智通财经12月29日讯（记者 李迪）临近年末收官，公募基金行业又传来振奋人心的好消息。 中基协最新数据显示，截至2025年11月底，我国公募基金总规模首次突破37万亿元，已连续8个月创下 历史新高。 此外，债基、FOF、QDII在11月也实现小幅规模增长，但股基、混合基等含权产品则出现规模下降。 受股市震荡的影响，股基和混合基的规模在11月合计下降超2000亿元。但展望2026年，多家机构看好股 市回暖，认为反内卷政策、居民资产配置转向等多重利好将为股市提供支撑，而股基和混合基的规模也 有望回归增长。 分基金类型看，今年11月，货币基金增长1354.49亿元，为公募基金总规模贡献最大规模增量。今年10 月时，货币基金规模增长也高达3855.36亿元。这意味着，货币基金总规模在10月和11月这两个月内总 共增长了5209.85亿元。 公募总规模连续八个月创下历史新高 中基协最新发布的公募基金市场数据显示，截至2025年11月底，我国境内公募基金管理机构共165家， 其中基金管理公司150家，取得公募资格的资产管理机构15家。 以上机构管理的公募基金资产净值合计37.02万亿元，与10月底的36.96万亿元相比增 ...

深圳商报·读创客户端记者 詹钰叶 今年以来货币基金收益率持续下行，目前至少有70只"宝宝类"产品的7日年化收益率低于1。而从规模 看，今年前十个月货币基金规模增长超1.4万亿元。 同花顺数据显示，今年以来货币型基金整体平均收益率为1.29%；而最近两年与最近三年的平均收益率 分别为3.13%与5.15%。7日年化收益率方面，可统计数据显示，至12月22日，货币基金中的7日年化收 益率跌破1（仅统计A份额），收益率在1%~1.2%的货币基金多达163只；而今年以来区间7日年化收益 率均值低于1的货币基金只有45只，年内收益均值在1%~1.2%的货币基金有102只。去年同期只有12只基 金的区间7日年化收益率均值低于1%。 在收益率持续下行的同时，货币型基金规模反而出现增长。根据中基协发布的最新数据，截至今年10月 底，我国货币基金总规模约为15.05万亿元，与去年年底的13.62万亿元相比增长1.43万亿元；其中仅10 月单月就增加了近3900亿元。 近来上银慧盈利E、上银慧增利E、富安达现金通货币、天治天得利货币基金等货币基金发布"限购 令"，例如调整大额申购及定期定额投资业务的限额，或是暂停该基金代销渠道的 ...

今年以来，"宝宝类"基金收益率持续走低。据Wind数据，截至12月16日，941只有统计数据的货币基金 七日年化收益率中位数为1.24%。其中，102只货币基金七日年化跌至1%以下，还有300余只货币基金七 日年化在1%至1.2%之间。 不过，规模最大的天弘余额宝基金仍坚守在1%以上。截至12月16日，天弘余额宝七日年化1.014%，较 上周小幅回升。此前，该基金七日年化一度跌至1.001%，但始终保持在1%以上。 不过，即使货币基金收益率处于长期下行趋势，但受活期存款收益走低、债券及权益市场双双波动等因 素影响，近期货币基金规模不降反增。据基金业协会数据，截至10月底，货币基金总份额为15.05万亿 份，较9月底增长逾3800万份。 来源｜中证金牛座 编辑｜瑜见 此前，天弘余额宝基金经理在季报中表示，存款搬家的现象对银行在资金端的运用和管理上产生了一些 影响，增加了资金流动所产生的摩擦，增加了备付需求，也使得银行在货币市场的基础货币供应实际上 是下降的，加大了在某些关键时点货币市场利率的波动性。债券市场和股票市场出现了一定跷跷板效 应，而债券市场的调整也带动了同业存单的调整。由于银行在负债端的压力不大，同业 ...

今年以来，"宝宝类"基金收益率持续走低。据Wind数据，截至12月16日，941只有统计数据的货币基金 七日年化收益率中位数为1.24%。其中，102只货币基金七日年化跌至1%以下，还有300余只货币基金七 日年化在1%至1.2%之间。不过，规模最大的天弘余额宝基金仍坚守在1%以上。截至12月16日，天弘余 额宝七日年化1.014%，较上周小幅回升。此前，该基金七日年化一度跌至1.001%，但始终保持在1%以 上。即使货币基金收益率处于长期下行趋势，但受活期存款收益走低、债券及权益市场双双波动等因素 影响，近期货币基金规模不降反增。据基金业协会数据，截至10月底，货币基金总份额为15.05万亿 份，较9月底增长逾3800万份。（中证网） ...

Core Viewpoint - The yield of "baby" funds has been continuously declining this year, with the median seven-day annualized yield of money market funds dropping to 1.24% as of December 16 [1] Group 1: Fund Performance - Among the 941 money market funds, 102 have seen their seven-day annualized yields fall below 1%, while over 300 funds are yielding between 1% and 1.2% [1] - The largest fund, Tianhong Yu'ebao, maintains a yield above 1%, reporting a seven-day annualized yield of 1.014% as of December 16, which has slightly increased from a previous low of 1.001% [1] Group 2: Market Trends - Despite the long-term downward trend in money market fund yields, the total scale of these funds has increased due to factors such as declining interest rates on demand deposits and fluctuations in the bond and equity markets [1] - As of the end of October, the total share of money market funds reached 15.05 trillion shares, an increase of over 38 million shares compared to the end of September [1]

Core Insights - The seven-day annualized yield of over 80 money market funds has fallen below 1% as of October 16, yet the scale of money market funds has increased this year [1] - As of the end of August, the total scale of money market funds in China reached approximately 14.81 trillion yuan, an increase of 1.2 trillion yuan compared to the end of last year [1] - The most significant growth in money market funds occurred in the first seven months of the year, with an increase of over 1 trillion yuan, surpassing the 14 trillion yuan mark for the first time in May and maintaining this level for four consecutive months [1] Industry Analysis - The notable increase in money market fund scale is attributed to their advantages in liquidity management compared to bank deposits [1] - Recent volatility and uncertainty in the equity market have led some investors to temporarily allocate funds to money market funds as a transitional demand, rather than investing in bond or stock funds [1] - Money market funds are characterized by low entry barriers, low risk, and high liquidity, and some funds have integrated shopping scenarios to attract younger investors based on their consumption preferences [1]

Group 1 - Multiple public money market funds have recently reduced fees, indicating a competitive response to declining interest rates [1] - Specific funds that have lowered their management fees include: - Yinhua Duolibao from 0.10% to 0.05% - Hongta Hongtu Renrenbao from 0.30% to 0.14% - Huobi Guanjia from 0.25% - Tianhong Cash Manager from 0.33% to 0.15% [1] - Despite the decline in yields, with over 80 money market funds having a seven-day annualized yield below 1% as of October 16, the total scale of money market funds in China has increased [1] Group 2 - As of the end of August, the total scale of money market funds in China reached approximately 14.81 trillion yuan, an increase of 1.2 trillion yuan from the end of last year [1] - The scale has maintained above 14 trillion yuan for four consecutive months since May [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The scale of money market funds rebounded seasonally in Q2 2025, and the growth rate picked up due to the increased yield advantage over deposits [2][13][18]. - The yield of money market funds may continue to decline, and the scale growth may slow down in the future [6]. 3. Summary by Relevant Catalogs 3.1 Money Market Fund Scale Changes - In Q2 2025, the net asset value of money market funds reached 14.21 trillion yuan, an increase of 904.6 billion yuan from the previous quarter and 205.9 billion yuan more than the same period last year. The scale rebounded seasonally [2][13]. - The year-on-year growth rate of the net asset value of money market funds rose from 6.7% in March to 7.9% in June. The average seven-day annualized yield of all money market funds decreased from 1.45% in March to 1.34% in June, a decrease of 11.17 bps. The decline in the listed deposit rates in Q2 was about 5 - 25 bps. The yield advantage of money market funds over deposits increased, driving the scale growth [2][18]. - In Q2, the spread between the yields of funds, certificates of deposit, and money market funds fluctuated and declined. Considering the tax advantages of money market funds, the motivation for institutional investors to subscribe for money market funds may have increased [3][21][22]. 3.2 Money Market Fund Yield Interval Distribution - The yield distribution interval of money market funds continued to shift downward. In Q2, more money market funds had yields below 1.4%, accounting for 40%, an increase of 5 percentage points from the previous quarter. The average yields of all money market funds in April - June were 1.42%, 1.35%, and 1.34% respectively. The easing of funds in Q2 accelerated the decline in money market fund yields [4][26]. 3.3 Money Market Fund Institutional Behavior Changes - In Q2, money market funds significantly increased their holdings of deposits, and the deposit ratio rebounded significantly. They also increased their bond holdings, but the bond ratio decreased. The proportion of bonds decreased by 2.52% to 54.05%, and the deposit ratio rebounded by 5.62% to 26.97%. Among the bond structure, money market funds increased their holdings of certificates of deposit by 34.59 billion yuan, and the proportion of inter - bank certificates of deposit held by money market funds in the market value of bond investments increased to 85.15% [4][29]. - In Q2, with the easing of funds, money market funds extended their durations and increased leverage. The average remaining maturity of the investment portfolio at the end of Q2 was 83.16 days, 7.50 days longer than the previous quarter, and the average leverage ratio was 105.81%, an increase of 1.85% from the previous quarter. The duration returned to a high level, and the leverage was at a neutral level [5][34]. 3.4 Inter - bank Certificate of Deposit Fund Scale Changes - In Q2 2025, the scale of inter - bank certificate of deposit funds increased slightly by 640 million yuan to 125.8 billion yuan. The number increased to 101, and the average scale per fund decreased from 2.149 billion yuan at the end of 2023 to 1.246 billion yuan in Q2 [42].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - In Q2 2025, the scale of money market funds rebounded seasonally, and the growth rate of the scale picked up due to the increase in the relative income advantage over deposits. However, the yield of money market funds is expected to continue to decline, and the scale growth may slow down [2][5]. - In Q2, the yield spread between funds, certificates of deposit, and money market funds fluctuated and declined, which may enhance institutional investors' motivation to subscribe for money market funds [3]. - The yield distribution range of money market funds continued to move down, and the loosening of funds in Q2 accelerated the decline in yields [3]. - In Q2, money market funds significantly increased their holdings of deposits, and the proportion of deposits rebounded significantly. They also increased their holdings of bonds, but the proportion of bonds decreased. In addition, money market funds extended their durations and increased leverage [4]. Summary by Related Catalogs Money Market Fund Scale Changes - In Q2 2025, the asset net value of money market funds reached 14.21 trillion yuan, an increase of 90.46 billion yuan from the previous quarter and a year - on - year increase of 20.59 billion yuan. The scale rebounded seasonally [9]. - The year - on - year growth rate of the asset net value of money market funds rose from 6.7% in March to 7.9% in June. The average seven - day annualized yield of money market funds in the whole market decreased from 1.45% in March to 1.34% in June, a decrease of 11.17 bps. The yield advantage of money market funds over deposits increased, which promoted the rebound of the scale growth rate [12]. - In Q2, the yield spread between funds, certificates of deposit, and money market funds fluctuated and declined. Considering the tax advantages of money market funds, institutional investors' motivation to subscribe for money market funds may have increased [15][18]. Money Market Fund Yield Interval Distribution - In Q2, more money market funds had yields below 1.4%, accounting for 40%, an increase of 5 percentage points from the previous quarter. The average yields of money market funds in the whole market from April to June were 1.42%, 1.35%, and 1.34% respectively. The loosening of funds in Q2 accelerated the decline in yields [22]. Money Market Fund Institutional Behavior Changes - In Q2, money market funds increased their bond holdings by 36.96 billion yuan and their deposit holdings by 1.14 trillion yuan. The bond proportion decreased by 2.52% to 54.05%, and the deposit proportion rebounded by 5.62% to 26.97%. Among the bonds, money market funds increased their holdings of certificates of deposit by 34.59 billion yuan, and the proportion of inter - bank certificates of deposit in the market value of bond investments increased to 85.15% [4][26]. - At the end of Q2, the average remaining maturity of the investment portfolio of money market funds was 83.16 days, 7.50 days longer than the previous quarter; the average leverage ratio was 105.81%, an increase of 1.85% from the previous quarter. The duration returned to a high level, and the leverage was at a neutral level [4][29]. Changes in the Scale of Inter - bank Certificate of Deposit Funds - In Q2 2025, the scale of inter - bank certificate of deposit funds increased slightly by 640 million yuan to 125.8 billion yuan. The number increased to 101, and the average scale per fund decreased from 2.149 billion yuan at the end of 2023 to 1.246 billion yuan in Q2 [33].