2025 年四季度国内公募基金份额点评

Report Industry Investment Rating No information provided. Core View of the Report In Q4 2025, the share of domestic public - offering funds (excluding money funds) was 1.7 trillion shares, a 3.40% increase from the end of the previous quarter. The growth came from both the share growth of existing funds and the issuance of new funds [4][6]. Summary by Related Catalogs 2025 Q4 Domestic Public - Offering Fund Share Review - The share of domestic public - offering funds (excluding money funds) in Q4 2025 was 1.7 trillion shares, up 3.40% from the previous quarter. New funds issued 311.863 billion shares with an average share of 6.52 billion shares, and the share of existing funds increased by 246.971 billion shares [4][6]. Index Funds Equity - New funds: In Q4 2025, 196 index stock - type products were newly issued, with a total new share of 84.712 billion shares. Products tracking the science - innovation index, artificial intelligence index, and dividend low - volatility index had high issuance popularity. - Existing funds: The total share of stock index - type products in Q4 was 353 billion shares, an increase of 18.8918 billion shares compared to Q3 [4][7]. Fixed - Income - New funds: In Q4 2025, 4 bond index - type products were newly issued, tracking credit bond and policy - financial bond indices, with a total new share of 12.549 billion yuan. - Existing funds: The share of index bond - type funds decreased by 22.851 billion shares in Q4 [4][8]. Active Equity - Hybrid Funds - New funds: Affected by the previous upward trend of the equity market, the issuance popularity of active equity - hybrid funds in Q4 significantly recovered. 313 funds were newly issued, with a total new share of 143.156 billion shares, accounting for 45.90% of the total new fund shares. - Existing funds: The share of active equity - hybrid funds declined. The total share of existing funds was 283 billion shares, a reduction of 13.5586 billion shares compared to Q3. Some investors redeemed funds for profit - taking due to the large net - value fluctuations of technology - themed funds [4][9]. Active Bond Funds - New funds: Affected by the overall decline of the bond market, the issuance popularity of bond funds remained low. 93 active bond funds were established, with a total new share of 82.091 billion shares, accounting for 26.32% of the total new fund shares. - Existing funds: The share of active bond funds slightly expanded in Q4, mainly due to the growth of partial - bond fund shares. The total share of existing active bond funds was 824 billion shares, an increase of 2.6545 billion shares compared to Q3 [4][10]. Other Funds - Inter - bank certificate of deposit funds: The share increased by 4.4649 billion shares in Q4, with 4 new funds issued and a total new share of 1.2463 billion shares. - QDII funds: The share increased by 13.5817 billion shares in Q4, with some Hang Seng Technology - themed products having obvious share expansion [4][12]. Fund Share Change Table | Fund Type | Q4 2025 Share (billion shares) | Q3 2025 Share (billion shares) | Share Change (billion shares) | Share Change Rate | | --- | --- | --- | --- | --- | | Stock | 396.028 | 369.3527 | 26.6754 | 7.22% | | Hybrid | 255.096 | 261.4112 | - 6.3152 | - 2.42% | | Bond | 914.6488 | 904.8124 | 9.8364 | 1.09% | | Commodity | 9.4389 | 7.0547 | 2.3842 | 33.80% | | Domestic Other | 19.7786 | 15.0969 | 4.6817 | 31.01% | | QDII Equity - Hybrid | 76.2795 | 63.4886 | 12.7909 | 20.15% | | QDII Bond | 5.9473 | 5.1731 | 0.7742 | 14.97% | | QDII Other | 0.0555 | 0.0389 | 0.0166 | 42.55% | | FOF | 22.3698 | 17.3224 | 5.0473 | 29.14% | | MOM | 0.1465 | 0.1546 | - 0.0081 | - 5.26% | | Total (excluding money funds) | 1699.789 | 1643.9056 | 55.8833 | 3.40% | [14]