Against the backdrop of continuously improving performance of public funds, the issuance market has shown signs of warming up. According to Wind statistics, as of January 25, 2026, 76 new funds were established within the month, with a total issuance scale reaching 71.939 billion yuan, and the average issuance scale per product being approximately 947 million yuan. The last time the average monthly issuance scale for newly established funds exceeded 900 million yuan dates back to February 2025. Categorized by type, as of now, equity funds and hybrid FOFs have become the main drivers of the public fund issuance market in January. Actively managed funds, in particular, have garnered significant popularity. Among the 76 newly established funds mentioned above, a total of 13 products achieved an issuance scale of 2 billion yuan or more: this includes 6 partial equity hybrid funds, 3 hybrid FOFs, 2 secondary bond funds, 1 enhanced index fund, and 1 bond index fund. Interviewees pointed out that multiple positive factors, including market conditions, policies, and capital, are resonating to drive the recovery of public fund issuance at the beginning of 2026. Simultaneously, fund companies are focusing on popular sectors like technology and Sci-Tech Innovation, as well as stable products like FOFs, precisely matching investors' diversified allocation needs, which has further boosted issuance热度.

Behind the scene of new funds attracting over 71.9 billion yuan Since the start of 2026, the public fund issuance market has been warm and lively. Individual partial equity hybrid funds and hybrid FOFs have become the focus of market attention. On January 23, 2026, Fullgoal Zhi Hui Wen Jian 3-Month Holding FOF was officially established. This product began its subscription on January 19 and ended its fundraising ahead of schedule on January 21, raising 4.190 billion yuan in just three days. Including Fullgoal Zhi Hui Wen Jian, 13 public fund products have achieved an issuance scale exceeding 2 billion yuan so far this month. Looking back, in early January, the hybrid FOFs Wanjia Qitai Wenjian Three-Month Holding and GF Yue Ying Wenjian Three-Month Holding were established successively, with issuance scales of 2.099 billion yuan and 3.288 billion yuan, respectively. The bond index fund Fidelity ChinaBond High-Grade Sci-Tech Innovation and Green Bond and the enhanced index fund E Fund CSI 800 Enhance, established in mid-January, had issuance scales of 4 billion yuan and 2.150 billion yuan, respectively; the two secondary bond funds, ZhongOu Wenjian Tianyue and Western Lead Huihe, established slightly later, raised 2.160 billion yuan and 2.000 billion yuan during their issuance periods, respectively. In comparison, partial equity hybrid funds demonstrated even stronger appeal. On January 20, GF Research Zhixuan Hybrid was officially established. The fund's A and C share classes collectively raised 7.221 billion yuan, making it one of the larger products by issuance scale in the public fund market over the past year. Furthermore, the other five partial equity hybrid funds established in January 2026: E Fund Balance Jingxuan, Bodo Shengxiang Pinzhi Chengzhang, HTF Technology Leading, ICBC Technology Zhixuan, and Invesco Great Wall Growth Youxuan, achieved issuance scales of 3.408 billion yuan, 2.773 billion yuan, 2.704 billion yuan, 2.532 billion yuan, and 2.508 billion yuan, respectively. "This signals a significant recovery in market confidence towards equity assets and an enhanced willingness among investors to allocate, and it also reflects that fund companies'布局 in热门 sectors like technology aligns with capital allocation needs," said Sun Heng, Director of the Morningstar (China) Fund Research Center, in an interview. Additionally, Sun Heng believes that secondary bond funds' ability to "attract money" is due to their "fixed-income+" attributes, which combine the stable returns of the bond market with a small proportion of equity enhancement, meeting the balanced needs of low-risk preference capital regarding returns and volatility. Hybrid FOFs, leveraging the advantages of diversified allocation across multiple assets and funds, align with investors' "one-stop" stable allocation理念, and regulatory guidance promoting long-term investment and counter-cyclical sales has further boosted the popularity of such products. Overall, as of January 25, 2026, including the 13 larger-scale products mentioned above, a total of 76 new funds have been established in the market this month, with a total issuance scale reaching 71.939 billion yuan and an average issuance scale of approximately 947 million yuan. This marks the second-highest month for the average issuance scale of newly established funds since January 2025. By type, in the public fund issuance market of January, equity funds and hybrid FOFs were the main forces for fundraising, with the former's establishment scale accounting for sixty percent of the total monthly issuance scale; the issuance scale of hybrid FOFs accounted for over twenty percent. The issuance scale of bond funds was not only less than that of hybrid FOFs but also significantly lower compared to the same period last year. In Sun Heng's view, the recovery in public fund issuance at the beginning of 2026 is primarily due to the resonance of multiple positive factors including market, policy, capital, and regulation: the structural行情 in the A-share market at the start of the year has brought明显的赚钱效应, and the outstanding performance of equity funds has stimulated investor subscription热情; regulatory pushes for optimizing assessment mechanisms, coupled with declining deposit and wealth management product returns in a low-interest-rate environment triggering "deposit migration," and increased allocation to equity assets by long-term funds like insurance, have provided capital support for issuance. Simultaneously, "Fund companies focusing on热门 sectors like technology and Sci-Tech Innovation, as well as stable products like FOFs, precisely match investors' diversified allocation needs, further enhancing the issuance热度," Sun Heng stated. However, differentiation still exists in the issuance of equity funds; while the aforementioned equity products attracted tens of billions, several other products had issuance scales below 300 million yuan. Increasing布局 in the Equity Market Beyond the funds already established this month, public fund institutions are continuously increasing their布局 in the equity market. According to Wind statistics, among the 94 funds currently being issued, there are 25 passive index funds, 24 partial equity hybrid funds, 6 enhanced index funds, 3 standard equity funds, and 1 flexible allocation fund. In other words, equity funds account for approximately 63%. Additionally, the list includes 18 bond funds, 15 hybrid FOFs, and 2 QDII funds. Zeng Fangfang, Public Fund Product Operations at Pai Pai Wang Wealth, pointed out that currently, the product布局 of fund companies shows a trend of increasing proportion of equity products, strong demand for "fixed-income+" products, and a significantly accelerated product issuance pace. "Unlike previous years which primarily focused on issuing bond funds, the new funds issued since the beginning of 2026 are predominantly partial equity hybrid and passive index types, among which technology-themed concept funds are numerous, reflecting an increase in market risk appetite. Furthermore, many products set short fundraising periods or conclude fundraising quickly, indicating a significantly accelerated issuance节奏. Additionally, 'fixed-income+' products are also发行火热, reflecting that pure bond investors, who previously had lower risk偏好, may tend to allocate a certain proportion of equity assets in 2026," analyzed Zeng Fangfang. Considering the investment direction of the funds, most of the ETFs and index funds currently being issued are sector-themed products. They cover areas such as cloud computing, new energy batteries, biotechnology, the photovoltaic industry, non-ferrous metals, electric utilities, artificial intelligence, oil and gas, engineering machinery, and consumer electronics. The actively managed equity funds being issued include both products that select stocks across the entire market, as well as funds focused on specific industries like consumption and semiconductors, alongside thematic products such as quantitative, growth,景气-driven, and balanced allocation strategies. Overall, Zeng Fangfang stated that the Q4 2025 reports of public funds show that the allocation to the communications industry and the non-ferrous metals industry at the end of 2025 was significantly higher than allocations to other industries. Therefore, from a data perspective, the tech growth主线 represented by AI remains the core theme. Against the backdrop of供需 resonance coupled with capital inflows, the non-ferrous metals sector has also become a key direction for public fund布局. Moreover, "When public funds conduct diversified asset allocation, they often employ a barbell strategy, which might also lead to increased allocation to cyclical and dividend assets," Zeng Fangfang mentioned.