Jin Rong Shi Bao·2025-04-29 03:11Core Insights - The public fund industry reported a net asset value of 32.07 trillion yuan, with a quarter-on-quarter decrease of 1.74% [2] - Ningde Times remains the top heavy stock for public funds, with a total market value of 146.8 billion yuan held by 1,863 funds [3] - Public funds achieved a profit of over 250 billion yuan in the first quarter, driven by the recovery of equity fund performance [5] Fund Market Overview - As of the end of Q1 2025, the public fund market consists of 12,532 funds, with a total net asset value of 32.07 trillion yuan, reflecting a decrease of 1.74% from the previous quarter [2] - A total of 297 new funds were launched in Q1, raising 250 billion yuan, with bond and equity funds accounting for over 90% of the total [2] - The ETF market reached a record size, approaching 500 billion yuan, with a market share of 13% [2] Asset Allocation - The largest asset type held by funds is bonds, with a market value of 19.66 trillion yuan, accounting for 58.1% of total fund assets, an increase of 3.99% [2] - Stocks are the second-largest asset type, with a market value of 6.92 trillion yuan, representing 20.45% of total assets, an increase of 1% [2] - The top three industries in stock holdings are manufacturing (54.79%), finance (10.16%), and information transmission, software, and IT services (6.7%) [2] Top Holdings - Ningde Times is the largest stock held by public funds, with a total market value of 146.8 billion yuan [3] - Guizhou Moutai and Tencent Holdings follow, with market values of 142.8 billion yuan and 111.5 billion yuan, respectively [3] - Alibaba, Xiaomi, Meituan, and Kuaishou are also significant holdings, with respective market values of 74.5 billion yuan, 43.1 billion yuan, 33.9 billion yuan, and 14.6 billion yuan [3] Changes in Holdings - Alibaba saw the largest increase in the number of funds holding its stock, rising by 496 funds to a total of 830, with a market value of 74.5 billion yuan [3] - Zijin Mining and BYD also experienced significant increases in fund holdings, with over 200 additional funds [3] - In terms of share increases, Zijin Mining led with an increase of 1.053 billion shares held by funds [4] Profit Performance - Public funds reported a total profit of 251.7 billion yuan in Q1, benefiting from the recovery in equity fund performance [5] - The top three profit-generating companies were E Fund, Huaxia Fund, and Fortune Fund, with profits of 30.8 billion yuan, 27.1 billion yuan, and 16.4 billion yuan, respectively [5] - Mixed and equity funds were the most profitable types, generating profits of 103.2 billion yuan and 49.7 billion yuan, respectively [5] Fund Management Scale - E Fund and Huaxia Fund had non-monetary management scales of 1.42 trillion yuan and 1.2 trillion yuan, respectively, with slight decreases from the previous year [6] - Fortune Fund's non-monetary management scale increased by nearly 30 billion yuan, reaching over 710 billion yuan [6] - Mid-sized public fund companies also showed strong performance, with several increasing their management scales by over 8 billion yuan [6]