见证历史！首破370000亿

Core Viewpoint - The public fund scale in China has surpassed 37 trillion yuan for the first time, reaching a historical high due to multiple factors including market recovery and influx of new capital [2][3]. Fund Scale and Growth - As of the end of November 2025, the total scale of public funds reached 37.02 trillion yuan, marking a 0.16% month-on-month increase and a 12.77% year-to-date increase, with a growth of 4.19 trillion yuan compared to the end of last year [6][8]. - The public fund market has seen continuous growth for eight months, with significant milestones achieved each month, including breaking the 33 trillion yuan mark in April and reaching 37 trillion yuan in November [6]. Fund Types Performance - In November, all types of public funds experienced positive growth in terms of shares, with Fund of Funds (FOF) leading with a 13.64% increase in shares and a 11.74% increase in scale [9][13]. - QDII funds also showed strong performance, with a 7.15% increase in shares and a 2.73% increase in scale [13]. - However, stock and mixed funds saw a slight decline in scale due to market adjustments, with stock funds decreasing by 2.2% and mixed funds by 1.96% [10][12]. Fund Distribution - As of November 30, 2025, there were 165 public fund management institutions in China, managing a total of 13,490 funds with a combined net asset value of 37.02 trillion yuan [4]. - The number of stock funds was 3,371, with a total share of 38,210.97 billion, while bond funds numbered 3,858 with a share of 88,657.06 billion [5]. Investor Behavior - Investors showed enthusiasm in November, leading to net subscriptions across various fund products, particularly in stock and mixed funds, despite the decline in their net asset values [10][13]. - The trend of increasing cross-border asset allocation was evident, with QDII funds attracting more investments [13].