中部公募增速分化：国泰三季度规模增968亿逼近鹏华，招商跌出前十承压，兴证全球成TOP20唯一负增长

Core Insights - The public fund industry continues to show a "stronger getting stronger" trend, with significant differentiation among firms, particularly in the non-monetary fund scale rankings as of Q3 2025 [1] Industry Overview - As of Q3 2025, there are 47 companies with over 100 billion in scale, 19 with over 300 billion, and 14 firms surpassing 500 billion [1] - The competition among firms ranked 11th to 20th is intense, with notable disparities in growth and ranking dynamics [1] Company Performance - 招商基金 (China Merchants Fund): Q3 scale growth of 316.21 billion, ranking dropped by 1 to 11th, and is the only firm in this tier with negative growth compared to the beginning of the year [3] - 国泰基金 (Guotai Fund): Achieved a remarkable growth of 967.66 billion in Q3, moving up 2 ranks to 13th, indicating strong expansion in index products [3] - 鹏华基金 (Penghua Fund): Experienced a growth of 527.24 billion, but its position is threatened by Guotai Fund, with the gap narrowing significantly [3] - 中欧基金 (China Europe Fund): Maintained stable ranking with a growth of 775.19 billion, showcasing strong internal growth momentum [4] - 永赢基金 (Yongying Fund): Also stable in ranking, with a growth of 703.87 billion, indicating robust performance [4] - 天弘基金 (Tianhong Fund): Had a modest growth of 235.60 billion, resulting in a drop of 2 ranks to 16th [4] - 兴证全球基金 (Xingzheng Global Fund): The only firm in the top 20 to experience a slight decline of 5.30 billion in scale, indicating increased pressure to maintain its position [4]