Group 1 - The public fund issuance market has been active since September, with 122 funds launched from September 1 to September 16, a 45.24% increase compared to 84 funds in the same period in August [1] - The average subscription days for new funds in September decreased by nearly 30% compared to 17.42 days in August, with some popular products selling out in one day [1] - Notable funds that achieved "one-day fundraising" include Huashang Hong Kong Stock Connect Value Return Mixed Fund, which reached its 1 billion yuan cap on the first day of issuance [1] Group 2 - A total of 60 public fund institutions launched new funds in September, with top institutions like Fuguo Fund and Guotai Fund each offering 6 products [2] - Equity funds continue to dominate the market, with 80 equity funds launched in September, accounting for 65.57% of total issuances, reflecting a 21.21% increase from 66 funds in August [2] - Passive index funds have become the mainstream in equity funds, with 41 out of 59 stock funds being passive index funds, representing over 90% of the total [2] Group 3 - The explosive growth of index funds indicates market recognition of low-cost and transparent investment tools, with both passive and enhanced index funds serving as core tools for investors [3] - Bond fund issuance also saw significant growth, with 33 bond funds launched in September, a 153.85% increase from 13 in August, becoming another important growth point in the new issuance market [3] - Additionally, 7 FOFs (funds of funds) were launched in September, up from 4 in August, along with 1 REIT and 1 QDII fund, further enriching asset allocation options for investors [3]

Core Insights - The number of new public funds launched in the first half of September reached 119, a year-on-year increase of 41.67% compared to 84 in the same period last year [1] - The average subscription period for these new funds was 12.76 days, a decrease of nearly 5 days from 17.42 days in the previous month [1] Fund Types Overview - Among the 119 new funds, 77 were equity funds, accounting for 64.71% of the total, showing a year-on-year increase of 16.67% from 66 funds in August [2][3] - In the equity fund category, 57 were stock funds, making up 74.03% of equity funds, while 20 were mixed equity funds, accounting for 25.97% [3] - Passive index funds and enhanced index funds were particularly popular, with 40 and 13 funds respectively, representing 70.18% and 22.81% of stock funds [3] Bond and Other Fund Types - The bond fund segment also saw significant activity, with 31 bond funds launched, a year-on-year increase of 138.46% from 13 in August [3] - Additionally, 6 FOF funds, 1 REIT, and 1 QDII fund were launched, with FOF fund issuance showing a 50% increase compared to 4 in August [3] Fund Issuance by Companies - The 119 new funds were issued by 59 public fund institutions, with notable contributions from 富国基金 and 国泰基金, each launching 6 new funds [4] - The trend indicates that leading public fund institutions continue to dominate the new fund issuance market, reflecting a "stronger getting stronger" effect [4] Market Conditions and Investor Sentiment - The increase in fund issuance and the shortening of subscription periods are attributed to a positive market outlook, with the A-share market performing strongly and the Shanghai Composite Index stabilizing above 3800 points [4][5] - Enhanced performance of equity funds has boosted investor confidence, leading to a greater willingness to invest through public funds [5] - Changing wealth management perspectives among residents and increased policy support have also contributed to the active public fund issuance market [5]

Market Overview - The bond market experienced continuous adjustments from September 8 to September 12, 2025, with the 1-year government bond yield rising by 0.41 basis points to 1.40%, the 10-year yield increasing by 4.1 basis points to 1.86%, and the 30-year yield up by 7.15 basis points to 2.18% [3][14] - The initial part of the week saw a rise in yields due to pessimistic sentiment in the bond fund market following the release of new regulations on public fund fees by the China Securities Regulatory Commission on September 5, 2025 [3][14] - The latter part of the week showed signs of stabilization in the bond market as the liquidity situation improved marginally [3][14] Public Fund Market Dynamics - On September 12, 2025, the National Development and Reform Commission issued a notice to enhance the regular application and recommendation process for infrastructure REITs, aiming to expand the market and optimize the application process [3][18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.05% since inception [4][20] - The Short-term Bond Fund Index fell by 0.01%, with a cumulative return of 4.18% since inception [5][20] - The Medium to Long-term Bond Fund Index decreased by 0.20%, with a cumulative return of 6.10% since inception [6][20] - The Low Volatility Fixed Income + Fund Index remained unchanged, with a cumulative return of 3.83% since inception [7][20] - The Medium Volatility Fixed Income + Fund Index increased by 0.22%, with a cumulative return of 5.09% since inception [8][20] - The High Volatility Fixed Income + Fund Index rose by 0.46%, with a cumulative return of 6.88% since inception [9][20] - The Convertible Bond Fund Index increased by 1.23%, with a cumulative return of 20.88% since inception [10][20] - The QDII Bond Fund Index rose by 0.66%, with a cumulative return of 10.01% since inception [11][20] - The REITs Fund Index fell by 1.02%, with a cumulative return of 36.19% since inception [11][20] Index Classifications - The Money Market Enhanced Index focuses on liquidity management and aims to outperform money market funds [21] - The Short-term Bond Fund Index emphasizes liquidity management while ensuring drawdown control [22] - The Medium to Long-term Bond Fund Index seeks stable returns while controlling drawdowns [25] - The Low Volatility Fixed Income + Index targets a 10% equity center and selects funds with a low risk-return profile [28] - The Medium Volatility Fixed Income + Index targets a 20% equity center and selects funds with moderate risk-return profiles [30] - The High Volatility Fixed Income + Index targets a 30% equity center and selects funds with higher risk-return profiles [31] - The QDII Bond Fund Index focuses on overseas bonds and includes a mix of investment-grade and high-yield products [36] - The REITs Fund Index selects funds based on stable cash flows from quality infrastructure projects [37]

Market Overview - As of the end of August 2025, there are 73 listed REITs with a total market capitalization of 218.757 billion CNY and a circulating market capitalization of 104.355 billion CNY, accounting for 47.70% of the total market capitalization[2][19]. - The CSI REITs Total Return Index decreased by 2.62%, and the CSI REITs (Yield) Index fell by 2.86%, underperforming the Shanghai Composite Index (+7.97%), Shenzhen Component Index (+15.32%), and ChiNext Index (+24.13%) in August[2][11]. Trading Data - In August 2025, the trading volume of the CSI REITs Total Return Index was 8.613 billion CNY, a decrease of 7.58% from July, but a year-on-year increase of 8.19%[3]. - The trading volume was 20.417 million hands, down 4.06% month-on-month and down 5.30% year-on-year[3]. Performance by REIT Type - Among ten types of REITs, the Consumer Infrastructure REITs index showed a notable performance with a monthly increase of 5.04%, while the Transportation Infrastructure REITs index decreased by 1.75%[4]. - The top-performing REITs in August included Huatai Baowan Logistics REIT (+7.34%) and Southern Wanguo Data Center REIT (+7.08%), while the worst performers were Zhongjin Hubei Keti Guanggu REIT (-8.62%) and Hongtu Innovation Shenzhen Anju REIT (-8.61%) [20]. Key Events - The first batch of data center REITs was listed on August 8, 2025, which is expected to enhance investment confidence in the digital economy and AI sectors[5]. - On August 29, the first public REIT expansion project by a state-owned enterprise in Shanghai was successfully listed, raising approximately 1.723 billion CNY[10]. Investment Strategy - The report suggests a cautious investment approach focusing on REITs with stable cash flows, particularly in the Transportation and Warehouse Logistics sectors, which are expected to provide stable income and potential for appreciation as the economy recovers[12][14].

Core Viewpoint - Huazhong Fund announced the retirement of Chairman Zhu Xuehua and the appointment of Xu Yong as the new chairman, effective August 26, 2025, marking a significant leadership transition for the company [1][3]. Group 1: Leadership Transition - Zhu Xuehua will retire on August 26, 2025, after serving as chairman for 11 years, during which he led the company to a tenfold increase in asset management scale [4]. - Xu Yong, the new chairman, has extensive experience in the financial industry, holding a doctoral degree and a fund management qualification [2][8]. - Xu Yong previously served as the general manager of several insurance and fund management companies, including a recent role at China Merchants Fund, where he increased the company's asset scale by 18% [8][10]. Group 2: Company Growth Under Zhu Xuehua - Under Zhu's leadership, Huazhong Fund's asset management scale grew from 71.15 billion to 715.02 billion, a 10.05-fold increase [4]. - The growth was primarily driven by money market funds, which surged from 9.69 billion to 303.86 billion, a 31.37-fold increase [4]. - Non-money market funds also saw significant growth, increasing from 61.46 billion to 411.16 billion, a 6.69-fold increase [4]. Group 3: Challenges Ahead for Xu Yong - Xu Yong faces challenges, including a significant reduction in the scale of mixed funds, which decreased by 55.44% from the end of 2021 [12]. - The integration of Huazhong Fund and Haifutong Fund, following the merger of their parent company, poses additional challenges, including brand changes and potential layoffs [12]. - The integration process may take up to a year, involving over 200 products and a large number of employees from both companies [12].

Core Insights - The Chinese asset management industry achieved a record scale of 170.13 trillion yuan by mid-2025, marking a 4.27% increase from the end of 2024, indicating a stable development phase post-implementation of new regulations [1][9] - Bank wealth management and public funds are the main drivers of industry growth, with bank wealth management reaching 30.67 trillion yuan (up 2.38%) and public funds at 34.39 trillion yuan (up 4.78%) by mid-2025 [1][5] - The market is experiencing a concentration effect, with major institutions like E Fund and Huaxia leading the public fund sector, while state-owned and joint-stock banks dominate the bank wealth management market [2][7] Asset Management Scale - As of June 2025, the total assets under management (AUM) in China's asset management industry reached 170.13 trillion yuan, a historical high [1] - The bank wealth management market had a total scale of 30.67 trillion yuan, with a notable increase in the market share of wealth management companies to 89.61% [3][4] Market Dynamics - The number of banks in the wealth management sector decreased by 24, while the number of wealth management companies increased by 1, indicating market consolidation [4] - The public fund sector saw a total of 12,905 products with a net asset value of 34.39 trillion yuan, reflecting a 4.78% growth [5] Product Performance - Bank wealth management products generated an average net value growth rate of approximately 0.65% in Q2 2025, with equity mixed products achieving a growth rate of 1.01% [3] - QDII funds showed strong performance, with average returns of 7.91% for equity QDII funds and 10.72% for mixed QDII funds in Q2 2025 [6] Investment Trends - The asset allocation in the insurance asset management sector is shifting towards equities, with a 16.65% increase in stock investments by life insurance companies compared to the previous year [8] - Innovative products such as REITs and ETFs are emerging, providing new investment channels and reflecting a shift in investor preferences [9] Future Outlook - The asset management industry is expected to focus more on quality rather than just growth in scale, with an emphasis on professionalization, differentiation, and internationalization [10] - The industry faces challenges such as low interest rates and the need for refined product management to meet diverse investor demands [10]

Group 1 - The public fund issuance market remains robust, with 45 new funds launched this week, marking a 36.36% increase week-on-week, and continuing a trend of at least 30 new fund launches for four consecutive weeks [1][3] - Equity funds dominate the new fund issuance, with 35 out of 45 new funds being equity funds, accounting for 77.78% of the total. Among these, stock funds make up 27, representing 77.14% of the equity fund total [2][3] - The bond fund market shows significant recovery, with 7 new bond funds launched this week, a 250% increase from the previous week, indicating a growing recognition of the long-term investment value of these products [3][4] Group 2 - The issuance of FOF funds remains strong, with 2 new FOF funds launched this week, maintaining a consistent issuance rate of 2 per week for the past three weeks. Since the beginning of 2025, 38 new FOF funds have been issued, a 137.5% increase compared to the 16 issued in all of 2024 [3][4] - The strong performance of the A-share market, with major indices like the Shanghai Composite Index rising, has significantly boosted investor confidence, leading to increased inflows into new funds [4] - The impressive performance of public funds since 2025, particularly in equity and mixed funds, has further enhanced investor enthusiasm for new fund subscriptions [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market closed higher overall, with the CSI 1000 leading the way and the small - cap growth style outperforming. The bond market also trended upward, and the convertible bond market rose [1][2][6]. - Among the industries, non - ferrous metals, machinery, and national defense and military industries led the gains, while pharmaceuticals and consumer services declined [2][6][9]. - Active equity funds had an average return of 1.80%. For bond - type funds, short - term bond funds had an average return of 0.06%, medium - and long - term bond funds had an average return of 0.08%, and convertible bond funds and bond funds with equity exposure achieved positive average returns [1][2]. - This week, there were 3 new stocks listed, and no new stocks broke their issue prices on the first day of listing. The average return of sample new - stock subscription funds was 0.59%, and the new - stock subscription yield of an 800 - million - yuan account was 0.023% [2][37]. - As of August 6, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [2]. - During the statistical period, equity - biased QDII and bond - type QDII funds rose by 0.34% and 0.52% on average, while index - type and other - type QDII funds fell by 0.30% and 0.45% on average. REITs funds fell by 0.31% on average this week [2]. 3. Summary by Directory 3.1 Market Review - The equity market closed higher overall this week, with the CSI 1000 leading the gains and the small - cap growth style outperforming. As of the close, the Shanghai - Shenzhen 300 Index closed at 4105 points, up 1.23%; the Shanghai Composite Index closed at 3635 points, up 2.11%; the Shenzhen Component Index closed at 11129 points, up 1.25%; and the ChiNext Index closed at 2334 points, up 0.49%. In the Hong Kong stock market, the Hang Seng Index rose 1.43%, and the Hang Seng Tech Index rose 1.17% [6]. - In terms of industry performance, non - ferrous metals, machinery, and national defense and military industries led the gains, with increases of over 5%, while pharmaceuticals and consumer services declined [9]. - As of August 8, 2025, among the 5422 stocks in the A - share market, 4041 stocks rose this week. The number of rising stocks on the Beijing Stock Exchange, ChiNext, Science and Technology Innovation Board, and Main Board were 140, 1035, 421, and 2445 respectively [12]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the full - market funds in the sample this week was 1.80%. Funds with better performance were heavily invested in industries such as automobiles and machinery. For industry - themed funds, funds in the cyclical and mid - stream manufacturing sectors had leading average returns, while those in the pharmaceutical sector lagged behind [18][20]. - **Position Estimation**: This week, the positions of ordinary stock - type and partial - stock hybrid funds both increased. Compared with the previous week, the position of ordinary stock - type funds rose by 1.06 percentage points, and that of partial - stock hybrid funds rose by 2.19 percentage points. Actively managed partial - stock funds increased their allocations to cyclical, consumer, growth, and financial sectors and reduced their allocations to stable sectors. In terms of sub - industries, the allocations to household appliances, communications, and computers increased, while those to automobiles, electronics, and petroleum and petrochemicals decreased [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: This week, the bond market trended upward. The ChinaBond Total Wealth Index closed at 246.91, up 0.1% from last week; the ChinaBond Treasury Bond Index closed at 247.9, up 0.13%; and the ChinaBond Credit Bond Index closed at 224.18, up 0.09%. The CSI Non - Pure Bond Fund Index closed at 2229.59 on Thursday, up 0.45% from last Thursday. The CSI Convertible Bond Index closed at 467.77, with a weekly increase of 2.31%, and the trading volume was 422.4 billion yuan, a change of 36.293 billion yuan from last week [25][27]. - **Fund Performance Overview**: This week, the average return of short - term bond funds was 0.06%, and the median was 0.06%; the average return of medium - and long - term bond funds was 0.08%, and the median was 0.08%. The average return of first - tier bond funds was 0.29%, and the median was 0.16%; the average return of second - tier bond funds was 0.57%, and the median was 0.44%. The average return of partial - bond hybrid funds was 0.62%, and the median was 0.53%; the average return of low - position flexible allocation funds was 0.53%, and the median was 0.38%. The average return of convertible bond funds was 2.59%, and the median was 2.52% [31][33][34][36]. 3.2.3 New - stock Subscription Funds - **New - stock Overview**: This week, 3 new stocks were listed, and 2 had inquiry and offline placement details, with a total raised capital of 1.877 billion yuan. There were no break - even stocks on the first day of listing, and the total expected入围 income was 182,500 yuan [37]. - **New - stock Subscription Yield Calculation**: Assuming participation in the offline new - stock subscription of new stocks every week and being入围, the weekly new - stock subscription yield sequence of an 800 - million - yuan account was calculated based on the winning rate of Class A investors [38]. - **Fund Company New - stock Subscription Overview**: Six fund companies with more than 2 new - stock subscription funds were selected. The weekly new - stock subscription yield of an 800 - million - yuan account this week was 0.023%. The optimal scale for weekly and annual new - stock subscription was 400 million yuan [40]. - **New - stock Subscription Fund Performance**: According to the screening method, 38 new - stock subscription funds were selected. The average return of the new - stock subscription funds in the sample this week was 0.59% [43]. 3.2.4 FOF Funds - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.22%, 0.37%, and 0.47% respectively [44]. 3.2.5 QDII Funds - During the statistical period, equity - biased QDII funds rose by 0.34% on average, and index - type QDII funds fell by 0.30% on average. Other - type QDII funds fell by 0.45% on average, and bond - type QDII funds rose by 0.52% on average [45][46]. 3.2.6 REITs Funds - This week, REITs funds fell by 0.31% on average. Among them, Huatai Zijin Baowan Logistics Warehouse REIT led the gains, rising 4.31% in the past week. Huaxia Huadian Clean Energy REIT had the highest liquidity, with a trading volume of 214.361 million yuan in the past week [47].

Quantitative Models and Construction Methods - **Model Name**: Random Forest Model **Model Construction Idea**: The core idea of the Random Forest model is to build multiple decision tree models and integrate their results to make predictions. It enhances generalization performance by reducing feature correlation through random feature selection and uses ensemble learning to improve accuracy and robustness[7][15][30]. **Model Construction Process**: 1. Use bootstrap sampling to extract multiple subsets from the original dataset[30]. 2. Build a decision tree for each subset, randomly selecting a portion of features at each node for splitting[31][32]. 3. Repeat the above steps until the specified number of decision trees is generated[33]. **Formula**: Entropy of the dataset: $ H(D)=-\sum\nolimits_{i=1}^{m}p_{i}log_{2}(p_{i}) $ Conditional entropy for feature "Market Sentiment": $ H(D|A)=\sum_{v\in{Values(A)}}\frac{|D_{v}|}{|D|}H(D_{v}) $ Information gain: $ Gain(D,A)=H(D)-H(D|A) $[22][24][25] **Model Evaluation**: The Random Forest model has strong generalization ability, effectively handles high-dimensional and missing data, and provides feature importance analysis. However, it has high computational complexity and sensitivity to parameter changes[12][66][70]. Model Backtesting Results - **Random Forest Model**: - **Annualized Return**: 39.76%[11][65] - **Excess Return**: 40.01%[11][65] - **Sharpe Ratio**: 2.82[11][65] - **Year-to-Date Return (2025)**: 73.81%[11][65] - **Year-to-Date Excess Return (2025)**: 60.49%[11][65] - **Maximum Drawdown**: -17.14%[65] - **Excess Maximum Drawdown**: -6.59%[65] - **Information Ratio (IR)**: 4.78[65] Quantitative Factors and Construction Methods - **Factor Selection**: Factors with an IC absolute value greater than 2.5% were selected for model fitting[8][44]. - **Factor List**: - **Positive IC Factors**: Turnover rate (6.44%), P/NAV (17.21%), Flow market value (22.02%), Previous week's return (15.38%), etc. - **Negative IC Factors**: Previous closing price (-9.95%), Opening price (-10.81%), Valuation of CSI REITs (-8.41%), etc.[45][46] Factor Backtesting Results - **Selected Factors**: - **IC Range**: From -23.87% to 22.02%[45][46] Model Construction Details - **Parameter Sensitivity Analysis**: - **Number of Trees (n_estimators)**: Tested within the range of 1 to 200. Optimal value selected at 100 based on RMSE minimization[49][51]. - **Feature Count (max_features)**: No restriction applied due to the limited number of features (27 factors)[52][53]. - **Tree Depth (max_depth)**: Optimal depth determined as 15 through grid search[55][58]. - **Minimum Samples per Leaf (min_samples_leaf)**: Optimal value determined as 15 through grid search[55][58]. Model Performance Metrics - **In-Sample Results**: - **Mean Squared Error (MSE)**: 0.00044[59] - **Root Mean Squared Error (RMSE)**: 0.021[60] - **R² (Coefficient of Determination)**: 0.501[61] - **Out-of-Sample Results**: - **R²**: 0.51983 (max_depth=15, min_samples_leaf=10)[56][58] Model Evaluation - **Advantages**: - Captures nonlinear relationships and complex interactions[68]. - Robust against noise and overfitting[68]. - Provides feature importance evaluation for better interpretability[68][69]. - **Disadvantages**: - High computational cost and complexity[70]. - Requires extensive hyperparameter tuning[70]. - Limited interpretability compared to linear models[70]. - Potential overfitting with deep trees[70]. - Challenges in handling imbalanced datasets[70].

Core Insights - The public fund issuance market experienced a significant rebound in July, with a total of 149 new funds established, marking the highest number for the year, and a total issuance of 882.61 billion units, reflecting a 12.83% increase from June [2][3] Fund Issuance Overview - In July, bond funds led the market with 506.20 billion units issued, accounting for 57.35% of total issuance, while stock funds had 81 new funds with an issuance of 250.88 billion units, representing 28.43% of the total [2][3] - The average issuance per fund in July was 9.59 billion units, an increase of 2.54 billion units compared to June [2] Factors Driving Market Recovery - The recovery in the public fund issuance market is attributed to improved market conditions, favorable macroeconomic data, supportive regulatory policies, and ample liquidity [3] - The launch of innovative products like the Sci-Tech Innovation Bond ETFs has significantly contributed to the growth in bond fund issuance, with these ETFs accounting for 75% of the total bond fund issuance in July [3][4] Performance of Sci-Tech Innovation Bond ETFs - The first batch of Sci-Tech Innovation Bond ETFs reached a total scale of 1,082.14 billion yuan by the end of July, representing a growth of over 270% since their launch [4][5] - These ETFs accounted for nearly 21% of the total bond ETF market, which reached a historical high of 5,160.29 billion yuan with 39 ETFs in total [4] Market Dynamics and Ecosystem - The dual fund manager model adopted by some fund managers, such as Penghua Fund, enhances the management of Sci-Tech Innovation Bond ETFs by combining expertise in credit bonds and ETF management [6] - The optimization of market-making models has improved liquidity in the bond market, particularly for bond ETFs, creating a positive feedback loop between ETF liquidity and the underlying bond market [7] Private Fund Participation - Private funds are increasingly participating in the ETF market, with a focus on diversifying their asset allocation strategies through products like the Sci-Tech Innovation Bond ETFs [8] - The rapid growth of these ETFs has redefined the concept of "explosive growth" in the fund market, indicating a shift in how equity and bond markets can complement each other [8]