37万亿行业，大消息！年度“十大”来了

Core Viewpoint - The article discusses the significant developments in the public fund industry in China throughout 2025, highlighting key reforms, growth in fund sizes, and the shift towards high-quality development in the sector [2]. Group 1: High-Quality Development Action Plan - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures aimed at reshaping the industry ecosystem [3]. - The plan emphasizes investor-centric development, strong regulation, and risk prevention, encouraging fund companies to shift focus from scale to returns [3][4]. Group 2: Fee Rate Reform - The public fund fee rate reform has entered its final phase, with annual savings for investors exceeding 500 billion yuan [5]. - The reform consists of three stages: reducing management and custody fees, lowering trading commission rates, and decreasing subscription and purchase fees [5][6]. Group 3: Fund Size and Structure - By October 2025, the total size of public funds reached 36.96 trillion yuan, marking a continuous increase over seven months [6][7]. - The proportion of equity products has significantly increased, with stock and mixed funds reaching a combined scale of 10.18 trillion yuan, reflecting a shift towards quality development [7]. Group 4: ETF Market Growth - The ETF market size surged to 5.7 trillion yuan by October 2025, a 53% increase from the end of 2024, with stock ETFs becoming a core component of equity allocation [8]. - Bond ETFs have also seen substantial growth, with total sizes exceeding 700 billion yuan, driven by innovative products like the Sci-Tech Bond ETFs [9]. Group 5: Performance Assessment Reforms - New performance assessment guidelines for fund management companies were released, focusing on long-term value creation and reducing homogeneous competition [10][11]. - The introduction of performance benchmarks aims to enhance accountability and align fund managers' interests with investors [11][12]. Group 6: AI Integration in Fund Management - The fund industry is accelerating its intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][13]. - AI technologies are being integrated into core investment processes, providing data-driven insights and improving operational efficiency [14][15]. Group 7: Expansion of Public REITs - The public REITs market has experienced significant growth, with 77 products listed and a total market value of 216.03 billion yuan by December 2025 [17]. - The asset types for REITs have diversified beyond traditional infrastructure to include commercial real estate, expanding investment opportunities [18]. Group 8: Cross-Border Investment Innovations - The public fund industry is enhancing its international presence, with the number of cross-border ETFs reaching 200 and total sizes nearing 920 billion yuan [19][20]. - The establishment of overseas subsidiaries by multiple fund companies indicates a strategic push towards global asset allocation [20].