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母基金年内新设规模大降,从数量扩张转向质量提升
Di Yi Cai Jing·2025-08-31 07:27

Core Viewpoint - The establishment of mother funds is shifting from quantity expansion to quality improvement, indicating a significant cooling in the mother fund market this year [1][5]. Group 1: Current Market Trends - The number of newly established mother funds has sharply decreased, with only 33 new funds launched in the first half of the year, including 31 government-guided funds and 2 market-oriented funds [1][4]. - The total scale of newly initiated mother funds reached 1970.17 billion, with government-guided funds accounting for 798.04 billion and market-oriented funds for 80 billion, representing declines of 66% and 50% respectively compared to the same period in 2024 [1][4]. Group 2: Management Scale and Performance - As of mid-year, there are 460 mother funds in total, with a total management scale of 34.8 trillion, down 23.7% from the end of 2024 [3]. - Government-guided funds comprise 338 of these, with a total management scale nearing 30 trillion, reflecting a 24% decrease, while market-oriented funds total 482.9 billion, down 22.4% [3]. Group 3: Policy and Future Direction - The government is encouraging a focus on quality and efficiency in fund establishment, with a clear policy shift towards long-term orientation and resource coordination [5][6]. - The recent policy guidance emphasizes the need for mother funds to adopt a more rational approach, moving towards reasonable development and stable operations [5][6].