易方达规模首破2.5万亿

Core Viewpoint - The total scale of public funds in China has reached a historical high of 36.74 trillion yuan, marking a nearly 7% increase from the end of the second quarter of 2025, driven by a recovering stock market and strong performance of equity funds [1][3]. Fund Scale and Growth - As of September 2025, the total net asset value of public funds in China is 36.74 trillion yuan, a 14.56% increase year-on-year and an increase of 2.35 trillion yuan in the third quarter alone [3][5]. - All major fund types, except for bond funds, experienced growth in the third quarter, with overseas investment funds showing the fastest growth rate of 33.18% [4][5]. Fund Type Performance - The scale of various fund types at the end of the third quarter is as follows: - Stock funds: 5.94 trillion yuan, up 25.3% from the end of June - Mixed funds: 3.91 trillion yuan, up 17.89% - Money market funds: 14.40 trillion yuan, up 3.32% - Overseas investment funds: 904.52 billion yuan, up 33.18% - FOF: 193.49 billion yuan, up 17.22% - Bond funds: 10.62 trillion yuan, down 1.33% [4][5]. Market Leaders - The top ten fund management companies account for 41.31% of the total market scale, with their combined net asset value reaching 15.06 trillion yuan [5][6]. - The leading fund management companies by scale as of September 2025 are: - E Fund: 2.53 trillion yuan - Huaxia Fund: 2.25 trillion yuan - GF Fund: 1.61 trillion yuan - Southern Fund: 1.48 trillion yuan - Other notable firms include Tianhong, Jiashi, Boshi, and Huitianfu, all exceeding 1 trillion yuan [6][7]. Investor Behavior - There is a significant divergence in the subscription of equity funds, with tool-type products like industry-themed ETFs and cross-border ETFs being highly favored, achieving net subscriptions of over 10 billion units each [10][11]. - Conversely, some actively managed equity funds have also seen substantial net subscriptions, but their "attraction" is not as strong as that of ETFs [12]. - Despite the overall market expansion, there is a notable trend of profit-taking among investors, particularly in sectors that have recently rebounded [12][13].