Core Insights - The public fund industry in 2025 demonstrated strong confidence in the market through a large-scale "self-investment" initiative, with total self-purchase transactions amounting to 562.66 billion yuan, a significant increase of 51.8% compared to 370.65 billion yuan in 2024 [1][3][9] - The structure of self-purchases underwent significant changes, with non-monetary funds seeing a net subscription of 9.34 billion yuan, a year-on-year surge of 130%, while monetary funds faced nearly 200 billion yuan in net redemptions [1][4][9] Self-Purchase Scale and Structure Changes - In 2025, the total self-purchase amount for public non-monetary products reached 9.34 billion yuan, up from 4.06 billion yuan in 2024, marking an increase of 5.28 billion yuan [4][12] - Among non-monetary funds, bond funds led with a net subscription of 4.21 billion yuan, while stock and mixed funds saw net subscriptions of 2.38 billion yuan and 2.15 billion yuan, respectively [4][12] - In stark contrast, monetary funds experienced a net redemption of 193.95 billion yuan, compared to a net subscription of 2.53 billion yuan in 2024, indicating a shift of institutional funds from traditional cash management tools to assets with higher return expectations [4][12] Focus on Index Funds - Index funds have become a key focus for public institutions in their self-purchase strategies, with passive index bond funds, passive index funds, and enhanced index funds collectively accounting for 49.55 billion yuan, representing over 53% of the total self-purchase amount for non-monetary funds [5][14] - Notably, the E Fund's index products received a total of 1.8 billion yuan in self-purchases, with eight index products exceeding 100 million yuan in net subscriptions [5][14] Market and Policy Drivers - The A-share market exhibited a "W-shaped" trend in 2025, with major indices showing impressive annual performances, including a rise of 18.41% for the Shanghai Composite Index and 49.57% for the ChiNext Index, creating a favorable environment for fund self-purchases [6][15] - Regulatory policies have played a crucial role, with the China Securities Regulatory Commission's action plan in May 2025 enhancing the evaluation criteria for self-purchases, thereby incentivizing long-term self-investment behavior among fund managers [6][15] Long-term Investment Trends - The self-purchase behavior in 2025 reflects a shift towards "increasing non-monetary investments, long-term orientation, and normalization," moving from a short-term market stabilization tool to a systematic arrangement for long-term value investment [7][16] - The industry is witnessing a growing emphasis on aligning self-purchases with long-term performance, which is expected to drive the public fund industry towards a high-quality development phase, moving away from a focus on scale expansion [8][17]

Group 1 - Multiple public fund institutions have announced self-purchases of their equity products, reflecting confidence in the high-quality development of China's capital market and investment management capabilities since April [1] - Morgan Fund plans to invest no less than 54 million RMB of its own funds in newly launched equity public funds, with a commitment to hold for at least one year [3] - Fangzheng Fubon Fund has invested 5 million RMB of its own funds in the Fangzheng Fubon CSI All Share Free Cash Flow ETF, also committing to a holding period of at least one year [3] Group 2 - Jianxin Fund has announced an investment of no less than 180 million RMB in its equity public products, with an additional 173 million RMB already invested from Q4 2024 to Q1 2025, all with a minimum holding period of one year [3] - Guojin Fund plans to invest 15 million RMB of its own and senior management's funds in its equity funds within three months, with a commitment to hold for at least one year [4] - CITIC Construction Investment Fund has initiated a self-purchase plan of 20 million RMB, with 5 million RMB already invested and a commitment to hold for at least one year [4] Group 3 - Xingsheng Global Fund has announced a self-purchase of no less than 60 million RMB in its equity public funds, committing to a holding period of at least one year [4] - Pengyang Fund has initiated a plan to purchase 30 million RMB in its managed equity public fund products [4] - Several well-known private equity institutions, such as Inno Asset and Kuande Asset, are also actively increasing their investments in Chinese assets, indicating a full deployment of their products [4]