There are three key words in May: ETF, fixed income +, and technology. According to Choice statistics, excluding transformation funds and post-grade funds, a total of 85 fund products were launched for subscription in May, from 46 public fund institutions. Among them, Fuguo Fund, GF Fund, Huatai Bairui, and E Fund each launched 5 new funds, Hua'an Fund launched 4 new funds, Huaxia Fund, Penghua Fund, Ping An Fund, Pu Yin Ansheng, and Xingzheng Global Fund each launched 3 new funds. After the holidays, there was a small peak in new launches with 36 new products entering the market, with varying subscription periods, and some products selling out in one day. According to Choice's primary classification, there were 40 equity funds; in the secondary classification, passive index funds (34) dominated, with ETFs becoming a key investment tool. At the same time, the "fixed income +" track showed significant resurgence, with a total of 23 new funds launched in mixed secondary bond funds and partial bond FOFs, and the emergence of featured ETF-FOF products focusing on ETF allocation. In contrast, active funds were in a slump, accounting for less than 8%. The new fund launches in May showed a clear trend of "equity dominance and index leadership". Among the 85 new products, there were 40 equity funds, 24 mixed funds, and 12 bond funds, with fewer FOFs and QDII new launches, with 7 and 2 respectively. It is worth noting that the popularity of the fixed income + track has increased, with several partial bond FOFs focusing on the market, as well as ETF-FOF products with unique characteristics. In terms of product structure, ETFs remain the core force in public equity investments. The number of new passive index funds and partial equity hybrid funds in May were 34 and 19 respectively, with the former almost double the latter. In terms of track layout, industry thematic funds accounted for over 30%, and ETFs were the main distribution channel, covering eight major investment themes, with a number of funds focusing on technology/digital economy leading the way, followed by healthcare, new energy, agriculture, and metals. Meanwhile, veterans of equity investing such as Zhu Hongyu, Cheng Zhou, Fei Yi, and ETF fund managers like Tan Hongxiang and Wan Qiong have launched new products. ETFs remain the main force for new launches, with active new launches in fixed income + According to Choice's secondary classification, among the 85 new funds launched in May, passive index funds, partial equity hybrid funds, and mixed secondary bond funds ranked top three in terms of number of products, with 34, 19, and 11 respectively, forming the core supply of the equity market. Statistics show that a total of 41 index products were launched in May, including 34 passive index funds, 5 index-enhanced funds, and 1 each of QDII passive index funds and passive index bond funds. ETFs remain the main force for new index funds, with a total of 29 ETF products launched in May. At the same time, there was active new issuance of fixed income + products, with a total of 23 products launched in May, including 11 mixed secondary bond funds, 7 partial bond hybrid FOFs, and 5 partial bond hybrid funds. Of the 7 new FOFs launched in May, all were partial bond hybrid FOFs, all of which belonged to the fixed income + category. These 7 FOFs came from 6 public funds, with 2 from E Fund, and the rest from China Universal-Graviton, Fuguo Fund, Guotai Haitong Asset Management, Hua'an Fund, and Agricultural Bank Huirui. Among them, China Universal-Graviton's China Universal-Graviton Enjoy Multipurpose Configuration Three-month (ETF-FOF), with investment in ETFs accounting for no less than 80% of the non-cash fund assets, is a featured fixed income + FOF product focusing on ETF allocation. In contrast, the issuance of active funds has significantly cooled down. Among the new products launched in May, there were only 6 active funds, accounting for a mere 7.06% of new issuance, with 4 partial equity hybrid funds and 2 index enhanced funds. Industry thematic new funds accounted for over 30%, with a focus on technology Among the 85 new funds launched in May, a total of 31 industry thematic funds were launched, accounting for 36.47% of new issuance. These 31 industry thematic funds came from 22 public fund institutions, with Huatai Bairui launching the most new funds at 4, including ETFs focused on banking, batteries, industrial non-ferrous metals, and engineering machinery themes; Fuguo Fund followed closely with the launch of 3. E Fund, GF Fund, Hua'an Fund, and Huaxia Fund each launched 2, while the remaining 16 public funds only launched 1 product each. Of the 31 industry thematic funds, 20 were ETFs, accounting for over 60% of issuance, in addition to 5 index funds and 5 partial equity hybrid funds. These industry thematic funds can be roughly divided into eight categories, including themes such as technology/digital economy, new energy/high-end manufacturing, industrial non-ferrous/rare metals, agriculture/grains, healthcare, food, banking, and power/utilities. Among them, the technology/digital economy theme had the most funds, with a total of 12 including 5 ETFs, 4 non-ETF index products, and 3 partial equity hybrid funds. The healthcare theme had 4 funds, including ETFs focusing on medical devices, healthcare, health maintenance, and medical care. In addition, there were 3 funds each for the new energy theme, agriculture/grains theme, and industrial non-ferrous/rare metals theme. Veteran equity investors Zhu Hongyu and Cheng Zhou have also launched new products After the May Labor Day holiday, the market saw a small peak in new product launches, with a total of 36 products open for subscription. Among them, the Tianhong Hong Kong Stock Connect Medical Theme Index Starter and the Oriental Red Hengyue Select Hybrid Starter were launched on May 6th and closed for subscription on the same day. Overall, of the 36 products that have started subscription, a clear trend can be seen.Visible differentiation.According to Choice statistics, among the 36 products that started subscription in the past two days, 27 products have a subscription period of less than 20 days, with passive index funds being the most common at 19, followed by equity balanced funds at 5, and 1 each for mixed secondary bond funds, partial bond balanced funds, and partial bond balanced FOF. The remaining 9 products have subscription periods exceeding 20 days, with 3 partial bond balanced FOFs, 3 passive index funds, and 2 mixed secondary bond funds, as well as 1 each for equity balanced funds and regular equity funds. Specifically, the longest subscription period is for Jingshun Changcheng Jingyi Baoli Bonds, with a subscription period of 92 days. It is worth noting that several equity veterans have also launched new products for subscription in May. The Choseo Periodical Selection fund, launched on May 11, with Zhu Hongyu as the proposed fund manager, has a subscription period of 12 days. After the establishment of this product, Zhu Hongyu will be managing a total of 4 products. As of the end of the first quarter of this year, the total scale of Zhu Hongyu's three products is 2.938 billion yuan. Based on complete financial reports, Zhu Hongyu only entered the billion-dollar fund manager ranks in the middle of 2023. Also on May 18, the equity balanced funds Guangfa Growth Wisdom Select and Guotai Xincheng, with Fei Yi and Cheng Zhou as proposed fund managers, both have subscription periods of 12 days. In April 2008, Cheng Zhou managed his first public offering product and now has over 18 years of investment management experience. As of the end of the first quarter of this year, Cheng Zhou's total scale of 9 products is 6.368 billion yuan, with Cheng Zhou's managed scale exceeding one billion yuan from the second quarter of 2020 to the third quarter of 2023. As of the end of the first quarter, the total scale of Fei Yi's 6 products is 3.526 billion yuan. In the first quarter of 2020, Fei Yi's managed scale significantly increased to 12.009 billion yuan, but has since declined every quarter. Tan Hongxiang is the proposed fund manager for both the Huatai Bairui CSI Industrial Nonferrous Metals Theme ETF and the Huatai Bairui CSI Engineering Machinery Theme ETF, both launched for subscription on May 6, with subscription periods of 10 days and 14 days respectively. After the establishment of these 2 products, Tan Hongxiang will be managing a total of 9 products. Tan Hongxiang joined Huatai Bairui in July 2020 and is currently the Deputy Director of the Index Investment Department. As of the end of the first quarter, Tan Hongxiang's total scale of 7 ETFs is 43.441 billion yuan, including 3 broad-based ETFs - the Science and Technology Innovation Index ETF, A500ETF, and Science and Technology 100ETF; and 4 industry-themed ETFs - the Aviation and Aerospace, General Aviation, Smart Driving, and Rare Earth Industry themed ETFs. Among these 7 products, Huatai Bairui's A500ETF accounts for over 85% of the total scale. This article is reprinted from Cailian Press, edited by Chen Wenfang.