| 序号 | | | 新成立基金 | | | | --- | --- | --- | --- | --- | --- | | | 截止日期÷ | 总数(只) = | 发行份额(亿份)* = | 平均发行份额(亿份)* = | 截止日份额(亿份)*= | | | 2026年03月 | 17 | 54.84 | 18.28 | 54.84 | | 2 | 2026年02月 | 13 | 145.40 | 14.54 | 145.40 | | 3 | 2026年01月 | 25 | 407.19 | 16.29 | 407.19 | | 13 | 2025年03月 | 7 | 30.11 | 4.30 | 30.33 | | 14 | 2025年02月 | 3 | 73.05 | 24.35 | 139.49 | | 15 | 2025年01月 | 6 | 39.30 | 6.55 | 39.98 | 银行这个庞然大物开始下场。 作者 | 市值风云基金研究部 编辑 | 小白 开年以来，随着多只公募产品单日售罄、结募规模动辄数十亿元，公募基金新发市场一举扫清了过去 一段时间的低迷，发行规模创下近四年的阶段性高点。 在 ...

Market Overview - On March 19, the three major indices fell over 1%, with the Shanghai Composite Index dropping 1.39% and briefly falling below the 4000-point mark[3] - The total trading volume reached 2.13 trillion yuan, an increase of approximately 70 billion yuan compared to the previous trading day[1] Sector Performance - All sectors except for oil, coal, banking, and utilities experienced declines, with non-ferrous metals, chemicals, and steel leading the losses[1] - The leading stocks in the communication and new energy sectors showed high volatility, while the leading stocks in the non-ferrous and chemical sectors exhibited weaker performance[2] Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery[4] - The central bank aims to maintain liquidity and ensure that the growth of social financing aligns with economic growth and price expectations[4] Industry Dynamics - In February 2026, 75.49% of the green certificates issued were related to renewable energy projects, with a total of 1.98 billion certificates issued[7] - Over 30 production companies have increased the specifications and prices of rebar by 20-50 yuan per ton, with some regions seeing increases of up to 80 yuan per ton[9] Fundraising Trends - On March 18, 11 new funds exceeded 1 billion yuan in size, with active equity funds and FOFs making up 7 of these funds[12] - The total scale of FOFs has surpassed 300 billion yuan for the first time, driven by high demand and rapid sales[12]

Core Insights - The article highlights a significant increase in the establishment of mutual funds, particularly active equity funds and FOFs (Funds of Funds), with a notable number exceeding 1 billion yuan in fundraising, indicating a strong market interest and optimism for future performance [1][2][4]. Group 1: Active Equity Funds - As of March 18, 2026, there were 34 active equity funds with a fundraising scale exceeding 1 billion yuan, accounting for over 35% of all newly established funds in the year [2]. - The largest fund, Xingye Zhenxuan, raised 3.499 billion yuan, followed by Jingshun Longcheng with 2.592 billion yuan [2]. - The number of effective subscription accounts for active equity funds has returned to levels seen before October 2021, reflecting renewed investor interest [1][3]. Group 2: FOFs - FOFs have also seen a surge, with 22 funds exceeding 1 billion yuan in fundraising, making up 50% of all newly established FOFs in 2026 [4][5]. - The largest FOF, Boshi Yingtai, raised 5.844 billion yuan, while another fund, Zhongou Yingxin, raised 5.125 billion yuan [5]. - The overall scale of FOFs has surpassed 300 billion yuan for the first time since their inception in 2017, driven by strong demand and favorable market conditions [5]. Group 3: Market Trends and Investor Sentiment - The article notes that the recent fundraising trends are influenced by several factors, including the upcoming maturity of over 50 trillion yuan in household deposits and a low-interest-rate environment, making FOFs an attractive investment option [5]. - The optimism in the market is also reflected in the performance of the FOF index, which has risen by 12.69% over the past year, outperforming bond fund indices [5]. - Investment expectations are further supported by the anticipated recovery in A-share earnings, with a focus on sectors such as technology and AI, which are expected to drive future growth [6][7].

Investment Rating - The report maintains a recommendation for the industry, focusing on the importance of wealth management and fund advisory services [4]. Core Insights - The report emphasizes the need for securities companies to prioritize fund advisory services due to supportive policies, channel transformations, and recovering demand [2]. - It highlights the advantages of securities companies in developing fund advisory services, including customer base, asset allocation capabilities, and adaptable service models [3]. - The investment experience and returns from fund advisory services are expected to improve significantly as the capital market evolves [4]. Summary by Sections 1. Importance of Fund Advisory Services - The regulatory environment is shifting towards regularizing fund advisory services, with pilot programs expected to transition to standard practices [21]. - The potential for expanding the range of investable products, including index funds and ETFs, is anticipated to enhance the business landscape for fund advisory services [22]. 2. Advantages of Securities Companies - Securities companies can leverage their comprehensive financial licenses to acquire customers through multiple low-cost channels [3]. - Their expertise in various asset classes and risk management tools positions them well for customized fund advisory services [3]. - The balanced development of online and offline channels, along with ongoing financial technology advancements, allows for flexible adaptation of different fund advisory models [3]. 3. Investment Recommendations - The report suggests focusing on companies like CICC, CITIC Securities, and Huatai Securities, considering their business synergy, brand influence, and financial technology capabilities [4].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core View of the Report - The public - offering FOF may experience significant development in 2026. After a three - year decline since 2021, the FOF scale rebounded rapidly in 2025, reaching 243.87 billion yuan at the end of the year, a year - on - year increase of 88.13%. The industry concentration is relatively high, with the top 10 fund companies accounting for 58.9%. The development of public - offering FOF in the future may revolve around three ecosystems: wealth management, ETF, and pension [4][7]. 3. Summary According to the Directory 3.1 Public - offering FOF May Usher in Great Development - **2025 FOF Scale Stopped Declining and Rebounded**: The FOF scale declined for three years after 2021 and then rose rapidly in 2025. By the end of 2025, the scale reached 243.87 billion yuan, an 88.13% increase compared to 2024. The top - tier fund companies have obvious advantages. As of the end of 2025, the total scale of the top 10 FOF was 143.71 billion yuan, accounting for 58.9%, and the total scale of the top 30 was 225.95 billion yuan, accounting for 92.7% [7][9]. - **Source of FOF Increment: Fixed - income + is the Main Growth Source**: In 2025, the inflow of FOF funds was mainly from fixed - income + products. Among the top 20 products in terms of inflow scale in 2025, except for one FOF product with a fixed - income proportion of 35% in its performance benchmark, the fixed - income proportion in the performance benchmarks of the other 19 FOF products was greater than or equal to 70% [12]. - **FOF Issuance Has Been Booming Since 2026**: As of March 10, 2026, 34 FOF products were issued, with a total issuance scale of 48.03 billion yuan. The products with the top issuance scales are Boshi Yingtai Zhenxuan, ICBC Yingtai Wenjian, Fuguo Zhihui Wenjian, Zhongou Yingxiang Wenjian, and GF Yueying Wenjian [14]. 3.2 Three Ecosystems for FOF Development - **Wealth Management and Fund Investment Advisory Ecosystem**: The demand of bank - channel customers for diversified asset allocation has increased. FOF can meet the needs for multi - assets and strategies, providing a one - stop solution. China Merchants Bank launched the TREE Changying Plan, divided into four categories: Anwenying, Andingying, Anxinying, and Anyiying, with the highest equity position increasing from 15% to 70% and the maximum drawdown target increasing from 2% to 15%. At the beginning of 2026, China Construction Bank launched the Longying FOF Plan, realizing one - click allocation of diversified assets. As of March 10, 2026, the fund products displayed on the Longying FOF product page are from fund managers such as Huaxia, Fuguo, and others, and the products are mainly positioned as low - volatility and medium - low - volatility [17][18][19]. - **ETF Ecosystem**: From a business model perspective, fund companies can cooperate with securities companies to issue securities - company - settled products. Fund companies are responsible for managing FOF and investing in ETFs, while securities companies are responsible for marketing and trading settlement. This can achieve a win - win situation for multiple parties. From an investment perspective, ETFs have low fees, convenient trading, and low transaction costs. With ETFs covering various assets such as stocks, bonds, and commodities, using ETFs as the main underlying assets is expected to achieve the goal of diversified allocation [21]. - **Pension Ecosystem**: According to US experience, the pension ecosystem is the main source of the stock scale of FOF. After the full implementation of the individual pension system at the end of 2024 in China, the scale of domestic pension FOF began to stop declining and rebound. In the future, as the individual pension market continues to expand, pension FOF may become an important part of the third pillar of domestic pension [26][27].

Fund Issuance Overview - In February 2026, the new fund issuance market cooled slightly due to the Spring Festival holiday, with 67 companies participating in fund issuance, a month-on-month decrease of 18.29% [1] - A total of 77 new funds were issued in February, representing a month-on-month decrease of 54.44% [1][5] - The total fundraising scale for February was 79.581 billion yuan, down 41.15% month-on-month [1][13] Fund Types Performance - Index funds and mixed funds were the top-performing types in February, with 25 index funds and 23 mixed funds issued [1][10] - Mixed funds had the largest fundraising scale, raising 23.439 billion yuan [1][13] Fund Company Participation - The leading fund company in terms of issuance was GF Fund, which issued 9 funds in February [4] - The top three fund companies by fundraising scale were GF Fund (9.019 billion yuan), Invesco Great Wall Fund (6.562 billion yuan), and E Fund (6.371 billion yuan) [25] Fundraising Results - A total of 90 funds completed fundraising in February, with 19 being periodic open-end funds [12] - The average fundraising scale for February was 79.581 billion yuan, with mixed funds, FOFs, and bond funds being the top three types by scale [13][28] Index Fund Insights - The largest fundraising scale among index funds was for stock index funds, totaling 15.849 billion yuan [18] - The top three indices tracked by new funds were the CSI Small Cap 500 Index (5.605 billion yuan), the CSI A500 Index (3.015 billion yuan), and the CSI All Share Dividend Quality Index (1.417 billion yuan) [18] Fundraising Efficiency - The average subscription period for completed funds was 14.64 days, with a fundraising efficiency of 0.60 billion yuan per day [21] - FOFs and bond funds showed higher fundraising efficiency, at 1.07 billion yuan per day and 0.76 billion yuan per day, respectively [21]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, insurance, and brokerage firms, highlighting specific companies such as China Merchants Bank, Ningbo Bank, Ping An Insurance, China Pacific Insurance, Industrial Securities, and East Money [4][3]. Core Insights - The "deposit migration" narrative is expected to influence capital market funding from the second half of 2025, continuing into the first quarter of 2026, driven by the expiration of high-interest fixed deposits and a shift in residents' risk preferences towards higher-yielding assets [1][11]. - Approximately 80-90% of maturing deposits are expected to remain in the banking system, with only about 10-20% potentially flowing into asset management products, which could lead to an increase of 6-13 trillion yuan in asset management products [1][23]. - The report emphasizes a "strong equity, stable debt" asset allocation strategy, indicating that while risk assets will receive incremental funding, overall liquidity in the financial system will remain stable [1][11]. Summary by Sections Deposit Migration - The narrative of "deposit migration" is reshaping asset allocation, with funds moving from low-yield deposits to riskier assets like wealth management, funds, and insurance [11][21]. - The report estimates that 64 trillion yuan of high-interest deposits will mature in 2026, with a significant portion expected to flow into wealth management products [18][21]. Wealth Management and Insurance - Wealth management products are projected to be the primary channel for absorbing outflows from fixed deposits, as they align with the risk preferences of depositors [29][33]. - Insurance, particularly dividend insurance, is positioned to capture a portion of the migrating deposits, offering a blend of security and potential returns [41][50]. Public Funds - The growth of "fixed income plus" and Fund of Funds (FOF) products reflects a shift in investor preferences towards more balanced risk-return profiles in a low-interest environment [51][52]. - Active equity funds have seen limited expansion, with investors showing a preference for stable returns and lower volatility, leading to a structural change in the public fund market [52][53]. Brokerage Firms - Brokerage channels are increasingly focusing on ETF and index-linked products, catering to a client base that prefers low-cost, transparent investment options [54][55]. - The demand for bond ETFs is rising, indicating a shift in institutional client preferences towards efficient fixed-income asset allocation tools [58][59].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, insurance, and brokerage firms, highlighting specific companies such as China Merchants Bank, Ningbo Bank, Ping An Insurance, China Pacific Insurance, Industrial Securities, and East Money [4][3]. Core Insights - The "deposit migration" narrative is expected to influence capital market funding expectations significantly starting from the second half of 2025, continuing into the first quarter of 2026. This trend is driven by a decline in residents' risk appetite, leading to a "wealth depositization" effect and the maturity of high-interest fixed deposits [1][11]. - Approximately 80-90% of maturing deposits are expected to remain within the banking system, with only about 10-20% potentially flowing into asset management products, which could result in an increase of 6-13 trillion yuan in asset management products [1][23]. - The report indicates that while deposit migration supports risk assets, it does not lead to an overall contraction in liquidity within the financial system, suggesting a favorable environment for a "strong equity and stable bond" asset allocation strategy [1][11]. Summary by Sections Deposit Migration Narrative - The narrative begins with the maturity of high-interest deposits and their subsequent flow into various financial products. It is anticipated that a significant portion of these funds will migrate to asset management, insurance, and public funds, with a focus on "solid income+" and Fund of Funds (FOF) products [8][51]. - The report estimates that 10-20% of maturing deposits will flow into non-deposit markets, primarily into low-risk financial products that align with the risk preferences of depositors [21][23]. Banking Sector Insights - The banking sector is expected to experience stock differentiation until a clear upward trend in fundamentals is established. The report recommends selecting stocks with recovery potential, specifically highlighting China Merchants Bank and Ningbo Bank [3][4]. - The report notes that the overall valuation of insurance stocks is at a historical low, providing a significant safety margin, and suggests focusing on Ping An Insurance and China Pacific Insurance [3][4]. Insurance Sector Insights - The insurance sector, particularly dividend insurance products, is positioned to capture a portion of the migrating deposits due to their unique risk-return profile, which combines guaranteed returns with potential for higher floating returns [41][50]. - The report emphasizes that dividend insurance products are gaining traction among middle-aged and conservative investors, with banks acting as a primary distribution channel [50][41]. Public Fund Insights - Public funds, especially "solid income+" and FOF products, are experiencing rapid growth as investors seek stable returns in a low-interest environment. The report notes that FOF products have seen significant inflows, with new issuance surpassing 240 billion yuan in 2025 [51][52]. - The report highlights a structural shift in public funds, with a preference for balanced risk-return profiles, while active equity funds face challenges in maintaining inflows despite generating excess returns [52][53]. Brokerage Insights - The brokerage sector is characterized by a strong preference for ETF and index-linked products, which align well with the needs of high-risk tolerance investors. The report notes that the demand for these products is expected to continue growing, supported by the increasing effectiveness of the A-share market [54][56]. - The report suggests that brokerages will focus on developing differentiated index products to meet the evolving needs of their clients, emphasizing quality over quantity in product offerings [58][59].

来源：深圳商报·读创客户端 节后，A股市场走强，沪指单周上涨2%，逼近4200点关口。 展望后市，长城基金高级宏观策略研究员汪立表示，A股市场具备多方面积极因素。具体来看，无风险 收益下行与资本市场改革持续推进，贴现率下行对市场估值形成支撑，为A股市场提供友好的流动性环 境；内需政策全面发力，消费与投资端均迎来政策与基本面共振；出口景气度向好预期明确，叠加国内 新技术产业突破与全球化扩张提速，共同推动中国经济预期实质性企稳上修。投资思路上，新兴科技是 主线，价值股也会有春天。中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回 升与地产企稳"预期"会推动经济预期上修。目前内需板块预期与交易出清，价值股有望迎来拐点。 前海开源首席经济学家杨德龙分析称，"从历史规律看，A股素有春季攻势的季节性特征，春节后市场 有望开启新一轮上涨行情。目前来看，春节后不仅科技股表现亮眼，更多板块也呈现出明显的轮动迹 象，预示着马年市场机会较多、赚钱效应有望增强。" 记者 陈燕青 基金业协会最新数据显示，截至1月底，我国境内公募基金管理机构共165家，取得公募资格的资产管理 机构15家。以上机构管理的公募基金资产净值合 ...

Core Insights - The public fund industry in China has reached a record high in total assets, amounting to 37.77 trillion yuan as of the end of January 2026, marking the tenth consecutive month of growth [2][4][5]. Fund Size and Growth - The total size of public funds has seen a continuous increase, with significant contributions from mixed, money market, and other funds, all achieving growth in the range of hundreds of billions [2][7]. - The Fund of Funds (FOF) has experienced a remarkable increase, with a 15.05% rise in shares and a 12.68% increase in scale, reaching 2,522.76 billion shares and 2,811.78 billion yuan respectively [9][11]. Fund Type Performance - Stock funds have faced a decline, with a reduction of over 3,400 billion yuan, while bond funds also decreased by more than 4,000 billion yuan due to the "stock-bond seesaw" effect [3][12]. - Mixed funds have shown strong performance, with a scale increase of 8.98%, reaching 40.06 trillion yuan, driven by net value growth [12]. - Money market funds have also seen a slight increase of 1.58%, with a total scale of 152.72 trillion yuan [11]. Market Dynamics - The public fund market has been buoyed by favorable market conditions and an influx of new capital, contributing to the sustained growth in fund sizes [1][7]. - Major commercial banks, such as China Merchants Bank and China Construction Bank, have played a significant role in promoting FOF products, leading to their rapid growth [9][11].