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 new year of the Horse begins, and public fund issuance has been the first to welcome a “strong start.”

Latest data from Wind shows that, as of February 27, 2026, the number of new public funds issued this year has reached 230 (counted by subscription start date), and the total issuance size has exceeded 210 billion yuan (counted by fund establishment date). Compared with previous periods, all of these have set record highs for the same period in the past four years.

“Fund issuance scale has hit a new high in the same period over the past four years. The core driver is that the equity market’s money-making effect is showing up. Performance of stock-focused funds has been strong, which has helped investors’ risk appetite rebound, and funds are accelerating their shift from savings to equity assets.” Wu Zewei, a research fellow at Sushang Bank, said, “The capital market is undergoing profound structural changes. The channels for converting residents’ savings into investments are continuing to expand, bringing a considerable inflow of incremental capital. New funds are shifting from being debt-market-led to equity-led; the share of passive index products and ETFs has risen sharply. This reflects strengthened market efficiency. Investors are more inclined toward transparent, low-cost tools, and the capital market ecosystem is becoming more diverse and mature.”

Frequent issuance of active equity funds

At the start of 2026, China’s A-share market has shown index volatility with an upward trend, along with a surge in trading volume, and the public fund issuance market has also maintained a hot momentum.

Wind statistical data comparison shows that, compared with the first two months of 2025, the number of new funds issued in the first two months of 2026 increased by 29.94% from 177; compared with the same period of 2024, it increased by 8.49% from 212; compared with the same period of 2023, it increased by 21.69% from 189.

What draws attention is that after the Spring Festival holiday, the heat of new fund issuance further intensified, forming a wave of concentrated issuance.

According to Wind statistics, on the first trading day of the Year of the Horse (February 24), 18 new funds launched subscriptions in a concentrated manner, covering multiple types including active equity, passive index, bond funds, and FOFs. In the first post-holiday trading week (from February 24 to February 27), the number of new products planned to launch issuance was as high as 36. The issuance pace was noticeably faster than the same period in previous years. Some funds even shortened the fund-raising period to 1 day, highlighting fund companies’ rapid grasp of market opportunities and investors’ enthusiastic participation.

From the perspective of product structure, the new funds issued at the start of 2026 show a clear characteristic of “equities as the main focus, with diverse supplementation,” highly aligned with the current structural opportunities in China’s A-share market. Specifically, equity products (stock funds + hybrid funds) have become the main force in issuance, accounting for 71.37% of the number and 60.09% of the scale. Within that, passive investments are continuing to heat up. Stock ETFs and passive index funds together issued 156 funds with a scale of 88.094 billion yuan, covering multiple popular sub-sectors such as non-ferrous metals, batteries, dividend quality, Hong Kong stock internet, and more—providing investors with low-cost, high-efficiency market allocation tools.

The “top players” effect is especially pronounced in this round of issuance. Among them, GF Fund ranked first with 13 products and an issuance scale of nearly 24 billion yuan. followed by E Fund, and Invesco Great Wall Fund, whose issuance scales are both over 10 billion yuan.

wind data screenshot

In Wu Zewei’s view, the clearly defined “top players” pattern shown in the current new fund issuance market is an inevitable result of the industry’s move toward mature market-oriented competition. It also marks that the public fund industry is fully entering an era of capability dividends, after the earlier era of license dividends. Although this pattern intensifies differentiation within the industry, it also optimizes resource allocation. Intense competition forces all institutions to focus more on improving professional capabilities, ultimately promoting high-quality development across the whole industry.

He also pointed out that top fund companies have prominent advantages in the new-issuance landscape. Relying on brand influence, channel trust, and mature investment research systems, they can deploy efficiently in equity, index, and other product categories, enabling them to quickly adapt to market demand. Smaller and mid-sized fund companies should take a differentiated approach, focusing on niche tracks such as technology, healthcare, and quant, to deeply cultivate these areas and build distinctive performance. At the same time, they should leverage internet channels to precisely reach target customer groups and establish core competitiveness in specific sub-sectors.

New issuance scale exceeds 200 billion yuan within the year

As an important source of incremental capital for the capital market, the heat of newly issued funds directly reflects market sentiment and the direction of capital flows.

On the scale of issuance, this year has already reached 210.2 billion yuan. This represents substantial growth compared with 149.0 billion yuan for the same period of 2025, 92.411 billion yuan for the same period of 2024, 126.8 billion yuan for the same period of 2023, and 151.6 billion yuan for the same period of 2022. Over four years, the scale is almost doubled, and the trend of incremental funds entering the market is clearly evident.

The concentrated issuance of active equity funds has brought a lot of incremental capital to the capital market at the start of the Year of the Horse.

According to Wind statistics, there are 78 active equity funds established during 2026 within the year, with a total fund-raising size of about 75.233 billion yuan.

Specifically, 24 active equity funds within the year have raised more than 1 billion yuan each in fund-raising scale. Among them, GF Research Zhixuan ranks first with a fund-raising size of 7.221 billion yuan. followed by Huabao Advantage Industry and Yinvesga ZhiXiang, whose fund-raising scale exceeds 5 billion yuan each. In addition, the four funds of D.M. Hong Kong Stock and Deep Tech, GF Growth and Return, E Fund Balanced Selection, and Invesco Great Wall Prosperity-Driven have fund-raising scales exceeding 3 billion yuan each.

If you add 28 funds that are currently being issued and about to be issued, active equity funds are expected to bring capital inflows on the order of 1 trillion yuan.

Wu Zewei, a research fellow at Sushang Bank, expects that in 2026 the equity category will still dominate the new fund issuance market. The issuance pace and scale will be highly tied to the market’s money-making effect, and a slow bull market will continue to drive residents’ savings into the market. In terms of product structure, the heat of passive investing will continue, and distinctive index products will be a key focus for deployment, while fixed-income + will also come with opportunities. With the top-player effect intensifying, smaller and mid-sized institutions will take a route of segment-focused, feature-based development. Overall, the market is shifting from weight to quality, paying more attention to performance and the experience of holding, moving toward high-quality development.

By Xu Nan Nan / Edited by Xu Nan

(Editor: Xu Nan Nan)

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