Public fund new issuance in the first two months exceeds 210 billion yuan, with both scale and number reaching the highest levels in nearly four years.

The Year of the Horse begins with a strong start in the public fund issuance market, marking a “good beginning” for the new spring season.

According to Wind’s latest data, as of February 27, 2026, there have been 230 new public funds launched this year (based on subscription start date), with a total issuance scale exceeding 210 billion yuan (based on fund establishment date). Compared to previous years, these figures have reached the highest levels in nearly four years for the same period.

“New fund issuance scale this year has hit a four-year high for the same period, mainly due to the positive performance of the equity markets. The performance of equity funds has improved, boosting investors’ risk appetite and accelerating the shift of funds from savings to equity assets,” said Wu Zewei, a special researcher at Sichuan Commercial Bank. The capital market is undergoing profound structural changes, with channels for converting savings into investments continuously expanding, bringing in substantial incremental funds. The shift in new fund issuance from debt-dominated to equity-dominated, along with a significant increase in passive index products and ETFs, reflects enhanced market efficiency. Investors now prefer transparent, low-cost tools, leading to a more diverse and mature capital market ecosystem.

Intensive Issuance of Active Equity Funds

The start of 2026 in the A-share market has shown index fluctuations and increased trading volume, and the public fund issuance market continues to be hot.

Wind’s data comparison shows that in the first two months of 2026, the number of new funds increased by 29.94% compared to the same period in 2025 (177 funds), by 8.49% compared to 2024 (212 funds), and by 21.69% compared to 2023 (189 funds).

Notably, after the Spring Festival holiday, the enthusiasm for new fund launches further intensified, creating a wave of dense issuance.

According to Wind, on the first trading day of the Year of the Horse (February 24), 18 new funds were launched simultaneously, covering active equity, passive index, bond, and FOF types. During the first week after the holiday (February 24-27), as many as 36 new funds planned to launch, significantly accelerating the pace compared to previous years. Some funds even shortened their fundraising periods to just one day, highlighting fund companies’ quick response to market opportunities and investors’ enthusiastic participation.

In terms of product structure, the new funds launched at the start of 2026 show a clear feature of “mainly equity, supplemented by diversification,” closely aligned with the current structural trend of the A-share market. Specifically, equity products (stocks + mixed) became the main force, accounting for 71.37% of the number and 60.09% of the scale. Passive investments continued to heat up, with a total of 156 ETF and passive index funds issued, totaling 88.094 billion yuan, covering popular sectors such as non-ferrous metals, batteries, dividend quality, and Hong Kong internet, providing investors with low-cost, efficient market allocation tools.

Industry leaders are particularly prominent in this issuance wave. Among them, GF Fund ranks first with 13 products and nearly 24 billion yuan in issuance scale. E Fund and Invesco Great Wall follow closely, each with over 10 billion yuan in scale.

Wind data screenshot

Wu Zewei believes that the prominent head effect in the current new fund market is an inevitable result of the industry’s move toward mature market competition, marking a transition from the past license-driven era to an era of capability-driven growth. Although this pattern intensifies industry segmentation, it also optimizes resource allocation. Fierce competition pushes all institutions to enhance their professionalism, ultimately promoting high-quality industry development.

He also pointed out that leading fund companies have advantages in the new issuance landscape, leveraging brand influence, trusted channels, and mature research systems to efficiently deploy products in equities and indices, quickly adapting to market needs. Small and medium-sized fund companies should pursue differentiated strategies, focusing on deep cultivation in sectors like technology, pharmaceuticals, and quantitative strategies to build unique performance. They should also utilize internet channels for precise customer outreach and develop core competitiveness in niche areas.

New Fund Scale Exceeds 200 Billion Yuan This Year

As a major source of incremental capital in the market, the enthusiasm for new fund issuance directly reflects market sentiment and capital flow trends.

In terms of issuance scale, it has reached 210.2 billion yuan so far this year, a significant increase compared to 149 billion yuan in the same period in 2025, 92.4 billion yuan in 2024, 126.8 billion yuan in 2023, and 151.6 billion yuan in 2022. Over four years, the scale has nearly doubled, with a clear trend of increasing capital entering the market.

The intensive issuance of active equity funds has brought considerable incremental funds to the capital market at the start of the Year of the Horse.

According to Wind, 78 active equity funds have been established in 2026, with a total fundraising scale of about 75.23 billion yuan.

Specifically, 24 active equity funds have raised over 1 billion yuan each. Among them, GF Research Intelligent Selection raised 7.221 billion yuan, ranking first. HuaBao Advantage Industry and YinHua Smart Enjoy each surpassed 5 billion yuan, followed by Morgan Stanley Hong Kong-Shanghai-Hong Kong Technology, GF Growth Return, E Fund Balanced Selection, and Invesco Great Wall Prosperity Drive, each with over 3 billion yuan.

Including 28 funds currently in issuance or about to be launched, active equity funds are expected to bring in trillions of yuan in market funds.

Wu Zewei estimates that in 2026, equity funds will still dominate the new issuance market. The pace and scale of issuance are highly linked to market profitability, and a sustained “slow bull” trend will continue to encourage residents to invest their savings. The product structure will maintain enthusiasm for passive investments, with featured index products becoming a focus of deployment, and fixed income+ opportunities emerging simultaneously. The industry’s head effect will intensify, with small and medium-sized institutions adopting specialized, niche strategies. Overall, the market will shift from quantity to quality, emphasizing performance and holding experience, moving toward high-quality development.

Text by Xu Nannan, Edited by Xu Nan

(Edited by Xu Nannan)

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