This week's fund statistics revealed no standout performers, prompting a cross-check with alternative data sources. It came to light that the Dacheng Zhixiang fund had been excluded from the tally, and upon inquiry, the AI indicated that my default settings filter out bond-biased funds. This came as a surprise, as Xia Gao is typically recognized as an equity-focused fund manager, with a track record primarily in index, stock, and flexible allocation funds—could this be a programming error?
A review of Xia Gao's professional history confirmed that his tenures exceeding one year have all been in index or active equity strategies. A bond-biased fund launched in March this year has yet to generate performance data, and now another such product is being introduced? (Data as of September 7th.) A thorough examination of the prospectus for Dacheng Zhixiang confirms its classification as a bond-biased fund, with the benchmark also indicating a bond-heavy structure. Approximately 70% of the allocation is in bonds, yet Xia Gao lacks prior experience managing fixed-income portfolios. Typically, such bond-biased funds employ a dual-manager approach, pairing a bond specialist with an equity expert, or they evolve from pure bond funds venturing into the equity space. The reverse transition, from a pure equity manager to a bond-biased strategy, is quite uncommon. Moreover, the bond-biased fund issued earlier this year has yet to establish a performance record—so who is championing this new initiative?
It was noted that both products are custodied by China Merchants Bank, and Dacheng Zhixiang has already been listed on the CM Bank app. It appears that banking institutions, with their clientele willing to embrace novel opportunities, are leading this charge. Below is the routine review of this week's new fund issuance landscape:
New Fund Launches This Week
A statistical breakdown by investment type has been compiled. The screening methodology employs a funnel model: Gate 3 defers observation of bond/income-plus funds (including mixed-bond secondary, bond-biased mixed, and mixed FOF). Gate 2 for active funds screens for scarce new sectors based on name keywords; for index funds, scarcity is determined by the number of tracking funds (0 funds = scarce, 1-5 funds = rare, >5 funds = not observed for now). Gate 1 requires active fund managers to have at least 5 years of experience; for index funds, the PE/PB valuation percentile over the past 5 years is assessed against the tracking benchmark.
Notes on Manager Tenure Criteria
The fund manager's tenure is based on the "primary manager"—the first-listed manager—and whether it meets the 5-year threshold (rather than the most senior team member). Other managers are listed transparently but do not factor into the evaluation. Data sources (Wind) may consolidate multiple managers into a single cell (e.g., "Zhang San, Li Si") with only one tenure value; the script has handled this by splitting names and assigning the given tenure to the first-named manager. If retrieval fails, the entry is marked as "Unknown."
Active Funds: Manager Tenure (Gate 1)
For index funds, scarcity and valuation percentiles are evaluated. The final conclusion highlights 158063.OF 南方创业板算力基础设施ETF (ChiNext computing infrastructure, 0 tracking funds, PE percentile 9.8%, PB percentile 14.4%) for its high scarcity and reasonable valuation.
Funds for Observation
These include scarce funds with non-high valuations: 158063.OF 南方创业板算力基础设施ETF, 158055.OF 国泰创业板算力基础设施ETF (PE percentile 9.8%), 158062.OF 建信创业板金融科技ETF (PE percentile 40.2%), 158052.OF 景顺长城创业板金融科技ETF (PE percentile 40.2%), 158058.OF 华泰柏瑞创业板金融科技ETF (PE percentile 40.2%), and 028859.OF 国泰海通中证港股通医疗主题指数A (PE percentile 51.0%).
Active Funds for Observation
One active fund meets the manager tenure criterion: 028973.OF 朱雀消费动力A (5.5534 years). Deferred observation applies to active funds with managers under 5 years of experience: 028982.OF 路博迈红利量化选股A (2.5699 years), 028577.OF 易方达智远量化选股A (1.011 years), and 027512.OF 华泰保兴均衡回报A (3.6904 years).
Statistics cover the period from September 7 to September 11, 2026, using a funnel-based screening approach with data sourced from Wind. This report is for research reference only and does not constitute investment advice.
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