Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Insights - In May 2025, the average daily trading volume of funds decreased by 344 billion yuan, with a total average daily trading volume of 2,282 billion yuan, which is a 105.7% increase year-on-year but a 13.1% decrease month-on-month [20][21] - The net inflow of stock ETFs in May 2025 was 168.6 billion yuan, with the total existing scale reaching 2,341.6 billion yuan [13] - The issuance of new public funds significantly declined in May 2025, with a total of 29.3 billion shares issued, a decrease of 67.4% month-on-month and 80.2% year-on-year [27][30] - The overall ETF market size reached 4,110.6 billion yuan in May 2025, reflecting a year-on-year increase of 68.0% and a month-on-month increase of 1.2% [49] Summary by Sections 1. Fund Market Review - The overall yield of funds increased in May 2025, with various types of funds outperforming bond indices [9] - The net inflow of stock ETFs was concentrated in broad-based ETFs, with a net inflow of 171 billion yuan [13] 2. Fund Market Trading Conditions - The average daily turnover rate of funds decreased to 7.0% in May 2025, a decrease of 3.7 percentage points month-on-month [21] - The average daily trading volume of stock ETFs was 635 billion yuan, a 24% decrease month-on-month [20] 3. Fund Market Size - The total public fund holdings reached 32.02 trillion yuan by the end of May 2025, with a slight increase of 0.31% month-on-month [30] - The issuance of new ETFs continued to decline, with 7.1 billion shares issued in May 2025, a decrease of 50.5% month-on-month [47] 4. Private Fund Market - The number of newly registered private funds increased to 1,606 in April 2025, a 12.86% increase month-on-month [59] - The total number of existing private funds was 141,579, with a total scale of 20 trillion yuan [63]
东吴金融 财富管理月报（2025/05）：基金日均成交额及换手率环比双降，新发基金规模持续下降
Soochow Securities·2025-06-11 08:23