1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2025, the number and scale of existing public - funds increased, and the ETF market was much more popular. The new - issuance quantity and share of ETFs increased significantly, with annual growth rates of 114.79% and 119.10% respectively, far exceeding the 37.00% increase in the total number and - 0.69% change in the total share of public funds [2][17]. - In Q4 2025, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions. Public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market [3]. - In Q4 2025, the industries with a relatively large increase in the active position - adjustment ratio were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine. There was an obvious shift from growth and consumption styles to the cyclical style [4]. - Since 2025, the scale of FOF funds has increased against the trend, and the proportion of bond - type funds in the top - five heavy - position funds of FOF in the Q4 2025 report is relatively high [6]. 3. Summary by Directory 3.1 Public Fund Market Overview 3.1.1 Fund Market Composition and Issuance - As of the end of Q4 2025, there were 13,618 public funds in the market, with an increase of 1,259 this year. In terms of quantity, they were mainly composed of hybrid, bond, and stock - type funds, accounting for 35.33%, 29.32%, and 25.33% respectively. The total scale was 37.67 trillion yuan, an increase of 4.84 trillion yuan compared to the end of 2024, with a 12.85% increase in Q4 2025. In terms of scale, they were mainly composed of money - market, bond, and stock - type funds, accounting for 39.84%, 29.50%, and 16.06% respectively [14]. - From 2021 to 2025, the number and share of newly - issued public funds showed a downward trend, but they increased in 2025. In Q4 2025, 406 public funds were newly issued, with a total issuance share of 280.081 billion shares. In terms of quantity, stock - type funds accounted for 47.29%, and in terms of share, stock - type and bond - type funds accounted for 31.70% and 31.24% respectively [15]. - In 2025, the new - issuance volume and share of ETFs increased significantly. In Q4 2025, the quarterly growth rates of the cumulative number and share of ETFs were 5.81% and 12.17% respectively, exceeding the 2.38% and 3.15% growth rates of public funds. The annual growth rates of the new - issuance quantity and share of ETFs in 2025 were 114.79% and 119.10% respectively, far higher than those of public funds [17]. 3.1.2 Investor Structure - According to the semi - annual report of public funds in 2025, the proportion of institutional holders changed little compared to 2024. The increase in the proportion of institutional investors was mainly reflected in QDII funds and hybrid - type funds, while the proportion of institutional investors in bond - type and hybrid funds increased slightly. The proportion of individual investors increased mainly in alternative investment funds and FOF funds, and also increased in money - market funds [20]. - As of mid - 2025, the holding net values of institutional and individual investors were 16.51 trillion yuan and 17.71 trillion yuan respectively, accounting for 48.25% and 51.75%. Since H2 2017, the proportion held by individual investors has been slightly higher than that by institutional investors [23]. 3.2 Stock - type Funds 3.2.1 Q4 Position Changes - In Q4 2025, compared with Q3, stock - type, bond - type, and hybrid - type funds generally showed a decrease in stock positions and an increase in bond positions, while FOF funds increased their stock positions, mainly in stock - type FOF funds, with an increase of 1.83 pct [25]. - The stock positions of four types of active funds (partial - stock hybrid, flexible allocation, common stock, and balanced hybrid) decreased, and their positions in Hong Kong stocks also decreased, but their bond positions increased [27][28]. 3.2.2 Sector Allocation - In Q4 2025, public funds shifted from Hong Kong stocks and the Science and Technology Innovation Board to the Growth Enterprise Market. The allocation market value of the Growth Enterprise Market increased by 2.65%, and the allocation ratio increased by 1.98%, reaching 18.61% at the end of Q4, second only to the main board [37]. 3.2.3 Industry and Style Allocation - In Q4 2025, 16 Shenwan primary industries had an increase in the active position - adjustment ratio, and 15 had a decrease. The industries with a relatively large increase were non - banking finance, non - ferrous metals, and communications, while those with a relatively large decrease were electronics, media, and biomedicine [43]. - There was an obvious shift from growth and consumption styles to the cyclical style in Q4 2025. The cyclical style had the largest increase in market - value proportion after removing the passive increase caused by the increase in Q4, with an active position - adjustment ratio increase of 2.06% [48]. 3.2.4 Individual Stock Allocation - As of the end of Q4 2025, the top 3 stocks in terms of market value of shares held were Zhongji Innolight, Xinyisheng, and Contemporary Amperex Technology, and the top 3 in terms of the proportion of market value of shares held to the floating market value were BeiGene - U, Reagent Biotech, and Ninebot Inc. - WD [4][49]. - In Q4 2025, the top 3 stocks with active position - increases were Ping An Insurance (Group) Company of China, Shandong Precision, and Tianhua New Energy, and the top 3 with active position - decreases were Foxconn Industrial Internet, Alibaba Group Holding Limited, and Semiconductor Manufacturing International Corporation [4]. 3.3 Bond - type Funds - As of the end of Q4 2025, there were 3,993 bond - type funds, an increase of 57 compared to the previous quarter, with a total scale of 11.11 trillion yuan, an increase of 373.431 billion yuan compared to the previous quarter. The increase in the scale was mainly due to the increase in the scale of passive index - type bond funds and hybrid bond - type secondary funds [63]. - In Q4 2025, except for convertible bond - type funds and enhanced index - type bond funds, the durations of other types of bond - type funds changed little. The durations of mixed - level - 1 bonds, mixed - level - 2 bonds, medium - and long - term pure - bond funds, and partial - bond hybrid funds showed a downward trend in the second half of 2025 after reaching a historical high at the end of Q2 2025 [5]. 3.4 FOF Funds - Since 2025, the scale of FOF funds has increased against the trend. In Q4 2025, the total scale of FOF funds increased by 50.699 billion yuan, with a faster growth rate than in Q3. The top 3 FOF funds in terms of scale proportion were partial - bond hybrid, partial - stock hybrid, and target - date FOF funds, accounting for 60.92%, 14.50%, and 11.01% respectively [70]. - Among the 43 FOF funds issued in Q4 2025, 41 were hybrid - type FOF funds. E Fund Ruyi Ying'an 6 - month Holding A had the largest issuance share of 3.164 billion shares [71]. - According to the top - ten heavy - position funds of FOF funds in the Q4 2025 report, the top - five heavy - position funds were all bond - type funds, and most of the FOF heavy - position funds were bond - type funds, with Haifutong CSI Short - term Financing Bond ETF having the highest total holding market value of 5.976 billion yuan [76].