创历史新高！债基继续“扛旗”

Core Viewpoint - The total net asset value of public funds in China reached a historical high of 34.39 trillion yuan as of June 30, 2025, with significant contributions from bond funds and a mixed performance in equity funds [1][3][4]. Fund Size Growth - As of June 30, 2025, there are 164 public fund management institutions in China, managing a total net asset value of 34.39 trillion yuan, marking a growth of 651.9 billion yuan from the end of May [3][4]. - The public bond fund size increased by 507.8 billion yuan in June, reaching 7.28 trillion yuan, with a year-to-date growth trend observed over four consecutive months [6][5]. Bond Fund Performance - Bond funds were the main contributors to the overall growth, with a monthly increase exceeding 500 billion yuan in June [5]. - The bond market is expected to remain bullish in the second half of the year, supported by favorable fundamentals and liquidity conditions, although there are concerns regarding high leverage and duration risks in a low volatility environment [8][7]. Equity Fund Performance - The A-share market showed positive performance in June, with the Shanghai Composite Index rising by 2.9%, leading to an increase in the size of equity funds [9]. - Stock funds and mixed funds saw increases of 148.3 billion yuan and 121.3 billion yuan, respectively, with growth rates of 3.24% and 3.4% [10]. New Fund Issuance - In June, 110 new equity funds were established, raising a total of 51.6 billion yuan, accounting for approximately 40% of the total new fund issuance [11]. - The outlook for the A-share market remains optimistic, driven by sectors such as AI, military, and innovative pharmaceuticals, alongside supportive domestic policies [11]. QDII Fund Growth - QDII funds experienced a growth of approximately 4.51%, reaching a total size of 683.7 billion yuan by the end of June, benefiting from strong inflows and favorable market conditions [12][13].