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 Viewpoint - The resurgence of "daylight funds" in the active equity fund issuance market indicates a recovery in market sentiment, driven by improved liquidity, restored investor confidence, and the benefits of regulatory reforms [2][5]. Fund Issuance Trends - The issuance of active equity funds has seen a significant increase, with several funds, including the China Europe Xin Yue Return Fund, completing their fundraising on the first day of offering, marking a return of the "daylight fund" phenomenon [2][3]. - Notable funds such as Penghua Qihang Quantitative Stock Selection Plan and Fuguo Xinghe also experienced rapid fundraising, with the former raising 31 billion yuan in one day, exceeding its target of 30 billion yuan [3][4]. Market Conditions - The frequency of "daylight funds" has notably increased since October, reflecting a more favorable funding environment and a gradual recovery in investor risk appetite [3][5]. - The A-share market has stabilized around the 4000-point mark, contributing to a renewed focus on the value of active management and creating structural investment opportunities [2][5]. Investor Behavior - Investors are reassessing the value of active management versus passive strategies, leading to increased interest in actively managed funds, particularly those led by reputable fund managers [5][6]. - The recent fee reforms in public funds have lowered the cost of investing, encouraging more investors to subscribe to new funds, thus facilitating the emergence of "daylight funds" [5][6]. Regulatory Impact - The public fund fee reform initiated in September has played a crucial role in enhancing the attractiveness of new fund offerings by reducing management and custody fees, thereby lowering the overall cost for investors [5][6].