主动管理、固收+、ETF三大赛道--一文读懂今年公募基金大赢家

Core Insights - The public fund market is expected to accelerate growth in 2025, driven by a continued ETF investment boom and a shift towards multi-asset allocation strategies [1] - The report from CITIC Securities highlights a recovery in active equity fund sizes, primarily driven by net asset value increases, while passive index funds dominate growth [1][3] - Fixed income products are experiencing significant differentiation, with a notable expansion in "fixed income plus" products amid a low-interest-rate environment [1][13] Group 1: Fund Market Trends - By Q3 2025, the size of passive index funds increased by over 1.1 trillion yuan, with ETF sizes surpassing 5 trillion yuan [1] - Active equity funds have shown a recovery in excess returns, but their size growth is mainly due to net asset value increases, reflecting investors' tendency to take profits in a recovering market [1] - The fixed income market is weakening, with long-term pure bond fund sizes decreasing by over 600 billion yuan, while short-term pure bond funds decreased by nearly 250 billion yuan [1] Group 2: FOF Market Recovery - The FOF (Fund of Funds) market has significantly rebounded, with over 80 new FOF funds launched in 2025, totaling a new issuance scale of 80 billion yuan [2] - New FOFs increasingly reflect multi-asset allocation characteristics, including equity, fixed income, commodity funds, QDII funds, and public REITs [2] Group 3: Active Equity Fund Performance - Notable growth in active equity funds was observed among several fund managers, with Yongying Fund, China Europe Fund, and E Fund each increasing their active equity fund sizes by over 35 billion yuan [3][8] - Yongying Fund's "Smart Selection Series" achieved a remarkable growth of over 760 billion yuan in active equity fund size, with a 576 billion yuan increase attributed to this series alone [7][8] - China Europe Fund's active equity fund size grew by over 705 billion yuan, with a 42.44% increase, driven by strong performance in TMT sector funds [8] Group 4: Fixed Income Plus Fund Growth - The report indicates a significant growth in "fixed income plus" funds, with the size of these funds increasing by over 1.1 trillion yuan, particularly favored by institutional investors [13][14] - The leading growth in fixed income plus funds is attributed to secondary bond funds, with many achieving top rankings in performance over the past two years [14] Group 5: ETF Market Dynamics - The ETF market is showing a clear trend of concentration among leading players, with Huaxia Fund, E Fund, and Huatai-PB Fund each holding over 10% market share [16] - By Q3 2025, Huaxia Fund's ETF size reached 941.69 billion yuan, accounting for 16.52% of the market, while E Fund's ETF size was 872.96 billion yuan, representing 15.32% [16] - Major contributors to ETF size growth include gold ETFs and mainstream broad-based ETFs, with significant increases noted in the sizes of Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF [16][18]