60 billion in position-building funds is in place! The 2026 equity fund position-building wave is coming, with technology innovation and entrepreneurship becoming the main battlefield.
Introduction: The Sci-Tech Innovation and Entrepreneurship track has become the main battlefield for new capital deployment!
Since the beginning of this year, the A-share market has been searching for direction amid volatility, while public equity funds have quietly initiated a substantial wave of position building.
As of April 14, 2026, the scale of newly established funds within the year has exceeded 340 billion yuan. Among them, equity funds such as stock-type, equity-oriented hybrid, and index-type (including ETFs) have collectively raised over 190 billion yuan, accounting for 56%.
As the intensively launched products gradually enter their position-building cycles, tens of billions of incremental funds are entering the market in an orderly manner, becoming a supporting force that cannot be ignored.
01 Nearly 200 Billion in New Funds Landed, Position-Building Capital Released in Phases
Since the start of 2026, public fund issuance has continued to recover, with equity products becoming the main driver. 282 new funds have been successfully established, bringing nearly 200 billion yuan in incremental "ammunition" to the market.
According to industry norms, passive index funds, especially ETFs, typically complete core allocations within one month. Stock funds and equity-oriented hybrid funds mostly have a position-building cycle of 1-3 months. Funds established at different times are showing a clear rhythm of capital release.
Funds established in January have basically completed position building, with their market impact gradually fading. Products established in February are in the mid-to-late stage of position building, with 20%-30% of capital still awaiting allocation. Funds established in March are at the peak of position building, with 50%-70% of capital concentrated in the market, directly supporting April's market performance. New products established in early April have just started position building, with 80%-90% of capital expected to flow in continuously from late April to May.
Calculations show that the current scale of equity capital awaiting deployment in the market is approximately 45-80 billion yuan, with a neutral estimate stabilizing at 60-70 billion yuan, equivalent to 1-2% of the A-share market's average daily turnover, providing tangible incremental support.
02 Capital Flow Highly Focused, Sci-Tech Innovation and Entrepreneurship Track Becomes Core Direction
Unlike the balanced deployment of the past, this round of new fund position building shows distinct structural characteristics. The Sci-Tech Innovation and Entrepreneurship theme has become the core direction for concentrated capital deployment, with related ETFs and index-enhanced funds being established intensively and building positions rapidly.
The STAR Market track remains highly popular. Multiple public fund managers like Guotai, Southern, and SPDB-AXA have intensively launched thematic ETFs on the STAR Market 200, artificial intelligence, chip design, etc., with single product fundraising typically ranging from 200 million to 900 million yuan. In the ChiNext direction, products like new energy and ChiNext index enhancement are also gaining traction, covering core tracks like new energy and innovative drugs. Sci-Tech comprehensive index-enhanced funds have also been established in batches, focusing on the entire hard-tech industry chain.
At the sector allocation level, position-building capital mainly flows into industries like electronics, computers, and pharmaceuticals. Leading companies in tech sub-sectors such as SMIC, Cambricon, Zhongji Innolight, and Montage Tech have become core position-building targets for many new funds. The passive allocation demand from ETFs and active buying have created a resonance effect.
Among the newly issued equity funds this year, passive funds like index-enhanced and ETFs account for nearly 40% of new equity fund issuance. The characteristic of such products is that they must complete component stock allocation according to index weights, usually through a basket subscription method for position building, featuring rigid allocation, providing more stable and direct support to the market.
Especially in the first quarter, multiple Sci-Tech Innovation and Entrepreneurship thematic funds built positions simultaneously, creating a significant concentrated buying effect. Capital precisely flowed into the tech growth track, not only alleviating market volatility pressure but also promoting valuation recovery in related sectors.
Unlike the dispersed capital deployment of the past, this round's position-building direction highly aligns with national technology strategy. The long-term industry logic and short-term capital inflow resonate, further enhancing the allocation value of these tracks.
03 Slight Adjustment in Fund Company Landscape, Tech Track Deployment Capability Becomes Key
In this wave of new fund issuance and position building, differences in product line deployment among fund companies are beginning to show.
Public fund managers that deployed early in the Sci-Tech Innovation, Entrepreneurship, and hard-tech tracks, such as Guotai and Tianhong, have achieved steady scale growth through the fundraising and position building of related products. Institutions with product structures leaning towards traditional broad-based indices and insufficient tech deployment have been relatively passive in this structural market trend.
From a product deployment perspective, passive index products focusing on the STAR Market, ChiNext, and Sci-Tech comprehensive indices have become the preferred choice for institutional and individual investors due to their transparency, efficiency, and low cost. They have also become core products for fund companies to capture market share in the tech track. This also drives public funds to further optimize their product lines and increase deployment in funds related to tech growth and strategic emerging industries.
04 Market Implications Under the Position-Building Wave: Seizing Structural Opportunities in Tech Growth
The continuous entry of this round's 60-70 billion yuan in position-building capital provides clear investment guidance for the market.
In the short term, March-April is the concentrated release period for position-building capital. Sectors related to Sci-Tech Innovation, Entrepreneurship, and hard tech will continue to benefit. Sub-sectors like electronics, semiconductors, and computers are expected to see both valuation and performance improvements. In the medium to long term, the concentrated flow of capital into the tech track confirms its long-term growth logic.
At the current point in time, established funds are still building positions. There are 62 equity funds in the fundraising period set to conclude before the end of April. As of April 15, 15 equity funds have been reported and are awaiting issuance.
The future entry of incremental capital is not only short-term market support but also represents long-term capital's optimism towards the equity market, especially the tech growth track. For investors, following the capital flow and focusing on the core theme of Sci-Tech Innovation and Entrepreneurship are key to seizing the structural opportunities brought by this position-building wave.
Risk Disclosure: Data sourced from iFind, statistics as of April 14, 2026. The scale of position-building capital is an estimated value. Actual position-building progress is subject to fund announcements. The above views represent the author's personal opinion only and do not constitute any investment advice.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
