年内公募自购热情高涨，净申购规模同比增长逾163%

Core Insights - In 2025, public funds in China experienced a significant surge in self-purchase activity, with net subscription amounts reaching 9.876 billion yuan, a 163.08% increase compared to 3.754 billion yuan in the same period of 2024 [1] Group 1: Fund Types - Bond funds remained the primary focus for self-purchases, with net subscriptions amounting to 4.211 billion yuan, representing 42.65% of total net subscriptions, and a remarkable increase of 272.65% from 1.130 billion yuan in 2024 [1] - Mixed funds showed a notable recovery, achieving net subscriptions of 2.155 billion yuan, a significant turnaround from a net redemption of 0.512 billion yuan in 2024 [1] - Equity funds also saw substantial growth, with net subscriptions reaching 5.072 billion yuan, accounting for 51.36% of total net subscriptions, and a 90.79% increase from 2.692 billion yuan in 2024 [1] Group 2: Index Funds and Institutional Activity - Index funds emerged as a key focus for self-purchases, with passive index bond products netting 2.709 billion yuan, making up 64.33% of bond fund self-purchases [2] - In the stock fund category, combined net subscriptions for passive and enhanced index products reached 2.483 billion yuan, representing a high 94.55% of total stock fund self-purchases, indicating a strong preference for index-based investment tools among institutions [2] - Leading public fund institutions were particularly active in self-purchases, with 19 firms reporting net subscriptions exceeding 100 million yuan in equity funds, including Huaxia Fund at 391 million yuan, followed by Yongying Fund and Tianhong Fund at 340 million yuan and 337 million yuan respectively [2][3]