Core Insights - The total scale of private asset management products by securities and futures institutions reached 12.48 trillion yuan as of the end of July 2025, reflecting a month-on-month increase of 385.84 billion yuan, or 3.19% [1] Group 1: Product Registration and Scale - In July 2025, a total of 1,874 private asset management products were registered, representing a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [2] - The established scale of these products was 105.97 billion yuan, with a month-on-month increase of 93.58% and a year-on-year increase of 95.02% [2] Group 2: Product Types and Investment Categories - The number and scale of existing collective asset management plans were significantly higher compared to other types [3] - Fixed income products accounted for the largest proportion in both number and scale among the four product categories, followed by mixed products in terms of quantity and equity products in terms of scale [4][6] - In July, the average establishment scale of registered collective products was 9.1 million yuan, up 37.83% month-on-month, while single products averaged 2.7 million yuan, up 52.45% month-on-month [5] Group 3: Institutional Types - Securities companies and their subsidiaries had the highest proportion of registered private asset management products in July [7] - The average management scale of private asset management products for securities companies and their subsidiaries was 60.79 billion yuan, with a median of 22.83 billion yuan [8]

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].

Core Viewpoint - The private equity asset management products in China saw an increase in scale in April 2025, reaching a total of 12.01 trillion yuan, with a month-on-month increase of approximately 163.7 billion yuan, reflecting a growth of 1.38% [8][7]. Group 1: Product Registration and Scale - In April 2025, a total of 1,545 private equity asset management products were registered, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [2][3]. - The total establishment scale for 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% [2][4]. - 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% month-on-month [4]. Group 2: Product Type Distribution - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale. Equity products had the lowest registration numbers and scale [6]. - As of the end of April 2025, the distribution of existing private equity asset management products was 51.9% for collective asset management plans and 48.1% for single asset management plans [9][10]. Group 3: Investment Type Analysis - The existing private equity asset management products by investment type showed that fixed-income products accounted for 74.04% of the total scale, while equity products accounted for only 14.54% [12]. Group 4: Institutional Management Scale - As of April 2025, securities companies and their asset management subsidiaries had an average management scale of 56.54 billion yuan, with a median of 19.26 billion yuan. Notably, 7 companies managed over 200 billion yuan [14]. - Fund management companies had an average management scale of 34.84 billion yuan, with a median of 9.07 billion yuan, and 14 companies managed over 100 billion yuan [16]. - Futures companies and their asset management subsidiaries had an average management scale of 3.37 billion yuan, with a median of 0.29 billion yuan [20].