货基贡献突出，公募规模连破3个万亿大关

Core Viewpoint - The public fund industry in China has reached a record high in asset net value, totaling 35.08 trillion yuan as of the end of July, indicating strong growth and investor interest in various fund types [1][3][4]. Fund Size Growth - As of July 2025, the total net asset value of public funds in China has increased significantly, surpassing 35 trillion yuan, with a notable increase in money market funds, which added over 1 trillion yuan in the first seven months of the year [1][3][4]. - The growth in public fund size has been consistent throughout the year, with the total net asset value rising from 31.93 trillion yuan at the end of January to 35.08 trillion yuan by the end of July, marking a continuous increase across three trillion yuan milestones since April [3][4]. Fund Type Performance - Among different fund types, money market funds have shown the strongest growth, exceeding 14 trillion yuan, while equity funds have also gained popularity, with a cumulative increase of over 920 billion yuan [4][5]. - As of the end of July, the latest sizes of various fund types are as follows: stock funds at 4.92 trillion yuan, mixed funds at 3.83 trillion yuan, money market funds at 14.61 trillion yuan, and QDII funds at 730.44 billion yuan, with QDII funds experiencing the highest growth rate [3][4]. Market Environment and Investor Behavior - The increase in public fund size is attributed to a maturing investment awareness among ordinary investors, who are increasingly diversifying their investments, as well as a shift of funds from bank deposits to money market funds [5][6]. - The positive market environment has also contributed to the growth of equity funds, with major stock indices showing significant gains in July and August, attracting more capital into the market [6][7]. Fund Performance - A significant majority of equity funds have reported positive returns this year, with over 98% of 13,973 equity funds achieving positive performance, and several funds doubling their returns [7]. - The top-performing equity funds have reported impressive annual returns, with some funds achieving returns exceeding 130% [7]. Industry Outlook - The public fund industry is expected to continue its growth trajectory, driven by factors such as investor confidence in China's economic development, the maturation of the public fund industry, and the alignment of fund characteristics with investor needs [6][8].