公募总规模续创新高，机构关注高景气和低估值赛道

Core Insights - The latest data from the Asset Management Association of China indicates that as of the end of September, the total net asset value of public funds in China reached 36.74 trillion yuan, marking a new high and reflecting strong growth momentum in the industry [1][5]. Fund Management Institutions - There are currently 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1]. Fund Size and Growth - The public fund asset net value has increased for six consecutive months since April, surpassing significant thresholds of 33 trillion, 34 trillion, 35 trillion, and 36 trillion yuan [1]. - The total number of public funds reached 13,307, with a total net value of 367,416.08 billion yuan as of September 30 [3]. Fund Categories Performance - Equity funds have become the main driver of growth, with stock funds reaching a scale of 5.95 trillion yuan, an increase of over 400 billion yuan month-on-month [5]. - Mixed funds grew to 4.31 trillion yuan, increasing by over 150 billion yuan, while QDII funds reached 0.91 trillion yuan, up by over 100 billion yuan [5]. - Conversely, money market funds decreased to 14.67 trillion yuan, down by over 140 billion yuan, and bond funds fell to 7.2 trillion yuan, down by over 6 billion yuan [5]. Market Trends - The stock market has shown a recovery, with the Shanghai Composite Index nearing 3900 points by the end of September, while the bond market has experienced fluctuations [5]. - The current market is characterized by "index fluctuations and rapid sector rotation," with a focus on sectors like technology and defensive assets such as metals and chemicals [6].