Core Insights - As of June 30, the total scale of private asset management products by securities and futures institutions reached 12.09 trillion yuan, a decrease of 189.17 billion yuan from the previous month [1][4][3] - The number of newly registered private asset management products in June was 1,399, with a total establishment scale of 547.44 billion yuan, reflecting a month-on-month increase of 5.35% in quantity but a decrease of 32.76% in scale [1][9][11] Summary by Category Overall Scale - The total scale of existing private asset management products decreased by 0.16% month-on-month and declined by 4.95% year-on-year [4] - The scale distribution among different types of institutions shows that securities companies and their asset management subsidiaries account for 45.67% of the total, while fund management companies hold 38.02% [4] Product Types - The scale of fixed income products remains the largest, accounting for 73.50% of the total, followed by equity products at 14.23% and mixed products at 11.11% [7][8] - In June, the scale of fixed income products decreased by 902.14 billion yuan, while equity and mixed products saw increases of 197.05 billion yuan and 416.57 billion yuan, respectively [7] New Registrations - In June, the number of newly registered private asset management products was 1,399, with a total establishment scale of 547.44 billion yuan, marking a year-on-year increase of 33.40% [9][11] - Among the newly registered products, 60.56% were from securities companies and their subsidiaries, while 25.93% were from fund companies [11] Institutional Management Scale - The average management scale for securities companies and their asset management subsidiaries is 581.14 billion yuan, with a median of 216.21 billion yuan [14] - Fund management companies have an average management scale of 343.03 billion yuan, with a median of 95.25 billion yuan [15]

Core Viewpoint - As of June 30, the total scale of private asset management products by securities and futures institutions in China reached 12.09 trillion yuan, reflecting a decrease of 189.17 billion yuan from the previous month, marking a 0.16% month-on-month decline and a 4.95% year-on-year drop [6][4][12]. Summary by Sections Overall Scale and Changes - The total scale of existing private asset management products decreased to 12.09 trillion yuan, down 189.17 billion yuan from the previous month [4][6]. - The number of private asset management products registered in June was 1,399, with a total establishment scale of 547.44 billion yuan, showing a month-on-month decrease of 32.76% but a year-on-year increase of 33.40% [12][11]. Product Type Analysis - Among the existing products, fixed income products accounted for the largest scale at 8.89 trillion yuan, representing 73.50% of the total, while equity products totaled 1.72 trillion yuan, making up 14.23% [8][10]. - The number of single asset management plans was lower than that of collective asset management plans, with single plans at 5.98 trillion yuan (49.46%) and collective plans at 6.11 trillion yuan (50.54%) [7]. Institutional Breakdown - By institution type, securities companies and their subsidiaries managed 5.52 trillion yuan (45.67%), while fund management companies managed 4.60 trillion yuan (38.02%) [6]. - In June, 60.56% of the newly registered products were from securities companies and their subsidiaries, while 25.93% were from fund companies and their subsidiaries [13]. Recent Trends - Fixed income product scale decreased by 902.14 billion yuan, while equity, mixed, and futures/derivatives products saw increases of 197.05 billion yuan, 416.57 billion yuan, and 99.37 billion yuan, respectively [10]. - The average management scale for securities companies was 581.14 billion yuan, with a median of 216.21 billion yuan [18].

Core Viewpoint - The report indicates a significant increase in the number of private asset management products registered by securities and futures institutions in April 2025, reflecting a growing trend in the private asset management sector in China [1][2]. Group 1: Product Registration Data - In April 2025, a total of 1,545 private asset management products were registered, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1]. - The total establishment scale of these products was 68.57 billion yuan, showing a slight month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1]. - The average establishment scale for collective products was 7.2 million yuan, down 4.58% month-on-month, while for single products, it was 2.1 million yuan, down 11.32% [3]. Group 2: Product Type Analysis - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale [4]. - The breakdown of registered products by investment type shows that equity products accounted for 66 products with a scale of 2.53 billion yuan (3.69%), fixed-income products accounted for 539 products with a scale of 34.50 billion yuan (50.32%), futures and derivatives accounted for 168 products with a scale of 14.83 billion yuan (21.63%), and mixed products accounted for 772 products with a scale of 16.71 billion yuan (24.37%) [5]. Group 3: Total Asset Management Scale - As of the end of April 2025, the total scale of private asset management products managed by securities and futures institutions reached 12.01 trillion yuan, an increase of approximately 163.73 billion yuan from the previous month, representing a month-on-month growth of 1.38% [7]. - The proportion of existing collective asset management plans was 51.9%, while single asset management plans accounted for 48.1% [8]. Group 4: Institutional Management Scale - The average management scale of private asset management products by securities companies and their subsidiaries was 56.54 billion yuan, with a median of 19.26 billion yuan [14]. - Fund companies had an average management scale of 34.84 billion yuan, with a median of 9.07 billion yuan [17]. - Futures companies and their subsidiaries had an average management scale of 3.37 billion yuan, with a median of 0.29 billion yuan [21].

【 导读】 私募资管产品规模 4月增加 1637 亿元至 12.01万亿元 见习记者 庄佳 6月25日，中国证券投资基金业协会发布4月证券期货经营机构私募资管产品备案月报。 数据显示， 2025年4月，证券期货经营机构共备案私募资管产品1545只，环比增加5.60%，同比增加103.56%；设立规模 为 685.70亿元，环比减少0.36%，同比增加32.19%。 从机构类型看，4月备案的私募资管产品中，证券公司及其子公司产品占比 较 高。 | 机构类型 | 备案数量(只) | | 设立规模(亿元)规模占比(%) | | --- | --- | --- | --- | | 证券公司及其资管子公司 | 973 | 386. 85 | 56. 42 | | 证券公司私募子公司 | 18 | 13. 83 | 2.02 | | 基金管理公司 | 251 | 71. 44 | 10. 42 | | 基金子公司 | 1 69 | 185.51 | 27. 05 | | 基金管理公司私募子公司 | 2 | 1.13 | 0. 16 | | 期货公司及其资管子公司 | 132 | 26. 95 | 3.93 | | 计 台 ...