Group 1 - The A-share market has experienced a rapid warming since the fourth quarter of last year, with improved market sentiment and significantly enhanced risk appetite [1] - Current economic expectations have turned positive, leading to abundant structural opportunities in the equity market, presenting a favorable allocation opportunity [1] - The market is expected to attract incremental funds from various sources, contributing to the continuous growth of public fund sizes in the future [1]

Core Insights - The total scale of public funds in China reached a historic high of 33.12 trillion yuan by the end of April 2025, with an increase of approximately 900 billion yuan in that month alone [1][4][6] Fund Scale Growth - In April, the public fund scale increased by about 900 billion yuan, marking a month-on-month growth rate of 2.79% [4] - The total number of public fund shares rose by 841.37 billion shares, reaching 30.22 trillion shares, with a month-on-month growth rate of 2.86% [4] Fund Type Contributions - The growth in public fund scale was primarily driven by various types of funds, including money market funds, bond funds, and equity funds [8] - Money market funds saw a significant increase of 664.84 billion yuan in April, bringing their total scale to 13.99 trillion yuan [8][9] - Bond funds experienced a net subscription of 716.83 million shares, with a monthly increase of 140.18 billion yuan, totaling 6.56 trillion yuan [8][9] - Equity funds also gained popularity, with a net subscription of 109.39 billion shares, increasing their total scale to 4.58 trillion yuan [10][11] Fund Management Institutions - As of the end of April 2025, there were 163 public fund management institutions in China, including 148 fund management companies and 15 asset management institutions with public qualifications [3]

Core Insights - The total scale of public funds in China has reached 33.12 trillion yuan as of the end of April 2025, marking the first time it has surpassed 33 trillion yuan [1] - This milestone represents the seventh historical high since early 2024, with previous records set at the end of February, April, May, July, September, and December 2024 [1] Fund Type Analysis - In April 2025, both stock funds and bond funds saw an increase of over 100 billion yuan in scale [1] - Money market funds experienced a significant surge, increasing by over 660 billion yuan [1]

文章来源 本文摘自：2025年5月13日发布的 双降之后，长债交易降温 唐元懋 ，资格证书编号： S0880524040002 报告导读： 上周资金市场整体升温，银行间债市杠杆率略降，一级市场国开和农发债热度 分化，二级市场基金和农商行大举加仓短债，超长债交易继续降温。理财规模增幅较弱。 资金市场：资金交易升温、杠杆率略降。 过去一周资金市场整体升温。主要融入方净融入金额上升，主要 融出方净融入金额下降。银行间总融入融出回购余额上升，银行间债市杠杆率略降。分机构看，商业银行 / 政策性银行、保险公司杠杆率下降，证券公司、非法人产品杠杆率上升。隔夜回购占比下降。 一级市场：新发债热度分化。 4/29-5/9 期间，有 2 只 10Y 国开债和 1 只 10Y 其他政金债（农发债） 发行。国开债全场倍数上升，其他政金债全场倍数下降。国开债一二级价差收窄、其他政金债一二级价差 走阔。一致性预期方面，国开债和其他政金债边际倍数均下降。 二级市场：基金和农商行大举加仓短债，超长债交易活跃度继续减弱。 过去一周二级市场短债交易活跃度 向好，长债超长债交易活跃度走弱。 30 年国债换手率下降，中长期纯债型基金久期平均数上升 ...

证券研究报告·行业月报·非银金融 东吴金融 财富管理月报（2025/04） 基金日均成交额及换手率同环比双升，新发 基金规模持续下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 07 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 武欣姝 执业证书：S0600524060001 wuxs@dwzq.com.cn 行业走势 非银金融 沪深300 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 2024/5/7 2024/9/5 2025/1/4 2025/5/5 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 ◼ 2025 年 4 月，基金指数净值整体波动上升。各类型基金收益高于股票 指数型，其中债券型基金指数小幅上升。 ◼ 2025 年 4 月，股票型 ETF 基金资金净流入 1,976 亿元，现存总规模 23,416 亿元。股票型 ETF 主要按照宽基 ETF、行业与主题 ETF、风格 ETF 分类分析。宽基 ETF 方面，净流入 1,908 ...

据中基协披露的数据，截至2025年3月底，我国境内公募基金管理机构共163家，其中基金管理公司148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32.22万亿元，整体规模较2月末下滑约98.04亿元。 具体来看，封闭式基金资产净值合计为3.79万亿元，开放式基金资产净值合计为28.43万亿元。开放式基金中，包括股票基金、混合基金、债券基金、货币基金、 QDII基金等五大类，截至2025年3月底，上述五类基金规模分别为4.47万亿元、3.58万亿元、6.42万亿元、13.33万亿元和6357.3亿元。 数量方面，股票基金和混合基金分别增长了67只和25只，这主要得益于3月份新发市场的回暖。 | 基金类别 | 基金数量 | 数量变化 | 份额 | 环比 | 浄値 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | (日) | (只) | (亿份) | | (亿元) | | | 封闭式基金 | 1339 | 1 | 34759.85 | 1.41% | 37878.59 | 1.04% | | 开放式基金 | 11260 | 1 ...

Core Insights - As of March 31, 2025, the total net asset value managed by domestic public fund management institutions reached 32.22 trillion yuan, with 163 institutions including 148 fund management companies and 15 asset management firms holding public qualifications [2] - The total public fund shares increased to 29.39 trillion shares in March, reflecting a 0.15% growth compared to February, indicating a stable overall change [2] Fund Type Analysis - Various fund types experienced net subscriptions in March, with QDII funds and equity funds showing significant enthusiasm, with shares increasing by 3.57% and 1.29% respectively; closed-end funds also saw a 1.41% increase [3] - The share of equity funds rose to 3.4 trillion shares by the end of March, marking a 1.29% increase, although the overall scale slightly decreased to 4.47 trillion yuan, down 0.41% due to corrections in growth sectors like the ChiNext and STAR Market [3] - Mixed funds showed a recovery in subscription strength, with shares growing by 0.75% to 3.05 trillion shares and scale increasing by 1.42% to 3.58 trillion yuan, marking the first consecutive month of growth since May of the previous year [3] - QDII funds were particularly favored in March, with shares increasing by 3.57% to 562.868 billion shares, driven by significant net subscriptions in products like the Hong Kong Stock Connect Internet ETF and Hang Seng Technology ETF [3] - Bond funds also performed well, with shares and scale growing by 1.1% and 1% respectively, reaching 5.56 trillion shares and 6.42 trillion yuan [3]

本报记者 方凌晨 "五一"假期即将来临，多只货币基金"闭门谢客"。近日，华泰柏瑞基金管理有限公司（以下简称"华泰柏瑞基金"）、长盛 基金管理有限公司、先锋基金管理有限公司（以下简称"先锋基金"）等多家公募机构旗下货币基金发布暂停申购、转换转入及 定期定额投资业务的公告。 例如，华泰柏瑞基金决定从2025年4月29日起暂停华泰柏瑞货币市场证券投资基金、华泰柏瑞天添宝货币市场基金的申购 和转换转入业务，并自2025年5月6日起在代销机构恢复办理基金申购、转换转入业务，届时将不再另行公告。先锋基金决定自 2025年4月29日至2025年5月5日暂停先锋日添利货币市场基金代销渠道申购、转换转入及定期定额投资业务，其他业务仍照常 办理。 还有部分公募机构旗下货币基金暂停大额申购业务、调整大额申购金额上限。举例来说，中邮货币市场基金相关公告显 示，自2025年4月29日起，暂停通过非直销销售机构的非个人投资者单日单个基金账户单笔或累计金额超过人民币1万元的大额 申购（含定期定额投资）业务，并自2025年5月6日起恢复非直销机构非个人投资者大额申购（含定期定额投资）限额为500万 元的业务。 这一现象不仅出现在"五一"假期 ...

Core Insights - The public fund industry reported a net asset value of 32.07 trillion yuan, with a quarter-on-quarter decrease of 1.74% [2] - Ningde Times remains the top heavy stock for public funds, with a total market value of 146.8 billion yuan held by 1,863 funds [3] - Public funds achieved a profit of over 250 billion yuan in the first quarter, driven by the recovery of equity fund performance [5] Fund Market Overview - As of the end of Q1 2025, the public fund market consists of 12,532 funds, with a total net asset value of 32.07 trillion yuan, reflecting a decrease of 1.74% from the previous quarter [2] - A total of 297 new funds were launched in Q1, raising 250 billion yuan, with bond and equity funds accounting for over 90% of the total [2] - The ETF market reached a record size, approaching 500 billion yuan, with a market share of 13% [2] Asset Allocation - The largest asset type held by funds is bonds, with a market value of 19.66 trillion yuan, accounting for 58.1% of total fund assets, an increase of 3.99% [2] - Stocks are the second-largest asset type, with a market value of 6.92 trillion yuan, representing 20.45% of total assets, an increase of 1% [2] - The top three industries in stock holdings are manufacturing (54.79%), finance (10.16%), and information transmission, software, and IT services (6.7%) [2] Top Holdings - Ningde Times is the largest stock held by public funds, with a total market value of 146.8 billion yuan [3] - Guizhou Moutai and Tencent Holdings follow, with market values of 142.8 billion yuan and 111.5 billion yuan, respectively [3] - Alibaba, Xiaomi, Meituan, and Kuaishou are also significant holdings, with respective market values of 74.5 billion yuan, 43.1 billion yuan, 33.9 billion yuan, and 14.6 billion yuan [3] Changes in Holdings - Alibaba saw the largest increase in the number of funds holding its stock, rising by 496 funds to a total of 830, with a market value of 74.5 billion yuan [3] - Zijin Mining and BYD also experienced significant increases in fund holdings, with over 200 additional funds [3] - In terms of share increases, Zijin Mining led with an increase of 1.053 billion shares held by funds [4] Profit Performance - Public funds reported a total profit of 251.7 billion yuan in Q1, benefiting from the recovery in equity fund performance [5] - The top three profit-generating companies were E Fund, Huaxia Fund, and Fortune Fund, with profits of 30.8 billion yuan, 27.1 billion yuan, and 16.4 billion yuan, respectively [5] - Mixed and equity funds were the most profitable types, generating profits of 103.2 billion yuan and 49.7 billion yuan, respectively [5] Fund Management Scale - E Fund and Huaxia Fund had non-monetary management scales of 1.42 trillion yuan and 1.2 trillion yuan, respectively, with slight decreases from the previous year [6] - Fortune Fund's non-monetary management scale increased by nearly 30 billion yuan, reaching over 710 billion yuan [6] - Mid-sized public fund companies also showed strong performance, with several increasing their management scales by over 8 billion yuan [6]