Core Insights - The total issuance scale of new funds in the first half of 2025 reached 540.85 billion yuan, a nearly 20% decline compared to the same period last year, despite an increase in the number of new funds established [2][3] - Stock funds saw a significant increase, with issuance reaching 188.06 billion yuan, representing a growth of over 183% year-on-year, marking a historical high in both issuance quantity and share [3][4] - Bond funds remained the mainstay of new fund issuance but experienced a substantial decline, with 126 new bond funds established, raising 247.85 billion yuan, a decrease of nearly 54% compared to last year [2][4] Fund Issuance Overview - A total of 672 new funds were established by the end of June, with a combined issuance of 5,303.47 million units, raising a total of 540.85 billion yuan [2] - The share of bond funds in the total issuance fell below 50% for the first time since 2022, accounting for 46.73% of the total new fund issuance [2][3] - Mixed funds also saw growth, with 111 new mixed funds established, raising 52.35 billion yuan, achieving a share of 9.87% [3] Market Highlights - The first half of 2025 saw a notable performance in the FOF (Fund of Funds) category, with 30 new FOF funds established, raising 32.75 billion yuan, marking a significant recovery in this segment [4] - Bond index funds emerged as a highlight, with 27 new bond index funds established, accounting for over 20% of the total new bond funds [4] - The REITs market also showed strong performance, with 10 new public REITs issued, raising a total of 15.3 billion yuan, all of which were sold out on the first day [5]

Group 1 - The total net asset value of public funds in China reached 33.74 trillion yuan by the end of May 2025, an increase of 0.62 trillion yuan from the end of April [1] - Among various fund types, money market funds and bond funds continued to grow, with money market funds increasing by 407.13 billion yuan (approximately 2.91%) to 14.40 trillion yuan, and bond funds increasing by 221.88 billion yuan (approximately 3.38%) to 6.78 trillion yuan [1][3] - In May, 20 new bond funds were launched, raising a total of 36.21 billion units, accounting for 55.07% of the total issuance of public funds, with an average size of 1.81 billion units per fund [3] Group 2 - The growth in bond fund scale was driven by both new issuances and additional investments in existing products, as institutional clients preferred bond funds for risk aversion amid market fluctuations [3] - Money market funds benefited from a declining interest rate environment, with their ability to invest in high liquidity short-term instruments like government bonds and commercial papers, leading to diverse income sources [3] - QDII and equity funds also saw slight increases in net value, with QDII funds rising by 10.25 billion yuan (approximately 1.59%) and equity funds by 3.43 billion yuan (approximately 0.07%) [3]

市场概况： 上周（4月21日至4月25日）A 股市场呈现显著的结构性分化特征，A 股市场呈现 "中 小盘成长领涨、大盘价值承压" 的分化格局。上证指数微涨 0.56%，深证成指上行1.38%，创业板 指表现强劲，上涨超过1.5%，万得微盘指数上涨2.52%，涨幅领先其他宽基指数，反映资金加速 向高弹性小盘股聚集。全周上证指数上涨0.56%，深证指数上涨1.38%，创业板指上涨1.74%。 行业板块： 上周Wind一级平均涨幅0.76%，Wind百大概念指数上涨比例78%。板块方面，77% 板块获得正收益，汽车、美容护理、基础化工相对表现良好，分别上涨4.87%、3.80%、2.71%， 而煤炭、房地产、食品饮料相对表现不佳，小幅下跌0.63%、1.31%、1.36%。 基金发行： 上周合计发行27只，其中股票型基金发行17只，混合型基金发行4只，债券型基金发行 5只， FOF型基金发行1只，总发行份额245.79亿份。 基金表现 ： 上周万得中国基金总指数上涨0.81%。其中，万得普通股票型基金指数上涨1.66%， 万得偏股混合型基金指数上涨1.90%，万得债券型基金指数上涨0.03%。 数据来源：Wind ...