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]

Core Insights - The total scale of public funds in China reached 35.08 trillion yuan by the end of July 2025, marking the tenth historical high since early 2024 [1] Fund Type Analysis - As of July 2025, the scale of money market funds increased by over 380 billion yuan [1] - The scale of equity funds grew by more than 190 billion yuan [1] - The scale of mixed funds rose by over 130 billion yuan [1] - Conversely, the scale of bond funds decreased by over 46 billion yuan [1]

Market Review - The A-share market showed mixed performance last week, with the CSI 1000 and CSI 500 indices gaining 0.62% and 0.32% respectively, while the ChiNext and Shanghai Composite indices fell by -1.55% and -1.08% respectively [5][14] - The total net investment from the central bank's reverse repos was 656.6 billion, with a total of 1.6026 trillion in open market operations [5][23] - The financial, defense, and pharmaceutical sectors performed well, with returns of 10.5%, 2.49%, and 2.21% respectively, while the automotive and non-ferrous metals sectors lagged behind with returns of -4.32% and -2.27% [21][22] Fund Performance - A total of 30 new funds were established last week, with a total issuance scale of 18.987 billion, an increase from the previous week [3][41] - The median returns for active equity, flexible allocation, and balanced mixed funds were -0.46%, -0.15%, and -0.26% respectively [33][35] - Alternative funds have shown the best performance this year, with a median return of 6.74%, while active equity and flexible allocation funds had median returns of 1.72% and 0.35% respectively [35][36] Fund Issuance - Last week, 40 funds were reported for issuance, including 2 FOFs and 1 QDII, indicating an increase in the number of new fund applications [4][5] - The new funds included various ETFs tracking sectors such as technology and pharmaceuticals, reflecting a growing interest in these areas [5][6] Index Adjustments - The Shanghai Stock Exchange announced the optimization of the SSE 380 index and the introduction of the SSE 580 index, aimed at providing a more comprehensive view of mid and small-cap stocks [7][8] - The adjustments are expected to enhance the representativeness of the indices, with the SSE 380 index covering approximately 14.7% of the market capitalization [8][9] Bond Market - The central bank's reverse repo operations resulted in a net investment of 656.6 billion, with a decrease in the repo rates across various maturities [23][24] - Credit spreads for different ratings of credit bonds have shown an upward trend, indicating a shift in market sentiment [27][28] Open-End Fund Overview - As of last week, there were 238 ordinary FOF funds, 118 target date funds, and 155 target risk funds in the open-end public fund market [39] - The median performance of target date funds was the best among fund types, with a cumulative return of 1.16% this year [39][40]

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]