Core Insights - The total scale of public funds in China reached 36.74 trillion yuan by the end of September 2025, marking a 7% increase from the second quarter of the year and a 14.56% increase year-on-year [1][2][5] Fund Management Landscape - As of September 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The top ten fund managers account for 41.31% of the total market scale, with their combined asset value reaching 15.06 trillion yuan, reflecting a trend of "the strong getting stronger" [5][7] Fund Type Performance - In the third quarter of 2025, various fund types, except for bond funds, experienced growth. Notably, overseas investment funds saw the highest growth rate at 33.18%, followed by stock funds at 25.3% [2][4] - The total scale of stock funds reached 5.94 trillion yuan, while mixed funds reached 3.91 trillion yuan, and money market funds totaled 14.40 trillion yuan [4][5] ETF and Active Fund Trends - Tools that capture market trends, such as thematic ETFs and cross-border ETFs, have become highly sought after, with several funds seeing net subscriptions exceeding 10 billion units in the third quarter [10] - Some actively managed equity funds also attracted significant net subscriptions, although their "capital-absorbing" capacity was lower than that of ETF products [11] Redemption Trends - Despite the overall market expansion, there is a notable trend of investors cashing out, particularly in sectors that have seen recent rebounds. For instance, several ETFs experienced significant reductions in fund shares during the third quarter [12][14][15]