New token issuance welcomes a "small peak"; equity products target the technology sector

Since entering May, the public fund issuance market has shifted to a “busy mode.” Wind data shows that as of May 11, when this report was published, 108 funds have launched subscriptions this month, with over 70% being equity and hybrid funds (stock + mixed types). Eighteen funds have announced their establishment, with a total issuance of over 10 billion units, more than 60% of which include equity assets.

From an industry perspective, the technology sector has become the core focus for institutional deployment. Industry insiders say that under the background of the revaluation of the strategic position of the capital market and the gradual establishment of the market pattern, technology remains a relatively concentrated area of prosperity. Meanwhile, public funds are guiding incremental capital into the hard technology field through their product offerings.

Over 80 equity-including products have launched subscriptions

After the “May Day” holiday, the new fund market entered a period of concentrated issuance. Although the equity market has recently shown a volatile trend, the market for new fund issuance remains significantly focused on equity products.

Wind data shows that, based on the start date of subscriptions, as of May 11, 108 funds have begun fundraising this month. In terms of product structure, equity-including products hold an absolute advantage: the number of stock, hybrid, and bond funds are 51, 30, and 16 respectively, with a total of 81 equity-including products, accounting for 75%.

Regarding funds that have already been established, as of May 11, 18 funds have announced their establishment, with a total issuance of 3.08B units. The issuance shares of stock, hybrid, and bond funds are 4.14B, 1.26B, and 1.258 billion units respectively, accounting for 26.46%, 35.51%, and 10.80%. Based on this, the share of newly established stock and hybrid funds also exceeds 60%.

The trend of index-based investment remains prominent in May. Among the 108 funds that started subscriptions in May, 50 are index funds, nearly half. Among them, ETF products number 35, becoming the core tool for public funds to deploy in the equity market. Of the 18 newly established funds in May, 9 are index funds, accounting for over half. China Europe CSI 500 quantitative enhancement, Huatai Bosheng CSI 300 index enhancement, and other funds have raised over 500 million units.

Compared to the enthusiasm for equity-including products, pure bond fund issuance has completely “cooled down,” with only one fund scheduled for issuance—Xiangcai Jiuheng 30-day rolling holding under Xiangcai Fund. This fund started subscription on May 11, with an expected subscription period of 12 days.

Since the third quarter of 2024, along with the rebound of the equity market, the advantage of equity-including products in the issuance market has gradually become apparent: Wind data shows that in 2024, the issuance share of equity-including products totaled 27.05%, rising to 49.58% for the full year of 2025, and since 2026, the share has reached 57.69%, approaching 60%, with total issuance exceeding 246.1 billion units.

The “hot” trend of technology deployment is evident

Among the more than 100 new funds launched in May, the number of technology sector-focused funds leads by a wide margin, showing a pattern of “multiple points of bloom.”

According to incomplete statistics, 13 funds explicitly include “technology” or “tech innovation” in their names. Additionally, funds like Huaxia CSI Tech Innovation and Entrepreneurship Artificial Intelligence ETF, Puyin Ansheng Semiconductor Industry, China Europe CSI New Energy Vehicle Battery Index, and Harvest CSI Shanghai-Hong Kong-Shenzhen Cloud Computing Industry ETF are tilting toward subfields such as artificial intelligence, computing power supply chains, semiconductors, and new energy.

Regarding the outlook for the equity market in May and beyond, many institutions hold a positive view, believing that the risk appetite ignited by the technology rally will continue to drive funds into the market.

Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, believes that the proportion of equity funds among newly issued funds will only increase in the future. The reason is simple: the profit-making effect in the stock market continues to heat up, a slow bull pattern is gradually taking shape, and the experience of holding assets is improving, so funds are naturally willing to follow. In this slow bull trend, the most concentrated profit effect in the technology sector will be the “growth point” for new funds.

Invesco Great Wall Fund also holds an optimistic view on the technology mainline in 2026, believing that under long-term structural favorable conditions, the focus should be on the rebound potential of corporate profits. Specifically, they favor the technology theme, as domestic and overseas computing power benefits from the growth in AI inference demand; there is significant room for development in the domestic semiconductor localization field; the rapid growth in token consumption has improved the competitive landscape of the cloud computing industry; storage vendors have entered a phase of fundamental release following price increases; and consumer electronics await a logical reversal point brought by stabilized storage prices.

Industrial Bank Fund Manager Xu Chengcheng predicts that in 2026, the main investment theme in the equity market will still revolve around technology. The subsequent development of the tech style depends on the mutual confirmation of industry growth trends and actual performance realization. The certainty of performance within the tech industry is expected to become a core clue for tech-themed investments in 2026. He believes that, driven by demand from AI and automotive electronics, domestic semiconductor equipment companies may experience a surge in orders.

Gao Xiao-min, researcher at Geshang Fund, states that since “924,” the strategic position of the capital market has been re-evaluated, creating a positive cycle between China’s economic transformation and the stock market. The explosive development of the AI industry chain, breakthroughs by DeepSeek, and opportunities in chips, storage, and energy have directly attracted incremental capital through equity funds.

Industry insiders also note that the “small peak” of new fund issuance in May not only reflects an expansion of product supply but also demonstrates the importance of the capital market serving the national strategy of technological self-reliance and self-improvement. As hard technology-themed funds are launched in concentration, they will further attract incremental capital to deploy in strategic emerging industries, strengthen the resource allocation function of the capital market, and promote high-quality development of China’s tech industry.

(Edited by: Xu Nannan)

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