"日光基"频现 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合11月13日结束募集，该基金募集期内有 效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，这只基金的募集时间仅为一天。 这是基金经理蓝小康近1个月来的第二只"日光基"。10月21日晚间，中欧基金发布《中欧价值领航混合 基金合同生效公告》。根据公告，中欧价值领航混合基金一日募集资金为19.7亿元，获近万户有效认 购。其中，基金管理人运用固有资金认购900万份，基金管理人的从业人员认购111.89万份，两者合计 占比约为0.51%。公告显示，中欧价值领航混合基金原定发售日期为10月16日至10月28日，但该基金仅 发售一天就提前结束募集。 11月14日，中欧基金发布公告称，中欧鑫悦回报一年持有期混合已于11月13日结束募集，该基金募集期 内有效认购申请总金额（不含募集期利息）已超过限额15亿元。据悉，该基金拟由基金经理蓝小康管 理。 10月末，由蓝小康担纲的中欧价值领航混合基金亦仅发售一天，募集近20亿元。此外，鹏华启航量化选 股混合、华泰柏瑞盈泰稳健3个月持有FOF等多只近期新发基金也出现"一日结募"。 公开资料显示，截至11 ...

Core Insights - The fund issuance market is experiencing a resurgence, with multiple funds completing their fundraising on the same day they are launched, indicating a return of the "daylight fund" phenomenon [1][3][6] Group 1: Fund Issuance Trends - The recent trend of "daylight funds" is attributed to improved liquidity, restored investor confidence, and the benefits of regulatory reforms [1][6] - Several active equity funds, including those from E Fund and Fortune Fund, have ended their fundraising early due to high demand, reflecting a significant increase in investor interest [1][3] - Notable examples include the Penghua Qihang Quantitative Stock Selection Plan, which raised 3.1 billion yuan in one day, and the Fortune Xinghe fund, which attracted 3.6 billion yuan on its launch day [3][4] Group 2: Market Conditions and Investor Sentiment - The re-emergence of "daylight funds" serves as an important indicator of recovering market sentiment, driven by a stabilization of A-share valuations and improved economic data [6][7] - The Shanghai Composite Index's rise above 4,000 points has bolstered investor confidence in the equity market, leading to a surge in new fund issuances [6][7] - Investors are increasingly recognizing the value of active management over passive strategies, particularly as funds from reputable companies and managers gain traction [6][7] Group 3: Fee Structure Reforms - Recent reforms in public fund fee structures have created new opportunities for fund issuance, with many companies lowering management and custody fees, thus reducing the cost for investors [6][7] - The new regulations encourage fund companies to build brand credibility through long-term performance and investor returns, enhancing product line management and research transparency [6][7]

Core Insights - The recent market recovery has led to a surge in demand for newly launched mutual funds, with several funds completing their fundraising targets in record time, indicating strong investor confidence [3][5][8] - The introduction of floating fee rate products has shown promising initial performance, with average returns exceeding 12.47% for the first batch, which is expected to positively influence subsequent fund launches [4][7] Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund completed its fundraising of approximately 30 billion yuan in just five days, ahead of its scheduled end date [3][5] - Other funds, such as the China Europe Value Navigation Fund and Penghua Manufacturing Upgrade Fund, also completed their fundraising quickly, with the former reaching 20 billion yuan in one day [5][6] - The trend of early fundraising closures is not limited to equity funds but also includes FOFs, ETFs, and QDII funds, reflecting a broader market enthusiasm [5][6] Performance of Floating Fee Rate Products - The first batch of floating fee rate products has delivered strong performance, with some funds achieving over 40% returns within three months of their launch [4][7] - The success of these products is attributed to their innovative fee structure and the overall positive market sentiment, which is expected to encourage further adoption of this model [7] Market Outlook - Multiple asset management firms maintain an optimistic outlook for the market, predicting a "slow bull" trend driven by improving macroeconomic conditions and corporate earnings recovery [8][9] - The ongoing shift in investor sentiment towards more established fund managers and the importance of sales capabilities in fund distribution are also highlighted as key factors influencing fundraising success [6][8]

Core Viewpoint - The recent trend of mutual funds in China shows a strong demand for newly launched products, with several funds completing their fundraising targets in record time, indicating a positive market sentiment and investor confidence in the capital market [1][4][5]. Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund announced the early closure of its fundraising, achieving a target size of approximately 30 billion yuan in just about 5 days [1][4]. - The China Europe Value Navigator Fund also completed its fundraising of 20 billion yuan in just one day [2][4]. - The trend of early fundraising closures is not isolated, as multiple new products, including FOF, ETF, and QDII funds, have also been reported to close early due to high demand [4][5]. Performance of Floating Rate Funds - The initial performance of the first batch of floating rate funds has been strong, with an average increase of 12.47% since their inception, and some funds reporting gains exceeding 40% within three months [2][6]. - The successful performance of these funds is expected to positively influence the fundraising and operation of subsequent batches of floating rate funds [6][7]. Market Outlook - Several public fund companies express optimism about the market outlook, citing factors such as the expansion of profit-making effects, accelerated capital inflow, and improvements in macroeconomic conditions as potential drivers for a mid-term upward trend in the market [9][10]. - The overall market valuation is considered reasonable, and there is an expectation for more investment opportunities driven by fundamentals, particularly in growth sectors like new energy and technology [9][10].

Core Viewpoint - The recent trend in the mutual fund market shows a significant increase in demand for newly launched funds, with several funds completing their fundraising targets in a remarkably short time due to a recovering market sentiment and strong performance of floating rate products [1][3][5]. Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund announced an early end to its fundraising, achieving a target size of approximately 30 billion yuan in just about 5 days [1][3]. - The China Europe Value Navigator Fund also completed a fundraising of 20 billion yuan in just one day prior to this [2][3]. - Multiple new funds, including FOF, ETF, and QDII types, have also announced early closures, indicating a robust demand across various fund categories [3][4]. Performance of Floating Rate Products - The initial performance of the first batch of floating rate products has been strong, with an average increase of 12.47% since their launch, and some funds seeing gains exceeding 40% within three months [2][5]. - The successful performance of these products is expected to positively influence the fundraising and operation of subsequent batches of floating rate funds [5][6]. Market Outlook - Several mutual fund companies express optimism about the market outlook, citing a potential "slow bull" trend driven by improving macroeconomic conditions and corporate earnings recovery [7][8]. - The overall market valuation is considered reasonable, and there is an expectation for more investment opportunities driven by fundamentals, particularly in growth sectors like new energy and technology [7][8].

Core Viewpoint - The recent launch of the China Europe Fund's "China Europe Value Navigation Mixed Fund" has raised nearly 2 billion yuan in just one day, indicating a strong demand for actively managed equity funds in the current market environment [1][2]. Fundraising Details - The fund raised 1.97 billion yuan in a single day, with nearly 10,000 effective subscriptions [2]. - The fund's original sale period was from October 16 to October 28, but it closed early due to reaching its fundraising cap on the first day [2]. Fund Manager Profile - The fund manager, Lan Xiaokang, is a member of the equity decision-making committee at China Europe Fund and heads the value strategy group [3]. - Lan currently manages three funds, with the largest being "China Europe Dividend Enjoyment," which had a scale of 9.666 billion yuan as of the end of Q2 this year [3]. - Performance data shows that the funds managed by Lan have impressive returns, with "China Europe Dividend Enjoyment A" achieving a return of 170.24% [3]. Market Trends - The issuance of equity funds is recovering, with several funds recently announcing early closures due to high demand [4]. - For instance, the Penghua Fund's "Manufacturing Upgrade" fund closed early after just two days of fundraising, exceeding its 2 billion yuan cap [4]. - Since September, over 50 funds have announced early closures, particularly among actively managed equity products, suggesting a trend of increasing investor interest in this segment [5]. Industry Insights - The recent performance of actively managed equity funds is attributed to a recovering equity market and the reputation of skilled fund managers [5]. - The sales capabilities of fund custodians also play a crucial role in achieving successful fundraising outcomes [5].

Core Viewpoint - The "Daylight Fund" phenomenon reappears with the China Europe Value Navigation Mixed Fund raising nearly 2 billion yuan in just one day, indicating a favorable market environment and investor confidence in fund managers [2][4]. Fundraising Details - On October 21, China Europe Fund announced that the China Europe Value Navigation Mixed Fund raised 1.97 billion yuan in one day, with nearly 10,000 effective subscriptions [4]. - The fund was initially scheduled for sale from October 16 to October 28, but it reached its 2 billion yuan cap on the first day, leading to an early closure of the fundraising [4]. - The fund manager, Lan Xiaokang, is a member of the equity decision-making committee and head of the value strategy group at China Europe Fund [4]. Market Trends - The recent trend shows a recovery in equity fund issuance, with several funds announcing early closures due to high demand [8]. - Since September, over 50 funds have announced early closures, many of which are actively managed equity products, indicating a resurgence in investor interest [9]. - The success of new equity funds is attributed to the recovering equity market and the strong performance of products managed by reputable fund managers [9].

Core Viewpoint - The trend of actively limiting the initial fundraising scale of newly launched public funds is becoming prominent among fund managers in China, aiming to enhance operational efficiency and build investor trust through solid performance [1][4][7]. Fundraising Trends - Several newly launched funds, including those managed by well-known fund managers, have set relatively low initial fundraising caps, such as 20 billion yuan for some and 10 billion yuan for others, completing their fundraising quickly [2][3]. - The initial fundraising amounts for these funds were 19.84 billion yuan, 19.87 billion yuan, and 10 billion yuan, attracting thousands of investors within a short period [2]. Industry Changes - The industry is witnessing a shift from a focus on initial fundraising scale to prioritizing the long-term viability of products, with fund managers aiming to refine investment strategies without the interference of large scales [4][7]. - Fund companies are increasingly emphasizing the importance of product performance post-establishment and enhancing investor education and service quality to improve the overall investment experience [8]. Investor Engagement - Fund managers are adopting strategies to control initial fundraising sizes to allow for better operational flexibility and responsiveness to market changes, particularly for growth-style products [4][5]. - There is a growing consensus among fund companies and distribution channels to focus on long-term performance and investor satisfaction rather than merely increasing initial fundraising sizes [6][8]. Long-term Focus - The industry is moving towards a model that values long-term performance and investor trust, with fund companies aiming to create high-quality products that can sustain investor interest over time [7][8]. - Fund companies are encouraged to adjust their assessment and operational logic to include long-term metrics, fostering a culture of sustained growth and investor loyalty [8].

Core Viewpoint - The trend of actively limiting the initial fundraising scale of newly launched public funds is emerging, with several well-known fund managers setting relatively low fundraising caps to enhance operational efficiency and build investor trust through solid performance [1][3][5]. Group 1: Fundraising Trends - Recently launched public funds, such as those managed by Yan Siqian, Li Jianfeng, and Zhao Wei, have set initial fundraising caps of 2 billion, 2 billion, and 1 billion respectively, and completed fundraising quickly [1][2]. - The three funds began issuing on October 9 and announced early closure of fundraising by October 10, attracting 11,992, 14,689, and 4,039 investors respectively [2]. - Other funds, including the China Europe Value Navigator managed by Lan Xiaokang, also announced early fundraising closure after just one day of issuance [2]. Group 2: Strategic Focus - Fund managers are controlling initial fundraising scales to allow ample space for refining investment strategies and to avoid operational inefficiencies caused by excessive scale [3][4]. - The shift in focus from initial fundraising to post-establishment operations and investor education is becoming more pronounced, aligning with the growing demand for better investment experiences [3][5]. Group 3: Industry Evolution - The public fund industry is moving away from the previous focus on initial fundraising towards a greater emphasis on the long-term viability of products, aiming to build trust through consistent performance [4][5]. - Fund companies are increasingly aware of the need to control initial fundraising limits and prioritize operational performance and investor feedback post-establishment [5]. - The industry is transitioning from a high-speed growth model to a high-quality development model, emphasizing the importance of long-term value and investor education [5].

Core Insights - The recent launch of the China Europe Value Navigation Fund on October 16 sold out on its first day, indicating a resurgence in market interest for actively managed equity funds [1][2] - The trend of early fundraising closures for several actively managed equity funds reflects a dual change in improved liquidity and a rise in investor risk appetite [1][5] Fund Launch Details - The China Europe Value Navigation Fund was initially set to close on October 28 but completed its fundraising on the first day, with a maximum fundraising size of 2 billion yuan [2] - The fund is managed by renowned fund manager Lan Xiaokang, who oversees three funds, with the largest being the China Europe Dividend Enjoyment Fund, which had a reported size of 9.666 billion yuan as of June 30 [2] Market Trends - Multiple actively managed equity funds have recently announced early closures, indicating strong investor interest [3][4] - For instance, the Penghua Manufacturing Upgrade Fund closed early after just two days of fundraising, reaching its 2 billion yuan cap, with a subscription confirmation rate of approximately 57% [3] - Similarly, the E Fund Hong Kong Stock Connect Technology Fund completed its fundraising in just one day, raising 1.987 billion yuan [3] Investor Sentiment - The re-emergence of "daylight funds" signals a recovery in investor sentiment and a renewed interest in equity products [5] - The first half of the year saw a cautious investor mood, leading to prolonged fundraising periods for many actively managed equity funds, contrasting sharply with the recent trend of early closures [5] - The combination of hot investment themes and the reputation of well-known fund managers has catalyzed market enthusiasm, particularly in sectors like technology and manufacturing upgrades [5]