Fund Issuance - In May 2025, 82 companies participated in fund issuance, a month-on-month increase of 9.33% compared to April 2025[1] - A total of 172 funds were issued in May, with 124 being newly issued, reflecting a month-on-month decrease of 2.36%[8] - Index funds were the most popular type, with 66 index funds issued, accounting for 53.23% of the total issuance[11] Fund Raising - The total fundraising amount in May 2025 was 826.26 billion yuan, a month-on-month decrease of 12.61% and a year-on-year decrease of 24.99%[13] - The top three types of funds by fundraising amount were index funds (420.65 billion yuan, 50.91%), bond funds (307.22 billion yuan), and mixed funds (77.46 billion yuan)[13] - 115 funds completed fundraising in May, with an average subscription period of 12.39 days, a month-on-month decrease of 13.81%[17] New Fund Innovations - The first batch of 24 floating-rate funds was launched, all classified as mixed funds, with management fees linked to investor holding periods and fund performance[2] - The newly established STAR Market Index Enhanced Strategy ETF and enhanced funds aim to meet personalized investment needs and enhance competition among fund companies[2]

2025年开年以来，公募基金行业掀起了一股指数增强基金的布局热潮。 Wind数据显示，截至4月4日，年内共有52只增强指数型基金上报，涉及37家基金管理人，较去年同期的17只同比 大增206%，创历史同期最高纪录。与此同时，年内已有32只指增基金成立，合计发行规模达170.88亿元，远超 2024年同期的18亿元。 这一现象的背后，既体现了市场对"被动投资+主动增强"策略的认可，也折射出量化技术发展与行业竞争格局演变的 双重驱动。业内人士指出，随着新指数推出、策略创新及投资者需求多元化，指数增强基金或将成为公募行业未来 扩容的重要方向。 申报数量同比增长超两倍 今年以来，指数增强基金的申报与发行呈现爆发式增长。从申报端看，开年至今已有52只产品上报，远超过去五年 同期水平（2019—2023年同期分别为6只、8只、11只、12只、15只）。这一数据较2024年同期的17只同比增加逾 两倍，且参与主体从13家管理人扩展至37家，中小公募占比显著提升。从发行端看，年内已有32只指数增强基金成 立，另外还有9只正在发行、12只蓄势待发，显示出市场对这类产品的强烈需求。 业内人士看来，这一热潮的驱动因素，既包括市场环 ...

Market Review - The A-share market saw a decline across major broad-based indices, with the ChiNext Index, Shanghai Composite Index, and CSI 300 Index returning -4.87%, -1.72%, and -2.22% respectively. In contrast, the Steel, Building Materials, and Real Estate sectors performed well with returns of 2.96%, 1.98%, and 1.86% respectively [6][19][20] - The central bank's net reverse repurchase was 133.1 billion, with a total of 1.6592 trillion in net open market operations. The yield on government bonds of various maturities decreased, with the spread widening by 1.52 basis points [21][22] Fund Issuance - A total of 31 new funds were established last week, with a combined issuance scale of 42.757 billion, marking an increase from the previous week. Additionally, 29 funds entered the issuance phase, and 45 funds are set to begin issuance this week [3][4] - 76 funds were reported for approval last week, including 1 FOF and 1 REIT, along with several ETFs related to the STAR Market [4][6] Fund Performance - The net asset value of public funds reached 31.93 trillion as of the end of January 2025, a decrease of 892.657 billion from December 2024. The largest decline was seen in open-ended money market funds, which decreased by 409.503 billion [15] - Active equity, flexible allocation, and balanced mixed funds reported returns of -2.70%, -1.97%, and -1.08% respectively last week. In contrast, alternative funds showed the best performance with a median return of 7.94% year-to-date [26][30] Index Products - 46 index products related to the STAR Market Composite Index have been reported, with the first batch of 12 STAR Market Composite Index ETFs submitted for approval on January 23 [5][7] - Recent submissions included 10 free cash flow-related index products, reflecting a growing interest in cash flow-focused investments [8][9] Adjustments to Indices - The Shanghai Stock Exchange announced revisions to the STAR 100 and STAR 200 index compilation rules, effective March 17, 2025, to enhance the representativeness of the indices [11][12] - The STAR 50 Index will undergo sample adjustments, with three new samples being added [13][14]