With the market recovery, equity fund issuance continues to attract capital favor. As of September 12, more than 10 equity funds established since September have exceeded 10 billion yuan in scale, including both broad-based and thematic index funds as well as active equity funds.

Unlike previous periods, in this round of equity fund issuance, fund companies' marketing behaviors have become more rational, controlling fund size through early closure of fundraising and other measures. Fund managers believe that technology growth is expected to take over the transition between old and new economic drivers, becoming a long-term economic and competitiveness driver. The technological revolution of the next 5-10 years will still focus on "AI+" across various industries.

**Multiple Index Funds Raise Over 10 Billion Yuan**

Recently established large-scale funds are primarily index products. According to Wind statistics, as of September 12, 7 funds established since September have raised over 10 billion yuan, including both CSI A500 mainstream broad-based products and industry thematic funds.

According to an announcement from Guolian An Fund on September 11, the Guolian An CSI A500 Dividend Low Volatility ETF was established on September 10 with a fundraising scale of 12.47 billion yuan. The Southern CSI A500 Index Enhanced Fund, established on September 9, raised 17.24 billion yuan with 13,400 valid subscriptions.

From the second half of 2024 to present, CSI A500 series index funds continue to be issued, but products with establishment scales exceeding 10 billion yuan are rare. Before these two new funds, new products with scales exceeding 10 billion yuan were the JPMorgan CSI A500 Enhanced Strategy ETF established in early May (10.16 billion yuan), and the PICC CSI A500 Index Enhanced Fund (16.96 billion yuan) and Ping An CSI A500 ETF (20.27 billion yuan) established in March.

Additionally, the GF ChiNext Index Enhanced Fund, Bodao CSI All Share Index Enhanced Fund, and China Europe SSE STAR Market Composite Index Fund established since September all have scales exceeding 10 billion yuan, at 23.93 billion yuan, 19.11 billion yuan, and 10.62 billion yuan respectively. The GF ChiNext Index Enhanced Fund's nearly 24 billion yuan in subscription funds attracted 100,400 valid subscriptions. As early as late August, the SSE STAR Market Composite Index Enhanced Fund established by China Asset Management had a scale approaching 18 billion yuan. The SSE STAR Market Composite Enhanced Strategy ETF established by Yinhua Fund in mid-August exceeded 12 billion yuan in scale.

Regarding thematic index funds, the Fuguo CSI Robotics Industry ETF established on September 8 raised nearly 20 billion yuan with 23,800 valid subscriptions. The Harvest SSE STAR Market AI Index Fund established on September 9 had a scale approaching 14 billion yuan with over 20,000 valid subscriptions. In August, the CSI Hong Kong Stock Connect Technology ETF established by China Asset Management and the Hang Seng Hong Kong Stock Connect Technology Theme ETF established by Hua An Fund both exceeded 10 billion yuan in scale.

**19 Active Equity Funds Raise Over 10 Billion Yuan Since July**

In fact, with market recovery, active equity funds have also seen new funds exceeding 10 billion yuan in scale. As of September 12, there have been 19 active equity funds established since July with scales exceeding 10 billion yuan.

Since September, multiple partial stock hybrid funds established have exceeded 10 billion yuan in scale. Among them, the China Merchants Balanced Selection established on September 4 reached a scale of 49.55 billion yuan. This fund was only offered for sale on September 2, receiving 38,400 valid subscriptions. Additionally, four funds established in early September - Ping An Hong Kong Stock Connect Technology Selection, Cathay Quality Core, Ever Gain Sharp Vision Pioneer, and Bank of Communications Industry Select - raised 17.38 billion yuan, 16.17 billion yuan, 13.40 billion yuan, and 17.17 billion yuan respectively, with a combined total of nearly 48,000 valid subscriptions.

During August, there were 7 partial stock hybrid funds and 2 common stock funds with establishment scales exceeding 10 billion yuan. Among them, the Guojin Dividend Quantitative Stock Selection and Dacheng Innovation Excellence Selection established in mid-August both raised over 15 billion yuan, while E Fund Value Return and China Europe Core Intelligent Selection raised over 20 billion yuan each.

A brand marketing director from a Beijing public fund stated that the recent warming of equity fund issuance is a result of rising market sentiment. According to observations, in this round of equity fund issuance recovery, equity index funds are no less popular than active equity funds. After vigorous development since 2023, investors' understanding of index funds (especially ETFs) has significantly improved. In the context of a new market cycle, more and more investors will choose to participate through index funds.

"In this round of equity fund issuance, fund companies have increased their index fund layouts. Particularly ETFs, which not only have high channel recognition but also gain investor approval due to factors like low fees. Besides CSI A500 index funds, free cash flow index funds that have been popular this year have also been well-received in recent issuances," said a market professional from a mid-sized Shanghai public fund.

**Technology Growth Expected to Drive New and Old Economic Transition**

It should be noted that unlike before, in this round of warming equity fund issuance, fund companies' marketing behaviors have become more rational, even controlling scale through early closure of fundraising. For example, funds like Huashang Hong Kong Stock Connect Value Return Hybrid and China Merchants Balanced Selection Hybrid set fundraising caps of 1 billion yuan and 5 billion yuan respectively, closing early upon reaching these limits.

An equity fund manager from a Beijing public fund stated that controlling scale through setting upper limits or early closure provides fund managers with more time and space for subsequent position building and operations. Based on past experience, excessively large fundraising scales can increase position-building costs and reduce investment strategy flexibility. In comparison, smaller-scale funds may have higher efficiency and probability of capturing excess returns in structural markets.

Looking ahead, Yan Siqian, Managing Director and General Manager/Investment Director of Equity Investment Department III at Penghua Fund, stated that against the backdrop of global interest rate cuts, cyclical and traditional industries are experiencing opportunities for bottoming out and recovery. Meanwhile, multiple domestic industries continue to enhance their global competitiveness, with increasing numbers of industries and leading companies possessing long-term growth potential. Technology growth is expected to drive the transition between new and old economic drivers, becoming a driver of long-term economic growth and competitiveness. The AI industry cycle represents global resonance, and we are optimistic about AI and robotics. Current global technology resonance focuses on artificial intelligence AI technology, and the technological revolution of the next 5-10 years is expected to continue focusing on "AI+" across various industries. Manufacturing is also experiencing an AI revolution in robotics, potentially bringing opportunities in trillion-yuan market space.

Zhang Jing, fund manager of the Equity Investment Department at Great Wall Securities Asset Management, stated that based on the latest disclosed interim report data, the overall operating conditions of listed companies are entering a stabilization phase, with market confidence gradually recovering and liquidity continuously strengthening. AI computing power-related sectors have performed exceptionally well driven by continuously exceeding performance expectations and rising industrial capital expenditure. Current sector valuations already incorporate high performance expectations, and stock prices may experience significant volatility in the short term. Due to the exceptional performance of computing power sectors recently, attention to innovative drugs has somewhat declined, but this does not affect the industry's medium to long-term upward development trend.