During the first six months of the year, the issuance of newly launched equity funds surged to RMB 240 billion, marking a fresh half-year peak since 2022. This robust figure underscores a significant uptick in investor confidence towards equity assets. Furthermore, the trend towards index investing has become increasingly prominent, with the total assets under management (AUM) of exchange-traded funds (ETFs) approaching RMB 4.3 trillion, and net subscriptions amounting to RMB 372.503 billion within the year. This market recovery has the potential to ignite a virtuous cycle, wherein the resurgence in fund issuance fuels market appreciation, which subsequently attracts even greater capital inflows.