公募基金总规模站上36.74万亿元新高点

Core Insights - The total scale of public funds in China has reached a historic high of 36.74 trillion yuan as of September 2025, marking a continuous increase for six months since April 2023 [1][4]. Group 1: Public Fund Growth - As of September 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1]. - The public fund total has consistently broken records, surpassing 33 trillion, 34 trillion, 35 trillion, and 36 trillion yuan in recent months [1][4]. - The growth in public fund scale is significantly driven by equity funds, which have shown remarkable performance [1][4]. Group 2: Equity Fund Performance - As of September 2025, open-end funds have a total net asset value of 33.05 trillion yuan, while closed-end funds stand at 3.69 trillion yuan [2]. - Open-end funds account for approximately 90% of the total public fund scale, with various categories including stock funds, mixed funds, bond funds, money market funds, and QDII funds [2]. - Stock funds have seen a notable increase, with a growth of 4,042.17 billion yuan in September alone, alongside a rise in shares by 1,575.42 million [2][3]. Group 3: Institutional Enthusiasm - In September 2025, there were 149 new equity funds launched, representing over 80% of the total new public funds [3]. - QDII funds also performed well, with net subscriptions of 385.17 million shares and a growth of 1,133.04 billion yuan in scale [3]. - Conversely, fixed-income products like money market and bond funds experienced a decline in both scale and shares [3]. Group 4: Market Sentiment - The growth in public funds is closely linked to the positive performance of the equity market and improved market sentiment [5]. - Analysts suggest that the outlook for the stock market remains optimistic due to factors such as declining risk-free interest rates, maintained liquidity, and improved corporate earnings expectations [5].