公募基金规模再创新高，被动指数基金首次出现净赎回

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - At the end of Q2 2025, the scale of public - offering funds reached a new high, mainly driven by the growth of passive equity funds and bond funds. Active bond funds received significant net subscriptions after three consecutive quarters of net redemptions. Both active and passive bond funds saw increases in scale and share. Passive equity funds reached a new high in scale, mainly due to the increase in net value, but experienced their first net redemption after 15 consecutive quarters [1][8]. - The average position of active equity funds increased by 1.03pct quarter - on - quarter, reaching 84.04%. Currently, the position of active equity funds is close to the historical high level [2][28]. - In terms of the industry position changes of the top - holding stocks of the whole - market funds, the top 5 industries with increased position ratios are communication, bank, non - bank finance, national defense and military industry, and media; the top 5 industries with decreased position ratios are food and beverage, automobile, power equipment and new energy, household appliances, and machinery [3][33]. 3. Summary According to the Directory 3.1 Fund Market Scale - Overall Scale Change of the Fund Market: By the end of Q2 2025, the total number of funds was 12,906, a quarter - on - quarter increase of 307, or 2.44%. The total fund share was 308,831.90 billion shares, a quarter - on - quarter increase of 15,091.97 billion shares, or 5.14%. The net asset value of funds was 337,337.87 billion yuan, a quarter - on - quarter increase of 21,130.16 billion yuan, or 6.68% [9]. - Newly - issued Fund Shares and Net Subscription/Redemption Shares: In Q2 2025, the total share of newly - issued funds was 2,803.71 billion shares, a quarter - on - quarter increase of 303.95 billion shares, or 12.16%. After deducting the newly - issued fund shares, the net subscription share of funds was 12,288.26 billion shares [10]. - Scale Ratios of Different Types of Funds: At the end of Q2 2025, the ratio of equity funds was 12.69%, a quarter - on - quarter change of - 0.06pct; the ratio of hybrid funds was 9.54%, a quarter - on - quarter change of - 0.66pct; the ratio of bond funds was 32.36%, a quarter - on - quarter increase of 0.56pct; the ratio of money market funds was 42.19%, a quarter - on - quarter increase of 0.04pct [12]. - Changes in the Shares and Scale of Active Equity Funds: By the end of Q2 2025, the scale of active equity funds was 344.4061 billion yuan, a quarter - on - quarter change of - 1.6283 billion yuan, or - 0.47%. The share of active equity funds was 289.0605 billion shares, a quarter - on - quarter change of - 6.6468 billion shares. The newly - issued share of active equity funds was 3.6593 billion shares, a quarter - on - quarter increase of 2.1294 billion shares. The net redemption share of active equity funds was - 10.3061 billion shares [16]. - Changes in the Shares and Scale of Passive Equity Funds: By the end of Q2 2025, the scale of passive equity funds was 377.9525 billion yuan, a quarter - on - quarter increase of 33.5618 billion yuan, or 9.75%. The share of passive equity funds was 296.1349 billion shares, a quarter - on - quarter change of - 1.0683 billion shares. The newly - issued share of passive equity funds was 7.0326 billion shares, a quarter - on - quarter change of - 0.5624 billion shares. The net redemption share of passive equity funds was - 8.1010 billion shares. Passive equity funds experienced their first net redemption after 15 consecutive quarters [19]. - Changes in the Shares and Scale of Active Bond Funds: By the end of Q2 2025, the scale of active bond funds was 958.8361 billion yuan, a quarter - on - quarter increase of 54.1574 billion yuan, or 5.99%. The share of active bond funds was 870.8178 billion shares, a quarter - on - quarter increase of 42.6045 billion shares. The newly - issued share of active bond funds was 0.82579 billion shares, a quarter - on - quarter increase of 0.02279 billion shares. The net subscription share of active bond funds was 34.3465 billion shares [23]. - Changes in the Shares and Scale of Passive Bond Funds: By the end of Q2 2025, the scale of passive bond funds was 165.7738 billion yuan, a quarter - on - quarter increase of 39.5787 billion yuan, or 31.36%. The share of passive bond funds was 108.4467 billion shares, a quarter - on - quarter increase of 12.0752 billion shares. The newly - issued share of passive bond funds was 0.46209 billion shares, a quarter - on - quarter increase of 0.05515 billion shares. The net subscription share of passive bond funds was 7.4543 billion shares [24]. 3.2 Active Equity Fund Stock Positions - By June 30, 2025, the average position of active equity funds increased by 1.03pct quarter - on - quarter, reaching 84.04%. Among them, the position of common stock - type funds increased by 0.91pct quarter - on - quarter, reaching 89.83%; the position of partial - stock hybrid funds increased by 1.09pct quarter - on - quarter, reaching 87.73%; the position of flexible allocation funds increased by 1.09pct quarter - on - quarter, reaching 74.56% [28]. 3.3 Fund Top - holding Stock Industry Allocations - Whole - market Fund Top - holding Stock Industry Allocations: The A - share market value of the top - holding stocks was 259.4635 billion yuan, a quarter - on - quarter increase of 1.2488 billion yuan, and the A - share market value ratio was 36.00%, a quarter - on - quarter change of - 1.29pct. The Hong Kong - share market value of the top - holding stocks was 48.6395 billion yuan, a quarter - on - quarter increase of 4.0976 billion yuan, and the Hong Kong - share market value ratio was 6.75%, a quarter - on - quarter increase of 0.32pct. The top 5 industries with increased position ratios were communication, bank, non - bank finance, national defense and military industry, and media; the top 5 industries with decreased position ratios were food and beverage, automobile, power equipment and new energy, household appliances, and machinery [31][33]. - Comparison of the Differences in the Top - holding Stock Industry Allocations of Whole - market Funds, Active Equity Funds, and Top - tier Equity Funds: By comparing the top - holding stock industry allocation situations of the three sample pools, the consensus and differences in the market can be found, which may be the main orientation and watershed of the market in the next stage [35]. - Comparison of the Differences in the Sub - industry Allocations of Popular Industrial Chains: By comparing the commonalities and differences in the position increases and decreases of different industries of whole - market funds, active equity funds, and top - tier funds in the new energy industry chain, large - consumption industry chain, pro - cyclical sectors, and digital economy and information technology innovation industry chain, the consensus and differences among the three sample pools can be found [39]. 3.4 Fund Top - holding Stock Adjustment Situations - Top - holding Stocks with the Largest Position Increases Held in Two Consecutive Quarters: Stocks such as SF Holding, New Times Group, and Industrial and Commercial Bank of China are among the top - holding stocks with the largest position increases [47]. - Top - holding Stocks with the Largest Position Decreases Held in Two Consecutive Quarters: No relevant content provided. - Top - holding Stocks with the Largest Newly - added Positions in the Quarter: No relevant content provided. - Top - holding Stocks with the Largest Removed Positions in the Quarter: No relevant content provided.