逼近38万亿元！公募基金规模连续9个月创新高

Core Viewpoint - The public fund management industry in China is experiencing significant growth, with total net asset value reaching 37.71 trillion yuan by the end of December 2025, marking a continuous increase for nine months and a monthly growth of 695.748 billion yuan [1][3]. Fund Categories Summary - Equity Funds: The net value increased from 5.8 trillion yuan in November to 6.05 trillion yuan in December, contributing 330.3 billion yuan to the overall growth [4]. - Bond Funds: The net value rose from 10.52 trillion yuan to 10.93 trillion yuan, with a monthly increase of 412 billion yuan, becoming the main driver of growth [6]. - Money Market Funds: Experienced a decline of approximately 153.6 billion yuan in December, indicating a weakening advantage as equity markets improve [6]. - Mixed Funds: Despite a slight decrease in shares, the net value increased from 3.6 trillion yuan to 3.68 trillion yuan [4]. - Fund of Funds (FOF): Saw a monthly increase of over 8.8 billion yuan, with total assets surpassing 240 billion yuan, reaching a historical high [4][5]. Market Outlook - The equity market is expected to remain optimistic in 2026, driven by strong expectations of RMB appreciation and increased foreign investment, although a shift from valuation expansion to profit expansion is anticipated [4]. - The bond market is expected to exhibit dual-directional volatility, with limited risks of significant interest rate hikes due to prior pricing of strong expectations [6]. - The public fund industry is projected to continue its growth trajectory, potentially reaching 40 trillion yuan by 2026, supported by a robust customer base and favorable market conditions [6]. Incremental Capital Expectations - In the context of deposit migration to the market, the expected incremental capital for A-shares in 2026 is around 3 trillion yuan, with potential public fund incremental capital space estimated at 877.267 billion yuan [7].