1.25万亿份，净申购！

Core Viewpoint - The overall net subscription of funds in the second quarter reached 1.25 trillion units, primarily driven by money market and bond funds [2][3]. Fund Subscription Summary - As of the end of June 2025, the total fund volume exceeded 30.22 trillion units, with a net subscription increase of 1.25 trillion units, marking a growth rate of 4.31% [4]. - Money market funds saw a net subscription of 887.67 billion units, with a subscription ratio of 6.88%, bringing the total to 13.79 trillion units; bond funds had a net subscription of 459.25 billion units, with a subscription ratio of 5.17%, totaling 9.35 trillion units [4]. - Together, money market and bond funds accounted for a net subscription of 1.3 trillion units, surpassing the total net subscription of all fund categories [4]. - Commodity funds had a total volume of 72.29 billion units at the end of the quarter, with a net subscription of 20.83 billion units, resulting in a high subscription ratio of 40.49% [4]. - QDII funds had a net subscription ratio of 1.48%, with a total volume of 569.83 billion units [4]. Equity Fund Performance - In contrast to the positive trends in money market and bond funds, equity funds experienced net redemptions across all subcategories, with a total net redemption of 140.27 billion units [5]. - Actively managed stock funds faced the highest net redemption of 17.96 billion units, with a redemption ratio of 4.75% [4][5]. - Mixed funds had a net redemption ratio of 3.28%, while stock and index funds had redemption ratios of 0.73% and 0.23%, respectively [4]. Investor Behavior Insights - The subscription and redemption trends are closely linked to the performance of various asset classes and related funds, with significant differentiation observed among them [6]. - The second quarter saw varied performances in A-shares, Hong Kong stocks, bonds, and gold, leading investors to make differentiated subscription choices based on their outlook on asset returns [6]. Notable Fund Performances - Despite the overall net redemptions in actively managed stock and mixed funds, 51 actively managed equity funds saw net subscriptions exceeding 500 million units [9]. - Fourteen funds achieved net subscriptions over 1 billion units, with the highest being a money market fund [9]. - The "fixed income +" product from Guotai Junan attracted 1.47 billion units in net subscriptions, with a remarkable subscription ratio of 2698.57% [9]. - The healthcare innovation fund from Huatai-PineBridge achieved a net subscription of 1.45 billion units, with a net value growth rate of 21.65% [10].