年内基金发行规模超万亿元 权益类成"主力军" 中国基金报记者 李树超 王思文 2025年，公募基金发行市场再添"万亿元"注脚。数据显示，年内新基金发行规模已达10727.76亿元，连 续七年达到万亿元体量。从产品结构看，权益类基金发行规模占比超五成，取代债基成为"主力军"。 业内认为，这一成绩源于政策引导、资金配置转向、市场环境的三方合力。未来，受益于居民资产向金 融资产转移的长期趋势，基金发行保持在万亿元体量有望成为常态，而信用债ETF、浮动费率基金等更 多创新产品的涌现，将持续驱动公募行业高质量发展。 连续七年保持高位 新基金发行突破万亿元体量 今年以来，新基金发行水平继续保持高位。Wind数据显示，年内新基金发行规模已达10727.76亿元，连 续七年超过一万亿元。 国联基金表示，经济数据向好带动A股盈利预期提升，叠加市场估值处于相对合理区间，为资金持续入 市提供了基础。《推动公募基金高质量发展行动方案》等政策明确支持权益类基金发展，ETF快速审批 通道等机制优化提升了发行效率。同时，流动性充裕背景下，居民财富寻求优质资产配置的需求强烈， 而公募基金丰富的产品矩阵精准匹配了投资者的风险偏好。 一家中型基 ...

Core Insights - The public fund issuance market in China has reached a scale of 10,727.76 billion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan [3][5][10] - Equity funds have become the main force in new fund issuance, accounting for over 50% of the total, replacing bond funds [3][7][10] - The growth in fund issuance is attributed to a combination of policy guidance, shifts in capital allocation, and favorable market conditions [3][5][10] Fund Issuance Trends - The new fund issuance level remains high, with 10,727.76 billion yuan issued this year, continuing a trend of over one trillion yuan for seven years [5][10] - Economic recovery and improved A-share earnings expectations have driven investor enthusiasm for equity funds, leading to a significant increase in their issuance [5][6] - The shift from real estate and deposits to capital markets is evident, with public funds becoming a key investment tool due to their transparency and regulatory compliance [5][6][10] Structural Changes in Fund Types - The proportion of equity funds (stock and mixed funds) has surpassed 50%, while bond funds have dropped from over 70% to around 40% [7][10] - This shift reflects both market dynamics and policy encouragement for long-term capital allocation towards equity assets [7][10] - The trend is expected to continue, supported by ongoing capital market reforms and the enhancement of public fund research capabilities [7][8] Future Outlook - The one trillion yuan issuance scale is likely to become a new norm, driven by the long-term trend of asset allocation towards financial assets [10][11] - Fund managers are focusing on sustainable marketing and improving investor experience, fostering a positive cycle of performance and capital inflow [11] - The public fund industry is expected to continue innovating, with new products like credit bond ETFs and floating rate funds emerging to meet diverse investor needs [12][13][28] Product Innovation and Development - The public fund industry has seen significant innovation, with new products such as credit bond ETFs and floating rate funds enhancing market vitality [12][13] - Innovation is viewed as a key driver for high-quality development in the public fund sector, expanding the range of asset classes covered [12][14] - The emergence of innovative products is pushing fund companies to enhance their research capabilities and adapt to differentiated competition [14][28] 2026 Product Strategy - The focus for 2026 will include equity funds centered on technology and high-dividend assets, alongside optimized fixed-income products [15][20] - Fund companies are planning to develop products that align with the needs of both individual and institutional investors, emphasizing differentiated strategies [22][24] - There is anticipation for innovative products such as multi-asset ETFs and floating rate funds to cater to evolving market demands [26][27][28]

在市场情绪回落、年末保收益的背景下，多只基金发布规模预警。 今年以来，权益类基金迎来高光时刻的同时，业绩过山车的现象也频发，不少高收益基金在近期出现业绩返贫 甚至倒亏的现象，显示出这一轮市场调整已对基金净值造成压力，投资者赎回份额锁收益的需求也快速提升， 这也成为不少基金发布规模预警的直接因素。 基金年末赎回压力大 近期，多家公募旗下权益类基金发布预警，主要涉及基金资产规模可能触发合同终止。11月20日，上海一公募 公告旗下一只偏股型基金可能触发合同终止，提示该基金若截至2025年12月2日，出现连续50个工作日基金资 产净值低于5000万元情形，基金公司将依据基金合同约定进入财产清算程序。 北京一公募也发布公告，截至2025年11月19日，旗下一只权益类基金已连续45个工作日基金资产净值低于5000 万元，若该基金连续50个工作日出现基金份额持有人数量不满200人，或者基金资产净值低于5000万元，基金 合同将终止并进行基金财产清算，且不需要召开基金份额持有人大会进行表决。 深圳某公募也公告，旗下一只偏股型基金已连续30个工作日低于5000万元，若出现触发基金合同终止情形，基 金公司将履行基金财产清算。 值 ...

值得一提的是，上述出现基金合同终止风险的基金，清一色实现正收益，部分基金不仅年内收益率保持较高水 平，且基金产品成立以来的累计总收益也表现不俗。 例如，北京某公募旗下的一只权益基金今年内收益率约 为44%，而同类产品的平均收益率只有约25%，同期沪深300的收益率为16%，显示出该基金产品实现赚钱效应 的同时，也大幅跑赢市场。 在市场情绪回落、年末保收益的背景下，多只基金发布规模预警。 今年以来，权益类基金迎来高光时刻的同时，业绩过山车的现象也频发，不少高收益基金在近期出现业绩返贫 甚至倒亏的现象，显示出这一轮市场调整已对基金净值造成压力，投资者赎回份额锁收益的需求也快速提升， 这也成为不少基金发布规模预警的直接因素。 基金年末赎回压力大 近期，多家公募旗下权益类基金发布预警，主要涉及基金资产规模可能触发合同终止。11月20日，上海一公募 公告旗下一只偏股型基金可能触发合同终止，提示该基金若截至 2025 年 12 月 2 日，出现连续 50 个工作日基 金资产净值低于 5000万元情形，基金公司将依据基金合同约定进入财产清算程序。 北京一公募也发布公告，截至2025年11月19日，旗下一只权益类基金已连续4 ...

Core Insights - The capital market has shown steady growth this year, with equity funds experiencing significant gains driven by sectors like technology, innovative pharmaceuticals, and new energy [2][3] - Ordinary stock funds and equity fund indices have increased by approximately 30% year-to-date, outperforming the Shanghai Composite Index and CSI 300 Index [3] - The total scale of equity funds has surpassed 10 trillion yuan, an increase of over 2 trillion yuan since the end of last year [3] Investor Experience - Nearly 60% of surveyed investors reported profits this year, with 10% claiming substantial gains and 45.83% indicating modest profits [3][4] - Some investors have struggled with past losses affecting their current performance, with nearly 30% still facing losses this year [4][5] - A significant portion of investors (40%) are favoring full investment in equity funds without a structured allocation strategy [6][9] Fund Preferences - Index funds are the most favored type of investment, receiving 52.27% of votes, followed by active equity funds at nearly 30% [6] - The popularity of index funds is attributed to their clear logic, transparency, and low costs, which have gained investor confidence [7] - The total scale of domestic stock ETFs is projected to reach 2 trillion yuan by the end of 2024 and nearly 4 trillion yuan by November 2025 [6] Investment Strategies - Investors are increasingly adopting a diversified approach, with nearly 25% indicating they have made internal allocations within equity assets this year [10] - Recommendations suggest using bond funds as a base and selectively increasing equity fund allocations, particularly in domestic technology growth sectors [11] - The industry is moving towards a more rational allocation strategy to break the cycle of "funds making money while investors do not" [11]

Group 1 - The public fund issuance market has experienced a significant recovery, with a total of 1,378 public funds issued by November 17, surpassing last year's total of 1,143 funds, marking the highest issuance in three years [1] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating a faster fundraising cycle and increased market activity [1] - The main drivers for the recovery include positive overall performance in the A-share market, improved corporate profit expectations, ample market liquidity, and increased investor confidence [1] Group 2 - FOF (Fund of Funds) products have seen explosive growth, with 72 new FOF products issued this year, doubling from 33 last year, reflecting growing recognition of their value [2] - As the equity market rebounds, there has been a significant increase in the issuance of equity funds, while bond fund issuance has declined, demonstrating a typical "seesaw" effect between stocks and bonds [2] Group 3 - A total of 19 public REITs and 18 QDII funds have been issued this year, with index funds emerging as a major highlight in the issuance market, comprising 813 of the 1,378 new funds, nearly 60% [3] - Index investment has penetrated various fund categories, with over 90% of stock funds being index products and nearly 25% of bond funds being index bond funds, indicating a trend towards lower-cost, clearer-style products [3] - The industry remains highly concentrated, with 131 public institutions issuing new funds, and 22 institutions issuing 20 or more funds, led by Fortune Fund with 60 new funds [3]

Group 1 - The total scale of newly established funds in China has exceeded 1 trillion yuan this year, with 1,377 new funds established as of November 16, totaling 9,959.77 billion yuan [1] - Among the newly established funds, 996 are equity funds, accounting for a total issuance scale of 5,173.38 billion yuan, significantly surpassing the entire year of 2024 [1] - Bond ETFs have seen a strong inflow, with 53 bond ETFs established this year, increasing from 1,799.87 billion yuan at the end of last year to 7,054.23 billion yuan [1] Group 2 - Private equity funds have distributed over 15 billion yuan in dividends this year, significantly exceeding the same period last year, with stock strategies being the main contributors [1] - The sales fee reform in the public fund industry has begun, prompting many third-party sales institutions to adjust their strategies and focus on enhancing customer experience and service capabilities [2] - The gold market is experiencing new trends, with high prices leading to increased consumer interest in lightweight gold products and gold bars [2] Group 3 - The public REITs market is facing challenges, with new listings experiencing immediate price drops and a decline in investor enthusiasm due to market corrections [3] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [4] - The humanoid robot industry is entering a phase of commercial viability, with heterogeneous robots being integrated into various practical applications [4] Group 4 - Apple CEO Tim Cook may resign as early as next year, with hardware engineering senior vice president, John Ternus, being considered as a potential successor [5] - Xiaomi's CEO Lei Jun has publicly addressed concerns regarding the safety design of Xiaomi's vehicles, emphasizing that aesthetics do not compromise safety [5] - Major management changes are occurring at GAC Group, with Feng Xingya stepping down as general manager and He Xianqing taking over [7] Group 5 - Meihe Holdings announced that its chairman has been placed under investigation, leading to the appointment of a new acting chairman [6] - Tianfu Communication plans to sell 850,000 shares at a significant discount, representing 1.09% of the company's total shares [7] - Zhangjiajie Tourism Group has signed agreements with investors for a restructuring plan, with 8 companies acquiring a total of 3.25 billion shares [8]

【导读】本周 33 只新基金启动募集，权益基金占比为三分之二 中国基金报记者 张燕北 Wind 数据显示，根据基金公司发布的截至 11 月 17 日的募集公告，本周（ 11 月 17 日 — 11 月 21 日） 5 个交易日中， 33 只新基金将登场，面向投资者公开发行。 26 只扎堆在周一发行 具体来看，周一（ 11 月 17 日）本周 33 只新发基金中 26 只扎堆在周一开始发行，占本周 新基金的 78.79% ；周二有 1 只新基金启动募集，周三有 6 只基金开始认购。 从认购天数来看，本周新基金中，中航祥泰 6 个月封闭 认购天数最长，达 89 天。在其之 后，大摩中债 1 ～ 5 年政金债的计划认购天数为 60 天，中海港股通睿选和中海智选成长紧 随其后，认购天数均为 45 天。此外，永赢国证港股通互联网指数、国富恒安 30 天持有、长 信上证科创板综合指数增强、人保中证 500 指数增强等 6 只基金的认购天数在 23 天至 33 天之间。 整体来看， 33 只新基金平均认购天数为 21.27 天，较此前有所拉长。业内认为，这或与近 期市场行情有关。中美关系改善预期兑现后，市场风险偏好有所下降 ...

Core Insights - The total issuance scale of new funds has exceeded 1 trillion yuan this year, with 1,377 new funds established and a total issuance of 995.977 billion yuan as of November 16 [1][2] - The number and scale of newly established equity funds have significantly surpassed the entire year of 2024, with 996 equity funds issued totaling 517.338 billion yuan [1][2] Fund Issuance Overview - Several new funds have ended their fundraising early, indicating strong demand, with notable examples including the China Europe Fund and multiple others that are set to be established soon [1][2] - The public fund sector is accelerating its layout, with many new products currently in the issuance or waiting phase, suggesting that the new fund issuance scale is likely to exceed that of 2024 [2] Equity Fund Performance - The rebound in fund performance, particularly in equity funds, has been notable, especially in the fourth quarter, with an increase in the number of popular funds indicating a positive capital flow [2][3] Fund Types and Innovations - The issuance of equity index funds has accelerated, with a richer product line providing diversified investment tools, including the first batch of various ETFs launched this year [4] - Bond ETFs have also seen significant expansion, with the number increasing from 21 to 53 since the beginning of the year [4] - The introduction of new model floating management fee funds has been a highlight, with 46 such funds established, totaling over 55 billion yuan in issuance [4][5] Fee Structure Innovations - The new model floating management fee funds have a fee structure that adjusts based on the fund's performance during the investor's holding period, enhancing the alignment of interests between fund managers and investors [5]

Market Review - Global stock indices showed divergence this week, with European, Brazilian, and Indian indices rising, while Chinese and American tech stocks declined. The Shanghai Composite Index continued its narrow fluctuation, with major broad indices generally adjusting. The average daily trading volume in the A-share market remained around 2 trillion yuan, indicating a focus on existing stock games. Growth leaders fell while small-cap stocks rose, with the micro-cap index increasing by 4.11% [1][2] - In terms of sector performance, the TMT, machinery, and military sectors saw the largest declines, while precious metals and copper prices rose, and domestic double焦 prices weakened [1][2] Market Outlook - The core theme for November remains "small-cap stocks + thematic investment." The recent pullback in Chinese and American tech stocks is attributed to tight overseas liquidity and concerns over AI bubbles. Future attention will be on U.S. economic data and changes in December rate cut expectations. The current A-share market is primarily focused on existing stock games, with financing and southbound trading showing a "high-low cut" trend. The performance benchmark for public funds is expected to curb issues like style drift and short-term ranking chasing, potentially weakening extreme institutional clustering [2][3] Fundamental Analysis - The domestic economy is expected to achieve a growth rate of around 5% for the year, despite a weakening trend in both supply and demand in October. Industrial added value growth was 6.1%, continuing to decline. Investment in narrow infrastructure turned negative, and real estate development investment and sales areas also saw significant declines. Retail sales growth was only 2.9%, marking five consecutive months of decline, particularly in major consumer goods. However, corporate earnings are stabilizing, and with PPI growth expected to turn positive next year, the potential for profit improvement in certain sectors is anticipated [3][4] Macro Policy - Future policy observations will focus on the December Political Bureau meeting and the Central Economic Work Conference. The central bank has reiterated "cross-cycle adjustment," signaling a balance between long-term goals and supportive monetary policy. The third-quarter monetary policy report indicates that the national economy is progressing steadily, with a solid foundation for achieving annual targets. The central bank's focus is shifting towards supporting policies that consider long-term objectives [4] Funding Dynamics - Since November, market style has shifted, with tech leaders retreating and small-cap stocks outperforming. This is due to concerns over the AI bubble affecting tech sentiment in A-shares. Financing transactions in sectors like semiconductors and communication equipment have seen net selling since November. Southbound funds have favored banks and oil sectors, leading to a phase where value stocks outperform tech stocks. Recent guidelines from the fund industry association aim to curb style drift and extreme clustering among funds, prompting some capital to migrate towards underweight sectors [5][6] Industry Configuration - Focus on "14th Five-Year Plan" related thematic investments, such as energy storage, batteries, domestic substitution, and new materials. Attention should also be given to sectors benefiting from "anti-involution" trends, such as chemicals, and the guidance signals from Hong Kong's innovative pharmaceuticals to A-shares [5]