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 1.0728 trillion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan, with equity funds becoming the main force in this growth [1][2][4] - The growth is attributed to a combination of policy guidance, a shift in capital allocation, and a favorable market environment, indicating a long-term trend of residents transferring assets from real estate to financial assets [1][6][7] Fund Issuance Trends - The issuance of new funds has maintained a high level, with equity funds (stock and mixed funds) accounting for over 50% of the total issuance, surpassing bond funds which have dropped from over 70% to 40% [4][5] - The strong performance of the A-share market and favorable economic data have boosted investor confidence, leading to increased fund inflows [2][3] Market Dynamics - The shift towards equity funds reflects a significant change in market risk appetite and asset allocation logic, with investors now favoring equity funds to share in the benefits of economic transformation [5][6] - The public fund industry is expected to continue innovating with new products such as credit bond ETFs and floating rate funds, which will drive high-quality development in the sector [8][10] Future Outlook - The trend of maintaining a trillion yuan issuance scale is likely to become the norm, supported by the ongoing transition of residents' assets towards financial investments [6][7] - The public fund industry is planning to focus on innovative products in 2026, including equity funds centered on technology and high-dividend assets, as well as optimizing fixed-income products [10][15] Product Innovation - The introduction of innovative products such as credit bond ETFs and multi-asset ETFs is seen as a catalyst for the public fund industry's high-quality development [8][18] - Fund companies are increasingly focusing on differentiated product offerings to meet the diverse needs of both institutional and individual investors [16][19]

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]

行业发展逻辑的根本转向当公募基金管理规模突破36万亿元，这个里程碑式的数字并非单纯的规模扩张成果，而是行业发展逻辑从规模崇拜 向质量优先全面转向的显性标志。 《推动公募基金高质量发展行动方案》的落地，如同一场及时雨，终结了行业长期以来重规模、轻回报的粗放式增长模式，倒逼全行业重新 审视核心价值。 规模跃迁背后 在居民财富配置结构深刻变革的大背景下，公募基金的生态重构早已悄然发生。 过去被视为规模基石的货币基金，其占比下滑与增速放缓，本质上反映了投资者需求的升级,从单纯追求流动性安全，转向寻求稳健+增值的复 合收益。 权益类资产占比的持续提升，不仅是资本市场成熟度的体现，更折射出投资者对专业资产管理能力的信任回归。 值得注意的是，主动与被动投资的互补格局，打破了行业内长期存在的非此即彼的争论。这种多元化生态的形成，恰恰印证了公募基金行业 正在从满足单一理财需求向覆盖全场景资产配置演进。 在我看来，36万亿元的真正价值，不在于数字本身，而在于它背后所承载的行业责任成为连接居民财富与实体经济的核心纽带，这也是高质 量发展的核心要义、 创新与升级 高质量发展的双引擎发力如果说政策引导是行业转型的指挥棒，那么产品创新与 ...

Core Viewpoint - The Chinese public fund industry is transitioning from rapid growth to high-quality development, with Shanghai leading this transformation through collaborative efforts among regulatory bodies, local governments, industry associations, and market participants [1][2][7] Group 1: Industry Transformation - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2025, marking a significant shift in the industry [1] - Shanghai hosts 75 public fund managers, accounting for nearly half of the national total, and maintains the largest management scale in the country [1][2] - The Shanghai Securities Regulatory Bureau is actively implementing reform measures, which are crucial for the successful execution of the Action Plan [1][2] Group 2: Collaborative Efforts - The success of the Action Plan in Shanghai is attributed to the coordinated efforts of regulatory agencies, local governments, industry associations, and market entities [2] - The Shanghai Securities Regulatory Bureau has established a special working group to oversee the implementation of the reform plan and to conduct industry research [2] Group 3: Market Engagement - Fund managers and industry experts are engaging with the public through educational initiatives, creating a "technology-industry-finance" value network [3] - Over 200 promotional events and more than 5 million clicks on educational products demonstrate the industry's outreach efforts [3] Group 4: Performance Metrics - As of September, the equity public fund scale in Shanghai exceeded 3.5 trillion yuan, a 26% year-on-year increase, representing 26% of the total public fund scale [3][4] - The index stock fund scale surpassed 1.7 trillion yuan, growing by 49% year-on-year [3] Group 5: Product Innovation - Shanghai has encouraged the launch of innovative fund products, including floating fee rate funds and thematic index funds aligned with national strategies [4] - A total of 16 new floating fee rate products have been approved, raising 16.4 billion yuan, while 10 science and technology bond ETFs raised 28.9 billion yuan [4] Group 6: Cost Reduction Initiatives - Since the fee reform, Shanghai institutions have reduced costs for investors by approximately 18.7 billion yuan [5] - Over 2,000 active equity funds and index funds have lowered management and custody fees, benefiting investors by about 12.8 billion yuan [5] Group 7: Long-term Investment Strategies - The number of public fund products related to social security, annuities, and pensions has increased by 10% year-on-year, with a management scale of 1.5 trillion yuan, up 28% [5] - The Shanghai Securities Regulatory Bureau is actively promoting long-term capital investment in public funds [5] Group 8: Internationalization and Governance - Shanghai supports foreign institutions in establishing or holding fund company shares, with 7 wholly foreign-owned and 23 joint venture fund companies operating in the region [6] - Over the past five years, Shanghai fund institutions have participated in more than 20,000 shareholder meetings, advocating for better corporate governance [6] Group 9: Future Outlook - The Shanghai Securities Regulatory Bureau aims to transform short-term achievements into long-term advantages, fostering a mature and resilient public fund ecosystem [7] - The bureau emphasizes the need for continuous improvement and innovation in regulatory practices to adapt to evolving market conditions [7]

Core Insights - The fund industry is experiencing a stark disparity, with over a thousand new funds launched this year, yet some companies have not released any new products for an entire year [1][3]. Group 1: Fund Launches and Company Performance - Major firms like Huaxia Fund launched 86 products with a total scale of 42.8 billion, while smaller firms like Huacheng Future and Xinwo have not launched any new funds this year [3]. - The gap between large and small fund companies is significant, resembling a "battleship fleet" versus "small boats" scenario [3]. Group 2: Challenges for Small Firms - Small companies face three main challenges: 1. Distribution channels are dominated by larger firms, making it difficult for smaller companies to gain shelf space [3]. 2. Talent retention is a struggle, as larger firms offer significantly higher salaries to attract star managers [3]. 3. Smaller firms cannot afford the technological investments required for competitive products like REITs and ETFs, limiting them to traditional active management [3]. Group 3: Existing Fund Crisis - Many existing funds are facing crises, with several products from Chunhou Fund under warning for potential liquidation, and some firms like Ruida Fund seeing their scale shrink to below 100 million [4]. - Despite the challenges, there are opportunities for small firms that focus on niche markets, as demonstrated by Huaren Yunda's successful launch of a green bond fund that raised 5.7 billion [4]. Group 4: Investor Insights - Investors should evaluate fund companies based on their background, distribution capabilities, and system stability, akin to a matchmaking process [5]. - Caution is advised regarding "mini funds" that are shrinking in scale, as they face liquidation risks and operational limitations [6]. - Opportunities may arise from smaller firms specializing in niche areas, but investors should either choose large, stable companies or "hidden champions" for potential excess returns [6]. Group 5: Industry Outlook - The fund industry is undergoing a reshaping process, reflecting broader economic upgrades, with potential for more mergers and the emergence of specialized small firms [7]. - Scale is an ally for performance but not a guaranteed success factor; understanding the management and investment strategy is crucial [7].

Core Insights - The article discusses the development path of Manulife Investment, a foreign-funded public fund in China, emphasizing its integration of global investment capabilities and local organizational strengths to meet the demands of the Chinese market [1][2]. Group 1: Industry Development - The Chinese public fund industry has undergone significant changes over the past two decades, marked by scale expansion, industry maturity, and an upgrade in investment concepts [2]. - Recent policies, including the "New Nine Articles" and the 2025 action plan for high-quality development, have set clear directions for the industry, emphasizing investor interests as a core value [2][3]. - The shift from quantity to quality in the industry provides a framework for foreign institutions to localize their operations in China [2]. Group 2: Manulife Investment's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Investment has enhanced communication with its global investment teams and diversified its investment strategies [2][3]. - The company has optimized its research system and organizational structure, expanding into various fund types, including pure bond funds, FOFs, and QDII funds, to better meet diverse investor needs [3][4]. - Innovation is a strategic focus, with initiatives such as launching China's first green inclusive finance bond index fund and being the only foreign-owned public fund among the first batch of floating fee rate fund managers [3][4]. Group 3: Pension Fund Development - Manulife Investment aims to build a comprehensive pension financial system, leveraging its global experience to create products tailored to the Chinese market [4][5]. - The company holds a leading position in international pension management, with significant market shares in Hong Kong, the U.S., and Canada [4]. - Manulife Investment's advantages in the domestic pension market include early entry, a diverse product line, strong research capabilities, and a focus on customer experience [5][6]. Group 4: Long-term Investment Philosophy - Manulife Investment emphasizes absolute returns and long-term value for investors, establishing a performance evaluation system centered on three-year investment results [6][7]. - The investment research system operates on a platform-based, integrated, and multi-strategy model, ensuring thorough research supports every investment decision [7]. - The company prioritizes sustainable investment capability over short-term growth, continuously optimizing its decision-making processes to create long-term value for investors [7].

Core Viewpoint - The reform of public fund fee rates represents a shift from scale-driven to value-driven approaches, enhancing investor experience, with floating fee rates as a key tool for aligning the interests of fund managers and investors [1] Group 1: Background and Initial Developments - The public fund industry previously operated on a fixed management fee plus custody fee model, leading to a growing contradiction where fund companies profited while funds underperformed [1] - In 2023, eight floating fee rate funds linked to performance were approved, but their design was still rudimentary, lacking comprehensive mechanisms for performance benchmarks and imposing liquidity constraints due to a three-year lock-up period [1] Group 2: Policy and Market Response - By 2025, the "Action Plan for Promoting High-Quality Development of Public Funds" mandates that over 60% of new actively managed equity funds from leading companies must adopt floating fee rates, guiding the industry towards standardized designs [2] - As of now, 30 floating fee rate funds established this year have raised a total of 33 billion yuan, accounting for 24% of the total raised in actively managed equity funds, indicating strong investor demand for performance-linked products [2] Group 3: Operational Challenges and Requirements - The new floating fee rate funds require advanced backend systems to dynamically match investor shares with holding periods and returns, creating a high operational threshold for fund companies [3] - Fund companies must outperform benchmarks to earn higher management fees, which raises the bar for their research and investment capabilities [3] Group 4: Mechanism and Product Innovations - The 2025 floating fee rate funds have introduced a mechanism where excess returns relative to benchmarks play a decisive role in fee structures, enhancing accountability for fund managers [6] - Unlike the previous closed-end model, the new funds operate on an open-ended basis, allowing for emergency redemptions while encouraging long-term holding through fee structures [6] Group 5: Product Diversity and Investor Benefits - The new floating fee rate funds include thematic and style funds, addressing gaps in the market and catering to investor preferences for specific sectors [7] - These funds allow investors to participate in thematic investments while reducing costs associated with underperformance, promoting a shared risk and reward structure [8] Group 6: Importance of Benchmark Selection - The performance benchmarks for the new funds utilize price indices rather than total return indices, which may lead to easier outperformance but could misrepresent actual returns [8] - The choice of benchmarks is critical as it directly impacts investor costs and fund performance assessments [8] Group 7: Overall Significance - The issuance of the new floating fee rate funds is significant for investors, providing diverse options that align with their investment needs while lowering costs through flexible fee mechanisms [9] - This shift encourages fund managers to focus on long-term investment capabilities, steering the public fund industry towards high-quality development and better wealth management services for residents [9]

Core Viewpoint - The "9·24" policy has significantly reshaped the A-share market, enhancing investor confidence and leading to a substantial increase in market capitalization and stock prices over the past year [2][5][15]. Market Performance - A-share total market capitalization grew from approximately 70 trillion yuan to over 100 trillion yuan, an increase of over 30% [2][6]. - More than 1,400 stocks have doubled in price, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 100% [2][6]. Policy Impact - The "9·24" policy, introduced on September 24, 2024, included measures to boost medium- and long-term capital inflows, reform mergers and acquisitions, and support technological innovation [2][4]. - Following the policy announcement, the Shanghai Composite Index surged by 4.15% in a single day, while the ChiNext Index soared by 5.54% [4]. Structural Changes - The A-share market has seen a profound transformation, with a focus on sustainable growth and a "slow bull" market trajectory following initial rapid responses to policy changes [5][6]. - The volatility of the market has decreased, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the previous five-year period [6]. Mergers and Acquisitions - Over 230 major asset restructurings have been disclosed since the implementation of the "9·24" policy, marking a recent high [9]. - Innovative merger tools such as targeted convertible bonds and acquisition loans have revitalized market activity, facilitating a clearer direction for industrial integration [9][10]. Investor Sentiment - The investor base has evolved, with a significant increase in new accounts, totaling 30.57 million, an 83.86% increase compared to the previous period [13]. - Long-term capital, including insurance and social security funds, has also increased its presence in the market, with insurance funds' stock investments reaching 3.06 trillion yuan, a net increase of about 1 trillion yuan [14]. Future Outlook - The ongoing reforms are expected to further enhance market quality and foster a culture of long-term investment, with a focus on improving the quality of listed companies and refining foundational systems [14][15].

Core Viewpoint - The launch of the "Beijing Public Fund High-Quality Development Series Activities" aims to promote the transformation of the public fund industry from focusing on scale to emphasizing returns, driven by the new floating fee rate reform [1] Opportunities - The new action plan encourages fund managers to enhance their research and investment capabilities by linking management fees to fund performance, thus redefining the relationship between fund managers and investors [2] - It promotes the establishment of a scientific assessment system focused on long-term investment returns, fostering a culture of long-term value creation for investors [2] - The floating fee structure is particularly beneficial for actively managed equity funds, allowing fund companies to expand their market share in equity investments while improving their research capabilities [2] Challenges - The transition to floating fee funds requires significant system upgrades, which may pose a financial burden for smaller fund companies due to the complexity of the new fee calculation and management processes [3] - Increased competition in the asset management industry is expected as the reform shifts the focus from scale to investment performance, making it essential for firms to consistently generate excess returns to remain viable [3] - There is a pressing need for investor education regarding the complexities of floating fee structures, necessitating fund companies to invest more time and resources in explaining these products to avoid premature redemptions [4]