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公募规模排位赛：谁在进位？谁在掉队？
Shang Hai Zheng Quan Bao·2025-11-03 18:16

Core Insights - The public fund industry in China is experiencing rapid growth in asset management scale, with a notable increase in competition among fund companies [1][2] - Index investment trends are accelerating, with a significant rise in the popularity of active equity products and "fixed income +" offerings [1][3] - Leading fund companies are expanding their market share, with top firms like E Fund and Huaxia Fund showing substantial growth in non-monetary fund scales [2] Industry Overview - As of the end of September, there are 165 public fund management institutions in China, managing a total net asset value of 36.74 trillion yuan [1] - The scale of index funds, including non-monetary ETFs and other index funds, has reached nearly 8 trillion yuan, with E Fund and Huaxia Fund each surpassing 1 trillion yuan in index fund scale [1] Competitive Landscape - E Fund's non-monetary scale reached 1.81 trillion yuan, while Huaxia Fund's reached 1.52 trillion yuan, both showing significant growth in Q3 [2] - The gap between the third and fourth largest fund companies, GF Fund and Fortune Fund, has narrowed, indicating a shift in competitive dynamics [2] Product Trends - The total scale of public ETFs has grown to 5.63 trillion yuan by the end of September, marking an increase of 1.3 trillion yuan since June [3] - "Fixed income +" products have also seen explosive growth, with total assets exceeding 2.7 trillion yuan, up over 450 billion yuan since June [4] New Fund Issuance - The market for new fund issuances remains strong, particularly for equity and stable products, with several funds achieving significant fundraising success [5] - Over 70 new funds are currently in the issuance process, focusing on index funds, active equity funds, and "fixed income +" products [5] Policy Environment - The development of equity funds is supported by favorable policies, including the "Action Plan for High-Quality Development of Public Funds," which aims to optimize product registration and enhance classification evaluation [6]