Huaxia Fund's new fund launches in the first quarter "fizzled out": only 5 new funds, with a total of 3.1 billion in assets, dropping to 27th place in issuance scale

The first quarter of 2026 is about to close, and the landscape of the public fund issuance market has begun to take shape.

As the integration spectacle between Huaan and Haifutong enters its countdown, the battle for new fund issuance also reflects profound changes in the industry: funds are visibly gathering towards leading companies, while investors’ risk appetite seeks a delicate balance between equity funds and FOF products.

According to data from Wind, as of March 26, 2026, a total of 428 new funds have been established this year, with a combined issuance of approximately 278.058 billion units.

Source: WIND as of March 25, 2026

GF Securities Tops Issuance Scale Rankings, Huaxia Exhibits Unusual “Restraint”

From the perspective of fund companies, the “Matthew Effect” in the new issuance market is extremely significant. Whether in terms of the number of issues or scale, large fund companies firmly occupy a dominant position due to brand effects and channel advantages.

Yifangda Fund is the company with the most new funds issued this year, having established 16 new funds with a total issuance scale of approximately 14.034 billion yuan. Following closely are Fortune Fund and Invesco Great Wall Fund, which established 15 and 14 new funds, with issuance scales of 12.670 billion yuan and 18.557 billion yuan, respectively.

It is worth noting that although Invesco Great Wall has issued slightly fewer new funds than Yifangda, its total issuance scale has surpassed Yifangda, mainly due to its strong fundraising ability in the equity mixed fund sector. Notably, Invesco Great Wall’s Prosperity-Driven Fund has an issuance scale exceeding 3.3 billion yuan, and its Growth Preferred Fund has an issuance scale exceeding 2.5 billion yuan. Additionally, the recent hot market in the power sector has led to the launch of a power ETF by the company, which garnered an issuance scale of 1.667 billion yuan, further boosting its overall fundraising performance.

Although GF Securities has issued only 13 products, it has claimed the scale champion with a total issuance scale of 26.044 billion yuan, leading the industry. This success is attributed to the “GF Research Smart Selection” single product, which contributed 7.221 billion yuan in scale, with the fund manager being Yang Dong.

In terms of concentration, the top 10 fund companies in issuance scale have collectively reached an astonishing 137.4 billion yuan, accounting for 49% of the total market issuance scale.

It is noteworthy that Huaxia Fund has exhibited an unusually “restrained” issuance pace in the first quarter.

Wind data shows that Huaxia Fund has established only 5 new funds this year, with a total issuance scale of approximately 3.146 billion yuan, ranking 27th. This figure is not only far below that of leading companies like GF, Yifangda, and Invesco Great Wall during the same period but is even less than the total issuance of some mid-sized fund companies. In contrast, Huaxia Fund issued 12 funds last year with a fundraising scale of 9.6 billion yuan, making the “silence” in the first quarter particularly evident.

More notably, is the product structure of Huaxia Fund. Among the 5 products newly issued this year, all are passive index funds. From the “Huaxia CSI 500 Free Cash Flow ETF Connect” to the “Hong Kong Stock Connect Internet ETF,” from the “Battery ETF” to the “Engineering Machinery ETF,” Huaxia Fund has almost completely abandoned the issuance of actively managed equity products and has instead concentrated all its resources on index-based investments.

Source: WIND as of March 25, 2026

FOF and Bond Funds Share Equal Success, Equity Funds Fall to Second Place

From the product type perspective, the structure of new funds issued since 2026 presents a landscape starkly different from previous years: FOF funds have emerged strongly, forming a “dual engine” alongside bond funds, while traditional equity mixed funds have fallen to third place.

Source: WIND as of March 25, 2026

Specifically, this year, FOF funds have a total issuance of approximately 66.197 billion units, accounting for 23.81% of the total issuance scale, with an average issuance of 1.408 billion units, a ratio far exceeding that of the same period last year.

Second place goes to bond funds, with a total issuance of approximately 43.334 billion units, accounting for 15.58% of the total issuance scale. Although their absolute scale is less than that of FOFs, bond funds have an average issuance of 1.171 billion units, quite comparable to FOFs.

Equity funds rank third with an issuance scale of 60.752 billion units, accounting for 21.85% of the total issuance scale. While this ratio is still significant, it represents a noticeable decline compared to previous years, where it often dominated nearly half of the market. The average issuance is only 0.475 billion units, considerably lower than FOF and bond funds, reflecting that although there are many new equity products, the fundraising capability of individual products has significantly weakened.

The Secret to Hot Products: Channels, Channels, and More Channels

Observing the top 30 fund products by issuance scale this year, one can clearly see the commonalities of successful products.

Source: WIND as of March 25, 2026

First, leading companies remain the primary producers of hot products. In the top 30 list, GF Securities occupies 6 spots, Invesco Great Wall has 4, and other established firms like Yifangda, Southern, China Europe, and Fortune have also made their mark.

Second, the support from channels is crucial. The number one product, “GF Research Smart Selection,” has a sales list that includes almost all mainstream banks, brokerages, and third-party distribution agencies, totaling 130. Especially, major banks like China Merchants Bank, China Construction Bank, and Everbright Bank, as well as Ant Fund’s strong resources in custody and main distribution, have become the “ballast” for the product’s issuance scale.

The third-ranked “Yongying Ruijian Growth” has also reached 53 sales agents, demonstrating substantial channel coverage.

Meanwhile, the fourth-ranked “Bosera Ying Tai Zhen Xuan 6-Month Holding” has successfully raised 5.844 billion yuan with the help of only a few banks such as Guangzhou Bank, Nanjing Bank, and China Merchants Bank, showcasing the screening ability and single-point explosive potential of channels.

Furthermore, products with “holding periods” are becoming mainstream. In the top 30 list, over 80% of products have set holding periods ranging from 3 to 6 months. This not only reflects the regulatory body’s advocacy for long-term investment but also indicates fund companies’ intent to stabilize scale and reduce liquidity shocks through product design. For instance, the Yingxin and Yingxiang series from China Europe, as well as Yifangda’s Yueheng Stable, all set a 6-month holding period.

Mini Funds Are Frequent, Survival Challenges Under the Head Fund Siphoning Effect

However, while leading funds are “feasting,” many small and medium-sized fund companies continue to struggle on the edge of “drinking soup.”

Among the 88 fund companies that issued new products, more than 40 have issuance scales of less than 1 billion yuan. There are even some, like Caixin Fund, CICC Fund, and Donghai Fund, that although they have established new products, their issuance scales hover just over 10 million yuan, lingering near the establishment threshold. The phenomenon of “mini funds” in the new issuance market has not eased but has become even more severe due to the concentration of funds.

Looking ahead to the second quarter, as the integration of Huaan and Haifutong enters a substantive phase, the restructuring of nearly a trillion yuan in assets could reshape the competitive landscape of the public fund industry. For leading companies, how to balance the scale of new fund issuance with subsequent performance matching will become a new topic; for small and medium companies, in the context of giant mergers and increased channel thresholds, how to break through through differentiated product design and more precise customer positioning will be a crucial battle for survival.

Overall, the start of new fund issuance in 2026 not only demonstrates the industry’s determination for supply-side reform but also exposes the reality of uneven resource distribution. As funds accelerate toward the top, the “elimination race” in the public fund industry continues.