新年伊始，公募基金发行角逐一触即发。据Wind统计，目前，已有71只新基金定档2026年1月发行（以 认购起始日为准，下同）。其中，仅2026年1月5日~1月9日，即元旦假期后的首个交易周，将有44只新 基金扎堆发售。 从产品结构看，权益类产品仍然是基金公司新年首月布局的重头戏。目前来看，在1月的新发基金中， 主动偏股型基金占比接近30%，而股票型基金（以增强指数、被动指数基金为主）的占比约为35%。 同时，基金公司的发行策略呈现出与产业趋势紧密对齐的态势：超过30%的新发基金明确指向特定行业 或主题，如科技、医疗、科创板等。 扎堆发行为哪般？ 2026年开年，公募基金产品"上新"节奏颇有提速之势。 Wind数据显示，2026年首个交易日——1月5日，共有28只新基金集中发售；包括这28只产品在内，于 2026年1月5日~1月9日发行的新基金共计44只。另有27只新基金将在2026年1月12日~1月28日陆续发 售。 这番热闹景象是多种因素共同作用的结果。 "一方面，年初渠道资源较为充足，投资者资金有可能逐步回流，有助于基金快速募集，抢占市场份 额。另一方面，市场普遍对A股'春季躁动'抱有预期，年初估值处于相 ...

2025年公募基金新发市场呈现显著增长态势。据公募排排网数据显示，按认购起始日统计，截至2025年 12月31日，2025年新成立公募基金产品共计1553只，较2024年的1143只增长35.87%，创下四年发行数 量新高。与此同时，新基金平均认购天数为16.41天，较上年的22.63天缩短超6天，也从侧面反映出市场 热情高涨。 | | | 2025年新成立不同类型公募基金按数量统计 | | | | --- | --- | --- | --- | --- | | 基金类型一级 | 数量 | 草学类型二级 | 数量 | 数量占比 | | | | 被动指数型基金 | 618 | 39.79% | | 股票型基金 | 835 | 增强指数型基金 | 187 | 12.04% | | | | 普通股票型基金 | 30 | 1.93% | | 湯合型基金 | 305 | 偏股混合型基金 | 274 | 17.64% | | | | 偏债混合型基金 | 18 | 1.16% | | | | 灵活配置型基金 | ਰੇ | 0.58% | | | | 半衡混合型基金 | 4 | 0. 26% | | 债券型基金 | 285 ...

摘要 深圳商报·读创客户端记者 陈燕青 今年公募基金新发市场呈现显著增长态势。公募排排网数据显示，按认购起始日统计，全年新成立公募 基金产品共计1553只，同比增长35.87%，创下近四年发行数量新高。与此同时，新基金平均认购天数 为16.41天，较去年缩短超6天，也从侧面反映出市场热情高涨。 对此，融智投资FOF基金经理李春瑜表示，今年新基发行数量与效率双升的主要原因包括：一是权益市 场行情向好，市场热情高涨推动发行加速，平均认购天数显著缩短。二是被动投资趋势深化，指数化工 具需求旺盛，审批提速与ETF扩容，被动指数型股票基金成为发行主力。三是行业头部机构引领，大型 公募机构密集布局，尤其在权益及指数领域重点发力，形成发行集中效应。 从产品结构来看，权益类基金占据绝对主导地位。今年新发的股票、偏股混合型等权益类基金共1109 只，占新发基金总数的71.41%。其中，股票型基金发行835只，占比53.77%；偏股混合型基金发行274 只，占比17.64%。 被动指数型产品成为发行主力军。全年新发被动指数型基金达699只，占总量的45.01%。其中，被动指 数型股票基金表现尤为突出，共计发行618只，另有被动指 ...

Group 1 - The core viewpoint of the articles highlights a significant surge in public fund self-purchases in 2025, with net subscription amounts reaching 9.876 billion yuan, a 163.08% increase compared to 3.754 billion yuan in 2024 [1] - Bond funds remain the primary driver of self-purchases, with net subscriptions of 4.211 billion yuan, accounting for 42.65% of total net subscriptions, marking a 272.65% increase from 1.130 billion yuan in the previous year [1] - Mixed funds have shown a notable recovery, achieving net subscriptions of 2.155 billion yuan, a significant turnaround from a net redemption of 0.512 billion yuan in 2024 [1] Group 2 - The positive policy environment and optimistic market expectations are key factors driving the self-purchase enthusiasm among public funds, as institutions aim to convey confidence and solidify investment strategies [2] - Regulatory guidance and improved industry mechanisms have deepened the alignment of interests between fund managers and investors, making self-purchase a more institutionalized and normalized practice [2] - The overall recovery of the A-share market and intensified industry competition have increased investor willingness to enter the market through public funds, prompting fund managers to enhance brand trust and product appeal through self-purchases [2] Group 3 - The self-purchase behavior of fund managers during market fluctuations sends a positive signal, directly expanding fund asset sizes and boosting investor confidence, which can lead to a virtuous cycle of capital inflow [3] - Fund managers' actual investment actions demonstrate their confidence in the capital market, which can uplift market sentiment and encourage more investments [3] - This "knowledge-action unity" in investment behavior allows companies to share in long-term market growth benefits while driving research and investment teams to focus more on performance improvement [3]

Group 1 - The public fund issuance market continued its recovery trend in November, with 145 public funds launched, a 6.62% increase from October's 136 funds, indicating a steady rise in market issuance pace [1] - Equity funds dominated the issuance market in November, with 104 equity funds launched, accounting for over 70% of the total new funds issued that month. This includes 69 stock funds and 35 mixed funds, reflecting high confidence in equity assets among fund managers and investors [1] - Among stock funds, passive index products performed notably well, with 49 passive index funds launched, representing 33.79% of the total new funds issued in November [1] Group 2 - Bond fund issuance saw significant growth in November, with 23 funds launched, a 64.29% increase from 14 in October. Mixed bond funds accounted for 65.22% of bond fund issuance [2] - FOF (Fund of Funds) products also showed remarkable performance, with 17 funds launched in November, marking a new monthly high for the year. By the end of November, 76 new FOF products had been established in 2023, more than double last year's total [2] - The overall recovery in the public fund issuance market in November was primarily driven by the significant growth of bond funds and FOF products, while equity funds maintained stable issuance momentum [3] Group 3 - In November, one public REITs product was launched, contributing to the overall market activity [3] - A total of 71 public fund institutions issued new products in November, with 38 institutions launching one product each and 33 institutions issuing two or more products. E Fund and GF Fund led with nine products each, primarily in stock ETFs [3] - The market's interest in bond funds is expected to continue, with predictions of a potential increase in non-bank funds' allocation to bond assets due to market conditions [3]

Core Insights - The number of new funds issued this year has reached 1,371 as of November 11, marking a three-year high and surpassing the total for both 2023 and 2024, with only 2022's total of 1,424 funds remaining slightly higher [1][2] - Despite the high number of new fund issuances, the total fundraising scale is relatively low, with a total of approximately 965.3 billion yuan, the lowest since 2019, and an average fundraising scale of only 782 million yuan [1][5] - The prevalence of initiator funds this year, with 334 new funds launched in this format, indicates a trend towards smaller, more numerous fund offerings, aligning with the "small but many" characteristic [1][4] Fund Issuance Characteristics - The surge in stock fund issuance, with 761 new stock funds launched, represents a historical record, significantly higher than the 470 funds issued in 2024, with passive index funds dominating this category [2][4] - The majority of stock funds issued this year are index funds, with 735 out of 761 being either passive or enhanced index funds, accounting for 97% of the total stock fund issuance [2] Market Dynamics - The current fund issuance trend reflects a rational approach, as evidenced by the smaller average fund sizes and the absence of "hot" funds, indicating a lack of investor frenzy [4][5] - The low fundraising scale is attributed to two main factors: the predominance of index funds, which do not showcase star fund managers, and the absence of a significant profit effect in the market, leading to low participation from retail investors [5]

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]