徐汇 资料图

Xuhui material figure 　　新基金首募份额 The new fund first offering share

　首募份额逐年递减趋势得以扭转 The first share offering decreases annually to reverse

　　⊙记者 丁宁 ○编辑 张亦文

DingNing ○ ⊙ reporter zhang YiWen editor

　　8月伊始，年内新成立基金规模已达2428.66亿，超过2011年2401.99亿的全年水平，2009年以来新基金首募份额逐年缩水的趋势在今年得以扭转。其中，低风险产品和创新产品的高效率募集为提高行业整体规模助力颇多，而普通权益类产品首募规模则持续下滑。

At the beginning of August，Year established new fund size has reached 242.866 billion，More than 2011 of the 240.199 billion annual level，Since 2009 the first new fund raised year by year in the trend of shrinking share this year to reverse。Among them，Low risk products and innovative products to improve the efficiency of raising the whole trade scale power quite a lot，And common rights and interests kind the product from the first scale continue to slide。

止跌回升 Rebounded reason

　　基金业自从2007年扩容达最高点，就陷入了规模滞涨的怪圈。剔除极端市场情况下的2008年，2009年至2011年间，新基金首募规模逐年递减。

Since 2007 to fund expansion of high，Caught up in the scale of the vicious circle of sluggish。Eliminate the extreme market of 2008 years，Between 2009 and 2011，The new fund first offering scale decrease。

　　数据统计显示，2009年共成立新基金120只，首募总规模达到3579.22亿份，平均单只基金首募规模接近30亿；而此后两年，新基金“活水”增量分别降至3035.68亿和2401.99亿，单只基金首募规模分别为20.65亿和15.33亿。

Data statistics show that，2009 a total of 120 new fund established only，First the total size of 357.922 billion to raise，Average single fund collected close to 3 billion first scale；And since then two years，The new fund“Living water”Delta were down to 303.568 billion and 240.199 billion，Single fund collected respectively first scale for 2.065 billion and 1.533 billion。

　　分析人士表示，尽管近几年新基金在数量上的扩容脚步持续不断，但受制于渠道拥堵和市场赚钱效应难显，新基金的首募规模持续缩水，使得历年新基金成立总份额逐年递减。

Analysts said，Although in recent years the number of new fund in the expansion of steps continue，But subject to channel congestion and market to make money effect show，The first of the new fund raise for shrinkage scale，Make new fund established over the total share decrease。

　　不过这一趋势在今年得以扭转。统计显示，截至8月6日，年内成立的131只新基金首募规模综合已达2428.66亿，超过去年全年2401.99亿的水平；从平均单只基金首募规模看，18.54亿的平均规模也高于去年11.33亿的全年水平。

But the trend is to reverse this year。Statistics show that，As of August 6,，Years of new fund was established 131 only first offering comprehensive scale up to 242.866 billion，Last year more than the level of 240.199 billion；The first single from an average of only fund from scale look，The 1.854 billion average size also higher than last year's 1.133 billion annual level。

创新助力 Innovation power

　　需要指出的是，在今年新基金规模的大扩容过程中，低风险产品和创新产品的高效率募集为提高行业整体规模助力颇多。

Need to point out，In this year of new fund scale expansion in the process，Low risk products and innovative products to improve the efficiency of raising the whole trade scale power quite a lot。

　　创新产品方面，统计显示，华安、汇添富和光大保德信旗下7只短期理财基金合计首募规模达到707.11亿份；而华泰柏瑞和嘉实基金(博客,微博)旗下2只沪深300ETF合计首募523.02亿份。上述产品就将近贡献了年内新基金首募总规模的一半份额。

Innovation products，Statistics show that，HuaAn、Collect add rich and flourishing the dexin only short-term financial fund under 7 total to 70.711 billion copies in the first offering scale；And BaiRui huatai and fine fruit fund(blog,Micro bo)Its two csi 300 total of 52.302 billion from the first ETF。The above products nearly contributed years first offering new fund the total size of the half share。

　　低风险产品方面，包括上述短期理财基金产品在内的长中短期纯债、一二级债基等偏债型基金年内首募总规模达到1219.82亿，平均单只基金首募30.50亿份，同样占据行业新基金总规模的半壁江山。

Low risk products，Including the short-term financial fund products, long short-term pure debt、12 debt, such as partial debt fund years the total scale to 121.982 billion from the first，Average single fund from the first 3.05 billion copies，Occupy the same total scale of new fund industry now status。

　　而传统上在新基金发行市场扮演主角的普通权益类基金产品今年以来相对“低调”。34只普通股票型基金首募总额284.31亿份，与去年同期490.25亿的水平相去甚远；11.71亿的平均单只基金首募规模也低于去年同期15.32亿的水平。

And the traditional in the new funds issue market lead role of common equity funds this year relative products“low-key”。34 only common stock fund first offering of 28.431 billion total，With the same period last year the level of 49.025 billion are far apart；An average of 1.171 billion single fund first offering scale also lower than the same period last year the level of 1.532 billion。

　结构易位 Structure translocation

　　分析人士表示，从近年来基金发行情况看，传统基市产品结构正在改变。一方面，受益于债券市场的小牛市，今年以来固定收益类基金业绩表现不俗，亦带动了相关产品的火热发行；另一方面，股市的持续震荡和财富效应的难以显现，使得普通权益类基金人气持续低迷。

Analysts said，In recent years at funds issue，Traditional base city products structure are changing。On the one hand，Benefit from the bond market little bull market，Since this year fixed income funds performance not common，Also drive the related product hot issue；On the other hand，The stock market for concussion and wealth effect is difficult to appear，Make common equity funds remain low popularity。

　　“在熊长牛短的市场中，风控已被投资者提到日益重要的地位，低风险产品"做足确定性"的特点正使其人气不断升温。”沪上某基金公司市场部人士表示，当下，固定收益类基金正为各家基金公司所重视。

“In the long bull market of the short bear，The wind control has been an increasingly important position that investors，Low risk products"Do sufficient certainty"The characteristics of the increase is popularity。”Shanghai a fund company marketing people said，then，Fixed income funds for his fund company is attention。

　　华泰证券(601688,股吧)研究员认为，在财富管理行业激烈的竞争下，公募基金着力发展低风险、低费率的固定收益类产品和被动指数型产品，是行业经历多年低迷后的积极转型，体现出大多数基金管理公司能够结合基础市场发展、资产管理发展需求、行业发展经验，放弃对股东利益最大化的一味追求，而将持有人利益最大化作为首要目标，这也是市场化财富管理行业的“立身之本”。

Huatai securities(601688,Shares it)Researchers think，In wealth management industry under the fierce competition，Public enlisting fund focus on the development of low risk、Low rates of fixed income products and passive index type products，Through many years after the downturn is industry of positive transformation，Reflects most of the fund management company to combine basic market development、Asset management development demand、Industry development experience，Give up to maximize shareholder interests of devotion，And will benefit maximization as the holder of the first target，This is also the market wealth management industry“The base of this”。