Core Viewpoint - The total scale of public funds in China has reached 37.71 trillion yuan by the end of December 2025, marking a historical high for nine consecutive months, with a year-on-year increase of 4.89 trillion yuan, or 14.9% [4][8]. Fund Scale Growth - By the end of December 2025, the total scale of public funds in China increased by approximately 695.75 billion yuan from the previous month [4]. - The scale of public funds has grown from 33.12 trillion yuan in April 2025 to 37.71 trillion yuan by December 2025 [4]. - The growth structure shows that all types of funds achieved positive growth in 2025, with bond funds increasing by 60% and equity funds by 36% [4]. Fund Types and Performance - As of December 2025, the largest fund types by scale are: - Money market funds: 15.03 trillion yuan - Bond funds: 10.94 trillion yuan - Equity funds: 6.05 trillion yuan - Mixed funds: 3.68 trillion yuan - Fund of funds (FOF): 244.39 billion yuan - Other funds: 177 billion yuan [4]. - In December 2025, bond funds led the growth with an increase of over 412 billion yuan, while equity funds also saw a significant increase of over 250 billion yuan [5]. Structural Changes and Trends - The year 2025 saw a notable structural change in fund growth, with bond funds and equity funds showing strong performance, while money market funds experienced a slight decline of about 153.6 billion yuan due to lower yields [6]. - The demand for diversified asset allocation is increasing, with QDII funds growing by 60.56%, bond funds by 59.79%, and equity funds by 35.93% in 2025 [6]. - The trend indicates a recovery in equity funds, driven by the rapid development of ETFs, with mixed funds reversing a trend of continuous contraction since 2022 [6]. Future Outlook - The public fund industry is expected to continue its growth, potentially reaching 40 trillion yuan by 2026, with an estimated incremental capital of around 877.27 billion yuan [8]. - The focus for 2026 will likely be on equity funds, fixed-income plus funds, QDII, commodity funds, and FOFs, as investors seek stable returns in a low-interest-rate environment [8]. - Investment opportunities in 2026 are anticipated to revolve around technology sectors, overseas investments, and high-dividend core assets [8].

增资控股公募 又一家券商加入控股公募阵营。 1月12日晚，华安证券发布公告，拟向华富基金增加出资额1020.41万元，对应增资价款为2646.16万元。增资 完成后，其持有华富基金股权的比例将由49%增至51%，正式成为这家千亿规模公募的控股股东。 在券商资管直接获取公募牌照难度攀升的行业背景下，此次增资控股动作再次印证，券商仍在积极补全"券商 资管+公募基金"业务链条，加速布局公募基金领域的趋势未改。 据公告，华安证券拟向华富基金增加出资额1020.41万元。此次股权变动前，华安证券已持有华富基金49%的 股权，为其第一大股东。增资完成后，公司持有华富基金的股权比例增加至51%，成为华富基金的控股股 东。 公开资料显示，华安证券前身是1991年成立的安徽省证券公司，是安徽省首家专营证券机构、全国首批综合 类券商。2012年，华安证券整体变更为股份制公司，并于2016年12月在上海证券交易所上市。此次增资是其 完善金融业务板块、强化资产管理的又一关键步骤。 股权结构方面，除华安证券外，安徽省信用融资担保集团、合肥兴泰金融控股（集团）分别持有华富基金 27%和24%的股权。公告明确称，经华富基金前期初步征集各股 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the establishment of a sales subsidiary by E Fund Management Co., marking the first approval for a public fund sales subsidiary in a year, indicating a renewed interest in wealth management services within the public fund industry [2][3]. Group 1: Approval of Sales Subsidiary - The CSRC approved E Fund's establishment of E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., with a registered capital of 100 million RMB, focusing on securities investment fund sales [2]. - This subsidiary is the 9th public fund sales subsidiary approved, following approvals for subsidiaries from other fund companies such as Harvest Fund, GF Fund, and others [2]. - The last approval prior to this was in June 2024 for Huatai-PineBridge Fund, with the previous one dating back to 2021 [3]. Group 2: Shift to Buy-side Investment Advisory Services - E Fund's new subsidiary will concentrate on buy-side investment advisory services and plans to apply for qualifications in fund sales and investment advisory [5]. - The establishment of this subsidiary aligns with the broader trend of public funds transitioning towards wealth management, supported by government initiatives [5][6]. - The "Nansha Financial 30 Articles" released in 2025 emphasizes the development of public fund investment advisory services, showcasing the government's commitment to this sector [5]. Group 3: Growth in Fund Sales Market - The public fund sales market is currently characterized by a "triple dominance" of banks, securities firms, and third-party institutions, with the top ten funds requiring a minimum of 100 billion RMB in assets [4]. - As of the end of 2024, three public fund sales subsidiaries have entered the top 100 list based on fund sales scale, indicating a competitive landscape [4]. - E Fund's investment advisory services have reportedly served over 120,000 individual clients and more than 100 institutional clients, with a client profitability rate of approximately 70% since the service's launch [6].