion units, and other funds like the E Fund Technology Pioneer and China Universal Xin Yue Fund also achieving significant fundraising [5][6] - In the FOF category, several products exceeded 13 billion units in fundraising, indicating strong investor interest [6]

Core Insights - The new fund issuance market in the first 11 months of the year has shown significant growth in quantity, with over 1,375 new funds launched, a year-on-year increase of nearly 35%, while the total fundraising amount reached over 1.06 trillion yuan, slightly up from the previous year [1][2] - Equity funds have surged, surpassing bond funds in fundraising scale, accounting for over half of the total issuance [1][2] Fund Issuance Overview - As of November 28, 2023, a total of 1,376 new funds were established, with total issuance reaching 1,062.46 billion units, marking a 34.38% increase in the number of funds and a 2.72% increase in fundraising compared to the same period last year [2] - Equity funds (including stock and mixed funds) and bond funds have been the main drivers of issuance, with 768 stock funds raising 390.04 billion units (36.71%) and 257 mixed funds raising 147.07 billion units (13.84%), together accounting for 50.55% of the total [2] - The structure of new fund issuance has shifted significantly compared to last year, with equity funds now making up over half of the total, a substantial increase from 21.47% for stock funds and 5.92% for mixed funds last year [2] November Fund Issuance - In November, 136 new funds were established, with a total issuance of 94.57 billion units, indicating a steady pace despite market fluctuations [4] - Equity funds continued to dominate, raising 54.67 billion units (57.81%), while bond funds raised 21.67 billion units, marking a new low for the year [4] - FOF products maintained strong performance, with 11 new products raising a total of 16.98 billion units, following a record high in October [4] Popular Products - Among individual products, stable funds attracted significant interest, with the top 10 largest issuances being FOF or bond funds [3] - Notable fund issuances included the E Fund Industry Preferred with 3.16 billion units, and the Fuguo Xinghe and Penghua Qihang Quantitative Stock with 3 billion and 2.98 billion units respectively, all completed within a single day [5] - In the FOF category, E Fund Ruiyi Ying'an raised over 5.8 billion units, with several other products exceeding 1.3 billion units [6]

Core Insights - Since the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" in May, a total of 49 new floating-rate funds have been announced for issuance, with 41 already established as of October 28 [1] - E Fund has launched 4 new floating-rate products, leading the market in terms of the number of such funds [1] Fund Details - The E Fund Industry Preferred (A/C: 025824/025825) is currently being issued, with management fees linked to the holding duration and return level of each share [1] - If investors hold shares for less than one year, a management fee of 1.2% per year will be charged; for holdings of one year or more, three different management fee rates apply based on annualized excess return levels [1] - The management fee structure is as follows: - 1.50% per year if the annualized return exceeds the benchmark by more than 6% - 0.6% per year if the annualized return underperforms the benchmark by 3% or more - 1.2% per year for all other scenarios [1] Investor Impact - The new floating-rate products implement differentiated charging for investors holding shares for a certain period, encouraging long-term investment and better aligning the interests of managers and investors [1]