CITIC Securities: In the first quarter of 2026, the internal structure of the public offering market will be adjusted, and defense and differentiation will be the main theme.

CITIC Securities research report pointed out that the scale of the public offering market in the first quarter of 2026 decreased by 1% compared to the previous quarter, with internal structural adjustments, defense and differentiation as the main themes. Newly issued equity and hybrid FOFs on the issuance side experienced strong growth; however, from the perspective of net purchases, funds' risk preferences converged, with both money market funds and fixed income + net purchases exceeding one billion shares, while active equity funds, stock ETFs, and pure bond funds experienced net redemptions. Existing products showed differentiated performance, with money market funds and fixed income + funds steadily expanding, while pure bond and stock ETFs contracted. At the level of fund managers, leading institutions generally achieved scale growth by leveraging fixed income + and money market funds, with Penghua Fund being driven by money market funds, and Invesco Great Wall contributing with fixed income +, while some institutions such as Yongyin Fund broke through with incremental growth in active equity. In terms of allocation, public offering funds increased holdings of bank deposits and reduced stock positions, while heavily invested industries shifted to cyclical commodities such as petroleum and petrochemicals, basic chemicals, and decreased holdings in media and electronics.