据中国基金业协会12月29日披露的数据，截至11月底，我国境内公募基金管理机构共165家，其中基金 管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计37.02万亿 元，这一数值较10月末微增约600亿元。 这是公募基金规模历史上首次突破37万亿元大关，也是连续8个月创下规模新高，较年初的32.83万亿元 增长超过4万亿元。 分类型看，11月担纲规模增量的基金种类是货币基金，当月货币基金规模增长高达1354.49亿元。虽然 当前货基收益率整体走低，多只基金最新7日年化收益率在1%左右徘徊，但依旧吸引了避险资金的热情 涌入。 华北一位公募人士分析，货币基金仍具有灵活度高、流动性好等优势，是市场上重要的现金管理工具。 此外，在利率下行大背景下，银行存款利率处于更低位，相较之下，货币基金对投资者有着更强的吸引 力。 债券基金截至11月底总规模达10.52万亿元，与10月底相比增长342.15亿元；合格境内机构投资者 （QDII）基金单月增超256.34亿元。较为"冷门"的FOF基金（基金中基金）单月规模也增约247.55亿 元。 富国基金分析，相较过往主要集中在传统的A股、债券和 ...

【内容摘要】12月29日，隔夜资金充盈但跨年分层矛盾仍存；超长债供给担忧叠加跨年资金波动，债市大幅走弱；转债市场主要指数集体收跌，转债个券多 数下跌；各期限美债收益率普遍下行，主要欧洲经济体10年期国债收益率普遍下行。 一、债市要闻 （一）国内要闻 【央行发布数字人民币行动方案】12月29日，央行党委委员、副行长陆磊发文披露，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相关 金融基础设施建设的行动方案》，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日起正式启动实施。届时，数字人民币钱包 余额将按照活期存款计付利息，数字人民币将从"数字现金时代"迈入"数字存款货币"时代。 【国有企业前11个月营业总收入同比增长1%】财政部12月29日发布数据显示，今年前11个月，全国国有及国有控股企业营业总收入756257.6亿元，同比增 长1%；前11个月，国有企业利润总额37194.5亿元，同比下降3.1%；前11个月，国有企业应交税费52803亿元，同比增长0.2%。截至11月末，国有企业资产 负债率为65.2%。 【国务院关税税则委员会：自2026年1月1日起，对部分商品的进 ...

据中基协数据，截至2025年10月底，我国境内公募基金管理机构共165家，其中基金管理公司150家，取得 公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计36.96万亿元，与9月底相比，单月 规模增长2182.74亿元，已经连续7个月创下历史新高。 10月份内，担纲整体增长"主力"的是货币基金，在收益率持续走低的背景下单月规模依旧上涨3855.36亿元； 此外 QDII基金 无论是净值还是规模均有显著增长；而在权益市场震荡的背景下，权益基金整体规模有所下 滑，债基因被多类机构减持，单月规模降幅超过1000亿元。 | 类别 | 基金数量(只) | 环比变化 | 份额(亿份) | 环比变动 | 净值(亿元) | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | (2025/10/31) | (H) | (2025/10/31) | (%) | (2025/10/31) | (%) | | 封闭式基金 | 1,329 | 0 | 33,388.50 | -0.57% | 36,855.15 | -0.21% | | 开放式基金 | 12,0 ...

10月份内，担纲整体增长"主力"的是货币基金，在收益率持续走低的背景下单月规模依旧上涨3855.36 亿元；此外QDII基金无论是净值还是规模均有显著增长；而在权益市场震荡的背景下，权益基金整体 规模有所下滑，债基因被多类机构减持，单月规模降幅超过1000亿元。 权益基金、债基规模略降 10月内，各大指数在达到阶段性高位后开始震荡，沪指单月上涨1.85%，深证成指跌约1.1%，在这一背 景下，权益型基金总体规模有所下滑。 据统计，截至10月底，股票基金总规模为5.93万亿元，与9月底相比减少289.24亿元；混合基金的总规模 为4.26万亿元，环比减少548.12亿元，二者降幅分别为0.49%和1.27%。 但从份额来看，股票型基金份额增加了656.85亿份，环比增加1.79%，而混合基金份额减少127.46亿 份，环比降0.44%。 受股债"跷跷板"等多重因素影响，近期债基表现持续不振，而10月份债基也有明显降幅。截至10月底， 债券基金总规模为7.10万亿元，与9月底相比下降1043.22亿元，环比降幅1.45%；债券基金总份额为5.63 万亿份，与9月底相比下降1338.91亿份，环比降幅2.32%。 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market performance, fund issuance, and fund performance, without detailing any quantitative models or factor construction methodologies[1][2][3]

Core Insights - As of October 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The total net asset value of public funds managed by these institutions reached 36.96 trillion yuan, marking a monthly increase of 218.74 billion yuan and a record high for seven consecutive months [1] Group 1: Fund Performance - In October, money market funds were the main contributors to the growth of public fund scale, increasing by 385.54 billion yuan despite a continuous decline in yields [1] - The total scale of money market funds reached 15.05 trillion yuan, with a month-on-month increase of 385.54 billion yuan, representing a growth rate of 2.63% [1] Group 2: Fund Categories - QDII funds experienced significant growth in both net value and scale [1] - Equity funds saw a decline in overall scale due to market fluctuations [1] - Bond funds faced a reduction in scale exceeding 100 billion yuan due to sell-offs by various institutions [1]

| 类别 | 基金数量(只) | 份额(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2025/10/31) | (2025/10/31) | (2025/10/31) | (2025/9/30) | (2025/9/30) | (2025/9/30) | | 封闭式基金 | 1,329 | 33,388.50 | 36.855.15 | 1,329 | 33,578.87 | 36.931.06 | | 开放式基金 | 12,052 | 280,411. 40 | 332,743.67 | 11,978 | 276,880.11 | 330,485.03 | | 其中:股票基金 | 3.304 | 37.404.06 | 59.259.18 | 3.262 | 36.747.21 | 59,548.42 | | 其中:混合基金 | 5.284 | 28.807.61 | 42.569.36 | 5.262 | 28.935.07 | 43.117.48 | | 其中:债券 ...

Core Insights - The total asset management scale of public funds in China has reached a historical high of 36.74 trillion yuan as of September 2025, marking a significant increase since August 2025 [1] Fund Management Institutions - As of September 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] Fund Asset Scale - The net asset value of public funds managed by these institutions is 36.74 trillion yuan, indicating a substantial growth from the previous month [1] - The latest scales for different types of funds are as follows: - QDII funds: 910.62 billion yuan, up 14.21% month-on-month - Equity funds: 5.95 trillion yuan, up 7.28% month-on-month - Mixed funds: 4.31 trillion yuan, up 3.64% month-on-month - Bond funds: 7.2 trillion yuan, down 0.09% month-on-month - Money market funds: 14.67 trillion yuan, down 0.96% month-on-month [1] Growth Comparison - Compared to August 2025, the public fund scale increased by nearly 500 billion yuan in September 2025, with equity funds contributing over 400 billion yuan to this growth [1]

Core Insights - As of September 2025, the total net asset value of public funds in China reached a record high of 36.74 trillion yuan, managed by 165 public fund management institutions [1][2] Fund Categories Summary - QDII funds reached a net value of 910.62 billion yuan, with a quarter-on-quarter growth of 14.21% [1] - Stock funds had a net value of 5.95 trillion yuan, increasing by 7.28% quarter-on-quarter [1] - Mixed funds totaled 4.31 trillion yuan, with a quarter-on-quarter growth of 3.64% [1] - Bond funds saw a slight decrease in net value to 7.2 trillion yuan, down by 0.09% [1] - Money market funds also experienced a decline, with a net value of 14.67 trillion yuan, down by 0.96% [1] Fund Statistics - The number of closed-end funds was 1,329, with a net value of 369.31 billion yuan [2] - Open-end funds totaled 11,978, with a net value of 3.30 trillion yuan [2] - The number of stock funds was 3,262, with a net value of 595.48 billion yuan [2] - Mixed funds numbered 5,262, with a net value of 431.17 billion yuan [2] - Bond funds accounted for 2,766, with a net value of 720.47 billion yuan [2] - Money market funds had 366, with a net value of 146.67 billion yuan [2] - QDII funds numbered 322, with a net value of 91.06 billion yuan [2]

Core Insights - The total scale of public funds in China has surpassed 36 trillion yuan, marking the fifth historical high this year [1][3] - Active equity funds have been the main contributors to this growth, with stock fund net value increasing by 12.76% month-on-month [1][4] - The performance of the A-share market in August has created a favorable environment for public fund issuance, leading to strong investor participation [3][4] Fund Scale and Performance - As of the end of August, the total net asset value of public funds in China reached 36.25 trillion yuan, with an increase of over 1.17 billion units from the previous month [3] - The number of public fund management institutions stands at 164, including 149 fund management companies and 15 asset management institutions with public qualifications [3] Equity Fund Highlights - The Shanghai Composite Index rose by 7.97% in August, while the Shenzhen Component Index and the ChiNext Index saw increases of 15.32% and 24.13%, respectively [4] - Stock fund shares increased by 796.68 million units, with a net value growth of 6.28 billion yuan, reflecting a significant month-on-month increase [4] - New fund issuance in August totaled 1.02 billion units, with equity funds accounting for a substantial portion of this growth [4] Bond Fund Trends - Bond funds experienced a decline in both share and net value in August, with over 950 million units and a net value decrease of over 28.5 billion yuan [5] - Convertible bond funds performed well, achieving an average return of 6.29%, while passive index bond funds lagged behind [5] Market Outlook - Despite recent market fluctuations, the outlook for the domestic bond market remains positive, with expectations of a downward trend in bond yields [6] - The total scale of money market funds remained stable at approximately 14.81 trillion yuan, showing a growth of about 196.3 billion yuan from the end of July [6] - QDII funds saw an increase of 534 million units and a net value growth of 67.2 billion yuan, driven by significant gains in both the US and Hong Kong stock markets [6]