公募基金规模，连续7个月创新高

Core Viewpoint - The public fund management industry in China has reached a record high in asset value, driven primarily by the growth of money market funds, while equity and bond funds have experienced declines in scale [1][2][6]. Fund Management Overview - As of October 2025, there are 165 public fund management institutions in China, managing a total net asset value of 36.96 trillion yuan, which represents a monthly increase of 218.74 billion yuan [1]. - The number of open-end funds has increased by 74 to 12,052, while closed-end funds remain stable at 1,329 [3]. Fund Categories Performance - Money market funds have seen a significant increase in scale, growing by 385.54 billion yuan in October, while equity funds decreased by 28.92 billion yuan and mixed funds by 54.81 billion yuan [2][4]. - The total scale of bond funds has decreased by 104.32 billion yuan, with a total scale of 7.10 trillion yuan as of the end of October [4]. Market Dynamics - The stock market experienced fluctuations, with the Shanghai Composite Index rising by 1.85% and the Shenzhen Component Index falling by approximately 1.1%, contributing to the decline in equity fund scales [3]. - The bond market has seen a shift in institutional behavior, with banks reducing their bond holdings while other entities, such as broad-based funds and brokerages, have increased their bond purchases [5]. Money Market Fund Insights - The growth of money market funds is attributed to significant inflows from retail investors, driven by lower bank deposit rates and the expiration of fixed-term deposits [7]. - Recent regulatory changes have enhanced the attractiveness of money market funds, allowing them to maintain liquidity advantages over other fund types [7]. QDII Fund Performance - QDII funds have shown growth in both scale and net value, with total shares reaching 736.73 billion and total scale at 939.01 billion yuan, despite challenges in the Hong Kong market [8].