More Than 1,000 New Funds Have Been issued this Year
As of November 25th, this year has seen the establishment of 1,002 new funds with a total issuance scale of 1,021.197 billion shares. Among them, equity funds account for nearly 30% of the total scale.
Looking at the overall scale, at the end of 2023, the public fund scale was 27.6 trillion yuan. By the end of September this year, the public fund scale exceeded 32 trillion yuan. This means that the public fund scale has increased by more than 4 trillion yuan this year. Since the market rebounded at the end of September, the scale of equity funds has grown significantly.
In terms of bond fund issuance scale, this year has seen the establishment of 391 new stock funds with an issuance share of 212.814 billion shares; and 227 new hybrid funds with an issuance share of 59.278 billion shares. This means that the scale of equity funds newly issued this year accounts for nearly 30% of the total new issuance scale. This year, 300 new bond funds have been established, with an issuance share of 720.396 billion shares. Although the number of bond funds only accounts for nearly one-third of the total number of new funds, the scale accounts for more than two-thirds of the total new issuance scale. In addition, this year has seen the establishment of 27 new QDII funds with an issuance share of 4.447 billion shares; 22 new REITs with an issuance share of 13 billion shares; 35 new FOF funds with an issuance share of 11.261 billion shares.
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Looking at the monthly perspective, this year's March, April, May, June, and November have all seen a small peak in fund issuance, with newly established funds exceeding 100 billion shares in issuance. Among them, the highest new issuance share in June was 175.17 billion shares.
In terms of specific fund products, this year, the funds with the largest issuance scale are mostly bond funds, with the largest scale being Anxin Changxin Enhanced and Taikang Steady Double Profit, both with an issuance scale of 8 billion yuan. Among the equity funds with higher issuance shares, there are several index funds pegged to the CSI 500.
The scale of equity funds has grown rapidly.
Looking at the overall scale of public funds, on October 23rd, the data released by the China Securities Investment Fund Industry Association showed that by the end of September, the total net value of China's public funds was 32.07 trillion yuan. This is the public fund scale after breaking through the 30 trillion yuan mark for the first time at the end of April, and breaking through the 31 trillion yuan mark for the first time at the end of May, setting a new high.
Driven by the steady growth of new fund scales and market rebounds, the overall scale of public funds has steadily increased this year. At the end of April 2024, the public fund scale broke through the 30 trillion yuan mark for the first time; at the end of May, the public fund scale set a new high, breaking through the 31 trillion yuan mark for the first time; at the end of June, the public fund scale was 31.08 trillion yuan; at the end of July, the public fund scale set a new high again, increasing by more than 400 billion yuan from the end of June, reaching 31.49 trillion yuan; at the end of August, the public fund scale shrank to 30.90 trillion yuan.
Overall, at the end of 2023, the public fund scale was 27.6 trillion yuan, and by the end of September, the public fund scale exceeded 32 trillion yuan, which means that the public fund scale has increased by more than 4 trillion yuan this year.
Looking at the fund types, before September this year, the main force of the growth in the scale of public funds was fixed-income funds. At the end of September, with the rapid rise of the market, the scale of equity funds has grown rapidly.
Fund industry association data shows that at the end of September, the scale of stock funds was 4.27 trillion yuan, while at the end of August, the scale of stock funds was 3.29 trillion yuan, and the scale of stock funds increased by nearly 1 trillion yuan in one month; looking at hybrid funds, at the end of September, the scale of hybrid funds was 3.75 trillion yuan, and at the end of August, the scale of hybrid funds was 3.3 trillion yuan, and the scale of hybrid funds increased by nearly 450 billion yuan in one month.
For the significant increase in fund scale this year, industry insiders believe that on the one hand, the scale of new funds has contributed to part of the scale increase; on the other hand, the market's rise at the end of September has driven the growth of fund scale. As the market continues to warm up and overseas markets reach new highs, the net value of various strategy fund products is repaired one after another, and the fund scale increases accordingly.
A fund industry insider said that since the end of September, the A-share market has rapidly heated up, market sentiment has warmed up, and risk appetite has significantly improved. The current policy bottom is clear, economic expectations have turned positive, the equity market has ushered in a good opportunity for allocation, the market is expected to usher in multi-channel incremental funds, and the scale of public funds is expected to continue to grow.