而发起式基金的发行显然为今年股票型基金发行数量创历史新高作出了贡献。截至11月11日，年内股票型基金以761只的发行量创下历史纪录，较2024年全 年的470只大增62%。在这761只股票型基金中，被动指数型基金有568只，增强指数型基金有167只，两者合计735只，占股票型基金发行比例高达97%。这 意味着今年股票型基金的发行基本上是以指数型基金为主。 不过，尽管新基金发行数量多，但基金发行规模却偏小，呈现为"小而多"的特点。新基金募资规模普遍较小。截至11月11日，年内基金发行总规模约9653亿 元，为2019年以来的新低。同时，年内新基金的平均募集规模仅为7.82亿元。2020年—2024年这一数据分别为21.94亿元、14.92亿元、10.53亿元、9.08亿 元、10.59亿元，均远高于今年基金的平均募集规模。 在"小而多"的特色下，今年发起式基金较为盛行。年内共有334只新基金采用发起式形式设立，占比约四分之一，且多为股票型基金。而发起式基金最大的 优势就是成立的门槛较低，只需要5000万的规模就可以宣告成立。因此，今年发起式基金盛行正好符合了"小而多"的特色。 那么，如何看待今年新基金的发行呢？ ...

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][2] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - The total number of public funds issued in 2025 includes 762 equity funds and 250 bond funds, with equity funds accounting for 55.30% of the total [2][6] - Among the newly issued funds, passive index funds have become increasingly popular, with 813 index funds issued, representing 59.00% of the total [3][4] Market Trends - The rise of index investing is notable, with 736 out of 762 equity funds being index funds, which constitutes 96.59% of the equity fund category [4][5] - The trend towards passive investment is evident, as 646 of the 813 index funds are passive index funds, making up 79.46% of the index fund total [5] Investor Behavior - The younger generation of investors is becoming a significant force in the market, showing a higher acceptance and trust in public funds, which injects new vitality into the industry [3] - There is a clear shift in investor preference towards equity assets, as evidenced by the substantial increase in the issuance of equity funds compared to the decline in bond fund issuance [6] Issuer Landscape - A total of 131 public fund institutions have issued new funds in 2025, with 22 institutions issuing 20 or more new funds, indicating a "Matthew Effect" in the industry [7]

Core Viewpoint - The issuance of active equity funds in China has rebounded significantly this year, with a total of 276 new funds established and a total fundraising scale of 141.068 billion yuan, representing a year-on-year increase of 132.25% [2][4]. Group 1: Active Equity Fund Issuance - A total of 276 active equity funds were established this year, with a fundraising scale of 141.068 billion yuan, marking a 132.25% year-on-year growth [4][5]. - There were 73 active equity funds that ended their fundraising early, indicating strong demand, with several funds being sold out in just one day [5]. - The rebound in active equity fund issuance is attributed to the recovery of the A-share market, improvements in corporate earnings, and supportive government policies aimed at encouraging long-term investments in equity markets [5]. Group 2: Passive Index Product Issuance - The issuance of passive index products has also surged, with over 760 new index funds established this year, raising over 550 billion yuan, reflecting a year-on-year growth of 89.36% in number and 24% in scale [6][7]. - The market is currently experiencing a phase where both active equity and passive index products are growing, with a diversification of investment tools available to investors [7]. - The future performance of active equity funds will depend on their ability to consistently generate returns that exceed market performance and their differentiation from passive products [7].

Core Viewpoint - The article emphasizes the growing recognition of index-based investment strategies among investors, highlighting the potential investment opportunities arising from significant changes in index constituents due to periodic rebalancing of major indices like the SSE 50, CSI 300, and CSI 500 [1][4][5]. Group 1: Index Product Scale Statistics - As of October 31, there are 2,294 passive index funds (ETFs and off-exchange passive index funds) with a total scale of 4.5 trillion yuan, and 437 enhanced index funds with a total scale of 265.3 billion yuan, surpassing the scale of equity mixed funds (2.53 trillion yuan) [2][15]. - The leading indices in terms of product tracking scale include the CSI 300, CSI A500, and CSI 500 [19]. Group 2: Historical Adjustment Effects of Index Constituents - From 2019 to mid-2025, stocks added to the index generally outperformed the index in the two weeks prior to their inclusion, while stocks removed from the index underperformed [22][23]. - The average excess return for stocks added to the index in the two weeks before inclusion is 4.89%, with a success rate of 66.67% [24]. Group 3: Latest Adjustment Impact Estimates - For the expected adjustments in December 2025, the SSE 50 is projected to adjust 4 stocks with an estimated passive buy amount of 5.5 billion yuan, the CSI 300 is expected to adjust 10 stocks with an estimated net buy of 24.5 billion yuan, and the CSI 500 is expected to adjust 50 stocks with an estimated buy of 3.3 billion yuan [30][32].

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]

Core Insights - The public fund issuance has shown signs of recovery, with 35 new public products launched in the week from November 3 to November 9, marking a 29.63% increase from the previous week and the highest in three weeks [1] - The average subscription period for the new funds has decreased to 19 days, indicating improved market supply dynamics [1] Fund Issuance by Type - Equity funds, including stock and mixed funds, dominated the issuance with 26 products, accounting for over 70% of the total new funds, reflecting a strong focus from fund companies on the equity market [2][3] - Specifically, stock funds saw robust issuance with 16 products, representing 45.71% of the total, where passive index funds led with 13 products (37.14%) due to their clear tracking direction and lower management fees [3] - Mixed funds accounted for 10 products (28.57%), with the flexible allocation of equity mixed funds allowing fund managers to adjust stock and bond ratios based on market conditions [3] FOF and Bond Fund Performance - FOF products performed well with 5 new issuances, matching the highest weekly issuance for the year, where 4 were bond-focused and 1 was equity-focused [3] - Bond fund issuance remained stable with 4 mixed bond secondary funds, making up 11.43% of the total [4] - The improvement in market conditions and changing investor attitudes towards public funds have contributed to the increased issuance, alongside ongoing supportive policies [4]

Group 1 - The core viewpoint of the articles highlights a significant recovery in the issuance of public funds in the A-share market, with a notable increase in the number and scale of stock funds established this year [1][2][3] - As of October 27, 2023, a total of 1,187 new funds have been established, surpassing last year's total of 1,135, indicating a positive trend in fund issuance [1][2] - The issuance scale of stock funds reached 3,456.53 million units, accounting for 37.47% of the total issuance, marking the highest proportion since 2011 [1][2] Group 2 - Stock funds accounted for 57% of the new fund issuance this year, with 676 stock funds established, a significant increase from last year's 21.14% [2] - The average issuance size of new stock funds is 5.11 million units, slightly lower than the average from the previous year, indicating that the market has not yet reached a peak in fund issuance [3] - The increase in stock fund issuance is primarily driven by passive index funds, with six equity funds exceeding 2.5 billion units in issuance, five of which are passive index funds [3] Group 3 - Seven products this year have achieved issuance scales of 6 billion yuan or more, with the top product being the Dongfang Asset Management's Dongfang Hong Yingfeng Stable Allocation Fund, raising 6.573 billion yuan [1] - Among the seven products with significant fundraising, five are bond funds, while two are fund of funds (FOF), indicating a diverse range of investment strategies [1] - Several FOF products have experienced rapid fundraising, with some announcing early closure of subscriptions on their first day due to high demand [1][3]

Core Insights - The A-share market has strengthened, leading to a recovery in public fund issuance, with 1,187 new funds established by October 27, surpassing last year's total of 1,135 [1][2] - The issuance scale of equity funds reached 3,456.53 million units, accounting for 37.47% of the total issuance, marking the highest level since 2011 [1][2] - Passive index funds have a significant share in the newly issued equity funds, indicating a shift in investor preference towards passive investment strategies [3] Fund Issuance Overview - As of October 27, 676 equity funds were issued, representing 57% of new fund issuance, with a scale of 3,456.53 million units, significantly higher than last year's 21.14% [2] - The average issuance size for new funds this year is 7.77 million units, lower than previous years, suggesting that the market has not yet reached a peak in fund issuance [1] Notable Fund Products - Seven products have achieved issuance scales of 6 billion or more, with the top being "Oriental Red Yingfeng Stable Allocation" at 6.573 billion [1] - Among the seven products with around 6 billion in fundraising, five are bond funds, while two are fund of funds (FOF) [1] - Some FOF products, such as "Huatai Bairui Yingtai Stable 3-Month Holding FOF," have sold out on the first day of issuance, indicating strong demand [1][3] Market Trends - The increase in equity fund issuance is primarily driven by passive index funds, with six equity funds exceeding 2.5 billion in issuance this year, five of which are passive index funds [3] - The recent trend shows a gradual increase in actively managed equity funds with close to or exceeding 2 billion in fundraising, indicating a diversification in investor interest [3]

Core Insights - The public fund issuance market is experiencing a vibrant atmosphere, with a high number of new funds being launched and a notable rise in "daylight funds" that sell out within a single day, indicating strong investor demand [1] Market Trends - As of October 25, 2025, a total of 88 funds sold out on their first day of issuance, reflecting a significant enthusiasm for public fund products [1] - The frequent emergence of "daylight funds" is attributed to the stabilization and improvement of the macroeconomic environment in 2025, along with the A-share market reaching new highs, which has led to an increase in investor risk appetite [1] Product Innovation - Fund companies are launching products that better align with market demands, such as technology innovation bond ETFs and REITs, providing investors with diverse allocation tools [1] - The data indicates that passive index products constitute a high proportion of new funds this year, highlighting the deepening trend of index-based investment [1] Future Outlook - Industry experts anticipate that the active trend in the public fund issuance market is likely to continue, with "daylight funds" potentially becoming a regular occurrence as the market continues to recover [1]

Group 1 - 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, driven primarily by the performance of equity funds [2][4] - As of October 25, 2023, a total of 1,187 new funds have been established, exceeding last year's 1,135 funds, although the total fundraising scale remains 20% lower than last year's [2][3] - Equity funds have gained significant attention, with 676 new equity funds established this year, accounting for nearly 57% of all new funds, marking a historical high [2][4] Group 2 - The total fundraising amount for new funds this year is 9,223.47 billion units, which is still below last year's 11,838.33 billion units, with an average issuance of 7.77 billion units, the lowest since 2000 [2][3] - The fundraising scale for equity funds reached 3,456.53 billion units, surpassing the total for the years 2022, 2023, and 2024, and accounting for 37.5% of the total fundraising amount for new funds, the highest since 2012 [2][4] - There is a notable trend of structural recovery in the issuance of actively managed equity funds, with several funds announcing early closure of fundraising due to high demand [4][5] Group 3 - The increase in the number of equity funds is attributed to fund companies adapting their strategies to the changing market conditions, focusing on niche sectors and launching specialized products [3][6] - Despite the positive trends in new fund issuance, older funds are struggling to attract investments due to poor performance and investor redemption [6] - The market remains uneven, with significant differences in the success of new fund issuances based on management and distribution channels, leading to a concentration of funds in top companies and well-known fund managers [4][6]