国泰海通｜基金评价：公募基金2025年四季报规模点评——ETF规模继续扩张，固收加和FOF产品市场认可度提升

Group 1 - The core viewpoint of the article highlights the growth in various fund types in Q4 2025, with an increase in stock, bond, commodity, and other fund types, while mixed and MOM funds saw a decrease in size compared to the previous quarter [1] Group 2 - As of December 31, 2025, the total management scale of public funds (excluding money market funds) reached approximately 22.66 trillion yuan, an increase of about 0.65 trillion yuan from September 30, 2025 [2] - After excluding the ETF linked funds and internal fund holdings, the total scale of public funds (excluding money market funds) was approximately 21.68 trillion yuan, reflecting an increase of about 0.54 trillion yuan [2] Group 3 - The scale of actively managed mixed equity funds, excluding FOF products, was approximately 4.40 trillion yuan as of December 31, 2025, a decrease of about 1.56 trillion yuan from the previous quarter [3] - The new issuance of actively managed equity funds has been strong since 2025, driven by a bullish A-share market and a clearer technology investment theme [3] Group 4 - The scale of actively managed bond funds, excluding FOF products, reached 9.31 trillion yuan as of December 31, 2025, an increase of about 1.59 trillion yuan from the previous quarter [3] - The top five actively managed bond funds raised less than 5 billion yuan each in Q4 2025, indicating a preference for bond-oriented products [3] Group 5 - The scale of FOFs, after excluding internal fund holdings, was approximately 172.84 billion yuan as of December 31, 2025, continuing a growth trend primarily driven by new product issuances [4] Group 6 - The total scale of other products, after excluding ETF linked funds and internal fund holdings, was approximately 669.16 billion yuan as of December 31, 2025, reflecting an increase of about 125.12 billion yuan [4] - The growth in other products was supported by rising international gold prices and increased interest in gold and silver-themed ETFs [4]