半年度基金和理财资金流向

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of June 30, 2025, the number of public funds exceeded 12,900, and the scale exceeded 33 trillion yuan; the outstanding scale of bank wealth management reached 30.67 trillion yuan [4][6][7]. - In Q2 2025, the funds in equity funds flowed from active to passive, and the scale of money funds and bond funds both reached record highs [4][8][9]. - In Q2 2025, FOF - type funds were net - redeemed overall, while bond - type FOF funds received net subscriptions [10]. 3. Summary According to the Directory 3.1 Overall Situation: The Scale of Public Funds and Bank Wealth Management Both Increased Significantly - As of June 30, 2025, the number of public funds exceeded 12,900, and the scale reached 33.7 trillion yuan. The estimated net subscription amounts of money market funds, passive index - type bond funds, medium - and long - term pure bond funds, and stock index funds were 1124.1 billion yuan, 248.61 billion yuan, 209.66 billion yuan, and 160.12 billion yuan respectively [6][13]. - As of June 30, 2025, the outstanding scale of bank wealth management reached 30.67 trillion yuan. The number of outstanding products was 41,800, with a 3.78% increase from the beginning of the year and a 4.54% year - on - year increase; the outstanding scale increased by 2.38% from the beginning of the year and 7.53% year - on - year. Fixed - income products accounted for 97.20% of the scale, hybrid products accounted for 2.51%, and equity products accounted for 0.22% [7][20]. 3.2 Stock Market: The Flow from Active to Index Continued - In Q2 2025, equity funds flowed from active to passive. Index products had a net subscription of 160.12 billion yuan, while ordinary stock funds, partial - stock hybrid funds, enhanced index funds, and flexible allocation funds had net redemptions of 24.54 billion yuan, 66.63 billion yuan, 21.51 billion yuan, and 33.64 billion yuan respectively [8][28]. - The funds with more net subscriptions in Q2 2025 had relatively excellent overall performance. Among the top 20 funds in terms of subscriptions, 6 were Class A shares and 14 were Class C shares. Fourteen of the funds with net subscriptions ranked in the top 30% of their peers in terms of yield [30]. - In Q2 2025, the ETF market received a large amount of capital inflow, with an inflow of over 300 billion yuan in April [32]. 3.3 Fixed - Income Market: Overall Net Subscriptions, and the Scale of Money Funds and Bond Funds Reached Record Highs - In Q2 2025, fixed - income products received overall net subscriptions. Except for convertible bond funds, other types of fixed - income funds received net subscriptions. The net subscription amounts of money market funds, passive index - type bond funds, medium - and long - term pure bond funds, and short - term pure bond funds were 1124.1 billion yuan, 248.61 billion yuan, 209.66 billion yuan, and 156.5 billion yuan respectively [9][38]. - As of June 30, 2025, the scale of money funds reached 14.23 trillion yuan, and the scale of bond funds reached 10.95 trillion yuan, both hitting record highs [9][41]. 3.4 FOF Market: The Scale of Bond - Type FOF Increased - In Q2 2025, FOF - type funds were net - redeemed overall. Stock - type FOF funds and hybrid FOF funds had net redemptions of 0.4 billion yuan and 11.5 billion yuan respectively, while bond - type FOF funds received net subscriptions of 6.02 billion yuan [10][43]. - The top 3 FOF products with more net subscriptions were bond - type FOF. The custodian bank of Boshi Zhenxuan Chuhui is China Merchants Bank, and the custodian bank of Guotai Ruiyue 3 - month Holding is Beijing Bank [44].