The reason is: 1. The lack of money-making effect makes the scale of stock funds and partial stock funds continue to decline.

2. According to the data of Eastern Fortune Choice, at the time of the global financial crisis in 2008, the proportion of partial stock funds was 63.59%, and by the end of the first quarter of this year, the proportion of partial stock funds was only 29.69%.

3. Although the scale has been greatly reduced, the current market enthusiasm for the issuance of partial stock funds has not diminished.