公募基金临拐点 摆脱“规模至上”迈向“投资者利益优先”

Core Insights - The public fund industry in China is experiencing both structural opportunities and profound transformations due to changes in market conditions and policy guidance, with a focus on long-term returns rather than sheer scale [1][7] Industry Development - As of November 2025, the total scale of public funds reached 37.02 trillion yuan, marking a historical high and reflecting a steady growth trend [2][3] - The rapid increase in public fund scale is attributed to a recovering A-share market, policy reforms reducing investor costs, and a significant increase in index-based investments [3][4] Fund Performance and Structure - By December 28, 2025, the total scale of equity funds reached 5.57 trillion yuan, while mixed funds and bond funds stood at 3.85 trillion yuan and 10.92 trillion yuan, respectively [4] - The total scale of ETFs exceeded 6 trillion yuan, with a growth of over 2 trillion yuan in 2025, representing an increase of more than 60% [4][5] Policy Influence - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2025 marked a pivotal moment for the industry, initiating a comprehensive restructuring of regulatory frameworks [6][7] - New guidelines emphasize long-term performance metrics, with at least 80% of performance evaluations based on three-year metrics, aligning fund managers' interests with those of investors [7][8] Institutional Adaptation - Public fund institutions are shifting from a scale-centric model to one focused on long-term returns, with an emphasis on creating value for investors [8][9] - The industry is witnessing a trend where leading institutions leverage comprehensive research capabilities, while smaller firms focus on niche markets to differentiate themselves [6][9]