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 for the same period.

The Year of the Horse has begun, and the public fund issuance market is the first to welcome “the opening red.”

Latest data from Wind shows that as of February 27, 2026, the number of newly issued public funds this year has reached 230 (based on subscription start dates), with the total issuance scale exceeding 210 billion yuan (based on fund establishment dates). Compared to previous years, this marks a historical high for the same period in nearly four years.

“This year’s newly issued fund scale has reached a historical high for the same period in nearly four years, primarily benefiting from the profit effect in the equity market, where equity funds are performing well, driving investors’ risk appetite to rise and accelerating the shift of funds from savings to equity assets,” said Wu Zewei, a special researcher at Su Bank. The capital market is undergoing profound structural changes, with channels for converting household savings into investments continuously expanding, bringing considerable incremental funds to the market. The issuance of new funds has shifted from being dominated by the bond market to being led by equities, with a significant increase in the proportion of passive index products and ETFs, reflecting enhanced market effectiveness and a preference among investors for transparent, low-cost tools, leading to a more diversified and mature capital market ecosystem.

Intensive Issuance of Active Equity Funds

The A-share market opened in 2026 with index fluctuations and increased trading volume, and the public fund issuance market has also continued its hot trend.

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

Notably, after the Spring Festival holiday, the issuance of new funds further heated up, creating a concentrated issuance wave.

According to Wind statistics, on the first trading day of the Year of the Horse (February 24), 18 new funds began subscription, covering various types including active equity, passive index, bond, and fund of funds (FOF); during the first trading week after the holiday (from February 24 to February 27), the number of new funds planned for issuance reached as many as 36, with the pace of issuance significantly faster than the same period in previous years, and some funds even shortened the fundraising period to one day, highlighting the rapid grasp of market opportunities by fund companies and the enthusiastic participation of investors.

From the product structure perspective, the new funds issued at the beginning of 2026 exhibit a distinctive characteristic of “equity-oriented with diverse supplements,” highly aligning with the current structural market trends in A-shares. Specifically, equity products (stock-type + mixed-type) have become the main force in issuance, accounting for 71.37% of the number and 60.09% of the scale. Among them, passive investment continues to heat up, with a total of 156 stock-type ETFs and passive index funds issued, reaching a scale of 88.094 billion yuan, covering multiple popular sub-sectors such as non-ferrous metals, batteries, dividend quality, and Hong Kong internet, providing investors with low-cost, high-efficiency market allocation tools.

The industry head effect is particularly significant 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 Fund closely follow, with issuance scales exceeding 10 billion yuan each.

Wind data screenshot

In Wu Zewei’s view, the current head effect observed in the newly issued fund market is an inevitable result of the market-oriented competition in the industry reaching maturity, and it marks the public fund industry’s transition from the era of license dividends to the era of capability dividends. Although this pattern has intensified industry differentiation, it has also optimized resource allocation, with fierce competition forcing all institutions to pay more attention to enhancing their professional capabilities, ultimately driving high-quality development across the entire industry.

He also pointed out that leading fund companies have prominent advantages in the new issuance landscape, efficiently laying out positions in equity, index, and other products based on brand influence, channel trust, and mature investment research systems, allowing them to quickly adapt to market demands. Small and medium-sized fund companies should adopt differentiated strategies, focusing on deep cultivation in niche sectors such as technology, medicine, and quantitative strategies to create distinctive performance; at the same time, they should leverage internet channels to accurately reach target customer groups and build core competitiveness in specific fields.

Newly Issued Scale Exceeds 200 Billion Yuan This Year

As an important source of incremental funds in the capital market, the issuance heat of new funds directly reflects market sentiment and fund flows.

In terms of issuance scale, it has reached 210.2 billion yuan so far this year, significantly increasing compared to 149 billion yuan in the same period of 2025, 92.411 billion yuan in the same period of 2024, 126.8 billion yuan in the same period of 2023, and 151.6 billion yuan in the same period of 2022, with nearly double the scale over four years, indicating a significant trend of incremental funds entering the market.

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

According to Wind statistics, there are a total of 78 active equity funds established in 2026, with a total fundraising scale of approximately 75.233 billion yuan.

Specifically, there are 24 active equity funds that have raised over 1 billion yuan this year. Among them, GF Research Smart Select ranks first with a fundraising scale of 7.221 billion yuan, followed closely by Hua Bao Advantage Industry and Yin Hua Smart Enjoy, both exceeding 5 billion yuan, and additionally, four funds including Morgan Stanley Hu Gang Shen Technology, GF Growth Return, E Fund Balanced Selection, and Invesco Great Wall Prosperity Driven each raised over 3 billion yuan.

If we include the 28 funds that are currently being issued and about to be issued, active equity funds are expected to bring in market funds amounting to 100 billion yuan.

Wu Zewei, a special researcher at Su Bank, predicts that the equity category will still dominate the newly issued fund market in 2026, with the pace and scale of issuance highly linked to the market’s profit effect, and a slow bull market will continue to drive household savings into the market. In terms of product structure, the popularity of passive investment continues, with distinctive index products becoming a focus, and fixed income + simultaneously meeting opportunities. The industry head effect is intensifying, and small and medium institutions will adopt a differentiated and specialized route. The market as a whole is shifting from quantity to quality, with greater emphasis on performance and holding experience, moving towards high-quality development.

Author: Xu Nannan Edited by: Xu Nan

(Editor: Xu Nannan)

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