37万亿行业2025规模排名出炉！10公司跻身“万亿俱乐部”

Core Insights - The public fund industry in China has reached a record management scale of 37.64 trillion yuan by the end of 2025, with a quarterly increase of over 1.3 trillion yuan, indicating a steady expansion trend [1] - The competitive landscape within the industry has shifted, with a notable transition from a focus on fixed income to a resurgence in equity styles, particularly in the active investment sector [1] Group 1: Management Scale and Rankings - By the end of 2025, all top 10 public fund managers have entered the "trillion club," with E Fund and Huaxia Fund leading at 2.42 trillion yuan and 2.16 trillion yuan respectively, showing quarterly growth of 1.16% and 0.54% [2] - The rankings of the top 10 institutions remained consistent from the third quarter to the end of the year, with GF Fund and Southern Fund in third and fourth place at 1.59 trillion yuan and 1.46 trillion yuan respectively, with GF Fund showing a significant quarterly growth of 3.41% [2] - The number of public funds with management scales exceeding 1 trillion yuan increased from 8 to 10, with Huitianfu Fund and Penghua Fund entering this elite group for the first time [2] Group 2: Non-Monetary Scale Growth - Over 60% of public funds achieved growth in non-monetary scale in 2025, with 100 out of 164 fund companies reporting increases [5] - Notably, Guotai Fund achieved the highest single-quarter growth in non-monetary scale, exceeding 500 million yuan, while several other funds also reported significant increases [5] - However, some funds experienced declines in non-monetary scale, including Jiao Yin Schroder and Pu Yin An Sheng, indicating a mixed performance across the industry [5] Group 3: Active Management and Product Performance - The expansion of non-monetary scale for many public institutions in 2025 was closely linked to their active equity or "fixed income plus" business performance [6] - E Fund led the active management category with a scale of 499.16 billion yuan, followed by Jingshun Longcheng Fund and Zhongou Fund [6] - Jingshun Longcheng Fund reported a remarkable 43.93% growth in non-monetary scale, driven by its active management products, which saw a significant increase in scale [6][7] Group 4: Strategic Positioning and Future Outlook - The successful growth of several institutions can be attributed to their proactive product strategies and the performance of established funds during market transitions [9] - The industry is shifting from a focus on launching new products to maintaining and enhancing the performance of existing ones, reflecting a new ecosystem in fund management [9]