Report Industry Investment Rating The document does not provide the industry investment rating. Core Views of the Report - From March 2, 2026, to March 6, 2026, all major equity market indices declined, with the STAR 50 index experiencing the largest drop of 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, with the top five gainers being petroleum & petrochemicals, coal, utilities, agriculture, forestry, animal husbandry & fishery, and banking; the top five losers were media, non-ferrous metals, computer, electronics, and building materials [1][12]. - The total scale of public - offering funds reached a new record, and the number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. In the fund performance, quantitative funds had the smallest decline, with an average drop of 2.29% and a positive - return ratio of 4.16%; fixed - income + funds dropped by 0.34% on average, with a positive - return ratio of 30.15%; pure - bond funds rose by 0.11% on average, with a positive - return ratio of 99.46%; pension target FOFs dropped by 1.86% on average, with a positive - return ratio of 0.00%; QDII funds dropped by 2.79% on average, with a positive - return ratio of 7.14% [2][30]. - Last week, the overall ETF market had a net capital inflow of 31.867 billion yuan. Commodity - type ETFs had a relatively large net inflow of 13.181 billion yuan. The daily average trading volume of the overall ETF market reached 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. Sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties, with the net capital outflow of the CSI Small - Cap 500 index approaching 10 billion yuan [3][42][45]. - Last week, 45 new funds were issued, an increase of 9 compared with the previous period; 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period [4][49][54]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Situation - Equity market: All major equity market indices declined, with the STAR 50 index dropping by 4.95%. Among the 31 Shenwan primary industries, 7 industries rose, and the top five gainers and losers were as mentioned above. - Bond market: The ChinaBond Composite Full - Price Index rose by 0.06%, the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.06% and 0.10%, and the CSI Convertible Bond Index dropped by 2.07%. - Commodity market: The Nanhua Commodity Index rose by 6.43% [12]. 1.2欧美及亚太市场情况 All major indices in the European, American, and Asia - Pacific markets declined last week. In the US stock market, the S&P 500 index dropped by 1.55%, the Dow Jones Industrial Average dropped by 2.95%, and the Nasdaq index dropped by 1.24%. In the European market, the French CAC40 dropped by 6.84%, and the German DAX dropped by 6.70%. In the Asia - Pacific market, the Hang Seng Index dropped by 3.28%, and the Nikkei 225 dropped by 5.49% [19]. 1.3 Market Valuation Situation - The valuation quantiles of most major market indices declined last week. In terms of the historical quantiles of price - to - earnings ratio, the CSI 300 had the highest increase of 2.1 pct.; in terms of the historical quantiles of price - to - book ratio, the CSI 300 also had the highest increase of 1.3 pct. - Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio in the Shenwan primary index were real estate, comprehensive, electronics, chemical, and building materials. The real estate industry's price - to - earnings ratio quantile remained high, and the comprehensive industry's reached 94.2%. The bottom five industries with low historical quantiles of price - to - earnings ratio were non - bank finance, food and beverage, agriculture, forestry, animal husbandry & fishery, beauty care, and household appliances, with the non - bank finance industry's valuation approaching its historical low since 2013 [22]. 2. Active - Type Public - Offering Fund Situation Market Hotspots - The total scale of public - offering funds reached a new record. As of the end of January 2026, there were 165 public - offering fund management institutions in China, and the total net asset value of public - offering funds under management was 37.77 trillion yuan. The industry had achieved "ten consecutive increases" in scale [29]. - The number of private equity institutions with assets under management exceeding 10 billion yuan reached 125. As of the end of February 2026, the average time for these institutions to reach the 10 - billion - yuan threshold from establishment was 7.81 years [30]. Fund Performance The performance of different types of funds is as described in the core views section, including the average returns and positive - return ratios of quantitative funds, fixed - income + funds, pure - bond funds, pension target FOFs, and QDII funds. The top - performing funds in different categories last week and this year are also provided [2][30][31]. Industry Positions Last week, the top industries with the highest position - increasing ratios in active equity funds were petroleum & petrochemicals, transportation, and coal; the top industries with the highest position - reducing ratios were electronics, pharmaceutical biology, and basic chemicals. The overall position of active equity funds on March 6, 2026, was 80.39%, an increase of 3.34 pct. compared with the previous period [2][37][38]. 3. ETF Fund Situation - The overall ETF market had a net capital inflow of 31.867 billion yuan last week. Commodity - type ETFs had a net inflow of 13.181 billion yuan. The daily average trading volume was 576.875 billion yuan, the daily average trading volume was 229.129 billion shares, and the daily average turnover rate was 9.50%. - In terms of individual securities, sectors such as oil and gas, power grid equipment, and Hang Seng Technology showed net capital inflows, while broad - based indices such as CSI Small - Cap 500, CSI 300, CSI 1000, CSI A500, and ChiNext Index were the main out - flowing varieties [3][42][45]. 4. Fund Issuance Situation Statistics - Last week, 45 new funds were issued, an increase of 9 compared with the previous period, including 12 active equity - biased funds and 15 passive index funds. The issuance share of active equity funds was still at a historical low but showed an obvious upward trend this year. - 12 new funds were established, an increase of 7 compared with the previous period. New funds raised a total of 13.464 billion yuan, an increase of 12.013 billion yuan compared with the previous period. The Southern Yixiang Steady Income Bond A managed by Sun Lumin and Yang Xu had the largest raising scale of about 4.988 billion yuan [4][49][54].

Core Insights - As of January 2026, the total asset management scale of 165 public fund management institutions in China reached 37.77 trillion yuan, marking a slight increase compared to the end of 2025 [1] - This figure represents a continuous record high for ten consecutive months since April 2025 [1] Group 1 - The total assets managed by public fund management institutions in China are 37.77 trillion yuan [1] - The growth in asset management is described as a slight increase from the end of 2025 [1] - The asset management scale has been setting historical highs for ten months in a row since April 2025 [1]

Core Insights - As of the end of January 2026, the total asset management scale of 165 public fund management institutions in China reached 37.77 trillion yuan, marking a slight increase compared to the end of 2025 and setting a historical high for ten consecutive months since April 2025 [1] Group 1 - The total asset scale managed by public fund management institutions in China is 37.77 trillion yuan [1] - The growth in asset management has been consistent, with a historical high reached for ten consecutive months [1] - The data is reported by the China Securities Investment Fund Industry Association [1]

Core Insights - The public fund industry in China has reached a record high in total assets, amounting to 37.77 trillion yuan as of the end of January 2026, marking the tenth consecutive month of growth [2][4][5]. Fund Size and Growth - The total size of public funds has seen a continuous increase, with significant contributions from mixed, money market, and other funds, all achieving growth in the range of hundreds of billions [2][7]. - The Fund of Funds (FOF) has experienced a remarkable increase, with a 15.05% rise in shares and a 12.68% increase in scale, reaching 2,522.76 billion shares and 2,811.78 billion yuan respectively [9][11]. Fund Type Performance - Stock funds have faced a decline, with a reduction of over 3,400 billion yuan, while bond funds also decreased by more than 4,000 billion yuan due to the "stock-bond seesaw" effect [3][12]. - Mixed funds have shown strong performance, with a scale increase of 8.98%, reaching 40.06 trillion yuan, driven by net value growth [12]. - Money market funds have also seen a slight increase of 1.58%, with a total scale of 152.72 trillion yuan [11]. Market Dynamics - The public fund market has been buoyed by favorable market conditions and an influx of new capital, contributing to the sustained growth in fund sizes [1][7]. - Major commercial banks, such as China Merchants Bank and China Construction Bank, have played a significant role in promoting FOF products, leading to their rapid growth [9][11].

Core Viewpoint - The total scale of public funds in China has reached a historical high of 37.77 trillion yuan, driven by multiple factors including seasonal market activity and an influx of new capital [1][2]. Fund Scale and Growth - As of the end of January 2026, the total scale of public funds has increased for 10 consecutive months, with a net asset value of 37.77 trillion yuan, marking a 0.14% increase from the previous month [2][4]. - The number of public fund management institutions in China stands at 165, including 150 fund management companies and 15 asset management institutions with public qualifications [4]. Fund Type Performance - Mixed, money market, and other funds have been the main contributors to the growth of public fund scale, each achieving a growth of over 100 billion yuan [2]. - Fund of Funds (FOF) has seen a significant increase, with a 15.05% rise in shares and a 12.68% increase in scale, reaching 2,522.76 billion shares and 2,811.78 billion yuan respectively [7][9]. Fund Size Changes - Stock funds have experienced a reduction of over 340 billion yuan, with a total scale of 5.71 trillion yuan, reflecting a 5.68% decrease [3][10]. - Bond funds also faced a decline, shrinking by over 400 billion yuan, with a total scale of 10.53 trillion yuan, a decrease of 3.71% [3][10]. - In contrast, money market funds and mixed funds have shown positive growth, with money market funds increasing by 1.58% and mixed funds by 8.98% [9][10]. Market Dynamics - The market has shown strong momentum, with public fund management scales consistently reaching new highs since April 2025, when it first surpassed 33 trillion yuan [6]. - The significant redemption of broad-based ETFs has impacted the overall scale of stock funds, contributing to the observed declines [3][10].

Group 1 - The public fund industry in China reached a record high of 37.71 trillion yuan by the end of 2025, marking a significant increase from 32.83 trillion yuan at the end of 2024, with a growth rate of 14.88% [3] - The number of public fund management institutions in China totaled 165 by the end of 2025, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The stock fund sector was a major driver of growth, with the total assets of stock funds increasing from 4.45 trillion yuan at the end of 2024 to 6.05 trillion yuan at the end of 2025, representing a substantial increase of 1.6 trillion yuan and a growth rate of 35.93% [3][4] Group 2 - Bond funds also saw significant growth, with total assets rising from 6.84 trillion yuan at the end of 2024 to 10.94 trillion yuan at the end of 2025, reflecting a growth rate of 59.79% [2] - Money market funds maintained their position as the largest fund category, increasing from 13.61 trillion yuan to 15.03 trillion yuan, continuing to serve as a core liquidity management tool for public funds [4] - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with notable large dividends concentrated in leading ETF products [4][5] Group 3 - The technology and high-end manufacturing sectors were favored by public funds, with manufacturing consistently holding the largest share of the portfolio at 53.17% [6] - Zhongji Xuchuang became the largest holding in active equity funds by the end of 2025, with a market value of 78.42 billion yuan, surpassing Ningde Times [7] - The overall market saw active trading, with the Shanghai Composite Index rising from 3,351.76 points at the beginning of the year to 3,968.84 points by the end of 2025, an increase of 18.41% [8]

Core Insights - The total scale of public funds in China reached a historic high of 37.71 trillion yuan by the end of December 2025, an increase of nearly 4.9 trillion yuan from 32.83 trillion yuan at the end of 2024 [1] - Since April 2025, the scale of public funds has set new records for nine consecutive months, with stock fund net values increasing by 1.6 trillion yuan, reflecting a year-on-year growth of 35.9%, indicating a recovery in the overall stock market and restored investor confidence [1] - As of the end of 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions that have obtained public offering qualifications [1] Industry Overview - Public funds are collective investment products initiated by fund companies, publicly raising funds to invest in financial assets such as stocks and bonds, serving as a mainstream tool for ordinary investors to participate in the capital market [1] - Public funds play a crucial role in implementing national strategies and guiding long-term value investment [1]

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].

Core Insights - The total scale of public funds in China reached a historical high of 37.71 trillion yuan by the end of December 2025, marking an increase of 4.885 trillion yuan or 14.88% compared to the end of 2024 [1] Fund Market Overview - As of December 2025, there were 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [5] - The number of public funds increased from 13,490 to 13,622, with a total share rising from 31.7 trillion to 32.03 trillion shares, reflecting a growth of 1.03% [5] Fund Type Performance - **Equity Funds**: The share increased from 3.82 trillion to 3.95 trillion shares, a rise of 1.316 trillion shares or 3.44%, while the scale grew from 5.8 trillion to 6.05 trillion yuan, an increase of 4.39% [7] - **Bond Funds**: Remained the main "capital attractor," with shares rising from 8.87 trillion to 9.15 trillion shares, an increase of 2.836 trillion shares or 3.2%, and scale growing from 10.52 trillion to 10.94 trillion yuan, a 3.92% increase [6][7] - **Mixed Funds**: Shares slightly decreased by 304.67 billion shares to 2.55 trillion shares, but the scale increased by 766.09 billion yuan to 3.68 trillion yuan, a growth of 2.13% [7] - **FOF (Fund of Funds)**: Both shares and scale increased, with shares rising from 2.16763 trillion to 2.2389 trillion shares, an increase of 71.27 billion shares or 3.29%, and scale growing from 2.35544 billion to 2.44393 billion yuan, a 3.76% increase [7] - **Money Market Funds**: Both shares and scale declined, with shares falling from 15.19 trillion to 15.03 trillion shares, a decrease of 1%, and scale also dropping by 1% [7] - **Other Funds**: Shares increased from 1.03 trillion to 1.12 trillion shares, and scale rose from 1.67 trillion to 1.77 trillion yuan [7] QDII Fund Insights - QDII funds saw an increase in shares by 343.48 billion shares and scale by 158.33 billion yuan, reflecting a growing demand for overseas asset allocation among investors [7]

Core Viewpoint - In 2025, China's public fund industry achieved a historic leap, with total managed assets reaching 35.67 trillion yuan, showing steady growth compared to 2024 [3] Group 1: Growth of Equity Products - The equity asset scale has rapidly increased, becoming the main growth engine, with stock funds rising from 4.05 trillion yuan at the end of 2024 to 5.44 trillion yuan, a growth rate of 34.32% [4] - Mixed funds also saw growth, increasing from 3.03 trillion yuan to 3.66 trillion yuan, a rise of 20.79% [4] - The trend of passive investment deepened, with ETF scale surging by 61.4%, expanding from 3.73 trillion yuan to 6.02 trillion yuan, marking it as the fastest-growing subcategory [4] Group 2: Bond and Money Market Funds - Bond funds grew from 10.05 trillion yuan to 11.1 trillion yuan, with a growth rate of 10.45% [4] - Money market funds increased from 13.03 trillion yuan to 15.01 trillion yuan, reflecting a growth of 15.19% [4] - The low interest rate environment has led to a clear trend of funds shifting towards equity assets due to narrowing yield space in traditional fixed-income assets [5] Group 3: Competitive Landscape of Fund Management Companies - The number of public fund institutions managing over 1 trillion yuan increased from 8 to 10, with Huatai-PineBridge and Penghua Fund entering the "trillion club" for the first time [6] - E Fund and China Universal Fund maintained their leading positions, each surpassing 2 trillion yuan in total scale, with non-monetary scales reaching 1.75 trillion yuan and 1.48 trillion yuan respectively [6] - The competition among mid-tier institutions intensified, with Invesco Great Wall and China Universal Fund achieving significant scale increases through strategies like "fixed income plus" [8] Group 4: Performance of Commodity Funds and FOFs - The total industry scale reached 37.63 trillion yuan in the last quarter, with a quarterly increase of 1.18 trillion yuan [9] - Commodity funds saw a growth rate of 44.89%, primarily benefiting from rising gold prices [9] - FOFs experienced a growth of 26.22%, indicating an increasing demand for diversified investment tools [9] Group 5: Highlights in Active Equity Products - Yongying Fund's scale grew by over 20 billion yuan, with a growth rate of 22.66%, marking it as a highlight in the fourth quarter [11] - The overall public fund industry in 2025 not only saw scale enhancement but also exhibited characteristics of product structure optimization, strengthening of head effects, and diversified allocation demands [11]