见证历史，公募基金规模首次突破 35 万亿元大关。 8 月 26 日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年 7 月底，公 募基金总规模达到 35.08 万亿元，首次突破 35 万亿元大关。 从环比变化情况看，7月份公募基金规模增长主要靠净值拉动。相比 6 月末，公募基金总份额 微增 0.40% ，总规模猛增 1.99% 。 从细分类型上看，尽管 A 股市场 7 月继续高歌猛进，但基民整体情绪偏向 " 落袋为安 " ， 股票及混合型基金份额均出现缩水，规模增长主要靠净值带动。 【导读】公募基金规模首次突破 35 万亿元，创历史新高 中国基金报记者 若晖 公募基金规模再创历史新高 中国基金业协会最新披露的数据显示，截至 2025 年 7 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机构 15 家。以上机构管理的 公募基金资产净值合计 35.08 万亿元。 | 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) | | --- | --- | --- | --- | --- ...

Core Viewpoint - In the second quarter of 2025, active equity funds showed a contradictory performance, with a continued increase in fund net value but accelerated redemptions from investors [1][2]. Redemption Acceleration - In Q2 2025, active equity funds experienced accelerated redemptions, with ordinary stock funds seeing a net redemption of 4.75%, and other fund types like mixed equity and flexible allocation experiencing net redemptions of 3.22%, 6.31%, and 3.27% respectively [2][3]. - Compared to Q1 2025, where redemption rates were significantly lower, Q2 saw a marked increase in redemption speed, although it was slower than the rates observed in Q4 2024 [2][3]. Fund Size and Performance - Among 4,535 active equity funds, 1,714 funds (approximately 37.79%) saw an increase in size, while 2,821 funds (62.21%) experienced a decrease [3][4]. - Only 868 funds (19.14%) were net purchased, while 3,568 funds (78.68%) faced net redemptions [3][4]. Top Fund Performers - The top ten active equity funds with the highest net inflows in Q2 2025 included Huatai-PineBridge Innovation Medicine (+4.357 billion), China Asset Management Military Industry (+3.526 billion), and others, with significant increases in fund shares [5][6]. - Huatai-PineBridge Innovation Medicine led in share growth, increasing by 1.982 billion shares, followed by China Asset Management Military Industry and Yongying Advanced Manufacturing [5][6]. Fund Redemption Trends - Nearly 80% of active equity funds faced net redemptions in Q2, with notable declines in shares for several star funds, including Changxin Jinli Trend (-2.731 billion shares) and E Fund Medical Biology (-1.689 billion shares) [7][8]. - Many funds that experienced significant redemptions had previously shown strong performance, indicating a "capital preservation" mentality among investors [8][9]. Notable Fund Managers - The funds with the largest declines in size were predominantly managed by well-known fund managers, suggesting a shift in investor sentiment despite their previous strong performance [9].

Core Insights - The total scale of public funds in China reached 34.39 trillion yuan by the end of June 2025, marking a growth of 651.9 billion yuan from May, with an increase rate of 1.93% [1] Fund Scale and Changes - As of June 2025, the net value of various fund types is as follows: - Stock funds: 4.72 trillion yuan, up 148.3 billion yuan (3.24%) - Mixed funds: 3.68 trillion yuan, up 121.3 billion yuan (3.41%) - Bond funds: 7.28 trillion yuan, up 507.8 billion yuan (7.5%) - Money market funds: 14.23 trillion yuan, down 167.5 billion yuan (1.16%) - Cross-border funds: 0.68 trillion yuan, up 29.5 billion yuan (4.55%) [3] Fund Shares and Changes - The share distribution for June 2025 is as follows: - Stock funds: 3.45 trillion shares, down 101.78 billion shares from May - Mixed funds: 3.04 trillion shares, up 97.16 billion shares from May - Bond funds: 6.15 trillion shares, up 353.62 billion shares from May - Money market funds: 14.24 trillion shares, down 164.56 billion shares from May - Cross-border funds: 573.75 billion shares, up 4.42 billion shares from May [3] Fund Product Trends - The number of stock fund products increased by 63 to 3002 in June, with 61 new products issued, totaling 21.45 billion shares [4] - Mixed funds showed a trend of both scale and share growth, with 49 new products launched in June, issuing 29.21 billion shares [5][6] Market Dynamics - The bond fund sector experienced both scale and share growth, but faced significant redemptions in July, prompting many funds to announce adjustments to net asset value precision [7] - Money market funds saw a decline in both scale and shares, attributed to a shift in market risk appetite towards higher-yielding assets like stocks and bonds [7]

Core Insights - The total scale of public funds in China reached a historical high of 34.39 trillion yuan as of the end of June 2025, surpassing the 34 trillion yuan mark [1][3][5] - The public fund scale increased by over 650 billion yuan from the end of May, reflecting a month-on-month growth of 1.93% [2][3][5] Fund Type Analysis - Bond funds saw a significant increase in subscription enthusiasm, with a month-on-month growth of 6.11%, reaching a total of 6.15 trillion yuan [2][6] - Mixed funds experienced a month-on-month growth of 3.4%, with the latest scale reaching 3.69 trillion yuan, marking the first increase after two months of decline [6] - Equity funds, including stock and mixed funds, contributed to the overall growth, with equity fund scale increasing by 2.7 billion yuan to 8.42 trillion yuan [6] - QDII funds also saw growth, with a month-on-month increase of 0.78% in share and 4.51% in scale, reaching 5737.51 billion shares and 6837.73 billion yuan respectively [7] Fund Redemption and Shrinkage - Money market funds faced net redemptions in June, with 164.56 billion shares redeemed, leading to a decrease in scale to 14.23 trillion yuan, a decline of 1.67 billion yuan [8]

Core Viewpoint - The total scale of public funds in China reached a historical high of 34.39 trillion yuan by the end of June 2023, marking a significant increase from the previous month [2][4][6]. Fund Scale Changes - The public fund scale increased by over 650 billion yuan in June, representing a month-on-month growth of 1.93% [3][6]. - The total number of public funds reached 30.89 trillion units, showing a 0.65% increase compared to the end of May [6]. Fund Type Performance - Bond funds saw a surge in subscription, with a month-on-month increase of 6.11%, reaching a total of 6.15 trillion units [3][12]. - Mixed funds experienced a growth of 3.4%, with their scale reaching 3.69 trillion yuan, marking the first increase after two months of decline [11]. - Stock funds also grew by 3.24%, reaching 4.73 trillion yuan, achieving three consecutive months of growth [11]. Net Subscriptions - In June, bond funds received a net subscription of 353.62 billion units, making them the most subscribed type of fund [12]. - QDII funds also saw growth, with a net increase of 0.78% in scale, reaching 683.77 billion yuan [13]. Redemption Trends - Money market funds faced net redemptions in June, with a total of 164.56 billion units redeemed, resulting in a decrease in scale to 14.23 trillion yuan [14].

Core Viewpoint - The public fund industry in China has shown significant growth in the second quarter of 2025, with total public fund assets reaching nearly 34 trillion yuan, driven by strong market performance and increased investor participation [2][4]. Fund Size Rankings - As of the end of Q2 2025, the total non-monetary fund size reached 20.11 trillion yuan, with 32 fund companies exceeding 150 billion yuan in size, including E Fund and Huaxia Fund, which are the only two companies managing over 1 trillion yuan [4][6]. - E Fund and Huaxia Fund maintained their positions as the top two fund companies, with sizes of 1.52 trillion yuan and 1.32 trillion yuan respectively, both showing significant quarterly growth [4][6]. New Fund Issuance - In Q2 2025, a total of 375 new funds were launched, raising over 280 billion yuan, marking a 12.16% increase from the previous quarter [3]. Growth Rankings - 35 fund companies achieved a quarterly growth of over 10 billion yuan, with Huaxia Fund and E Fund leading the growth with increases of 1216.25 billion yuan and 1017.69 billion yuan respectively [7][8]. Equity Fund Performance - The equity fund sector saw substantial growth, primarily driven by stock ETFs, with E Fund leading the equity fund size at 9145.71 billion yuan, followed by Huaxia Fund at 8469.75 billion yuan [10][12]. - The top ten equity funds included major players like GF Fund, Fortune Fund, and Huitianfu Fund, showcasing the dominance of large firms in this sector [11][12]. Active Equity Growth - Only 20 fund companies reported an increase of over 5 billion yuan in active equity fund sizes, with Yongying Fund leading the growth at 81.73 billion yuan [18][19]. Bond Index Fund Development - The bond index fund market has rapidly expanded, reaching a total size of 1.49 trillion yuan by the end of June 2025, with significant contributions from companies like Bosera Fund and Southern Fund [20].

Core Viewpoint - As of June 30, 2025, the net asset value of the Jiashi Fund's Jiashi Currency E (001812) reached 54.763 billion yuan, reflecting a 26.04% increase compared to the previous period [1] Group 1: Fund Performance - The fund's net asset value increased by 26.04% to 54.763 billion yuan as of June 30, 2025 [1] - The fund's recent three-month yield was 0.32%, while the one-year yield was 1.4%, and the cumulative yield since inception was 24.01% [3] Group 2: Fund Manager Profile - Zhang Wenyue, the fund manager, has a master's degree and has been with Jiashi Fund Management Co., Ltd. since April 2014, currently working in the short-end alpha strategy group [2] - Zhang has held various managerial positions in different Jiashi funds, including roles in money market and bond investment funds from 2014 to 2022 [2] Group 3: Fund Size Changes - Recent changes in fund size include no subscriptions and minimal redemptions, with total shares at 0.02 billion as of June 30, 2025, reflecting a net asset change rate of -24.80% [3]

Core Viewpoint - The total scale of public funds in China has surpassed 33 trillion yuan, reflecting a significant growth driven by policy benefits, product innovation, and increasing demand for wealth management among residents [2][4][10]. Group 1: Growth of Public Fund Scale - As of April 2024, the total scale of public funds reached 33.12 trillion yuan, marking a historic high and the seventh increase since the beginning of 2024 [2][4]. - The growth in public fund scale is attributed to multiple factors, including the deepening of capital market reforms and the high-quality development of the industry, which has enhanced investor confidence [4][5]. - The increase in public fund scale indicates a shift in investor behavior towards diversified asset allocation, with public funds becoming a key tool for wealth management [4][8]. Group 2: Factors Driving Growth - The public fund scale has increased by 5 trillion yuan in 2024, showcasing its advantages over other asset management forms like bank wealth management and insurance [8][9]. - Key drivers of this growth include the release of policy dividends, product innovation, and changes in investor behavior, suggesting a sustainable growth trend [8][9]. - The demand for asset preservation and appreciation has intensified, with public funds offering a transparent and professionally managed investment option [4][6]. Group 3: Types of Funds and Investor Behavior - The growth of public funds is characterized by a rare simultaneous increase in money market funds, bond funds, and equity funds, indicating a diversification in investor asset allocation [14][16]. - In April, money market funds grew by 664.8 billion yuan, bond funds by 140.2 billion yuan, and equity funds by 112 billion yuan, with equity funds reaching a record high of 4.58 trillion yuan [14][17]. - The simultaneous growth of these fund types reflects enhanced market confidence and a shift in investor preferences towards balanced risk and return [14][19]. Group 4: Future Development and Market Trends - The public fund market in China has significant growth potential, driven by increasing resident wealth, the entry of long-term funds like pensions, and ongoing product innovation [11][12]. - The industry is expected to transition from a focus on scale expansion to quality-driven growth, with an emphasis on structural growth and globalization [12][20]. - Future trends indicate a diversification in fund types, with a focus on low-volatility products and asset allocation strategies supported by regulatory initiatives [27][29].

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]