Near 300 Billion Yuan in New Fund Issuance Since the Beginning of the Year, FOF Products Gradually Gaining Recognition from Large Capital

Securities Times Reporter Wang Minghong

As the first quarter approaches its end, investor enthusiasm for entering the market through “funds” has rebounded amid the structural opportunities presented by the A-share market’s volatility. As of March 21, a total of 320 new funds have been established across the market since 2026, raising a total of 294.586 billion yuan, with an average issuance size of 921 million yuan per fund. Overall, the new fund issuance market continues to show a “the strong get stronger” trend, whether in terms of the fundraising scale of leading companies’ products or the number of subscriptions for specific sector ETFs, reflecting active capital deployment.

In terms of issuance structure, hybrid funds remain the main force in scale. Among the 320 new funds, 95 are hybrid funds, raising a total of 106.409 billion yuan, accounting for 36.12% of the total issuance scale. Both scale and proportion rank first among all fund types, indicating that balanced allocation strategies have been more favored in the recent market. Additionally, among these 320 funds, 131 are equity funds, the largest number, with fundraising amounts and proportions of 67.309 billion yuan and 22.85%, respectively.

Notably, FOF (Fund of Funds) funds have also become a significant highlight. Although only 44 such funds have been established, their total fundraising amount reaches 65.125 billion yuan, accounting for 22.11%, with an average issuance size of 1.48 billion yuan per FOF fund. This data suggests that FOF products, which pursue asset allocation optimization and secondary risk diversification, have gained recognition from institutional investors and large clients.

Regarding issuance scale, several funds have sparked market interest early in the year. GF Fund’s GF Research Intelligent Selection A, managed by Yang Dong, became the largest hybrid fund issued so far this year, with an issuance scale exceeding 7.2 billion yuan and approximately 78,500 effective subscriptions. Not only active equity products but also stable and tool-based products have been popular. For example, Peng’an Fund’s Peng’an An Tai Rate Bond A exceeded 6 billion yuan in scale; Guotai’s SSE STAR Market AI ETF Connect A, though with an issuance scale under 700 million yuan, attracted as many as 189,000 subscriptions, making it one of the most popular funds at the start of the year. Additionally, funds like Yongying Ruijian Growth A, Bosera Ying Tai Zhenxuan 6-Month Holding A, and Huabao Advantage Industry A each exceeded 5 billion yuan in issuance, forming the “first echelon” of the early market.

In terms of effective subscriptions, investor enthusiasm for public funds remains high. Besides the nearly 190,000 subscriptions for Guotai SSE STAR Market AI ETF Connect A, products such as ICBC Technology Intelligent Selection A, Yongying Ruijian Growth A, GF Zhongzheng 500 Quantitative Enhancement A, and Huitianfu Technology Leading A each attracted over 100,000 subscriptions. Whether tailored for institutional clients or retail investors, these products have received positive market feedback.

The emergence of popular funds is often accompanied by rapid fundraising. Data shows that several funds completed their fundraising in a very short period, such as Bosera Ying Tai Zhenxuan 6-Month Holding A, E Fund Ruyi Yingze 6-Month Holding A, and others, with subscription days as short as one day, earning the reputation of “sunshine funds.”

The success of these popular funds also depends on strong fund managers and robust sales channels. Since the beginning of 2026, over 90 public fund management institutions have launched new products, with the top twenty fund companies accounting for about 70% of the total market issuance, indicating high industry concentration. Major fund companies like GF Fund, E Fund, Southern Fund, Huitianfu Fund, Fuguo Fund, and Invesco Great Wall Fund are the main players, leveraging comprehensive product lines and strong distribution capabilities to maintain high product launch frequency and substantial fundraising per product.

In stark contrast to the dominance of leading companies, the next twenty fund firms have each issued less than 300 million yuan. Several dozens of companies have issuance scales below 100 million yuan, and difficulties in raising new funds have become a common challenge for small and medium-sized institutions. The “Matthew effect” in the issuance market continues to intensify.