2025年公募自购3375亿创纪录，非货产品净申购87亿

Core Insights - The public fund industry demonstrated strong confidence in the capital market by investing a record amount in self-purchases, totaling 337.51 billion yuan in 2025, significantly surpassing the previous year's 109.53 billion yuan [1][2]. Group 1: Self-Purchase Trends - In 2025, 118 fund companies executed 7,491 self-purchases, with a total transaction amount reaching 337.51 billion yuan, marking a historical high [1]. - The structure of self-purchases shifted notably, with non-monetary products becoming the focus, achieving a net subscription scale of 8.70 billion yuan, compared to 3.51 billion yuan in 2024 [2]. - Bond funds emerged as the mainstay of self-purchases, with a net subscription amount of 4.21 billion yuan, reflecting a year-on-year increase of over 227% [2]. Group 2: Product Preferences - Index products gained popularity, with passive index bond funds and mixed equity funds leading in self-purchase amounts [3]. - E Fund's index products received a self-purchase amount of 1.80 billion yuan, while several other index products also exceeded 100 million yuan in self-purchases [3]. - A total of 22 public fund managers had net subscription amounts exceeding 1 billion yuan, with Invesco Great Wall Fund leading at 2.77 billion yuan [3]. Group 3: Market Outlook for 2026 - Multiple public fund institutions expressed optimism for 2026, anticipating a more balanced market style driven by corporate earnings and liquidity [4]. - The market is expected to avoid extreme styles, with cyclical and value sectors poised for opportunities amid policy support [4]. - Analysts suggest that investors should focus on sectors benefiting from supply-side reforms and those with strong dividend capabilities, while also considering technology growth sectors despite potential volatility [5].