37万亿行业，大消息！年度“十大”来了

Group 1 - The core viewpoint of the article is the significant developments in the public fund industry in 2025, highlighting reforms, growth in fund size, and the shift towards high-quality development [1][2][3] Group 2 - The "Action Plan for Promoting High-Quality Development of Public Funds" was issued, featuring 25 measures aimed at reshaping the industry ecosystem, focusing on investor-centric development, strong regulation, and risk prevention [2][19] - The plan emphasizes a shift from "scale" to "return" for fund companies and sales institutions, with key areas including optimizing fee structures and enhancing investor services [2][19] Group 3 - The public fund fee reform has entered its final phase, with annual savings for investors exceeding 50 billion yuan, achieved through three stages of fee reductions [3][20][21] - The first phase reduced management and custody fees for active equity funds, saving approximately 14 billion yuan annually [20] - The second phase lowered trading commission fees, saving around 6.8 billion yuan, while the third phase targeted subscription and purchase fees, saving about 30 billion yuan [20][21] Group 4 - The public fund industry reached a record size of 36.96 trillion yuan by the end of October 2025, marking a continuous growth trend [5][22] - The increase in fund size is attributed to improved industry ecology, driven by product innovation and enhanced services [22] - Equity products have become a core focus, with stock and mixed funds reaching a combined size of 10.18 trillion yuan, reflecting a significant structural upgrade [22][23] Group 5 - The ETF market has also seen substantial growth, with total assets surpassing 5.7 trillion yuan, a 53% increase from the previous year [7][24] - The rapid growth of the ETF market indicates a shift towards index-based investment strategies becoming mainstream [24] Group 6 - The introduction of new performance evaluation guidelines for fund companies aims to shift the focus from scale to value creation, promoting a more differentiated and healthy ecosystem [9][26] - The guidelines are expected to accelerate industry differentiation, with larger firms likely to attract more capital and talent [26] Group 7 - The public fund industry is undergoing an intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][29] - AI technologies are being integrated into core investment research processes, providing more accurate market predictions and personalized investment advice [29] Group 8 - The public REITs market has expanded significantly, with 77 products listed and a total market value of 216.03 billion yuan, reflecting a 38% increase from the previous year [30][31] - The asset types for REITs are diversifying beyond traditional infrastructure to include commercial properties, indicating a growing market potential [30][31] Group 9 - The cross-border ETF market has seen rapid development, with nearly 200 products and a total scale approaching 920 billion yuan, highlighting the industry's internationalization efforts [10][33] - The expansion of QDII quotas supports the internationalization of public funds, with over 170.87 billion USD approved for investment [33]