Initial offering scale exceeds 5.8 billion yuan! Active equity funds see another blockbuster hit

Active Equity Funds Make a Comeback with “Blockbusters”!

On March 11, Yongying Fund announced the establishment of the Yongying Ruijian Growth Hybrid Fund managed by Li Wenbin. The fund’s initial issuance exceeded 5.8 billion yuan, making it a “blockbuster” in the year’s active equity market.

Since the beginning of the year, new fund launches have heated up, with many active equity funds becoming “blockbusters.” Wind data shows that as of March 11, a total of 251 new funds have been established this year, raising a combined total of 232.145 billion yuan. Industry insiders believe that, against a backdrop of favorable macroeconomic conditions, ample liquidity, and continuous inflow of incremental funds, A-shares are expected to enter a more diverse and structural market trend.

New Equity Products Raise Over 5.8 Billion Yuan

On March 11, Yongying Fund issued an announcement that the Yongying Ruijian Growth Hybrid Fund contract has taken effect. The announcement shows that the fundraising period was from February 26 to March 6, during which net subscriptions reached 5.867 billion yuan, with over 230,000 valid subscription accounts.

The fund manager is Li Wenbin, who has 15 years of experience in securities-related roles and over 8 years of fund management experience. He currently serves as Co-General Manager of the Equity Investment Department at Yongying Fund. His current managed products include Yongying Technology Driven and Yongying Ruijian Progress.

Looking ahead to investment opportunities in 2026, Li Wenbin stated that A-shares are expected to enter a more diverse and structural market trend. Key supporting factors include a friendly macro environment, abundant liquidity, and ongoing inflow of incremental funds. Meanwhile, the market needs performance to validate the valuation increases of strong sectors represented by technology and cyclicals over the past year. During this process, there may be differentiation within the technology sector, so it is important to carefully identify the distinctions among targets within the tech industry.

Li Wenbin highlights seven core areas to focus on: opportunities along the industrial chain in artificial intelligence from hardware to applications; military industry focusing on informatization, unmanned, and intelligent development trends; innovative pharmaceuticals entering a new stage of “mass export” after “single product breakthroughs”; high-end manufacturing targeting core components of industrial mother machines and high-end equipment with global competitiveness; emerging opportunities in controlled nuclear fusion and solid-state batteries for “from zero to one” future layouts; commercial space focusing on space infrastructure and applications represented by rockets and satellites; and leading companies achieving differentiated competition through technological upgrades in a “counter-involution” cycle. These sectors collectively outline the investment mainline for industry upgrades and technological innovation through 2026, promising new opportunities within a structural market.

Frequent “Blockbusters” in Active Equity Funds This Year

Since the start of the year, the new fund issuance market has continued to heat up, with many “blockbusters.” Wind data shows that, based on the fund establishment date, as of March 11, 2023, a total of 251 public offering products have been newly established this year, raising over 230 billion yuan, reaching 232.145 billion yuan. Among them, active equity funds have been particularly popular, with several products performing well in fundraising. GF Research Intelligent Selection ranks first with 7.221 billion yuan; Yongying Ruijian Growth Hybrid follows closely with 5.867 billion yuan; additionally, Huabao Advantage Industry Hybrid and Yinhua Zhixiang Hybrid raised 5.777 billion yuan and 5.099 billion yuan respectively, ranking among the top.

The hot market for fund issuance is driven by multiple factors. Industry insiders analyze that firstly, the continued profitability of the equity market has significantly boosted investors’ willingness to enter the market. In 2025, the annual increase of the equity hybrid fund index exceeded 30%, and combined with market optimism about a rebound in A-shares, investor risk appetite has clearly increased. Secondly, macro policies and market environment have provided strong support. In a low-interest-rate environment, the relative attractiveness of equity assets has increased, and regulatory guidance toward long-term investment has accelerated the pace of new fund launches. Additionally, improved liquidity has played a key role. The excellent performance of equity funds in 2025 further strengthened market confidence, and in 2026, with many fixed-term deposits maturing and a downward trend in interest rates, some savings funds are increasingly willing to “channel” into stocks via public funds.

Looking ahead, with macroeconomic expectations generally positive and the long-term trend of residents shifting savings into capital markets, new product launches are expected to become more targeted. Industry insiders believe that active equity funds will adopt more diversified strategies, with further expansion in ETFs related to resources, dividends, and technology sectors. Meanwhile, fixed income plus (F+), and FOF products are also expected to become preferred options for some investors due to their suitability for stable allocation needs.

(Edited by: Li Yue)

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