35万亿元！公募规模迭创新高，权益资产增幅明显

Core Viewpoint - The total scale of public funds in China reached a historical high of 35.08 trillion yuan by the end of July 2025, marking the tenth consecutive record since early 2024 [4]. Fund Market Overview - In July, both the Shanghai and Shenzhen indices rose, leading to significant net value increases in equity products, including stock and mixed funds. The QDII funds also saw growth in both share and net value due to the rise in Hong Kong and US stocks [3][7]. - The "see-saw" effect between stocks and bonds was evident, with over 48 billion yuan leaving bond funds as investors shifted to equity markets or "fixed income plus" products [3][8]. Fund Category Performance - The total scale of public funds increased by 130.14 billion yuan in July, with significant contributions from various fund types: - Money market funds grew by over 380 billion yuan, becoming the main driver of growth. - Stock funds increased by over 190 billion yuan, while mixed funds rose by over 130 billion yuan. - Bond funds, however, saw a decline of over 48 billion yuan [5][6]. Equity Fund Dynamics - The A-share market's recovery led to a notable increase in equity fund scales. The Shanghai Composite Index rose by 3.74%, and the Shenzhen Component Index increased by 5.2% in July. Despite a decrease in total shares for stock and mixed funds, their net values increased, resulting in a combined scale growth of over 300 billion yuan [7]. - QDII funds experienced a 3.87% increase in total shares and a 6.77% rise in net value, driven by strong market performance in both Hong Kong and the US [7]. Bond Market Challenges - The bond market faced significant outflows as investors redeemed pure bond products in favor of equity or "fixed income plus" options. This trend was exacerbated by a tightening liquidity environment and a decrease in bond fund net values, with approximately 60% of bond funds experiencing declines in July [8][9]. - The bond market's previous "crowded trade" risk, characterized by a prolonged bull market, has made it sensitive to negative signals, leading to increased volatility and adjustments in bond fund performance [9].