Bull Market Ignites! Fund Companies Rush to Launch New Products, July Sets a New High

July was scorching hot across the country, with A-share market equally sizzling. Last week, the Shanghai Composite Index broke through and stabilized above 3600 points. As of July 29 (Tuesday), the close, the Shanghai Composite Index rose by 0.33%, reaching 3609.71 points.

This not only reversed the previous market fluctuations but also lit up the sentiment for new fund launches. With stock indexes rising, policy signals warming up, and funding conditions improving, fund companies have been quick to respond, with a wave of new product releases unfolding.

"Since July, overall investor sentiment has shown a significant improvement." A large-scale public offering product manager from the East China region stated, "Whether it's old customers re-subscribing or new customers increasing their subscriptions, the channels have seen a faster-than-expected recovery." He pointed out that after market uncertainty subsided, funds became more inclined to rebalance through new products, especially those with clear strategies and high recognition rates.

Fund companies have also been adjusting their release pace. Leveraging the hot window, many institutions have been pushing out stock-based, hybrid, ETF, and linked products in a concentrated manner, driving up overall market share. In the joint resonance of issuance and funding, the fund market is poised to exit the hesitant and conservative phase of the first half and enter a more aggressive stage.

New product releases accelerate, July sets a new high for single-month releases

According to Choice data, as of July 28-August 3, the market saw a total of 31 new funds start collecting, up 34.78% from the previous week's 23 funds, breaking through the 30-fund threshold and returning to the high-temperature zone.

Looking at average subscription days, this week's new funds had an average subscription period of 14.97 days, significantly shorter than the usual 20-day level, indicating that the release pace is accelerating, and investor subscription intentions are simultaneously strengthening.

This week's release structure saw equity-type funds continue to dominate. Specifically, stock-based funds and hybrid funds combined reached 26, accounting for 83.87%. Notably, passive index funds performed well, with a total of 16 products released, accounting for 84.21% of the total number of stock-based funds, reflecting the fund companies' continuous efforts to promote structural strategies. Additionally, there were three enhancement index funds released, indicating that product design is gradually moving towards a direction combining passive and active features.

By contrast, bond-type funds saw only four releases this week, accounting for just 12.90%, down significantly from the previous week's nine releases. Industry insiders analyzed that under the current risk preference rebound and equity market rally, debt products' relative attractiveness decreased, and some funds shifted from fixed-income products to biasing towards stock-based assets, resulting in a further shift of focus towards equity-side issuance.

From an institutional perspective, this week saw 25 fund companies launch new funds, with Commercial Bank leading the way with three products. Other institutions such as Hua An, Jia Yu, Southern, and Tian Hong each released two products. The industry as a whole presented a dual feature of increased concentration and accelerated release pace, with some mid-sized fund companies also seizing the market's warm-up window to accelerate product releases.

What's more noteworthy is that the total number of new funds released in July has reached 149, setting a new high for single-month releases. This concentrated outburst not only stems from the market's own positive sentiment but also reflects fund companies' proactive efforts to meet funding demand.

Total fund share continues to rise, new funds become the main driver of growth

Looking at overall data, the fund market has exhibited a continuous warming trend since May. According to Wind monthly data, as of July 28, the total fund share reached 30.94 trillion yuan, up from June's 30.89 trillion yuan and further rising from April and May's levels. Cumulatively, the net increase in fund shares since the second quarter has exceeded 13 trillion yuan, with a significant inflow of funds observed.

New funds have become an important driver of growth for the fund market. Data shows that new fund subscriptions have been steadily increasing since May, with multiple products combining to release over 60 billion yuan, such as East Red's 6-month holding product, Jincai's comprehensive debt index product, and Hua An's pure debt product, becoming key sources driving overall share growth.

"Since May, new funds' ability to attract capital has significantly improved, especially for products with clear strategies and research frameworks. This is reflected in the market's renewed recognition of long-term growth themes and management capabilities." A fund sales director stated that currently, investors are more inclined to invest through new funds to capture structural opportunities at the beginning of the market recovery.

Behind the growth of total shares, there is also a reflection of the optimization of fund product lines. On one hand, stable-type products continue to maintain their foundation, while on the other hand, equity-based and passive index funds are rapidly expanding, constructing multiple channels for capital inflows in this process.

Looking at the entire year's release situation, the new funds released in 2025 have shown a high concentration of types and structures.

According to fund release details, as of now, the largest new fund release is East Red's 6-month holding product, with a combined issuance volume of 65.73 billion yuan, ranking first in the market. Followed closely are other institutions such as Rich Fund's 3-month holding product and Tian Hong's comprehensive debt index product, each with a combined issuance volume exceeding 60 billion yuan.

Other notable products include Boshi's A-share AAA innovative debt ETF, Hua An's pure debt product, and Huarong's bond investment-grade credit-enhanced index product, all of which have entered the top ten, with combined issuance volumes approaching 60 billion yuan.

From a type perspective, the products that have attracted the most attention are bond-type funds and FOF funds, reflecting the market's preference for stable returns. However, this does not mean equity-based products lack attention. In fact, since June, actively managed equity funds have seen their release volume gradually increase, with multiple biased hybrid funds receiving above-expected funding responses, reflecting the market's renewed recognition of long-term growth themes and management capabilities.

Wind data shows that as of now, a total of 782 products have been established this year, with issuance shares reaching 6229.80 billion yuan, among which stock-based funds accounted for 449, issuance shares 2163.32 billion yuan, accounting for over 34% of the total; hybrid funds accounted for 128, issuance shares 609.41 billion yuan, and biased hybrid funds accounted for 118, issuance shares 568.51 billion yuan.

As of now, the largest actively managed equity fund issuer is Da Cheng's Advantage Fund, with a combined issuance volume of 24.61 billion yuan, followed by Hua An's Consistent Return Fund with a combined issuance volume of 20.82 billion yuan, and East Red's Core Value Fund, each with a combined issuance volume approaching 20 billion yuan.

"Although there is no longer a sudden 100-billion-yuan explosion, actively managed equity product releases have seen their success rate increase." A public offering research manager stated that currently, channels are more focused on the rationality of products and long-term investment value, with investors becoming more rational in their subscription decisions, no longer blindly chasing after star performers or short-term returns. Some institutions that have established themselves early and maintained stable research styles have taken advantage of this moment to launch new products, receiving positive market feedback.

At the same time, index funds are still an important pillar of the year's releases. As of July 29, index funds had a total of 471 new launches, accounting for over 60% of the total, with issuance shares reaching 3386.10 billion yuan, accounting for 54.35% of the total.