拆解34万亿公募基金规模新高：二季度资金回流向何处？谁是规模增速和盈利“赢家”

Core Insights - The public fund market in China reached a record high of 34.05 trillion yuan as of June 30, 2025, marking a 7.04% increase from the previous quarter and a 10.76% increase year-on-year [1] - Non-monetary fund assets grew to 20.11 trillion yuan, with a quarterly increase of 1.29 trillion yuan, reflecting a 6.85% rise [1] - The overall public fund market experienced a net subscription of 1.25 trillion units in Q2 2025, with a net subscription ratio of 4.31% [1] Fund Products and Company Performance - In Q2 2025, equity funds saw a growth of 271.47 billion yuan, reaching a total of 4.74 trillion yuan, while mixed funds experienced a slight increase of 0.02% to 3.32 trillion yuan [2] - Active equity funds faced net redemptions totaling 107.34 billion units, with ordinary stock funds leading at a redemption rate of 4.75% [2] - Bond funds and money market funds regained investor interest, with bond funds achieving a net subscription of 459.25 billion units and a growth of 8.74% to 10.77 trillion yuan [3] - Commodity funds surged by 47.8% to 268.31 billion yuan, driven by rising gold prices [3] - The ETF market reached a new high of 4.31 trillion yuan, with stock ETFs accounting for 75.06% of the total [3] Company Rankings and Growth - The top ten public fund managers remain unchanged, with E Fund and Huaxia Fund leading in non-monetary fund management scale, both exceeding 1 trillion yuan [6] - Huaxia Fund reported a significant growth of 181.49 billion yuan in Q2, leading the industry in scale increase [6] - In the first half of 2025, Huaxia Fund's growth was 307.34 billion yuan, followed by E Fund and Xingye Fund [6] - Huaxia Fund's index products contributed significantly to its growth, reaching 857.97 billion yuan, accounting for 66.48% of its non-monetary scale [7] Investor Engagement and Services - Huaxia Fund focuses on enhancing investor experience through a diverse range of over 400 public products and a multi-asset platform [8] - The "Red Rocket" platform, launched in late 2024, has attracted over 10 million users, providing various fund data and indicators [8] - The upgraded "Red Rocket 2.0" offers new features for asset management and historical performance testing, enhancing investor engagement [9]