新基金发行市场再现"日光基"。 10月以来，已有近40只基金宣布提前结募，其中不乏主动权益类产品，且多只为"一日售罄"的小爆款。 中欧鑫悦回报一年持有期混合"一日售罄"，启动比例配售 11月13日下午，中欧基金接连发布关于中欧鑫悦回报一年持有期混合提前结束募集及进行比例配售的公告。 根据公告，中欧鑫悦回报一年持有期混合于2025年11月13日开始募集，原定募集截止日为2025年11月26日。截至2025年11月13日，该基金累计有效认购申 请金额已超过本次募集规模上限15亿元（不含募集期利息），公司决定将本基金募集截止日提前至2025年11月13日。同时，将对2025年11月13日的有效认 购申请采用"末日比例确认"的原则予以部分确认。 11月13日，中欧基金发布公告称，旗下中欧鑫悦回报一年持有期混合发行首日便达到15亿元募集上限，提前结束募集，并启动比例配售。 权益基金发行持续回暖 近期，已有多只权益基金宣布提前结束募集。据记者不完全统计，10月以来，近40只基金宣布提前结募，其中不乏主动权益类产品。 范妍掌舵的富国兴和混合于11月3日首发，随后富国基金发布公告，发行首日募集金额已突破30亿元募集规模上限， ...

Core Viewpoint - The article highlights the rapid success of the China Europe Fund's new product, the China Europe Xinyue Return One-Year Holding Mixed Fund, which reached its fundraising cap of 1.5 billion yuan on its first day of issuance, leading to an early closure and proportional allocation of subscriptions [2][5]. Fundraising Trends - Since October, nearly 40 funds have announced early closures, with many being actively managed equity products that sold out on the first day [3][9]. - The trend of early fundraising closures indicates a resurgence in the equity fund issuance market [8]. Fund Manager Profile - The fund manager for the China Europe Xinyue Return One-Year Holding Mixed Fund is Lan Xiaokang, who is also the head of the Value Strategy Group at China Europe Fund [6]. - Lan Xiaokang has a strong track record, having managed the China Europe Hongli Youxiang Mixed Fund, which has consistently outperformed benchmarks and has a maximum drawdown significantly lower than the Shanghai Composite Index [6]. Investment Style - Lan Xiaokang's investment style is characterized by "contrarian thinking" and "balanced allocation," focusing on achieving a dynamic balance among valuation, corporate quality, and long-term growth potential [7].

Core Insights - The number of new funds established in 2023 has surpassed the total for the entire year of 2022, indicating a recovery in the fund issuance market [2][3][5] - The stock fund segment has particularly thrived, with a significant increase in both the number and scale of new stock funds, reflecting strong investor interest [4][5][6] Fund Issuance Overview - As of October 25, 2023, a total of 1,187 new funds have been established, exceeding last year's total of 1,135 funds, showcasing a recovery trend in fund issuance [5] - The total fundraising amount for new funds this year is 922.347 billion units, which is still 20% lower than last year's total of 1,183.833 billion units; the average issuance size is at a historical low of 777 million units, excluding the year 2000 [5] - Stock funds have been the main focus, with 676 new stock funds established this year, accounting for nearly 57% of all new funds, marking a historical high [5] Stock Fund Performance - The total fundraising for stock funds this year is 345.653 billion units, surpassing the total for the years 2022, 2023, and 2024, and representing 37.5% of the total fundraising for new funds, the highest since 2012 [5] - Despite the increase in the number of stock funds, the average fundraising size remains relatively small at 511 million units [5] Active Equity Fund Trends - The issuance of active equity funds has shown signs of structural recovery, with several funds announcing early closure of their fundraising periods due to high demand [7][8] - Notable examples include the Invesco Great Wall Fund and the Harvest Fund, which both closed their fundraising early due to strong subscription amounts [8] - However, the market remains uneven, with significant differences in the performance of new fund issuances, particularly between passive index funds and active equity funds [9] Market Dynamics - The current market environment has led to a rise in investor risk appetite, contributing to the improved fundraising performance of some new funds [9] - Despite the positive trends, older funds continue to face challenges in marketing and growth, as many are unable to keep pace with market changes [9] - The ongoing market heat and recovery in investor confidence are expected to support further improvements in the issuance of active equity funds, with a focus on high-growth sectors and well-known fund managers likely to attract more capital [9]

Core Insights - The fund issuance market has maintained its momentum in October, with 103 funds planned for issuance by mid-month, including 78 equity funds [1][2] - Several funds have ended their fundraising early, with notable examples including E Fund's Hang Seng Biotechnology ETF and Penghua's Manufacturing Upgrade Mixed Fund, which reached their fundraising limits quickly [2][3] Fund Issuance Trends - The early closure of fundraising and the initiation of proportionate allocation reflect the high demand for equity products [2][3] - E Fund's announcement to close its biotechnology ETF fundraising on October 15, ahead of the original deadline, highlights the strong investor interest [2] - Penghua's Manufacturing Upgrade Mixed Fund exceeded its fundraising cap of 2 billion yuan within just two trading days, leading to a proportionate allocation of 57.06% for effective subscription applications [2][3] Market Sentiment and Performance - The resurgence in fund issuance is attributed to the positive performance of the A-share market, which has recently surpassed 3900 points, boosting investor confidence [3] - The combination of precise marketing strategies and convenient services has accelerated the fundraising process, allowing funds to quickly meet their targets [3] Fund Characteristics and Popularity - Funds that have implemented proportionate allocation often feature "hot sectors" and "high-performing managers," indicating a trend towards popular investment themes such as healthcare and technology [4] - The performance of managers, such as Yan Siqian, whose fund has seen a net value growth rate exceeding 95% this year, has attracted significant investor interest [4] Diversity in Fund Types - The types of funds utilizing proportionate allocation have become more diverse, with mixed funds being the most common, followed by QDII funds, which have the least number of proportionate allocations [5] - The trend of proportionate allocation is a strategy employed by fund companies to control scale and maintain management performance, particularly in sectors with inherent size limitations [5] Investment Considerations - While proportionate allocation serves as an indicator of market enthusiasm, investors are advised to focus on the underlying logic of the fund's investment strategy and the manager's track record rather than solely on the allocation mechanism [6]