公募基金4月规模增长9000亿至33.12万亿，货基规模单月飙升超6000亿

Core Insights - As of April 2025, the net asset value of China's public funds reached 33.12 trillion yuan, an increase of 898.5 billion yuan from March 2025, indicating a positive growth trend in the fund market [1][2] Fund Types Summary - Equity Funds: The scale reached 4.58 trillion yuan in April, up by 112.04 billion yuan, reflecting a month-on-month growth of 2.51% [1][2] - Mixed Funds: The scale slightly decreased to 3.58 trillion yuan, with a minor decline of 1.27 billion yuan, showing a negligible drop of 0.04% [1][2] - Bond Funds: The scale increased to 6.56 trillion yuan, with a growth of 140.18 billion yuan, representing a month-on-month increase of 2.18% [1][2] - Money Market Funds: The scale surged to 13.99 trillion yuan, with an increase of 664.84 billion yuan, marking a significant month-on-month growth of 5.00%, which was the main driver of overall growth [1][2] - QDII Funds: The scale rose to 644.02 billion yuan, with an increase of 8.29 billion yuan, reflecting a month-on-month growth of 1.31% [1][2] Market Trends - The increase in money market funds accounted for 74% of the total growth, indicating a preference for low-risk, high-liquidity assets among investors, likely influenced by monetary policy easing and a decline in market risk appetite [3] - The banking wealth management market saw a reduction of 0.81 trillion yuan in the first quarter, with a total scale of 29.14 trillion yuan at the end of the quarter, showing a year-on-year growth of 9.41% [3] - The Central Political Bureau's meeting emphasized the need for proactive macroeconomic policies, setting the tone for potential monetary easing measures [3] Financial Landscape Changes - The financial landscape in China is being reshaped by monetary easing, with wealth management scales reaching new highs, surpassing 31 trillion yuan by May 2025 [4] - Despite the recovery in wealth management scales, money market funds continue to attract significant inflows due to their higher liquidity and stability [4] - Bond funds also reversed a previous trend of net outflows, with a growth of 140.18 billion yuan in April, indicating renewed investor interest [4] Equity Market Dynamics - In the equity market, stock funds saw a net subscription of 109.3 billion units, leading to a significant increase of 112.04 billion yuan in scale, driven by substantial inflows into stock ETFs [5] - Mixed funds experienced a slight decline in scale despite an increase in units, as net asset value fell due to market fluctuations [5] - The growth in QDII funds was primarily due to the appreciation of existing products rather than new fund issuances [5] Interest Rate Environment - In a declining interest rate environment, mid-to-long-term pure bond and "fixed income +" products are still considered valuable for allocation [7] - The market is witnessing a shift towards "fixed income +" strategies that incorporate a small amount of equity assets, reflecting changing investor preferences [7]