非银金融行业深度研究报告：公募基金2025年度战略研究报告-聚焦个人投资者杠铃策略的两端

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook based on the performance of related securities [17]. Core Insights - The public fund market has seen a resurgence, with bond and index funds becoming the main drivers of growth. As of October 2024, the total public fund size reached 31.51 trillion yuan, up 14.2% from the beginning of the year, with bond funds and passive index funds leading the expansion [22][53]. - Regulatory changes, particularly the new commission fee structure for public funds, are reshaping the industry landscape, pushing it towards greater concentration and efficiency [54][55]. - The trend towards passive investment strategies is accelerating, with ETFs gaining significant market share as active equity funds face challenges [34][61]. Summary by Sections Market Review - The public fund issuance from the beginning of the year to the end of November increased by 7.7%, with bond funds and passive index funds dominating the new issuance landscape [22][29]. - The stock, mixed, and bond fund sizes as of October 2024 were 4.26 trillion, 3.59 trillion, and 5.82 trillion yuan respectively, reflecting a 50.5%, -9.3%, and 9.5% change from the beginning of the year [53]. Regulatory Policies - The implementation of the new public fund trading commission regulations aims to lower costs for investors and reform the commission distribution mechanism, which is expected to enhance the competitive landscape [54][55]. Product Evolution - The shift towards passive investment, retail bond funds, and multi-asset allocation is becoming a key focus in the public fund market. ETFs have shown resilience and growth, particularly in the context of market volatility [34][61]. - As of October 2024, the ETF market reached 3.53 trillion yuan, with a 72.2% increase from the previous year, driven by institutional investments and innovative index launches [34][61]. Sales Channels - The evolution of product structures has led to differentiated strategies among distribution channels, with a notable increase in retail participation in bond funds [7][12]. Competitive Landscape - The competition is intensifying, with wide-base ETFs and bond funds becoming critical for fund companies' growth. Companies that have established early positions in these areas are seeing significant scale increases [12][34].