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Core Insights - The overall fund size in China reached 30.46 trillion units by the end of Q3 2025, with a net redemption of 124.76 billion units, representing a decrease of 0.41% [10][11][12] - Despite the overall trend of net redemptions, 45 actively managed equity funds saw net subscriptions exceeding 1 billion units, indicating strong investor interest in high-performing products [2][4][6] Fund Performance Summary - In Q3 2025, 107 actively managed equity funds had net subscriptions over 500 million units, more than doubling from the previous quarter, with mixed funds being the dominant category [4][6] - The top three funds by net subscriptions were: - ICBC Value Select Mixed A: 5.883 billion units, net subscription ratio of 571.02% [5][7] - Huatai-PineBridge Xinxiang Tianli Mixed A: 3.941 billion units, net subscription ratio of 331.24% [5][7] - Yongying Semiconductor Industry Smart Selection Mixed C: 3.219 billion units, net subscription ratio over 180% [5][7] Market Trends - The bond fund category experienced the largest net redemption, shrinking by 505.52 billion units, while mixed and actively managed equity funds also faced significant outflows [10][12] - Conversely, money market funds and QDII funds saw net inflows, with money market funds gaining 450.78 billion units and QDII funds 109.84 billion units, indicating a shift in investor preference [12][13] Fund Categories Overview - The performance of various fund categories in Q3 2025 was as follows: - Stock funds: 35.85 trillion units, net subscription of 331.99 million units [13] - Index funds: 32.43 trillion units, net subscription of 514.74 million units [13] - Actively managed equity funds: 3.43 trillion units, net redemption of 182.75 million units [13] - Mixed funds: 26.64 trillion units, net redemption of 2.18 trillion units, the highest redemption ratio [12][13] - Bond funds: 89.31 trillion units, net redemption of 5.06 trillion units, the largest among all categories [12][13]