The enthusiasm for new fund launches remains strong this year, with over 35 new funds launched for three consecutive weeks, and FOF funds frequently selling out in a single day.

The issuance of public funds continues to remain hot.

From March 9 to March 15, a total of 37 public funds are awaiting issuance across the market. This is the third consecutive week with more than 35 new funds launched, indicating a steady pace of public fund issuance.

By type, equity funds still account for a high proportion of the issuance. Among the funds waiting to be issued, 23 are equity funds, accounting for 62.16% of the total, including 18 stock funds and 5 mixed equity funds.

“After the Spring Festival holiday, the domestic public fund issuance market has remained active, with the enthusiasm for new fund launches steadily rising. This is driven by multiple factors such as market conditions, capital flows, product offerings, and institutional investors, reflecting the vitality of the capital market and investors’ positive outlook on the equity market,” said Li Chunyu, Fund Manager of Rongzhi Investment FOF under PAI PAIPAI Group. Capital allocation shifts have become an important force driving active public fund issuance.

This week, 37 funds awaiting issuance come from 25 public fund companies. Sixteen companies each have one product waiting to be issued, while the remaining nine companies have at least two. Specifically, E Fund has four products pending, including three passive index stock funds and one bond-oriented hybrid FOF; GF Fund has three, including two bond-oriented hybrid FOFs and one stock-oriented hybrid fund. Additionally, Caitong Asset Management, East Money Fund, Huitianfu Fund, Invesco Great Wall Fund, Southern Fund, Tianhong Fund, and China Merchants Fund also have two funds each waiting to be issued this week.

Notably, the number of FOF products being issued is steadily increasing. This week, five FOF funds are awaiting issuance. Since the beginning of the year, 52 new FOF funds have been launched, surpassing half of last year’s total issuance. Meanwhile, the average issuance size for this type of product has also increased, currently averaging 1.475 billion units, compared to an average of 950 million units for all of 2025.

Li Chunyu emphasized that the public fund fee rate reform officially concluded at the end of 2025. Based on this, public fund institutions have increased their focus on equity and index products. These products are characterized by their tool-like features, better meeting the asset allocation needs of investors with different risk preferences, and have become a key support for driving issuance enthusiasm.

Meanwhile, diversified products like FOFs are also experiencing a hot issuance trend. Since 2026, the average fundraising days for newly established FOFs have significantly decreased compared to 2025, with some products raising high amounts in just one day.

On March 11, China Europe Fund announced that the China Europe Yingxin Stable 6-Month Holding Period Hybrid Fund (FOF), originally scheduled to close on April 8, 2026, will now close early on March 11, 2026. From March 12, 2026, onwards, subscription applications will no longer be accepted.

On March 10, E Fund announced that the E Fund Ruyi Yize 6-Month Holding Period Hybrid (FOF), which started fundraising on March 9, will close early on the same day, with the deadline moved from March 20 to March 9.

In fact, since March, other funds such as Pudong Silver Ansheng Yingtai Multi-Asset Allocation 3-Month Holding Period Hybrid FOF, Invesco Great Wall, and Xi’an Yu San-Month Holding Period Hybrid (FOF) have also announced the end of fundraising after just one day, with each raising over 1 billion yuan.

As of March 10, a total of 10 FOFs have been sold out in just one day this year.

According to Wind data, as of March 10, 34 FOFs have been established since 2026, with a total fundraising scale of 48.03 billion yuan, exceeding 50% of last year’s total.

Among them, 16 FOFs have a scale of over 1 billion yuan. Bosera Yingtai Zhenxuan 6-Month Holding FOF raised 5.844 billion yuan in just one day. ICBC Yingtai Stable 6-Month Holding FOF and GF Zhihui Stable 3-Month Holding FOF each raised over 4 billion yuan, with fundraising durations of 10 days and 3 days, respectively.

Some institutions point out that in the current high-quality development phase of the public fund industry, FOF funds are undoubtedly a bright spot this year. Thanks to their advantages in large asset allocation, multi-strategy portfolios, and risk diversification, they are attracting market attention and entering a new period of rapid growth.

CITIC Securities’ latest research report states that 2026’s new equity fund launches are off to a strong start, with insurance capital’s equity allocation ratio reaching a recent high, becoming an important long-term source of funds for the equity market. Since the implementation of the “Guidelines for Performance Benchmarks of Publicly Offered Securities Investment Funds” on March 1, 2026, with a one-year transition period for existing products, reforms have driven changes across the entire industry chain, including fund company research and development, product layout, and risk control systems. The industry’s competitive focus is shifting from short-term performance to building logically clear, long-term viable product lines and investment capabilities, continuously optimizing the industry ecosystem.

Editor: Xu Nannan, Xu Nan

(Fund announcements, Wind data, CITIC Securities research)