海外基金研究系列一：中美公募基金市场对比研究

Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report The report conducts a comparative study of the public - offering fund markets in China and the United States, analyzing the scale, type, investor structure, and performance of public - offering funds in both countries, and providing a reference for understanding the characteristics and development trends of the two markets [1]. 3. Summary by Relevant Catalogs Global Public - Offering Fund Market - As of the end of 2024, the number of global open - end funds reached 144,000, with a total scale of $73.9 trillion. Among them, equity funds accounted for $35.7 trillion, or 48.31% [5]. - In 2024, the United States accounted for the highest proportion (52.50%) of global open - end funds, followed by Europe (31.12%) [10]. - Open - end funds accounted for about 27% of global capital market assets, and other investors held the remaining 73% [13]. - In countries with bank - dominated financial systems, such as the EU and Japan, households tend to invest in bank products rather than public - offering funds, while US households have a relatively higher proportion of investment in public - offering funds [15]. US Public - Offering Fund Market - As of the end of 2024, the total scale of US public - offering funds reached $39.18 trillion, growing from $3.03 trillion in 1995 [23]. - Mutual funds accounted for a relatively high proportion, but the proportion decreased from 85.06% at the end of 2016 to 72.83% at the end of 2024, while the proportion of ETFs increased from 13.14% to 26.30% [23]. - Equity funds had the highest weight, accounting for 60% at the end of 2024. In the long - term, the average proportion of equity funds from 2005 to 2024 was about 53% [26]. - The scale of US ETF funds developed rapidly. As of the end of 2024, the total scale of ETFs reached $10.3 trillion, accounting for 26.30% of public - offering funds. Among them, equity ETFs accounted for 80.91% of the total ETF scale [31]. - Excluding money - market funds and commodity funds, the proportion of index funds in the fund market continued to increase. As of the end of 2024, the combined proportion of index mutual funds and index ETFs reached 51% [33]. - From 2015 to the end of 2024, US active equity mutual funds had a net outflow of $3 trillion, while domestic index equity mutual funds and equity ETFs had a net inflow of $2.9 trillion [36]. - As of the end of 2024, about 74 million US households (56%) held public - offering funds. More and more brokers and investment advisors used ETFs in their clients' investment portfolios [39]. - As of the end of 2024, the scale of US mutual funds was $28.5 trillion, and 87.65% of the net assets were held by US households [42]. - The investor structure of the US stock market had a high proportion of households and non - profit organizations (41.76%), a high level of institutionalization (36.73% for professional financial investment institutions), and a high level of internationalization (17.76% for foreign institutions) [44]. Domestic Public - Offering Fund Market - In the past 10 years, the domestic public - offering fund industry has developed rapidly, with the overall scale expanding from 4.45 trillion yuan in 2014 to 33.73 trillion yuan in mid - 2025 [96]. - Since 2015, the proportion of equity funds in the domestic public - offering fund market has been relatively low, and the proportions of QDII funds and hybrid funds have also been low [96]. - The scale of passive equity funds has increased significantly in recent years, mainly due to the substantial increase in the subscription volume and a slight increase in the issuance volume [98]. - In terms of domestic equity ETF classification, broad - based indices such as the CSI 300 occupy an absolute weight [102]. - As of the end of 2023, the institutionalization level of the A - share market was relatively average, with professional institutions accounting for only 20.54%, and the internationalization level was still low, with Shanghai Stock Connect accounting for only 2.42% [105]. - From 2008 to the end of July 2025, the cumulative excess return of domestic active equity funds relative to the CSI 300 total return index was mostly positive, and the cumulative excess return relative to passive equity funds was also positive [110]. - As of the end of July 2025, in large - cap balanced, large - cap growth, mid - cap growth, small - cap value, and small - cap growth funds, the cumulative excess return of active equity funds relative to the CSI 300 total return was significant [113][115][120]. - As of the end of 2024, excluding a few special types of funds such as ETFs and commodity funds, the combined institutional holding ratio of major domestic open - end fund categories reached 46.1% [121]. - Currently, the management fees of domestic equity, hybrid, and ETF funds are relatively high [122].