1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of June 30, 2025, the number of public funds exceeded 12,900, and the scale exceeded 33 trillion yuan; the outstanding scale of bank wealth management reached 30.67 trillion yuan [4][6][7]. - In Q2 2025, the funds in equity funds flowed from active to passive, and the scale of money funds and bond funds both reached record highs [4][8][9]. - In Q2 2025, FOF - type funds were net - redeemed overall, while bond - type FOF funds received net subscriptions [10]. 3. Summary According to the Directory 3.1 Overall Situation: The Scale of Public Funds and Bank Wealth Management Both Increased Significantly - As of June 30, 2025, the number of public funds exceeded 12,900, and the scale reached 33.7 trillion yuan. The estimated net subscription amounts of money market funds, passive index - type bond funds, medium - and long - term pure bond funds, and stock index funds were 1124.1 billion yuan, 248.61 billion yuan, 209.66 billion yuan, and 160.12 billion yuan respectively [6][13]. - As of June 30, 2025, the outstanding scale of bank wealth management reached 30.67 trillion yuan. The number of outstanding products was 41,800, with a 3.78% increase from the beginning of the year and a 4.54% year - on - year increase; the outstanding scale increased by 2.38% from the beginning of the year and 7.53% year - on - year. Fixed - income products accounted for 97.20% of the scale, hybrid products accounted for 2.51%, and equity products accounted for 0.22% [7][20]. 3.2 Stock Market: The Flow from Active to Index Continued - In Q2 2025, equity funds flowed from active to passive. Index products had a net subscription of 160.12 billion yuan, while ordinary stock funds, partial - stock hybrid funds, enhanced index funds, and flexible allocation funds had net redemptions of 24.54 billion yuan, 66.63 billion yuan, 21.51 billion yuan, and 33.64 billion yuan respectively [8][28]. - The funds with more net subscriptions in Q2 2025 had relatively excellent overall performance. Among the top 20 funds in terms of subscriptions, 6 were Class A shares and 14 were Class C shares. Fourteen of the funds with net subscriptions ranked in the top 30% of their peers in terms of yield [30]. - In Q2 2025, the ETF market received a large amount of capital inflow, with an inflow of over 300 billion yuan in April [32]. 3.3 Fixed - Income Market: Overall Net Subscriptions, and the Scale of Money Funds and Bond Funds Reached Record Highs - In Q2 2025, fixed - income products received overall net subscriptions. Except for convertible bond funds, other types of fixed - income funds received net subscriptions. The net subscription amounts of money market funds, passive index - type bond funds, medium - and long - term pure bond funds, and short - term pure bond funds were 1124.1 billion yuan, 248.61 billion yuan, 209.66 billion yuan, and 156.5 billion yuan respectively [9][38]. - As of June 30, 2025, the scale of money funds reached 14.23 trillion yuan, and the scale of bond funds reached 10.95 trillion yuan, both hitting record highs [9][41]. 3.4 FOF Market: The Scale of Bond - Type FOF Increased - In Q2 2025, FOF - type funds were net - redeemed overall. Stock - type FOF funds and hybrid FOF funds had net redemptions of 0.4 billion yuan and 11.5 billion yuan respectively, while bond - type FOF funds received net subscriptions of 6.02 billion yuan [10][43]. - The top 3 FOF products with more net subscriptions were bond - type FOF. The custodian bank of Boshi Zhenxuan Chuhui is China Merchants Bank, and the custodian bank of Guotai Ruiyue 3 - month Holding is Beijing Bank [44].

Core Insights - As of the end of Q4 2024, the global regulated open-end fund assets (excluding fund of funds) totaled approximately 73.86 trillion USD, equivalent to about 530.94 trillion CNY, reflecting a decrease of 1.1 trillion USD or approximately 7.9 trillion CNY from the previous quarter [1][2] Fund Performance - In Q4 2024, global regulated open-end funds attracted a net inflow of 1.3 trillion USD, surpassing the 912 billion USD recorded in Q3 2024 [2][5] - Equity funds saw a net inflow of 368 billion USD in Q4 2024, up from 238 billion USD in Q3 2024, while bond funds attracted 315 billion USD, compared to 244 billion USD in the previous quarter [5] - Money market funds experienced a net inflow of 582 billion USD, increasing from 403 billion USD in Q3 2024 [5] Asset Size Changes - In Q4 2024, the total assets of equity funds decreased by 1.0% to 35.68 trillion USD, while bond funds shrank by 2.6% to 13.77 trillion USD [5] - Balanced/mixed funds saw a decline of 5.9% to 7.29 trillion USD, whereas money market funds grew by 3.4% to 11.60 trillion USD [5] - The total assets of ETFs expanded by 2.75% to 14.437 trillion USD in Q4 2024 [5] Market Rankings - As of the end of 2024, the largest regulated open-end fund markets are the United States, Luxembourg, Ireland, China, and Germany, with China holding the fourth position with assets of approximately 3.977 trillion USD [7][8] - The top ten markets account for 91.92% of the global total fund size, which is 67.292 trillion USD [7] ETF Market Position - China's ETF market ranks fourth globally, with a total size of approximately 503.09 billion USD as of Q4 2024 [9][13] - The top five ETF markets are the United States, Ireland, Japan, China, and Luxembourg [9][10]