公募基金总规模连续8个月创新高 ETF“量质齐升”成增长新引擎

Core Insights - The Chinese public fund industry has achieved significant results in high-quality development, with total assets under management reaching a historic high of 37 trillion yuan, marking an increase of over 4 trillion yuan from the beginning of the year [2] - The ETF market has experienced explosive growth, with total assets surpassing 6 trillion yuan, reflecting a year-on-year increase of over 56% [1][4] - ETFs have become a crucial tool for wealth management among residents and long-term funds such as insurance and pensions, indicating a maturation of the capital market [1] Fund Industry Overview - As of November 2025, the total net asset value of public funds in China reached 37.02 trillion yuan, marking a continuous increase for eight months [2] - The number of public fund management institutions stands at 165, with 150 being fund management companies [2] - The growth in public fund size is primarily driven by fixed-income and specialty products, with money market funds and bond funds showing significant increases [2] ETF Market Dynamics - The ETF market has seen a remarkable increase, with total assets growing by 61.66% year-on-year, reaching 6.03 trillion yuan [4][5] - The number of ETF products has risen to 1,391, with passive index ETFs dominating the market, accounting for 86.84% of the total [5] - Bond and commodity ETFs have shown particularly strong growth, with bond ETFs increasing by 362.62% and commodity ETFs by 239.72% over the year [5] Institutional Landscape - The ETF market is characterized by a clear head effect, with 16 public institutions managing ETFs exceeding 100 billion yuan, collectively accounting for 89.55% of the total ETF market size [6] - Leading institutions include Huaxia Fund and E Fund, with significant ETF assets under management [6] - The future of the ETF market may see a more objective approach from fund managers regarding index business, focusing on product innovation and strategy iteration [6]