具体来看，非货规模排名第11至第20位的基金公司，排名依次为：招商基金、鹏华基金、国泰基金、华 安基金、工银瑞信基金、天弘基金、中欧基金、永赢基金、中银基金、兴证全球基金。 专题：聚焦2025基金三季报：权益类规模增长 科技赛道仍是"核心仓位" 随着2025年三季度收官，公募基金非货币规模排名再度刷新。行业整体延续"强者恒强、中部胶着、尾 部异动"的竞争态势。Wind数据显示，当前行业梯队分化显著：千亿规模以上公司达47家，三千亿以上 19家，四千亿以上18家，而站稳五千亿关口的机构共14家。 此外，公募基金非货规模第11至20名阵营内部竞争激烈，增长态势与排名格局呈现显著分化，既有机构 逼近前十门槛，亦有公司增长乏力、面临守位压力。 | | | | 2025年三季度末公募机构非货规模TOP11-20 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 基金公司 | 三季度非货规模 | 较上季规模增长 | 较上季 | 较年初规模增长 | 较年初 | | | | (亿元) | (亿元) | 排名变化 | (亿元) | 排名变化 | | 11 | ...

| | | | 2025年三季度末公募机构非货规模TOP21-30 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 | 基金公司 | 三季度非货规模 | 较上季规模增长 | 较上季 | 较年初规模增长 | 较年初 | | | | (亿元) | (亿元) | 排名变化 | (亿元) | 排名变化 | | 21 | 大成基金 | 2,814.44 | 253.92 | 2 | 528.13 | 3 | | 22 | 银华基金 | 2,806.35 | 384.29 | 3 | 354.91 | 1 | | 23 | 兴业基金 | 2,549.46 | -191.19 | -2 | 326.70 | 2 | | 24 | 平安基金 | 2,543.03 | -19.36 | -2 | 72.95 | -2 | | 25 | 交银施罗德基金 | 2,374.34 | -153.77 | -1 | -177.94 | -4 | | 26 | 华宝基金 | 2,312.19 | 527.22 | 2 | 618.89 | 5 | | 27 | 海富通基金 ...

Core Insights - The A-share market has shown significant recovery, with the Shanghai Composite Index rising from 3040.69 points to 4016.33 points in less than seven months, marking a nearly 1000-point increase [1][2] - The public fund industry has also experienced growth, with total assets reaching 36.74 trillion yuan by the end of Q3 2025, an increase of 2.35 trillion yuan from the previous quarter [2][4] - Tianhong Fund has reported impressive performance, with its non-monetary management scale surpassing 410 billion yuan and generating cumulative returns of over 370 billion yuan for more than 750 million investors [1][4] Industry Growth - The recovery of the A-share market has activated the investment value of equity assets, providing strong growth momentum for the public fund industry [2] - Non-monetary fund assets reached 22.08 trillion yuan by the end of Q3 2025, growing by 1.91 trillion yuan from the previous quarter [2][4] - ETFs and fixed-income plus products have become the main growth drivers for the public fund industry, with their combined growth accounting for approximately 63% of the increase in non-monetary assets [4] Tianhong Fund's Performance - Tianhong Fund's non-monetary management scale reached 410.2 billion yuan by the end of Q3 2025, marking a new high [4][5] - The fund's fixed-income products accounted for 191.9 billion yuan, with fixed-income plus products at 52.2 billion yuan, showcasing a diverse product matrix [5][7] - The ETF segment has also seen significant growth, with a total scale of 941.04 billion yuan, reflecting a year-to-date increase of over 43.9% [8] Investment Strategy and Innovation - Tianhong Fund has focused on a multi-faceted business strategy, catering to various investor needs and enhancing returns through diverse product offerings [5][11] - The fund has introduced innovative products, including credit bond ETFs and technology innovation bond ETFs, positioning itself as a leader in the ETF market [8] - The company has continuously upgraded its investment research system to enhance its capabilities in fixed-income and equity investments [11] Performance Metrics - Tianhong Fund's fixed-income funds have consistently ranked in the top 20% across various time frames, demonstrating strong long-term performance [9] - The fund's equity funds have also performed well, with rankings in the top quarter of the industry for three-year performance [9][10] - The company has maintained a large investor base across its various product lines, indicating strong market trust and engagement [10]

Group 1 - The core viewpoint of the article is the launch of a special fund aimed at accelerating the development of strategic emerging industries in China, initiated by the State-owned Assets Supervision and Administration Commission (SASAC) [1][2] - The first phase of the fund has a scale of 51 billion yuan, with China Guoxin planning to contribute approximately 15 billion yuan [2] - The fund has an investment period of 5 years and a total management and exit period of 8 years, which can be extended to a maximum of 15 years [2] Group 2 - The fund will focus on supporting state-owned enterprises (SOEs) in addressing industrial weaknesses and enhancing core competitiveness, particularly in strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, and quantum technology [2] - The SASAC's deployment emphasizes serving national strategic needs, strengthening and supplementing industrial chains, and promoting the simultaneous improvement of scale and quality in emerging industries [2]

Core Viewpoint - The marketing strategy of Shangyin Fund, which promotes fund manager Chen Bo as a trendy figure, has sparked industry concerns about the "idolization" of fund managers and the potential risks associated with such marketing tactics [1][3][5]. Marketing Strategy - Shangyin Fund's marketing campaign focuses on creating a personal brand for Chen Bo, utilizing offline advertisements in key areas of Shanghai and online engagement through social media platforms like Xiaohongshu [3][5]. - The campaign has received mixed feedback, with users more interested in promotional giveaways than in the actual investment strategies or performance of the funds [3][5]. Performance and Risks - Chen Bo manages six funds, with most of them having assets under management below 50 million yuan, putting them at risk of liquidation [1][10][13]. - Year-to-date performance shows that only one of Chen Bo's funds has outperformed the CSI 300 index, while the others have significantly lagged behind [10][11]. Industry Context - The trend of "star-making" in the fund industry is not new, with previous examples like Wang Zonghe from Penghua Fund, whose performance ultimately disappointed investors [7][8]. - Regulatory bodies have emphasized the need for fund companies to move away from reliance on star fund managers and focus on a more integrated investment research system [9][14]. Structural Challenges - Shangyin Fund faces significant challenges in its equity business, with equity products accounting for less than 2% of its total assets under management, indicating a heavy reliance on fixed-income products [14][15]. - The fund's struggle to attract and retain talented equity fund managers reflects broader issues within bank-affiliated fund companies, which often prioritize lower-risk products [14][16].

Core Viewpoint - The trading volume of Hang Seng Index ETFs increased significantly today, with a total turnover of 1.382 billion yuan, marking a week-on-week increase of 956 million yuan, or 226.43% [1] Trading Volume Summary - The trading volume of Huaxia Hang Seng ETF (159920) reached 864 million yuan, an increase of 585 million yuan from the previous trading day, representing a week-on-week growth of 209.73% [1] - The Southern Hang Seng Index ETF (513600) recorded a trading volume of 323 million yuan, up by 241 million yuan, with a week-on-week increase of 293.87% [1] - The Huaxia Hong Kong Stock Connect Hang Seng ETF (513660) had a trading volume of 169 million yuan, increasing by 134 million yuan, which corresponds to a week-on-week growth of 383.22% [1] Market Performance Summary - As of market close, the average decline for ETFs tracking the Hang Seng Index was 1.36%, with notable declines in Huaxia Hang Seng ETF (159920) and E Fund Hang Seng ETF (QDII) (513210), which fell by 1.53% and 1.45% respectively [1]

统计显示，德国法兰克福DAX指数ETF今日合计成交额2.56亿元，环比上一交易日增加6500.59万元，环 比增幅为34.12%。 按成交金额环比增加看，嘉实德国DAXETF(QDII)（159561）、华安德国(DAX)ETF（513030）等今日 成交额较上一交易日分别增加34.63%、32.75%，增幅居前。 （文章来源：证券时报网） | 基金代码 | 基金简称 | 今日涨跌幅 | 今日成交额 | 较上一交易日增加 | 环比增幅 | | --- | --- | --- | --- | --- | --- | | 159561 | 嘉实德国DAXETF(QDII) | 0.00% | 1.87亿元 | 4800.24万元 | 34.63% | | 513030 | 华安德国(DAX)ETF | -0.69% | 6891.58万元 | 1700.34万元 | 32.75% | 具体来看，嘉实德国DAXETF(QDII)（159561）今日成交额1.87亿元，较上一交易日增加4800.24万元， 环比增幅为34.63%；华安德国(DAX)ETF（513030）今日成交额6891.58万元，较上一交易日增加 ...

Group 1: ETF Market Overview - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.73%, the Shenzhen Component Index down by 1.16%, and the ChiNext Index down by 1.84. The rare metals ETFs led the gains, with increases of 2.77%, 2.53%, and 2.46% respectively for three different rare metals ETFs [1] - Central Huijin and its asset management plans held approximately 1.55 trillion yuan in ETFs, with a quarterly increase of over 200 billion yuan, indicating continued support for the stock market [2] - The Beijing Stock Exchange plans to accelerate the launch of the North Certificate 50 ETF, aiming to enhance the listing standards and trading convenience for innovative small and medium enterprises [2] Group 2: Fund Performance - Publicly offered Funds of Funds (FOFs) are increasingly focusing on ETFs, with a leading FOF holding eight ETFs among its top ten holdings, indicating a trend towards ETF-heavy portfolios [3] - The overall performance of ETFs showed that bond ETFs had the best average performance with a change of 0.01%, while cross-border ETFs had the worst performance with an average decline of 1.52% [9] - The top-performing ETFs included rare metals ETFs, with daily returns of 2.77%, 2.53%, and 2.46%, reflecting strong interest in this sector [11] Group 3: Trading Activity - The top three ETFs by trading volume were the Sci-Tech 50 ETF with 5.213 billion yuan, the A500 ETF with 5.007 billion yuan, and the CSI A500 ETF with 4.746 billion yuan, indicating robust trading activity in these funds [14]

Group 1 - The core viewpoint of the news is the performance and strategy of the Quan Guo Jia Yuan mixed securities investment fund, which has shown significant returns since its inception and has adjusted its portfolio in response to market conditions [1][2] Group 2 - The Quan Guo Jia Yuan fund was established on December 5, 2023, with A and C class shares achieving net value increases of 24.38% and 23.88% over the past year, surpassing the benchmark performance of 16.47% [1] - Since its inception, the A and C class shares have risen by 37.18% and 36.19%, respectively, exceeding the benchmark of 33.83% [1] - The maximum drawdown since inception for A and C class shares was -10.10% and -10.12%, respectively, outperforming the corresponding equity mixed fund index [1] - As of the end of the third quarter, the fund's stock allocation was 78.12% of net asset value, an increase of 10.11% from the second quarter [1] - The fund's investment in Hong Kong stocks accounted for 29.14%, a slight increase of 1.06% from the previous quarter [1] - The top ten holdings of the fund include Tencent Holdings, Luxshare Precision, ST Huaton, China Mobile, CATL, Zijin Mining, Ninebot, Sichuan Chengyu Expressway, CSPC Pharmaceutical, and SMIC, collectively representing 39.11% of the fund's net asset value [1] - New entries in the top ten holdings since the second quarter include CATL, Zijin Mining, Sichuan Chengyu Expressway, CSPC Pharmaceutical, and SMIC, while previous holdings such as Yangtze Power, Hengrui Medicine, Oriental Cable, Samsung Medical, and Meituan-W have exited the top ten [1] Group 3 - The fund adopts a balanced holding strategy, focusing on high dividend and new momentum sectors while flexibly seizing convertible bond investment opportunities [2] - Adjustments in holdings are based on the predictability of operating duration, dividend yield, and the certainty of dividend realization [2] - The fund has increased its investment in sub-sectors such as non-ferrous metals, semiconductors, and new energy [2] - In the convertible bond market, the fund employs a low bond premium strategy for selection and has reduced its convertible bond allocation to increase flexibility in equity investments [2]

Core Insights - The Galaxy CSI 800 Index Enhanced Securities Investment Fund will be launched on November 10, aiming to provide investors with a pathway to participate in China's long-term economic development while pursuing excess returns [1][2] - The CSI 800 Index is a representative index in the A-share market, established as a "pillar" since its release at the end of 2004, reflecting the achievements of economic structural adjustments [1] Fund Strategy - The fund manager, Luo Bo, employs a "multi-factor stock selection + event-driven strategy" combined with a rigorous risk model for comprehensive management [2] - The multi-factor model evaluates constituent stocks based on growth, valuation, and profitability, dynamically adjusting factor weights to adapt to changing market conditions [2] - The event-driven strategy focuses on identifying assets that may yield excess returns for individual stocks, aiming to enhance overall portfolio performance [2] Risk Management - The fund aims to maintain an annualized tracking error within 7.75% and an average absolute tracking deviation of no more than 0.5%, closely aligning with the CSI 800 Index to prevent style drift [1]