券商资管，公募规模出炉！东方红、华泰领跑，增超30%

Core Viewpoint - The public fund management scale of several securities asset management companies has shown steady growth in 2025, with notable increases from major players like Dongfanghong Asset Management and Huatai Securities Asset Management, both exceeding 30% growth compared to the previous year [2][3]. Group 1: Public Fund Management Scale - As of the end of 2025, five securities asset management companies have public fund management scales exceeding 100 billion yuan, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from the end of 2024 [3]. - Huatai Securities Asset Management ranks second with a total scale of 180.82 billion yuan, reflecting a growth of 31.59% compared to the previous year [3]. - Other notable companies include Bank of China Securities and Caitong Asset Management, with scales of 133.96 billion yuan and 119.76 billion yuan, respectively, both experiencing slight declines [3]. Group 2: Product Structure and Performance - Dongfanghong Asset Management's equity products dominate its portfolio, with a scale exceeding 100 billion yuan, while its corporate bond fund has seen significant growth, reaching 62.5 billion yuan, a 43% increase [4]. - Huatai Securities Asset Management excels in money market funds, which have reached 154.77 billion yuan, a 37% increase from the end of 2024 [5]. - Caitong Asset Management focuses on bond funds, which constitute about 70% of its total scale, with equity funds showing substantial growth [5]. Group 3: Fund Manager Insights - Fund managers express optimism about cyclical sectors, indicating that while the market is currently in a "weak recovery, low inflation" state, there is potential for significant upward movement once the economic cycle turns [7][8]. - The performance of various indices in 2025 has shown significant divergence, with some sectors being overvalued while others remain undervalued, suggesting a need for careful stock selection [8].