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

Since May, the public fund issuance market has shifted into a “busy mode.” According to Wind data, as of May 11, when this story was filed, 108 funds have begun subscriptions since May, and funds including rights (equity + hybrid, the same below) account for more than 70%. Eighteen funds have announced their establishment, with total issued units exceeding 10 billion, and more than 60% of these include equity-type assets.

From an industry perspective, the technology track has become the core direction for institutions to deploy. Industry insiders say that against the backdrop of a re-evaluation of the strategic position of the capital market and the gradual establishment of market structure, technology remains a relatively concentrated area of prosperity. At the same time, public funds also guide incremental capital to cluster in the hard-tech field through their product supply.

Over 80 rights-including products have begun subscriptions

After the “May Day” holiday, the new fund market entered a concentrated distribution period. Although the equity market has recently been showing a volatile trend, the attention to equity products in the new fund issuance market has still risen markedly.

Wind data shows that using the subscription start date as the reference, as of May 11, when this story was filed, 108 funds have started fundraising since May. In terms of product structure, rights-including products hold an absolute advantage: there are 51 stock funds, 30 hybrid funds, and 16 bond funds; the total number of rights-including products is 81, representing 75%.

Looking at funds that have already been established, as of May 11, 18 funds have announced their establishment, with total issued shares of 11.649 billion. The issued shares for stock, hybrid, and bond funds are 3.082 billion, 4.137 billion, and 1.258 billion respectively, with share ratios of 26.46%, 35.51%, and 10.80% respectively. Based on this, the share ratio of newly established stock and hybrid funds also reaches 60% or more.

The index-tracking investment trend remains relatively prominent in May. Among the 108 funds that opened subscriptions in May, 50 are index-based products, accounting for nearly half. Of these, there are 35 ETF products, making them a core tool for public fund strategies in the equity market. Among the 18 funds newly established in May, 9 are index funds, accounting for more than half. China Europe CSI 500 quantitative enhancement, Huatai Bosheng CSI 300 index enhancement, and other funds have raised more than 500 million units.

Compared with the boom in rights-including products, the issuance of pure bond funds has completely “cooled down.” Currently, only 1 fund is on the issuance schedule: Xiangcai Fund’s Xiangcai Jiuheng 30-day rolling holding. This fund opened subscriptions on May 11, with an expected subscription period of 12 days.

Since the third quarter of 2024, as the equity market has rebounded, the advantages of rights-including products in the issuance market have gradually become apparent. Wind data shows that, in 2024, the share of issued shares of rights-including products totaled 27.05%; in 2025 it had risen to 49.58% for the full year; and since 2026, the share of issued shares of rights-including products has reached 57.69%, approaching 60%. Total issued shares have exceeded 246.1 billion units.

The “hot” technology deployment surge is evident

Among the more than 100 new funds that started raising in May, the number of funds deploying the technology track is far ahead, while also showing a “multi-point blossoming” pattern.

According to an incomplete count by a reporter, there are 13 funds whose names directly include the words “technology” or “science & innovation.” In addition, fund products such as Huaxia CSI Tech Innovation & Entrepreneurship Artificial Intelligence ETF, Puyin Allianz Semiconductor Industry, China Europe Guozheng New Energy Vehicle Battery Index, and Harvest CSI Hong Kong, Shanghai, Shenzhen Cloud Computing Industry ETF have also tilted toward sub-sectors such as artificial intelligence, the computing power industry chain, semiconductors, and new energy.

When discussing the equity market outlook in May and thereafter, multiple institutions have offered positive views, believing that the risk appetite ignited by the technology rally will continue to drive capital into the market.

Yang Delong, Chief Economist at Qianhai Open-Source Fund, judges that in the future, the proportion of equity funds among newly issued funds will only keep getting higher. The reason is simple: the stock market’s money-making effect continues to heat up, a gradual slow bull market pattern is taking shape, and the holding experience has improved—so capital naturally wants to follow. On this slow bull path, the technology direction, where the money-making effect is most concentrated, will be the “focus point” for new funds.

Invesco Great Wall Fund also holds a positive view on the technology main line in 2026, believing that supported by long-term structural tailwinds, the key should be to focus on the rebound momentum of corporate earnings. In terms of specific areas of attention, it favors the technology main line because computing power at home and abroad benefits from the growth in AI inference demand; there is significant development room in the domestic semiconductor localization space; the rapid growth in token consumption has driven improvements in the competitive landscape of the cloud computing industry; storage vendors have entered a logic stage of fundamentals being released following price increases; and consumer electronics needs to wait for a logical reversal point brought by storage prices stabilizing.

Xingye Fund manager Xu Chengcheng expects that the main investment theme in the 2026 equity market will still revolve around technology. The way subsequent technology styles play out lies in mutual confirmation between the trend of industrial growth and the actual realization of performance. The certainty of performance within the technology sector is expected to become a core clue for technology-theme investing in 2026. In his view, driven by demand from AI and automotive electronics, domestic semiconductor equipment companies may have an opportunity to experience a surge in orders.

Guan Xiaomin, a researcher at Geshang Fund, says that since “9/24,” the strategic position of the capital market has been re-evaluated, forming a positive cycle between China’s economic transformation and the stock market. The explosive development of the AI industry chain, DeepSeek’s breakthrough, and a steady stream of opportunities in chips, storage, and energy are directly attracting incremental capital to enter the market via equity funds.

Industry insiders also say that the “small peak” in new fund issuance in May is not only an expansion of product supply, but also an important reflection of the capital market’s service to the national strategy of technological self-reliance and self-improvement. As hard-tech themed funds land in a concentrated way, it will further attract incremental capital to allocate to strategic emerging industries, strengthen the capital market’s resource allocation function, and promote high-quality development of China’s technology industry.

(Edited by: Xu Nannan)

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