21世纪经济报道记者 黎雨辰 随着2025年四季报披露收官，公募基金行业管理规模再度刷新历史纪录。截至去年年末，全行业管理资 产规模达到37.64万亿元，单季度增长超过1.3万亿元（统计不含ETF联接基金规模，后同），延续稳步 扩张态势。 相较2024年末，公募管理人总规模前10名均已全部进入"万亿俱乐部"。然而在整体规模持续攀升的背 后，行业内部的竞争格局和"主战场"也依然在过去一年存在着变化。 一个最显著的特征是，过去数年"固收大厂规模占优"的行业生态，正在权益风格回归的环境下悄然生 变。尤其在主动投资领域，基金公司投研能力与产品布局的"含权量"，正成为决定规模座次的关键变 量。 超6成公募全年实现非货规模增长 在公募基金总规模方面，截至2025年末的数据显示，头部基金公司的规模排名格局正进一步固化。 环比来看，2025年总规模前10名的机构及其位次，与三季度完全一致。易方达基金与华夏基金仍是仅有 的两家规模突破2万亿元的机构，其管理规模分别以2.42万亿元和2.16万亿元居首，环比分别增长1.16% 和0.54%。 广发基金和南方基金则继续稳居第3、4位，截至去年年末规模分别为1.59万亿元和1.46万 ...

Group 1 - The People's Bank of China reported an increase of 20.5 trillion yuan in RMB deposits for the first eight months of the year, with August alone contributing 2.06 trillion yuan [1] - In August, household deposits increased by only 110 billion yuan, marking a low point for the year and raising concerns about residents' saving behavior and the flow of funds in the financial market [1][3] - Non-bank financial institutions showed strong deposit performance, with an increase of 1.2 trillion yuan in August, which is 550 billion yuan more than the same period in 2023, continuing a high growth trend since July [3] Group 2 - The growth of household deposits has significantly slowed, with August's increase of 110 billion yuan being 600 billion yuan less than the same month last year, although the year-on-year decline has narrowed compared to July [3] - Analysts suggest that the slowdown in household deposit growth may be influenced by several factors, including a peak period for the maturity of fixed-term deposits and a shift of funds from bank deposits to securities accounts due to improved market sentiment [3][4] - The current financial data indicates a diversification in residents' asset allocation, moving away from a heavy concentration in fixed-term deposits, which may enhance fund utilization efficiency and promote direct financing development [4]