Core Insights - The report by CITIC Financial Holdings analyzes the domestic asset management industry, highlighting its scale, performance, product innovation, and internationalization trends [1] Industry Overview - As of the end of 2024, the overall asset under management (AUM) in China's asset management industry is approximately 163.16 trillion yuan, with various segments contributing as follows: - Bank wealth management: 29.95 trillion yuan - Public funds: 32.83 trillion yuan - Pension funds managed by fund companies: 5.94 trillion yuan - Private asset management by securities and futures institutions: 12.18 trillion yuan - Private equity funds: 19.91 trillion yuan - Trust assets managed by trust companies: 27.00 trillion yuan - Insurance fund utilization balance: 33.26 trillion yuan - Asset-backed special plans: 2.07 trillion yuan [1] Performance Analysis - In Q1 2025, the performance of public funds showed notable results, with REITs achieving the highest index return of 9.76%. Conversely, pure bond funds experienced a decline. - Among fund products, domestic passive bond funds and medium to long-term pure bond funds averaged losses, while other products averaged profits, with commodity funds (14.99%) and REITs funds (11.82%) showing the best average performance. - Private equity funds demonstrated strong performance in macro strategies, subjective stock, quantitative long, long-short, arbitrage, and convertible bond strategies, while futures, trend-following, and pure bond strategies underperformed [4] Product Innovation - The report identifies three key advancements in product innovation for Q1 2025: - Bank wealth management is focusing on customer-centric personalized wealth management solutions - Public ETFs are seeing growth, with multiple free cash flow index ETFs launched across various sectors, and the total scale of ETFs related to the Sci-Tech Innovation Board reaching 250 billion yuan - Cross-border products are expanding, with 26 domestic ETFs included in the northbound product pool and mutual recognition fund quotas being eagerly pursued by mainland investors [5] Policy Support - The report emphasizes that recent policy documents, such as those promoting long-term capital market investments and enhancing the functional positioning of asset management institutions, are driving the industry towards standardization and professionalism [5]
中信金控报告：2024年末大资管行业AUM突破163万亿，公募基金体量最大