中国机构配置手册（2025版）之公募基金篇：“平台式、一体化与多策略”行动方案

Investment Rating - The investment rating for the public fund industry is "Outperform the Market" (maintained) [1] Core Insights - Public funds in China have core advantages over bank wealth management subsidiaries and insurance asset management, including high specialization, flexible transparency, and market-oriented operation mechanisms. The long-term core competitiveness lies in active equity investment, supported by in-depth industry research and diversified strategy tools [2] - The governance of companies is improving, and increased dividends from listed companies are fostering long-term capital. Public funds are expected to become the core managers of long-term funds, which will enhance market resilience and risk resistance [2] - Public funds are advancing towards platform-based, integrated, and multi-strategy development to achieve high-quality growth. This includes the integration of IT systems for comprehensive data analysis and resource collaboration, enhancing decision-making efficiency [2] Summary by Sections 1. Industry Positioning - Public funds are positioned as the "vanguard" of the asset management industry, with a management scale of approximately 31.77 trillion yuan, ranking second in the industry [11] 2. Development Path - The overall scale of the public fund industry is stabilizing and recovering, with a compound annual growth rate (CAGR) of 17.1% from 2016 to 2024, compared to other asset management products [5] 3. Market Opportunities - The total assets of Chinese residents are estimated to be around 550 trillion yuan, with financial assets accounting for approximately 32%, indicating a growing trend towards capital market investments [4] 4. Structural Changes - As of the first quarter of 2025, the scale of money market funds and bond funds has expanded to 13.33 trillion yuan and 10.10 trillion yuan, respectively, while mixed funds have seen a decline of about 15% since the end of 2023 [15]