据中基协最新披露的数据，截至8月末，我国公募基金总规模突破36万亿元大关，年内第5次创下历史新 高。 分产品类型来看，受益于8月权益市场的热度以及增量资金的踊跃，担纲规模增长主力的为主动权益类 基金，其中股票基金净值环比增幅高达12.76%。从历史数据来看，单月实现两位数增长亦实属罕见， 美股、港股市场的升温也带动QDII基金规模的上扬。 权益资产份额的增长源于发行端的上新与二级市场的加购。若以基金成立日为口径，数据显示，8月新 成立基金合计发行份额1020亿份，其中，股票型基金发行份额472亿份；混合型基金发行份额约为 143.57亿份，权益基金新发份额占整体发行的一半之多。 此外，股基与混基份额此消彼长的背后，也反映出ETF的强势突围。8月份，国内ETF规模已达5.07万亿 元，而距离上一次站上4万亿关口仅历时4个月，ETF规模持续上涨也是二级市场"加购"的真实写照。 债基整体规模回撤 此外，股债跷跷板效应再度演绎，8月内债基无论是份额还是净值规模均有小幅下滑。 公募基金规模续创新高 据中基协数据，截至2025年8月底，我国境内公募基金管理机构共164家，其中基金管理公司149家，取 得公募资格的资产管理 ...

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]