Core Viewpoint - The public fund market is experiencing a new wave of issuance, with a significant increase in equity products and a positive trend of "volume and quality rising together" as of March 23, 2025 [1] Group 1: Fund Issuance Trends - As of March 23, 2025, the new fund issuance scale has exceeded 220 billion, with equity products showing a notable increase in proportion [1] - From March 24 to 28, 20 new funds are set to be issued, with 14 of them being equity funds, accounting for 70% of the total [3] - The issuance of passive index funds remains dominant, with 10 out of 20 new products being such funds, including multiple free cash flow theme ETFs [3] Group 2: Free Cash Flow Theme ETFs - Free cash flow theme funds have emerged as a highlight, with institutions like E Fund, Yinhua, and Huabao accelerating their layouts [3] - Existing free cash flow ETFs from Guotai and Huaxia have attracted significant capital, with sizes of 2.515 billion and 1.911 billion respectively [3] - A total of 27 institutions are currently involved in this theme, with 28 products awaiting approval, indicating a competitive issuance environment [3] Group 3: Active Management Funds - Active management funds are also gaining traction, with new products launched by Xinyuan Fund and Fortune Fund, reflecting differentiated competition strategies [4] - Nearly 300 active equity funds have reached historical net value highs, boosting investor interest [4] Group 4: Market Dynamics - As of March 21, 2025, the issuance of equity funds has surpassed 40%, with a year-on-year growth of over 100% [5] - The average subscription days for new products have decreased, indicating improved market efficiency, with 26% of new funds ending their fundraising early [5] - The recovery in the new fund issuance market is closely linked to deeper capital market reforms and a shift in investor mindset towards long-term allocation [6]