公募总规模首破37万亿，已连续八个月创新高，货基两个月内猛增5200亿

Core Insights - The public fund industry in China has reached a historic milestone, with total assets surpassing 37 trillion yuan as of November 2025, marking eight consecutive months of record highs [1][3][7]. Fund Types Summary - Money Market Funds: In November, money market funds contributed the largest increment to the total public fund scale, growing by 135.45 billion yuan, with a total increase of 520.99 billion yuan over October and November combined [1][10]. - Bond Funds: Bond funds also saw a slight increase, reaching a total scale of 10.52 trillion yuan, up by 34.21 billion yuan from October [11]. - FOF and QDII Funds: FOF funds grew to 235.54 billion yuan, an increase of 24.76 billion yuan, while QDII funds reached 965.73 billion yuan, up by 25.63 billion yuan [12]. - Equity and Mixed Funds: In contrast, equity and mixed funds experienced a decline, with equity funds decreasing by 130.20 billion yuan to 5.80 trillion yuan and mixed funds dropping by 71.81 billion yuan to 3.60 trillion yuan, totaling a decline of over 202 billion yuan [13][14]. Market Trends - The public fund market has shown resilience despite stock market volatility, with money market funds attracting significant inflows due to their cash management and risk-averse characteristics [10][14]. - Looking ahead to 2026, many institutions are optimistic about a potential recovery in the stock market, driven by favorable policies and shifts in asset allocation towards equities [2][14][15].