As the first quarter of 2026 draws to a close, the landscape of the public fund new issuance market has begun to take shape. With the integration drama between Huaan and Fullgoal entering its final stages, the dynamics of new fund launches similarly reflect profound industry shifts: capital is visibly concentrating towards leading firms, while investor risk appetite seeks a delicate balance between equity-oriented funds and FOF products. According to Wind data, as of March 26, 2026, a total of 428 new funds have been established this year, with aggregate issuance shares reaching approximately 278.058 billion units.
GF Fund Tops Issuance Scale, ChinaAMC Unusually Restrained From the perspective of fund companies, the "Matthew Effect" is strikingly evident in the new issuance market. Large fund companies, leveraging their brand influence and distribution advantages, firmly dominate in terms of both the number of launches and the scale raised. E Fund Management launched the most new funds this year, establishing 16 new products with a combined issuance scale of around RMB 14.034 billion. They were followed by Fullgoal Fund and Invesco Great Wall Fund, which launched 15 and 14 new funds respectively, with issuance scales of RMB 12.670 billion and RMB 18.557 billion. Notably, although Invesco Great Wall launched slightly fewer new funds than E Fund, its total issuance scale surpassed the latter. This was primarily due to its strong fundraising capability in the偏股混合型基金 (equity-oriented hybrid fund) category. Among its launches, the Invesco Great Wall景气驱动 raised over RMB 3.3 billion, and the Invesco Great Wall成长优选 raised over RMB 2.5 billion. Additionally, capitalizing on the recent hot streak in the power sector, the company's timely launch of a电力ETF also secured RMB 1.667 billion in issuance, further boosting its overall fundraising performance. Although GF Fund launched only 13 products, it captured the top spot in terms of scale, leading the industry with a total issuance scale of RMB 26.044 billion. This success was largely attributable to its "GF Research智选" product, which alone contributed RMB 7.221 billion to the total. The fund is managed by Yang Dong. In terms of concentration, the top 10 fund companies by issuance scale collectively raised a staggering RMB 137.4 billion, accounting for 49% of the total market issuance.
It is worth highlighting that ChinaAMC's issuance pace in the first quarter appeared unusually restrained. Wind data shows that ChinaAMC has established only 5 new funds so far this year, with a combined issuance scale of approximately RMB 3.146 billion, ranking 27th. This figure is not only significantly lower than leading peers like GF Fund, E Fund, and Invesco Great Wall for the same period but also falls short of the total issuance of some mid-sized fund companies. In contrast, during the same period last year, ChinaAMC had already launched 12 funds, raising RMB 9.6 billion, making the muted performance this quarter particularly noticeable. More notably is the product structure of ChinaAMC's new launches. All five products launched by ChinaAMC this year are passive index funds. Ranging from the "ChinaAMC CSI 500 Free Cash Flow ETF Link" to the "Hong Kong Stock Connect Internet ETF," and from the "Battery ETF" to the "Construction Machinery ETF," ChinaAMC has almost entirely foregone the issuance of active equity products, concentrating all its efforts on index-based investment.
FOF and Bond Funds Share the Spotlight, Equity-Oriented Funds Take a Back Seat From a product type perspective, the structure of new fund launches since 2026 presents a distinctly different picture compared to previous years: FOF funds have emerged prominently, forming a "twin-engine" drive for the new issuance market alongside bond funds, while traditional偏股混合型基金 (equity-oriented hybrid funds) have retreated to third place.
Specifically, FOF funds have raised a total of approximately 66.197 billion units year-to-date, accounting for 23.81% of the total issuance scale, with an average issuance of 1.408 billion units per fund, a proportion far exceeding that of the same period last year. Ranking second are bond funds, with a total issuance of approximately 43.334 billion units, accounting for 15.58% of the total. Although the absolute scale is lower than FOFs, the average issuance for bond funds reached 1.171 billion units, nearly on par with FOFs. Stock funds ranked third with an issuance scale of 60.752 billion units, representing 21.85% of the total. While this proportion is still substantial, it marks a significant decline from their previous dominance, often claiming half the market. The average issuance was merely 475 million units, far below that of FOF and bond funds, indicating that while numerous new equity products were launched, their individual fundraising capabilities have weakened considerably.
The Recipe for Blockbusters: Distribution, Distribution, and Distribution Examining the top 30 fund products by issuance scale this year reveals clear commonalities among the blockbusters.
First, leading companies remain the primary creators of blockbusters. Among the top 30, GF Fund alone occupies 6 spots, Invesco Great Wall holds 4 spots, and established giants like E Fund, Southern Fund, ZhongOu Fund, and Fullgoal Fund have also secured positions. Second, distribution support is crucial. The sales list for the top-ranked "GF Research智选" included almost all major banks, securities firms, and third-party distributors, totaling 130 institutions. In particular, the strong resources of major banks like China Merchants Bank, China Construction Bank, and China Everbright Bank, alongside Ant Fund's dominant role in custody and primary distribution, served as the "ballast" for the product's issuance scale. The third-ranked "Yongying锐见成长" also had 53 fund sales agents, indicating considerable distribution reach. The fourth-ranked "Bosera盈泰臻选6 Month Holding" successfully raised RMB 5.844 billion relying on channels from just a few banks like Bank of Guangzhou, Bank of Nanjing, and China Merchants Bank, highlighting the impact of selective channel strategy and pinpoint爆发力 (explosive power).
Furthermore, products with "holding periods" are becoming mainstream. Over 80% of the products in the top 30 list feature holding periods ranging from 3 to 6 months. This reflects both the regulatory push for long-term investment and fund companies' intent to stabilize fund sizes and reduce liquidity impact through product design. Examples include ZhongOu's盈欣 and盈享 series, and E Fund's悦恒稳健, all of which implement a 6-month holding period.
Proliferation of Mini-Funds: Survival Challenges Under Head Firm Gravitational Pull However, while leading funds feast, a large number of small and mid-sized fund companies struggle on the brink. Among the 88 fund companies that launched new products, over 40 had an issuance scale of less than RMB 1 billion. More strikingly, companies like Caixin Fund, CICC Fund, and Donghai Fund, although they launched new products, saw issuance scales hovering just above RMB 100 million, near the establishment threshold. The phenomenon of "mini-funds" has not eased in the new issuance market; instead, it has intensified due to capital concentration towards the top.
Looking ahead to the second quarter, as the integration of Huaan and Fullgoal enters a substantive phase, the restructuring of nearly a trillion RMB in assets could reshape the competitive landscape of the public fund industry. For leading companies, balancing the scale of new fund launches with subsequent performance consistency will become a new challenge. For small and mid-sized companies, navigating the environment of mega-mergers and higher distribution barriers by developing differentiated products and precise client targeting will be a critical battle for survival.
Overall, the start of new fund issuance in 2026 showcases the industry's determination for supply-side reform while also exposing the reality of uneven resource distribution. As capital accelerates towards the top players, the "elimination contest" within the public fund industry continues unabated.