易方达、华夏基金ETF暗战：最低管理费率产品占比差一倍

Core Insights - The total scale of public funds in China reached 36.96 trillion yuan by the end of October, marking a historical high for seven consecutive months, with a year-to-date increase of 4.13 trillion yuan, representing over 12% growth [2][3]. Fund Market Overview - The public fund market continues to expand, with a total of 13,381 funds as of the end of October, reflecting a month-on-month increase of 218.27 billion yuan [3][4]. - The increase in fund scale is primarily driven by money market funds, which grew by 385.54 billion yuan to 15.1 trillion yuan, while stock and mixed funds showed contrasting trends [4][5]. Fund Types Performance - Stock funds, mainly composed of ETFs, saw their total share increase to 3.7 trillion units, a 1.8% rise month-on-month, while mixed funds experienced a 0.4% decline in share [4][5]. - Despite a strong recovery in net value for mixed funds since 2025, with an increase of 747.5 billion yuan, their share decreased by 233.6 billion units, indicating ongoing redemption pressure [5][6]. ETF Market Dynamics - ETFs have become the main growth driver in the fund industry, with significant competition among leading institutions for market share [2][7]. - As of December 1, the top ten ETF managers collectively managed 4.3 trillion yuan, accounting for 75% of the total ETF market, although this proportion has decreased by 4 percentage points since the beginning of the year [7][9]. Fee Structure and Competition - Management fees have become a critical factor for investors, with the average fee rate for ETFs remaining at 0.5%, while the lowest fee is 0.15% [10][11]. - The competition among leading firms is intensifying, with E Fund and Huaxia Fund leading the market with management scales of 909.11 billion yuan and 840.83 billion yuan, respectively [9][12]. - The number of ETFs with the lowest management fee of 0.15% is highest at E Fund, accounting for 54.9% of its total ETF offerings [12][13].