Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - In April 2025, the average daily trading volume of funds increased by 9 billion CNY compared to March, reaching 262.6 billion CNY, which is a 115.4% year-on-year increase and a 3.6% month-on-month increase [19]. - The net inflow of stock ETFs in April 2025 was 197.6 billion CNY, with the total existing scale reaching 2,341.6 billion CNY [13]. - The overall ETF market size in April 2025 was 4,056.5 billion CNY, reflecting a year-on-year increase of 63.5% and a month-on-month increase of 6.8% [47]. Summary by Sections 1. Fund Market Review - In April 2025, the overall yield of funds slightly decreased, with the net value of fund indices showing increased volatility [10]. - The bond fund index saw a slight increase, while all types of funds outperformed stock index funds [10]. 2. Fund Market Trading Conditions - The average daily turnover rate of funds in April 2025 was 10.7%, up 4.8 percentage points year-on-year and 3.0 percentage points month-on-month [20]. - The average daily trading volume of ETFs was 257.2 billion CNY, a year-on-year increase of 109.6% [19]. 3. Fund Market Scale - In April 2025, the issuance of new public funds significantly decreased, with a total of 58.1 billion shares issued, down 38.7% month-on-month and 54.1% year-on-year [25]. - The total public fund holdings as of April 2025 were 31.91 trillion CNY, a decrease of 1.99% month-on-month but an increase of 10.08% year-on-year [28]. 4. Private Fund Market - As of March 2025, the number of existing private funds was 142,278, with a total scale of 20 trillion CNY, reflecting a slight month-on-month increase of 0.20% [62]. - The number of newly registered private funds in March 2025 was 1,423, a significant increase of 67.02% month-on-month [60].