This week sees the launch of 44 new funds from 35 asset management companies, including E Fund Management, Invesco Great Wall Fund Management, SPDB-AIG Fund Management, Penghua Fund, Southern Fund, PICC Asset Management, China Asset Management, ZhongOu Fund, and China Merchants Fund. The new offerings consist of 18 equity funds, 9 FOFs, 8 hybrid and bond funds, and 1 QDII fund.

A concentrated launch of 18 equity funds focuses on diverse sectors such as Hong Kong Stock Connect internet, STAR Market chips, and new energy vehicles. Wind data shows 18 equity fund products began subscriptions this week, including ETFs, ETF feeder funds, and enhanced index funds tracking themes like Hong Kong Stock Connect internet, STAR Market chips, new energy vehicles, engineering machinery, free cash flow, ChiNext new energy, and oil & gas. Major institutions like ICBC Credit Suisse, Southern Fund, Penghua Fund, and Guotai Fund all introduced new products. Notably, Industrial Fund, PICC Asset Management, and Green Fund are also actively expanding their index product offerings.

Monday featured the most intensive launch with 12 funds starting subscriptions, including Industrial Fund CSICI Hong Kong Stock Connect Internet ETF, Tianhong CSICI Selected Quality Leaders 50 Index Fund, Penghua CSICI Engineering Machinery Theme ETF, Bank of China Securities ChiNext ETF Feeder Fund, SPDB-AIG SSE STAR Market Chip Design Theme ETF, PICC CSICI Hong Kong Stock Connect Internet Index Fund, Southern CSICI Hong Kong Stock Connect Automotive Industry Theme ETF, Fullgoal ChiNext New Energy ETF Feeder Fund, Guotai SSE STAR Market 200 ETF Feeder Fund, E Fund Research Select Fund, Changcheng Guozheng Free Cash Flow ETF, and ICBC CSICI Hong Kong Stock Connect Internet ETF.

The Hong Kong Stock Connect internet theme emerged as the most popular sector this week, with Industrial Fund, PICC Asset Management, and ICBC Credit Suisse launching related products on the same day, indicating strong institutional interest in Hong Kong tech leaders. Significant new products also targeted the STAR Market, with SPDB-AIG launching an ETF focused on chip design and Guotai Fund issuing a feeder fund for the STAR Market 200 index, precisely targeting chip design and small-to-mid cap tech innovation segments.

E Fund CSICI Hong Kong Stock Connect Composite Index Enhanced Fund, Green Fund SSE STAR Market Composite Index Enhanced Fund, and ChinaAMC Guozheng Oil & Gas ETF started sales on March 4. China Merchants CSICI New Energy Vehicle ETF launched on March 5. On March 6, Penghua CSICI A50 ETF Feeder Fund and Xingyin SSE Composite Index Enhanced Fund were listed, with the Penghua product offering only a one-day subscription window.

Regarding subscription thresholds, ETF products generally require a minimum investment of 1,000 yuan, while Tianhong CSICI Selected Quality Leaders 50 Index Fund A shares have the lowest threshold this week at just 0.10 yuan. Bank of Securities ChiNext ETF Feeder Fund A and Fullgoal ChiNext New Energy ETF Feeder Fund A require 10 yuan minimum investments, while most over-the-counter index funds set thresholds at 1 yuan, making them accessible to retail investors.

Fund managers leading these products include Chen Long from Penghua Fund, Sha Chuan from Tianhong Fund, Guan Zefan and Du Caiming from E Fund, Tao Shubin from Changcheng Fund, Liu Weilin and Liu Zihao from ICBC Credit Suisse, Lou Huafeng from Industrial Fund, Zhu Henghong from Southern Fund, Wang Li from Penghua Fund, Zhang Yimin from Bank of China Securities, Bao Zhengyu from E Fund, Song Shiyi from SPDB-AIG Fund, Wu Ruozong from PICC Asset Management, Ge Junyang from Fullgoal Fund, Peng Yue from Guotai Fund, Liu Wei from ChinaAMC, Liao Yuzhou from China Merchants Fund, and Weng Zichen from Xingyin Fund, representing a mix of veteran, mid-career and emerging investment professionals.

Nine FOF products launched intensively this week, with multi-asset allocation becoming mainstream and gold benchmarks becoming pervasive. Wind data shows nine FOF products began subscriptions from March 2-8, covering conservative and diversified allocation types, with performance benchmarks普遍 adopting "bond + stock + commodity" multi-asset allocation strategies, with gold spot returns now fully integrated into FOF benchmarks.

Monday saw six FOFs start subscriptions simultaneously, including Caitong Juxin Conservative 3-Month Holding Fund, Invesco Great Wall Hexi Anyu 3-Month Holding Fund, Wanji Run'an Conservative 3-Month Holding Fund, Guotai Haitong Shanxuan Conservative Allocation 3-Month Holding Fund, Pengyang Diversified Balanced 3-Month Holding Fund, and Invesco Great Wall Hexi Ruian 3-Month Holding Fund.

Notably, Invesco Great Wall Hexi Anyu 3-Month Holding Fund A shares sold out on their first day of issuance, becoming another "single-day sellout fund" this year. This fund invests at least 80% of assets in public funds with 5-30% allocated to equity assets, aiming for stable returns through diversified asset allocation. The simultaneously launched Invesco Great Wall Hexi Ruian 3-Month Holding Fund A shares have a subscription period from March 2-13, also adopting a "fixed income+" strategy. Pengyang Diversified Balanced 3-Month Holding Fund A shares have the longest fundraising period from March 2 to April 30 (59 days), with its benchmark allocating 10% to the CSICI Commodity Futures Index, making it the FOF with the highest commodity allocation this week.

Significantly, all nine newly issued FOFs this week include gold spot returns in their performance benchmarks, a relatively uncommon feature in previous FOF launches. Gold allocation ratios range from 2% to 5%, with Caitong Juxin Conservative 3-Month Holding Fund and Fidelity Renyuan Wenhui 3-Month Holding Fund reaching the maximum 5% allocation.

Benchmark designs show new FOFs普遍 adopting "domestic bonds + domestic equities + overseas equities + commodities" multi-asset allocation models. For example, Caitong Juxin Conservative 3-Month Holding Fund A's benchmark includes ChinaBond Composite Index (75%), CSI 300 Index (8%), S&P 500 Index (5%), Hang Seng Index (2%) and gold spot (5%), fully reflecting globalized, multi-asset allocation thinking.

Industry insiders note that against the backdrop of increasing global asset volatility in 2026, incorporating gold into FOF asset allocation helps diversify risks and enhance portfolio defensiveness. Bank of China Securities' strategy team believes that while A-shares may face short-term geopolitical volatility and risk aversion sentiment, external impact remains limited, with markets expected to refocus on domestic fundamentals and policy expectations, highlighting gold's value as a safe-haven asset.

Eight hybrid funds launched this week, with consumption themes being the highlight as fund managers including Song Yong'an, Cai Rongcheng, and Feng Qing compete. From March 2-8, eight hybrid funds began subscriptions, covering partial equity hybrid and flexible allocation strategies, with consumption themes becoming the most popular sector as ABC-CA Fund, China Universal Asset Management and other companies concentrated their布局.

Monday featured six hybrid funds starting subscriptions simultaneously, including ABC Consumption Voyage Fund, China Universal Consumption New Opportunities Fund, JiaoYuan Vision Select Fund, Hongde Value Intelligence Select Fund, Huaan Innovation Momentum Fund, and PICC Ruiyi Intelligence Select Fund.

Among these, China Universal Consumption New Opportunities Fund A shares have the shortest fundraising period of only five days (March 2-6), with a benchmark focusing on A-share and Hong Kong-listed consumption leaders through CSI Domestic Consumption Theme Index (60%) and Hang Seng Consumption Index (20%), managed by prospective manager Zhou Han. Hongde Value Intelligence Select Fund A shares have the highest subscription threshold at 100 yuan, with a benchmark primarily based on CSI 800 Value Index (90%), highlighting value investment style, co-managed by Li Zi'ang and Liu Lingyu.

Market analysis suggests consumption sector valuations have returned to reasonable levels after previous adjustments, coupled with ongoing policy support for consumption, indicating the consumption recovery theme may continue playing out in 2026, creating a window for related theme fund布局.

Beyond consumption themes, this week's products also cover growth and value styles: Huaan Innovation Momentum Fund uses CSI A500 Index (65%) as its core benchmark supplemented by Hong Kong Stock Connect Index (15%), focusing on A-share and Hong Kong innovation growth directions, managed by Sang Xiangyu with fundraising until March 20.

E Fund Growth Leader Fund will launch on March 5, with a benchmark primarily based on CSI 800 Growth Index (60%) supplemented by CSI Hong Kong Stock Connect Composite Index (20%), managed by prospective manager Cai Rongcheng with a 21-day fundraising period (March 5-25), providing ample布局 time for investors. JiaoYuan Vision Select Fund uses CSI 800 Index (70%) as its core benchmark for balanced A-share and Hong Kong allocation, managed by Feng Qing with fundraising until March 13. PICC Ruiyi Intelligence Select Fund uses CSI A500 Index (80%) as its core benchmark with relatively high equity allocation, managed by Zhou Jian with fundraising until March 16.

Most products set subscription thresholds at 1 yuan, with ABC Consumption Voyage Fund A at 10 yuan and Hongde Value Intelligence Select Fund A at 100 yuan, remaining accessible to retail investors. Fund managers including Song Yong'an from ABC-CA Fund, Cai Rongcheng from E Fund, Feng Qing from JY Fund, Zhou Jian from PICC Asset Management, Zhou Han from China Universal Asset Management, Li Zi'ang and Liu Lingyu from Hongde Fund, and Sang Xiangyu from Huaan Fund represent a mix of veteran, mid-career and emerging talent competing on the same stage.

Eight bond funds launched this week with "fixed income+" strategies becoming mainstream as leading institutions including Southern Fund, ZhongOu Fund and Invesco Great Wall compete. Eight bond funds began subscriptions, covering hybrid bond secondary funds and medium-to-long term pure bond funds, with performance benchmarks普遍 adopting "bond + equity" multi-asset allocation strategies with equity allocations mostly between 10%-18%, showing significant "fixed income+" characteristics.

Monday saw five bond funds start subscriptions simultaneously, including Liontrust Yuexin 90-Day Holding Fund, Southern Yixiang Conservative Add-Income Fund, Essence Xixin Return Fund, ZhongOu Tianrui Fund, and Invesco Great Wall Fengze Conservative Fund.

Among these, Liontrust Yuexin 90-Day Holding Fund is the only pure bond fund this week, with a benchmark of ChinaBond Composite Total Return Index (90%) plus RMB demand deposit rate (after tax) (10%), not participating in equity allocation, managed by Yue Shuai with fundraising until March 13. Southern Yixiang Conservative Add-Income Fund adopts a "fixed income+" strategy with a benchmark primarily based on ChinaBond Credit Bond Total Return Index (88%) supplemented by CSI 300 Index Return (10%) and CSI Hong Kong Stock Connect Composite Index (RMB) Return (2%), co-managed by Sun Lufa and Yang Xu with fundraising until March 13. Essence Xixin Return Fund similarly uses a "fixed income+" strategy with a benchmark covering ChinaBond Total Return Index (83%), CSI 300 Index Return (10%), CSI Hong Kong Stock Connect Composite Index (RMB) Return (2%) and bank demand deposit rate (after tax) (5%), managed by Huang Wanshu with fundraising until March 13.

On March 3, Yinhua Qiyuan Fund launched with a benchmark primarily based on ChinaBond Composite Index Total Return (83%) supplemented by CSI 800 Index Return (11%), Hang Seng Index Return (1%) and financial institution RMB demand deposit rate (after tax) (5%), managed by Feng Fan with fundraising until March 16. On March 4, Xinhua Jinli Fund launched with a benchmark primarily based on ChinaBond Composite Total Return Index (80%) supplemented by CSI 800 Index Return (18%) and CSI Hong Kong Stock Connect Composite Index (RMB) Return (2%), co-managed by Yao Haiming and Lin Di with fundraising until March 25, the longest fundraising period this week. On March 5, Huatai Pax An'yuan Fund launched with a benchmark primarily based on ChinaBond Composite Index Total Return (89%) supplemented by CSI 300 Index Return (10%) and CSI Hong Kong Stock Connect Composite Index (RMB) Return (1%), managed by Zhang Ting with fundraising until March 20.

Notably, Xinhua Jinli Fund A shares have the highest equity allocation among bond funds this week at 20%, showing strong enhanced return objectives.

Fundraising periods show significant variation: shortest periods for Liontrust Yuexin 90-Day Holding Fund A, Southern Yixiang Conservative Add-Income Fund A, Essence Xixin Return Fund A and Invesco Great Wall Fengze Conservative Fund A all span 12 days (March 2-13); conventional periods include ZhongOu Tianrui Fund A's 19 days (March 2-20), Yinhua Qiyuan Fund A's 14 days (March 3-16), and Huatai Pax An'yuan Fund A's 16 days (March 5-20); longest period belongs to Xinhua Jinli Fund A with 22 days (March 4-25).

Notable fixed income managers include Sun Lufa and Yang Xu co-managing Southern Yixiang Conservative Add-Income Fund, Chen Kaiyang managing ZhongOu Tianrui Fund A, and Zhang Ting managing Huatai Pax An'yuan Fund A. Invesco Great Wall's Chen Jing and Liontrust's Yue Shuai are veterans, while Yinhua Fund's Feng Fan and Xinhua Fund's Yao Haiming and Lin Di represent mid-career managers.

One QDII fund launched this week: Guotai Haitong Hong Kong Advantage Select Fund A focusing on "technology + dividend" dual themes. Only one QDII fund began subscriptions from March 2-8 - Guotai Haitong Hong Kong Advantage Select Fund A, with fundraising from March 4-25. Prospective managers Fan Yang and Deng Yaqi set the subscription threshold at 1 yuan. The fund's benchmark features a unique "technology + dividend" dual-drive strategy: Hang Seng Tech Index Return accounting for 65% focusing on Hong Kong tech leaders, CSI Hong Kong Stock Connect Central Enterprise Dividend Index Return accounting for 30% targeting high-dividend central SOEs, with bank demand deposit rate (after tax) accounting for 5%. This benchmark design reflects a balanced growth-value allocation approach, capturing both Hong Kong tech stocks' growth potential and stable dividend income from central SOE assets, providing differentiated tools for Hong Kong market布局. With Hong Kong valuation repair expectations heating up, this product's subsequent fundraising performance warrants attention.

Data source: Wind, fund announcements. AI-assisted article composition. Funds carry risks, investment requires caution.