The top effect of fund distribution is becoming more obvious, with many small and medium-sized public funds "having no collections.

Since the beginning of this year, the public offering market for new funds has shown an overall warming trend, with the number of newly established funds surpassing the milestone of one thousand. However, behind this prosperous scene, the head effect in the fund issuance market is becoming increasingly apparent, with the "Matthew effect" of the strong getting stronger continuously intensifying. Many small and medium-sized fund companies are facing the dilemma of issuing only a small number of funds or even none at all. Wind data shows that as of November 2, 2025, using the date of fund establishment as a statistical standard, the top fund companies have shown strong brand and channel advantages in this year's issuance battle. Among them, Huaxia Fund is leading the pack, having established as many as 86 new funds this year with a total issuance size of about 42.879 billion yuan, ranking at the forefront of the industry in terms of both quantity and scale. Fuguo Fund and Penghua Fund closely follow, with 66 and 63 new funds respectively. In stark contrast to the flourishing situation of the top companies, many small and medium-sized fund companies are struggling in the issuance market, leading to increased industry differentiation. Data shows that more than 50 fund companies have issued fewer than 10 new funds this year. 35 companies have only issued 1 to 4 products, with total issuance sizes generally below 1 billion yuan, and some companies even have total issuance sizes below 100 million yuan, such as Schroder Fund and CR Yuanda Fund, which only established 1 product this year. In addition, Wind data shows that many small and medium-sized fund companies such as Huachen Future Fund, Xinwo Fund, Qianhai United Fund, Changan Fund, Ruida Fund, Jiutai Fund, Chunhou Fund, Jiangxin Fund, and others have not yet established a single fund this year.