The number of newly launched funds in 2026 has already reached 1,416, just 89 short of matching the full-year total for 2025. On a monthly basis, August saw 181 funds issued, while September has seen 152 so far, with an average issue size of 488 million units.

However, despite the impressive number of new launches, fundraising conditions are showing a clear "uneven distribution of heat." According to Wind data, a total of 31 funds adjusted their subscription periods over the past week (September 11 to September 18). Among these, only 5 ended their subscription periods early, while the rest chose to extend them, with 5 funds pushing their subscription deadlines directly into October.

From the perspective of adjustment types, the funds with extended subscription periods cover a variety of categories, including passive index funds, hybrid FOFs, partial equity hybrids, and enhanced index funds. Among these, passive index funds are the hardest hit by extensions, with 17 products announcing delays, including the Huatai-PineBridge ChiNext Financial Technology ETF, the Yongying Guozheng Grain Industry ETF, and the Industrial SSE STAR Market AI ETF.

Despite the rapid rotation of market hotspots, investors' willingness to invest in specific themes is not strong, and the recognition of products in niche track segments is clearly differentiated. While some popular themes have high attention, actual fundraising still requires more time, whereas traditional cyclical themes such as grain and non-ferrous metals face greater fundraising pressure.

Specifically, the China Merchants CSI Satellite Industry ETF Feeder A (028777.OF), under China Merchants Fund, issued an announcement on September 15 to extend its subscription deadline to September 24. Managed by Xu Rongman, the fund began its subscription period on August 20, with the original deadline set for September 17.

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