四类公募基金新宠今年狂吸3700亿

Core Insights - The public fund market is experiencing significant changes, with previously "non-mainstream" products leading the growth in scale, particularly bond ETFs, gold ETFs, fixed income plus funds, and public REITs, which are projected to collectively grow over 370 billion yuan by 2025 [1][3] Group 1: Bond ETFs - The total scale of bond ETFs has surpassed 320 billion yuan as of June 13, 2025, marking an increase of 146 billion yuan from the end of 2024, representing a growth rate of 84% [1] - The emergence of large-scale bond ETFs, such as the Hai Fu Tong Zhong Zheng Short-term Bond ETF, which has exceeded 48 billion yuan, is attributed to policy support, market demand, and product innovation [1] Group 2: Gold ETFs - Gold ETFs have seen a strong inflow, with their scale doubling to 156.67 billion yuan this year, reflecting a growth rate of 122% [1] - The rise in demand for gold ETFs is linked to increasing risk aversion among investors, as these products have lowered investment thresholds and become essential tools [1] Group 3: Fixed Income Plus Products - Fixed income plus products have regained momentum in volatile markets, with a scale increase of over 100 billion yuan in the first quarter [3] - Several fund companies have reported significant growth in their fixed income plus products, with China Europe Fund achieving an increase of 17.7 billion yuan in the first quarter [3] Group 4: Public REITs - The public REITs market remains active, with a total market value exceeding 200 billion yuan and seven new funds established this year [3] - The expansion of new types of products, such as housing REITs, is accelerating, with successful fundraising for the Huaxia Beijing Affordable Housing REIT and an upcoming offering for the Bank of China’s logistics REIT [3] Group 5: Industry Trends - The rise of these products contrasts with the stagnation faced by stock ETFs, indicating a shift in the public fund industry from homogeneous competition to differentiated specialization [3] - Fund companies are focusing on their strengths to break through, with Hai Fu Tong emphasizing bond ETFs, Hua An focusing on gold ETFs, and China Europe deepening its fixed income plus strategy [3] - Looking ahead, the public fund industry is exploring more differentiated layout directions, with niche or innovative tracks such as commodities, overseas investments, active ETFs, multi-asset FOFs, and cross-border allocations expected to drive future growth [3]