900 billion public offering funds layout for the Year of the Horse market

The Year of the Horse market rally is about to begin, with the incremental capital in public funds exceeding 90 billion yuan, mainly composed of stock ETFs and newly established active equity funds before the Spring Festival, entering the market in an orderly manner. Market expectations suggest that A-shares will present a rich main theme and a balanced structural pattern, with “technology growth” and “China advantages” becoming core investment directions.

In terms of stock ETFs, nine products have a total market entry capital of about 3 billion yuan, with three launched in the first week of trading (E Fund CSI All Share Dividend Quality, Hua’an CSI Nonferrous Metals Mining, Guotai Hang Seng Biotech ETF), and six established in mid-February, totaling nearly 3 billion yuan. Individual investors are the main participants, with many ETFs having over 90% of their shares held by individuals, such as Guotai Hang Seng Biotech ETF, where individual holdings account for over 95%. ETF positions listed earlier have rapidly increased, for example, Wan Jia Guo Zheng New Energy Vehicle Battery ETF’s position rose from less than 20% to 96.94%.

Regarding newly established active equity funds, as of February 14, 112 general stock and hybrid funds established since December 2025 have collectively raised 87.75 billion yuan, with 29 funds exceeding 1 billion yuan in size. Leading funds include GF Research Intelligent Selection (72.21 billion yuan), Huabao Advantage Industry (57.77 billion yuan), and Yin Hua Smart Share (50.99 billion yuan). These funds cover themes such as technology, consumption, pharmaceuticals, digital economy, and low-carbon economy. The current average return is 1.16%, with a median of -0.03%, still in the early stage of position building.