The first week following the Lunar New Year holiday witnessed the launch of 35 new funds from 29 asset management companies, including China Merchants Fund, Yongying Fund, Invesco Great Wall, Huatai-PineBridge, Fullgoal Fund, GF Fund, Zhong Ou Fund, Yinhua Fund, China Asset Management, and Xingquan Global. This week featured a concentration of 12 equity fund products, encompassing ETFs, ETF feeder funds, and index-enhanced funds. These products track a diverse range of themes, including Hong Kong-listed biotech stocks, securities companies, batteries, consumer services, agriculture, dividend quality, non-ferrous metals, automobiles, the A500 Index, and the ChiNext 50 Index.

Twelve equity-blended and flexible allocation funds opened for subscription, predominantly utilizing a multi-asset strategy combining equities, Hong Kong stocks, and bonds. The equity allocation within their performance benchmarks typically ranges from 60% to 75%. Fund managers such as Li Yongxing, Nong Bingli, Zhang Xun, and Li Wenbin are among those competing in this segment. Six bond-blended and secondary tier bond funds also began subscriptions, largely adopting a "fixed-income plus" strategy that uses bonds as a foundation with an equity enhancement component. The bond allocation in their benchmarks is generally between 83% and 96%. Five Fund of Funds (FOF) products started their subscription period, covering conservative, multi-asset, and pension-targeted types. Their performance benchmarks commonly employ a multi-asset strategy including bonds, stocks, and commodities, with gold spot yields appearing in FOF benchmarks for the first time in a batch of products.

By product type, there are 12 equity funds, 12 mixed funds, 6 bond funds, and 5 FOFs.

**12 Equity Funds Launch: Focus on Diverse Sectors Including Hong Kong Stocks, Securities, Batteries, and Automobiles**

Data from Wind shows 12 new equity fund products were introduced this week. The product types include ETFs, ETF feeder funds, and index-enhanced funds tracking various themes such as Hong Kong-listed biotech, securities firms, batteries, consumer services, agriculture, dividend quality, non-ferrous metals, automobiles, the A500 Index, and the ChiNext 50 Index.

Tuesday, February 24th, was the busiest day for launches. Seven funds began subscriptions, including Huatai-PineBridge Hang Seng Biotech ETF, ChinaAMC CSI Battery Theme ETF, HSBC Jintrust Cycle Preferred, Invesco Great Wall Agriculture ETF, Yinhua CSI Non-ferrous Metals ETF Feeder, Yongying CSI HK Stock Connect Internet ETF, and Bank of China ChiNext 50 Index Fund. Additionally, China Universal CSI Consumer Services Industry ETF started its offer period on February 25th, tracking the CSI Consumer Services Industry Index. Zhejiang Merchant CSI A500 Index Enhanced also launched the same day, aiming for excess returns above the tracking of the CSI A500 Index. Huatai-PineBridge CSI All Share Securities Companies ETF, China Southern CSI All Share Dividend Quality ETF, and China Merchants Hang Seng HK Stock Connect Auto Theme Index fund were all released on February 26th. Notably, the China Merchants auto theme fund had a subscription window of only one day, with the closing date being the same as its launch date.

Regarding subscription thresholds, ETF products generally have a minimum investment of 1,000 yuan. In contrast, some index funds, like the HSBC Jintrust Cycle Preferred A share class, have a minimum investment as low as 1 yuan, providing low-cost entry points for retail investors. Among fund houses, Huatai-PineBridge Fund launched two ETFs this week targeting Hong Kong biotech and securities companies. Other major firms, including China Asset Management, China Universal Fund, Invesco Great Wall, China Southern Fund, and Yongying Fund, also introduced new products. Key fund managers overseeing these launches include Gong Lili from Invesco Great Wall, Chu Kefan from Yongying Fund, Li Nian and Yao Jin from Bank of China Fund, and Rao Zuhua from Zhejiang Merchant Fund.

Overall, the new equity products this week are closely aligned with core market themes for the year, such as technological innovation, consumption upgrades, opportunities in Hong Kong stocks, and dividend strategies, offering investors a variety of tools to position for structural opportunities.

**12 Mixed Funds Launch Simultaneously: Multi-Asset Strategy Prevails**

Data indicates 12 equity-blended and flexible allocation funds opened for subscription this week. Their design commonly features a multi-asset strategy blending equities, Hong Kong stocks, and bonds, with equity weightings in their performance benchmarks mostly between 60% and 75%.

The launch was most concentrated on Tuesday, February 24th, with six products released. These include Caitong Asset Management Cycle Research Selection, Fullgoal Core Power, Su Xinyun Qi, Wanjia Medical Innovation, and Industrial Selective Return. Among them, Wanjia Medical Innovation A uses the CSI Medical Health Index as its primary benchmark, focusing on opportunities in the healthcare sector. Su Xinyun Qi A has the highest threshold this week at 10,000 yuan and is managed by veteran fund manager Li Yongxing.

On February 25th, Pengyang Technology Pioneer A was launched individually. This product's benchmark allocates 65% to a Strategic Emerging Industries index and 15% to the Hang Seng Tech Index, concentrating on the tech growth sector. It is managed by Zhang Xun, Director of Equity Investment at Pengyang Fund.

A second peak occurred on February 26th, with six products released simultaneously. These include GF Growth Selection, Huashang Core Preferred, Invesco Great Wall信优成长 managed by Nong Bingli, Liontrust智泉 Quant Stock Selection, Ping An Jiurui Return, and Yongying Ruijian Growth managed by Li Wenbin. Liontrust's product employs a quantitative strategy led by their quantitative expert Kong Xianzheng. Huashang Core Preferred A has the longest subscription period, extending until March 18th.

Most products have a low minimum subscription of 1 or 10 yuan, making them accessible to retail investors, with the exception of Su Xinyun Qi A at 10,000 yuan.

**6 Bond Products Launch: Featuring 'Fixed-Income Plus' Strategy and Short-to-Medium Holding Periods**

Six bond-blended and secondary tier bond funds began subscriptions this week. They predominantly adopt a "fixed-income plus" strategy, using bonds as a base with equity enhancements. The bond allocation in their performance benchmarks is typically between 83% and 96%.

Three products were launched on Tuesday. These include Guotai Haitong稳健红利, Huafu Anze, and CCB丰享. Guotai Haitong稳健红利's benchmark has an 85% bond allocation plus 10% to the CSI Dividend Index and is managed by Liu Ming from Guotai Haitong Asset Management. Huafu Anze has a minimum subscription of 10 yuan and is co-managed by Dai Kaiyi and He Jianan. CCB丰享 has an 89% bond allocation and is managed by Li Yingfang, a seasoned fixed-income manager at CCB Principal Asset Management. On February 26th, ICBC添悦 and Zhong Ou稳泰 120-Day Holding were launched. ICBC添悦 A is managed by Zhang Yang from ICBC Credit Suisse Asset Management, with an 83% bond allocation and 10% to the CSI 300 Index. Zhong Ou稳泰 is managed by Zhao Yucheng from Zhong Ou Fund, featuring a high 96% bond allocation focused on investment-grade credit bonds; its subscription period runs until May 25th. Guosen Yongyong永福 90-Day Holding was launched individually on February 27th. Managed by Xu Yan from Yuanshin Yongfeng Fund, it has an 88% bond allocation and a three-month subscription window ending May 26th, offering investors a lengthy period to invest.

Most products have a low entry point of 1 yuan, with only Huafu Anze A at 10 yuan, making them investor-friendly. The fund managers involved include experienced and emerging talent in the fixed-income space.

**5 FOF Products Launch: Multi-Asset Strategy is Standard, Gold Included in Benchmarks**

Five FOF products opened for subscription this week, covering conservative, multi-asset, and pension-targeted types. Their performance benchmarks widely use a multi-asset strategy incorporating bonds, stocks, and commodities. This marks the first time gold spot yields have been included in the benchmarks of a batch of FOFs.

Three products were launched on Tuesday. These include Fullgoal智安 Conservative 90-Day Holding, GF稳泰多元 Opportunity 3-Month Holding, and China Minsheng加银多元裕 Allocation 3-Month Holding. Among them, GF稳泰多元 Opportunity's benchmark is the most globalized, including the ChinaBond Composite Total Price Index, the CSI 800 Index, the MSCI World Index, and a 5% allocation to gold. Fullgoal智安 Conservative is managed by Zhang Ziyan from Fullgoal Fund and includes a 3% gold allocation. China Minsheng加银多元裕 is co-managed by Liu Xin and Dai Hongkun and allocates 7.5% to gold. On February 26th, Xingquan安养 Conservative Pension One-Year Holding and China Merchants智盈 Preferred 6-Month Holding were launched. The Xingquan pension FOF is managed by Liu Xiao from Xingquan Global Fund and includes a 2% gold allocation. The China Merchants product is managed by Zhang Gewu and also allocates 2% to gold.

The minimum subscription for most FOFs is 1 yuan, with some at 10 yuan, maintaining accessibility. The inclusion of gold in all five FOF benchmarks is a notable development, as it has been rare in previous FOF launches. Industry observers note that against a backdrop of heightened global asset volatility, incorporating gold into FOF asset allocation can help diversify risk and enhance portfolio defensiveness. Overall, the new FOFs are characterized by multi-asset allocation, conservative operation, and holding period designs, providing investors with "all-in-one" asset allocation tools.