| | | | 2025 年四季度国内公募基金份额点评 | [Table_Authors] | 张弛(分析师) | | --- | --- | --- | | | | 021-38676666 | | | 登记编号 | S0880525040075 | | 本报告导读： | | 倪韵婷(分析师) | | 2025 年四季度国内公募基金份额（不含货币基金）为 17.00 万亿份，较上季度末增 | | 021-38676666 | | 加了 3.40%。具体来看，新发基金 3118.63 亿份，平均份额 6.52 亿份，存量基金份 | 登记编号 | S0880525040097 | | 额增加 2469.71 亿份，四季度公募基金份额的增长同时来自存量基金的份额增长以 | | | | 及新基金的发行。 | | | 投资要点： 证 券 研 究 告 请务必阅读正文之后的免责条款部分 基 金 研 究 基 金 季 报 报 [Table_Summary] 2025 年四季度国内公募基金份额点评。2025 年四季度国内公募基金 份额（不含货币基金）为 17.00 万亿份，较上季度末增加了 3.40%。 具体来看，新发基金 3 ...

主动股混基金规模点评： 截至 2025 年 12 月 31 日，全市场主动股混基金剔除 FOF 产品后的规模合计约 4.40 万亿元，相较上一季度末减少约 1562.97 亿元。新发基金方面，自 2025 年以来，伴随 A 股市场走出牛市行情且科技主线逐渐清晰，主动权益基金的超额收益开始凸显叠加投资者风险偏好提升，主 动权益新发市场持续走强。持营基金方面，目前投资者对于主动股混基金的投资情绪仍处于低位，高仓位产品中，投资目标更为明晰的主题型产品更加受到投 资者青睐，部分热门科技主题型产品获得规模大幅增长。 主动债券基金规模点评： 截至 2025 年 12 月 31 日，主动债券型基金剔除 FOF 产品后的规模达到 9.31 万亿元，相较上一季度末增加约 1588.03 亿元。 新发基金中， 2025 年四季度，募集规模前五的主动债基均为偏债产品，募集规模最大的 5 只均不超过 50 亿元。持营基金方面， 2025 年以来在权益牛市 行情的加持下，固收加产品的市场认可度得到显著提升，四季度，持营主动固收基金的规模增长依然主要来自于固收加产品。 FOF 规模点评： 截至 2025 年 12 月 31 日，剔除 F ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q4 2025, after excluding ETF-linked funds and duplicate holdings of internal funds, the scale of equity, bond, commodity, domestic other, QDII equity-mixed, QDII bond, QDII other, and FOF funds increased compared to the previous quarter, while the scale of hybrid and MOM funds decreased [1][6]. - As of December 31, 2025, the total public fund management scale (excluding money market funds) was approximately 22.66 trillion yuan, an increase of about 0.65 trillion yuan compared to September 30, 2025. After excluding the scale of ETF-linked funds invested in ETFs and holdings of internal funds, the total public fund scale (excluding money market funds) was about 21.68 trillion yuan, an increase of about 0.54 trillion yuan compared to September 30, 2025 [4][6]. Summary by Relevant Catalogs Index Funds - As of the end of Q4 2025, excluding commodity and domestic other types of funds and the part of ETF-linked funds invested in ETFs, the total passive management product volume of fund companies was about 7.16 trillion yuan. Among them, the passive management scale of equity (including QDII) was about 5.48 trillion yuan, an increase of about 131.116 billion yuan compared to the end of Q1; the passive management scale of fixed income was about 1.68 trillion yuan, an increase of about 231.211 billion yuan compared to the end of Q1 [4][6]. - **Equity**: In Q4, 183 index equity funds were established in the public fund market, with a total issuance scale of about 81.679 billion yuan and an average issuance scale of about 446 million yuan, showing a significant decline in both the number and scale of new issuances compared to Q3 2025. In the top ten new products in terms of fundraising scale in Q4, 4 were broad-based funds, 3 were thematic index funds, and 3 were strategic index funds. In the Q4, ETF products tracking the CSI A500 index were favored by investors, and the scale of thematic ETF products tracking popular themes also increased rapidly [7]. - **Fixed Income**: In Q4 2025, 4 index bond funds were issued, with a total fundraising scale of 12.549 billion yuan, a significant decline compared to the previous quarter. In Q4, the scale of ongoing index bond funds increased against the trend, with over 57% of funds achieving positive growth. Some科创 bond ETF products and medium - and short - term policy financial bond products saw significant scale expansion [8]. Active Equity - Mixed Funds - As of December 31, 2025, the total scale of active equity - mixed funds in the market after excluding FOF products was about 4.40 trillion yuan, a decrease of about 156.297 billion yuan compared to the end of the previous quarter [4][9]. - **Newly Issued Funds**: In Q4 2025, 106 active equity funds were established, with a total fundraising scale of about 60.218 billion yuan, accounting for 42.44% of equity funds. Since 2025, the active equity new - issuance market has continued to strengthen [9]. - **Ongoing Funds**: Currently, investors' investment sentiment towards active equity - mixed funds remains low. In Q4, only about 25% of active equity - mixed funds achieved scale expansion. Among high - position products, thematic products with clearer investment goals were more popular, and some stable - performing dividend - value style products or cycle - themed products also saw significant scale growth [9][10]. Active Bond Funds - As of December 31, 2025, the scale of active bond funds after excluding FOF products reached 9.31 trillion yuan, an increase of about 158.803 billion yuan compared to the end of the previous quarter [4][11]. - **Newly Issued Funds**: In Q4 2025, 57 new products were issued, with a total fundraising scale of about 62.486 billion yuan. The top five active bond funds in terms of fundraising scale were all partial - bond products, and the fundraising scale of the top 5 did not exceed 5 billion yuan [11]. - **Ongoing Funds**: Since 2025, with the bull market in the equity market, the market recognition of fixed - income plus products has been significantly improved. In Q4, the scale growth of ongoing active fixed - income funds still mainly came from fixed - income plus products [11]. FOF - As of December 31, 2025, after excluding the duplicate part of FOF's holdings of internal funds, the scale of FOF in Q4 2025 was about 17.2836 billion yuan, continuing the growth trend compared to the previous quarter, but the scale growth still mainly came from newly issued products [4][12]. - **Newly Issued Funds**: In Q4 2025, 42 FOFs were established, an increase of 25 compared to Q3. The total fundraising scale was about 45.246 billion yuan, a significant increase of about 38.714 billion yuan compared to the previous quarter. The average fundraising scale in Q4 was about 1.077 billion yuan, an increase of 693 million yuan compared to the previous quarter [12]. - **Ongoing Funds**: High - performing medium - and low - position FOF products were still more popular among investors. The low - position ordinary FOF product Guotai Ruiyue 3 - month Holding under Guotai had the largest scale growth in Q4, with a growth of 2.619 billion yuan [12]. Other Products - As of December 31, 2025, after excluding the scale of ETF - linked funds invested in ETFs and holdings of internal funds, the total scale of other types of products in Q4 2025 was about 66.9156 billion yuan, an increase of about 12.5121 billion yuan compared to the previous quarter [4][13]. - Gold - themed ETF products and ETF - linked funds continued to rise significantly in Q4 due to the continuous increase in international gold prices. Silver - themed products also saw a significant increase in scale in Q4. In addition, inter - bank certificate of deposit products continued to attract investors' attention, with a total scale growth of 2.6553 billion yuan in Q4 [13].

Group 1 - The total number of fund advisory portfolios on the Tian Tian Fund APP reached 454 as of the end of August 2025, an increase of 4 from the previous month, with new portfolios in consumption, pharmaceuticals, dividends, and overseas strategies [9][10][11] - The performance of the fund advisory portfolios showed that the median return of the equity-debt balanced portfolios lagged behind similar FOF products over the past year, with all types of equity-debt balanced portfolios underperforming their benchmarks in the month [17][18] - The active equity funds saw significant increases in holdings, particularly in quantitative strategies, industry rotation strategies, and growth styles, indicating a shift towards more dynamic investment approaches [41][42] Group 2 - The performance of sector-specific portfolios indicated that all sector portfolios had positive median returns over the past year, with pharmaceuticals, new energy, consumption, dividends, and state-owned enterprises outperforming their benchmarks [23][27] - The regional portfolios, particularly those focused on Hong Kong stocks, outperformed their benchmarks over the past year, while overseas strategy portfolios underperformed in the same period [22][23] - The top-performing sector portfolios this year were concentrated in pharmaceuticals and technology, with the highest returns coming from the "Pharmaceutical Hamburger" and "China's Hard Technology" portfolios [25][27] Group 3 - The tracking of fund positions revealed that the conservative advisory portfolios reduced their holdings in index funds while increasing their allocation to mixed funds, reflecting a strategic shift in asset allocation [30][32] - The balanced advisory portfolios decreased their bond fund holdings and increased their mixed fund allocations, indicating a preference for more flexible investment strategies [32][35] - The aggressive advisory portfolios also reduced their stock fund holdings while increasing their allocations to active equity funds, suggesting a trend towards more active management in pursuit of higher returns [32][35]

Group 1: Overall Situation of Fund Advisory Combinations - As of the end of July 2025, there are a total of 450 fund advisory combinations available on the Tian Tian Fund APP, an increase of 4 from the previous month [2][8] - The distribution of fund advisory combinations includes 399 stock-bond central combinations, 32 track-type combinations, and 19 regional combinations, with stock-bond central combinations being the most prevalent [2][8] - The newly added combinations include one aggressive and one balanced stock-bond central combination, along with two conservative combinations [2][8] Group 2: Performance Tracking of Advisory Combinations - Over the past year, the median return of aggressive stock-bond central combinations outperformed similar FOF products, while balanced and conservative combinations underperformed [14][17] - In July, all track-type combinations showed positive median returns, with military, smart manufacturing, pharmaceuticals, new energy, consumption, dividends, and central state-owned enterprise combinations outperforming their benchmarks [22][23] - The median return of regional strategy combinations, including Hong Kong and overseas strategies, also outperformed their benchmarks in July [22][23] Group 3: Changes in Fund Holdings - The conservative advisory combinations reduced their bond fund holdings while increasing their allocation to QDII funds, with QDII fund average positions rising by 0.48% [32][35] - Balanced advisory combinations decreased their index fund holdings and increased their stock fund allocations, with stock fund average positions increasing by 0.33% [32][35] - Aggressive advisory combinations reduced their mixed fund holdings and increased their index fund allocations, with index fund average positions rising by 0.42% [32][35] Group 4: Tracking of Individual Fund Holdings - The most favored active equity funds by advisory combinations include those managed by value style managers, quantitative strategy managers, and technology theme managers [41] - The top actively increased funds include quantitative strategies and technology themes, with significant increases in holdings for funds managed by Ma Fang, Yi Wei, and Sun Meng [41] - The most favored QDII funds include those targeting global growth industries, particularly the E Fund Global Growth Select [41]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - At the end of Q2 2025, the scale of public - offering funds reached a new high, mainly driven by the growth of passive equity funds and bond funds. Active bond funds received significant net subscriptions after three consecutive quarters of net redemptions. Both active and passive bond funds saw increases in scale and share. Passive equity funds reached a new high in scale, mainly due to the increase in net value, but experienced their first net redemption after 15 consecutive quarters [1][8]. - The average position of active equity funds increased by 1.03pct quarter - on - quarter, reaching 84.04%. Currently, the position of active equity funds is close to the historical high level [2][28]. - In terms of the industry position changes of the top - holding stocks of the whole - market funds, the top 5 industries with increased position ratios are communication, bank, non - bank finance, national defense and military industry, and media; the top 5 industries with decreased position ratios are food and beverage, automobile, power equipment and new energy, household appliances, and machinery [3][33]. 3. Summary According to the Directory 3.1 Fund Market Scale - **Overall Scale Change of the Fund Market**: By the end of Q2 2025, the total number of funds was 12,906, a quarter - on - quarter increase of 307, or 2.44%. The total fund share was 308,831.90 billion shares, a quarter - on - quarter increase of 15,091.97 billion shares, or 5.14%. The net asset value of funds was 337,337.87 billion yuan, a quarter - on - quarter increase of 21,130.16 billion yuan, or 6.68% [9]. - **Newly - issued Fund Shares and Net Subscription/Redemption Shares**: In Q2 2025, the total share of newly - issued funds was 2,803.71 billion shares, a quarter - on - quarter increase of 303.95 billion shares, or 12.16%. After deducting the newly - issued fund shares, the net subscription share of funds was 12,288.26 billion shares [10]. - **Scale Ratios of Different Types of Funds**: At the end of Q2 2025, the ratio of equity funds was 12.69%, a quarter - on - quarter change of - 0.06pct; the ratio of hybrid funds was 9.54%, a quarter - on - quarter change of - 0.66pct; the ratio of bond funds was 32.36%, a quarter - on - quarter increase of 0.56pct; the ratio of money market funds was 42.19%, a quarter - on - quarter increase of 0.04pct [12]. - **Changes in the Shares and Scale of Active Equity Funds**: By the end of Q2 2025, the scale of active equity funds was 344.4061 billion yuan, a quarter - on - quarter change of - 1.6283 billion yuan, or - 0.47%. The share of active equity funds was 289.0605 billion shares, a quarter - on - quarter change of - 6.6468 billion shares. The newly - issued share of active equity funds was 3.6593 billion shares, a quarter - on - quarter increase of 2.1294 billion shares. The net redemption share of active equity funds was - 10.3061 billion shares [16]. - **Changes in the Shares and Scale of Passive Equity Funds**: By the end of Q2 2025, the scale of passive equity funds was 377.9525 billion yuan, a quarter - on - quarter increase of 33.5618 billion yuan, or 9.75%. The share of passive equity funds was 296.1349 billion shares, a quarter - on - quarter change of - 1.0683 billion shares. The newly - issued share of passive equity funds was 7.0326 billion shares, a quarter - on - quarter change of - 0.5624 billion shares. The net redemption share of passive equity funds was - 8.1010 billion shares. Passive equity funds experienced their first net redemption after 15 consecutive quarters [19]. - **Changes in the Shares and Scale of Active Bond Funds**: By the end of Q2 2025, the scale of active bond funds was 958.8361 billion yuan, a quarter - on - quarter increase of 54.1574 billion yuan, or 5.99%. The share of active bond funds was 870.8178 billion shares, a quarter - on - quarter increase of 42.6045 billion shares. The newly - issued share of active bond funds was 0.82579 billion shares, a quarter - on - quarter increase of 0.02279 billion shares. The net subscription share of active bond funds was 34.3465 billion shares [23]. - **Changes in the Shares and Scale of Passive Bond Funds**: By the end of Q2 2025, the scale of passive bond funds was 165.7738 billion yuan, a quarter - on - quarter increase of 39.5787 billion yuan, or 31.36%. The share of passive bond funds was 108.4467 billion shares, a quarter - on - quarter increase of 12.0752 billion shares. The newly - issued share of passive bond funds was 0.46209 billion shares, a quarter - on - quarter increase of 0.05515 billion shares. The net subscription share of passive bond funds was 7.4543 billion shares [24]. 3.2 Active Equity Fund Stock Positions - By June 30, 2025, the average position of active equity funds increased by 1.03pct quarter - on - quarter, reaching 84.04%. Among them, the position of common stock - type funds increased by 0.91pct quarter - on - quarter, reaching 89.83%; the position of partial - stock hybrid funds increased by 1.09pct quarter - on - quarter, reaching 87.73%; the position of flexible allocation funds increased by 1.09pct quarter - on - quarter, reaching 74.56% [28]. 3.3 Fund Top - holding Stock Industry Allocations - **Whole - market Fund Top - holding Stock Industry Allocations**: The A - share market value of the top - holding stocks was 259.4635 billion yuan, a quarter - on - quarter increase of 1.2488 billion yuan, and the A - share market value ratio was 36.00%, a quarter - on - quarter change of - 1.29pct. The Hong Kong - share market value of the top - holding stocks was 48.6395 billion yuan, a quarter - on - quarter increase of 4.0976 billion yuan, and the Hong Kong - share market value ratio was 6.75%, a quarter - on - quarter increase of 0.32pct. The top 5 industries with increased position ratios were communication, bank, non - bank finance, national defense and military industry, and media; the top 5 industries with decreased position ratios were food and beverage, automobile, power equipment and new energy, household appliances, and machinery [31][33]. - **Comparison of the Differences in the Top - holding Stock Industry Allocations of Whole - market Funds, Active Equity Funds, and Top - tier Equity Funds**: By comparing the top - holding stock industry allocation situations of the three sample pools, the consensus and differences in the market can be found, which may be the main orientation and watershed of the market in the next stage [35]. - **Comparison of the Differences in the Sub - industry Allocations of Popular Industrial Chains**: By comparing the commonalities and differences in the position increases and decreases of different industries of whole - market funds, active equity funds, and top - tier funds in the new energy industry chain, large - consumption industry chain, pro - cyclical sectors, and digital economy and information technology innovation industry chain, the consensus and differences among the three sample pools can be found [39]. 3.4 Fund Top - holding Stock Adjustment Situations - **Top - holding Stocks with the Largest Position Increases Held in Two Consecutive Quarters**: Stocks such as SF Holding, New Times Group, and Industrial and Commercial Bank of China are among the top - holding stocks with the largest position increases [47]. - **Top - holding Stocks with the Largest Position Decreases Held in Two Consecutive Quarters**: No relevant content provided. - **Top - holding Stocks with the Largest Newly - added Positions in the Quarter**: No relevant content provided. - **Top - holding Stocks with the Largest Removed Positions in the Quarter**: No relevant content provided.

Report Industry Investment Rating No relevant content provided. Core View of the Report - In Q2 2025, the share of domestic public - offering funds (excluding money funds) was 16.67 trillion shares, a 3.76% increase from the end of the previous quarter. The growth came from both the share increase of existing funds and the issuance of new funds [2][4][6]. Summary by Directory 2025 Q2 Domestic Public - Offering Fund Share Review - The share of domestic public - offering funds (excluding money funds) in Q2 2025 was 16.67 trillion shares, with new - issued funds at 250.706 billion shares (average share of 6.33 billion shares) and an increase of 353.839 billion shares in existing funds [2][4][6]. Index Funds Equity - New - issued funds: In Q2 2025, 218 index stock - type products were newly issued, with a total new - issued share of 66.417 billion shares. There were 51 passive index products tracking science - innovation board - related indexes (total new - issued share of 21.469 billion shares), 26 first - batch CSI A500 index enhancement products (total new - issued share of 8.682 billion shares), and free - cash - flow index products with high issuance enthusiasm (total new - issued share of 6.261 billion shares) [4][7]. - Existing funds: The total share of stock index - type products in Q2 was 3.03 trillion shares, a 5.969 billion - share increase from Q1. There was high enthusiasm for subscribing to CSI 300 index products, and some ETF products tracking related indexes of Hong Kong technology, innovative drugs, and artificial intelligence also expanded their shares [7]. Fixed - Income - New - issued funds: In Q2 2025, 8 bond index - type products were newly issued, tracking various indexes, with a total new - issued share of 33.855 billion yuan. Some products got high subscriptions [8]. - Existing funds: The share of index bond - type funds increased by 88.25 billion shares in Q2 [4][8]. Active Equity - Mixed Funds - New - issued funds: The issuance enthusiasm of active equity - mixed funds in Q2 was relatively low. 54 funds were newly issued, with a total new - issued share of 36.343 billion shares, accounting for 14.50% of the total new - issued fund shares. The largest - scale one was Dongfanghong Core Value with 1.991 billion shares [9]. - Existing funds: The share of active equity - mixed funds declined. The total share of existing funds in Q2 was 3.08 trillion shares, a reduction of 113.146 billion shares compared to Q4 of the previous year. Some investors redeemed funds for profit - taking due to the good performance of pharmaceutical and technology - themed funds [4][9]. Active Bond Funds - New - issued funds: Due to the strengthening of the equity market, the proportion of newly - issued bond - fund shares decreased significantly. 72 active bond funds were established in Q2, with a total new - issued share of 115.653 billion shares, accounting for 18.18% of the total new - issued fund shares. Newly - issued bond funds were mainly pure - bond products, with pure - bond bond - type funds having a share of 53.687 billion shares [10]. - Existing funds: The bond market rose slightly in Q2, and the share of bond funds increased slightly. The total share of existing active bond - type funds in Q2 was 8.42 trillion shares, a 354.947 billion - share increase compared to Q4 of the previous year. Pure - bond bond - type funds' share increased by 147.669 billion shares, and some products had significant share growth [10]. Other Funds Inter - Bank Certificate of Deposit Funds - The share of inter - bank certificate of deposit funds increased by 5.489 billion shares in Q2. There were 5 newly - issued funds with a total new - issued share of 9.974 billion shares, and the share of existing funds decreased by 4.484 billion shares [11]. QDII Funds - The share of QDII funds increased by 9.01 billion shares in Q2, with QDII equity - mixed funds increasing by 4.379 billion shares and QDII bond - type funds increasing by 4.72 billion shares. Some Hong Kong - technology - themed products had significant share growth [4][11]. Fund Share Change Table - The table shows the share, share change, and change rate of different types of funds in Q2 2025 compared to Q1 2025, including stock - type, mixed - type, bond - type, etc., with the total share of non - money funds increasing by 3.76% [12][13].