1月5日，28只新基金集体发售。2026年首个交易周，将有45只基金新发，占2026年首月新发基金的60% 以上。 这场开年即白热化的新基金发行赛，已不仅是简单的发行"开门红"，更成为观察行业战略转向与赛道布 局的关键窗口。 从指数基金与主动权益基金的"双线并进"，到浮动费率基金、FOF、QDII等创新产品的精细布局；从科 技制造的前沿冲锋，到价值主线的估值深挖，在发行节奏前置的2026年年初，基金产品矩阵的立体布局 与投资主线的交错，正勾勒出基金行业新的竞争图谱。 "基金公司的'开门红'产品大多会选择权益类产品。"一位基金业内人士表示，2025年，主动权益产品业 绩回升，得到了投资者的认可。因此，2026年公司将结合绩优基金经理的优势去布局一些主动权益产 品，同时做好老产品的持营。 基金发行"开门红" 1月5日是2026年A股首个交易日，A股迎来"开门红"，基金发行市场也是热闹非凡。 1月5日，28只新基金集体发售，单日发行数量处于高位。据数据统计，2026年1月计划启动发行的公募 基金数量达到74只，1月的首个交易周（1月5日至1月9日）将成为发行高峰期，期间计划发行的产品数 量达到45只，占全月发行总量 ...

本报（chinatimes.net.cn）记者耿倩 上海报道 中国证券投资基金业协会披露，我国境内公募基金规模首次站上37万亿元新台阶。这一里程碑背后，是 公募基金年内连续八个月刷新历史纪录的强劲势头。 公募基金整体扩容的同时，ETF市场迎来"爆发式增长"。Wind数据显示，截至2025年12月31日，全市场 ETF产品数量达1391只、总规模突破6万亿元，同比分别增长32.98%和61.66%，年内规模激增超2.3万亿 元。历经二十一年发展，我国已跻身亚洲最大ETF市场，成为推动公募行业发展的核心引擎，开启"ETF 的全新时代"。 《华夏时报》制表 站在2026年周期迭代与结构转型的关键节点，市场主线备受关注。东方港湾董事长但斌在接受《华夏时 报》记者采访时表示，人工智能有望成为未来十年贯穿市场的核心主线，而A股走出"结构牛"行情的概 率相对较高。无人驾驶、AI应用、有色金属等细分赛道机遇凸显，而消费、白酒等传统领域则需紧盯 政策动向，2026年资本市场将呈现多元机遇与挑战并存的格局。 公募规模稳步攀升 在公募基金整体规模突破的同时，ETF市场迎来了爆发式增长，成为资本市场的一大亮点。Wind数据显 示，截 ...

Core Insights - The total scale of public funds in China has reached a historic high of 37.02 trillion yuan as of the end of November 2025, marking the first time it has surpassed this threshold [8] - The growth trend has been consistent since April, with the total scale of public funds increasing from 34 trillion yuan to 37 trillion yuan over the past eight months, setting new records each month [8] Fund Management Institutions - As of the end of November 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [8] Fund Categories and Performance - The asset values of various fund categories as of November 2025 are as follows: - Stock funds: 5.80 trillion yuan - Bond funds: 10.52 trillion yuan - Money market funds: 15.19 trillion yuan - Mixed funds: 3.60 trillion yuan - Fund of funds (FOF): 235.44 billion yuan - Other funds: 1.67 trillion yuan [8] - Compared to the end of October, bond funds, money market funds, FOF, and other funds have all seen growth, while stock funds and mixed funds have experienced a decline [8]

Core Viewpoint - The public fund scale in China has surpassed 37 trillion yuan for the first time, reaching a historical high due to multiple factors including market recovery and influx of new capital [2][3]. Fund Scale and Growth - As of the end of November 2025, the total scale of public funds reached 37.02 trillion yuan, marking a 0.16% month-on-month increase and a 12.77% year-to-date increase, with a growth of 4.19 trillion yuan compared to the end of last year [6][8]. - The public fund market has seen continuous growth for eight months, with significant milestones achieved each month, including breaking the 33 trillion yuan mark in April and reaching 37 trillion yuan in November [6]. Fund Types Performance - In November, all types of public funds experienced positive growth in terms of shares, with Fund of Funds (FOF) leading with a 13.64% increase in shares and a 11.74% increase in scale [9][13]. - QDII funds also showed strong performance, with a 7.15% increase in shares and a 2.73% increase in scale [13]. - However, stock and mixed funds saw a slight decline in scale due to market adjustments, with stock funds decreasing by 2.2% and mixed funds by 1.96% [10][12]. Fund Distribution - As of November 30, 2025, there were 165 public fund management institutions in China, managing a total of 13,490 funds with a combined net asset value of 37.02 trillion yuan [4]. - The number of stock funds was 3,371, with a total share of 38,210.97 billion, while bond funds numbered 3,858 with a share of 88,657.06 billion [5]. Investor Behavior - Investors showed enthusiasm in November, leading to net subscriptions across various fund products, particularly in stock and mixed funds, despite the decline in their net asset values [10][13]. - The trend of increasing cross-border asset allocation was evident, with QDII funds attracting more investments [13].

同时，自本月起，基金业协会不再列示封闭、开放分类。其他基金包含QDII、REITs、商品类、同业存单类基金等。 今年11月，公募基金整体份额及规模均实现环比正增长，份额增速大于规模增速。其中，公募基金整体份额达到31.70万亿份，相比于10月末增长1.04%； 公募基金整体规模达到37.02万亿元，环比增长0.16%。 在资本市场回暖、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 12月29日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年11月底，公募基金总规模达到37.02万亿元，连续八个月创历史新高。 尤为值得关注的是，11月份，各类型公募基金份额均实现正增长，其中，基金中基金（FOF）份额环比大增13.64%，位居各类型基金榜首，QDII基金也迎 来7.15%的环比净申购，股票型基金份额环比也实现2%以上的增长。 不过，受股票市场11月调整影响，股票及混合型基金规模出现小幅回落，其余类型基金规模均有不同程度增长。 公募基金规模首次突破37万亿元大关 中国基金业协会最新披露的数据显示，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，拥有公 ...

【导读】公募基金规模首次突破37万亿元大关，再创历史新高 | 美别 | 基金数量(只) | 份额(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2025/11/30) | (2025/11/30) | (2025/11/30) | (2025/10/31) | (2025/10/31) | (2025/10/31) | | 股票基金 | 3.371 | 38,210.97 | 57,982.89 | 3.308 | 37,427.86 | 59,284.90 | | 债券基金 | 3.858 | 88.657.06 | 105.240.51 | 3,839 | 88.506.86 | 104.898.36 | | 货币市场基金 | 362 | 151,859.24 | 151,876.09 | 364 | 150.506.34 | 150,521.60 | | 混合基金 | 4,820 | 25,832.10 | 35,988.03 | 4.801 | 25,723.64 ...

Core Insights - The public fund industry in China experienced significant growth in the third quarter of 2025, particularly in equity funds, driven by a strong performance in the A-share market [2][4][24] - The total management scale of public funds reached 36.45 trillion yuan, marking a 7.07% increase from the previous quarter [4][6] - Active equity funds and stock index funds saw substantial growth, with active equity funds increasing by nearly 700 billion yuan and stock index funds growing by 1.1 trillion yuan [5][6] Fund Performance - The stock fund category saw a quarter-on-quarter increase of 1.2 trillion yuan, a growth rate of 25.3%, with pure index stock funds leading the increase at 1.06 trillion yuan [4][6] - Mixed funds also performed well, with a growth of nearly 600 billion yuan, reflecting a 17.89% increase [5][6] - In contrast, bond funds experienced a decline, with a reduction of 142.8 billion yuan, the only category to shrink during this period [5][6] Company Rankings - E Fund and Huaxia Fund emerged as the top two companies in terms of non-monetary fund scale, with 1.81 trillion yuan and 1.52 trillion yuan respectively [9][10] - Five public fund companies reported non-monetary fund growth exceeding 100 billion yuan, with E Fund leading at an increase of 286.6 billion yuan [13][14] Active Equity Fund Growth - E Fund led the active equity fund category with a scale of 3.129 trillion yuan, followed by China Europe Fund and GF Fund, both exceeding 2 trillion yuan [24][25] - The growth in active equity funds was significant, with several companies reporting increases of over 500 billion yuan, indicating a strong market recovery [27][28] Index Fund Developments - The total scale of public index products approached 8 trillion yuan, with E Fund and Huaxia Fund both surpassing the 1 trillion yuan mark in index fund management [16][22] - The growth in index funds was supported by a favorable market environment and the performance of underlying assets [22][24] Market Trends - The third quarter saw a return of the "money-making effect" in the market, which positively impacted the growth of active equity funds [29] - The demand for long-term stable returns is driving interest in actively managed equity products, positioning them as a key focus for fund companies [29]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance the public fund industry by focusing on investor interests and transitioning from a scale-driven approach to one that emphasizes investor returns [1][2]. Group 1: Action Plan Highlights - The Action Plan emphasizes strong regulation, risk prevention, and promoting high-quality development, aiming to shift the industry's focus towards investor returns [1][2]. - It is expected to serve as a significant turning point in the history of the public fund industry, with over 20 supporting regulations to follow, impacting the development of actively managed equity funds [1][2]. Group 2: Investor-Centric Initiatives - The plan proposes a binding mechanism between fund company income and investor returns, including a floating management fee linked to performance, which aims to lower costs for investors [2]. - It also calls for reforms in performance evaluation mechanisms, increasing the weight of investment return metrics for fund managers, and implementing long-term performance assessments [2][3]. Group 3: Enhancing Investor Services - The CSRC aims to improve the service capabilities of the public fund industry by optimizing investment research, product design, and risk management [3]. - There is a focus on developing low-volatility and asset allocation products to cater to various investor risk preferences [3]. Group 4: Technological Integration - The Action Plan encourages the use of emerging technologies like AI and big data to enhance service levels and improve investor interaction experiences [5]. - It highlights the importance of developing equity public funds to better connect investors with quality enterprises, thereby improving capital market efficiency [5]. Group 5: Long-Term Value Focus - The plan sets higher expectations for fund companies regarding proactive investment strategies and industry trend analysis to meet residents' wealth management needs [6]. - The initiative aims to strengthen the financial system's stability and accelerate the high-quality development of the industry [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft regulations for managing sales fees of publicly raised securities investment funds, emphasizing that redemption fees should be fully allocated to the fund's assets [1] Summary by Category Redemption Fee Structure - For investors redeeming fund shares, the following fee structure is proposed: - A minimum redemption fee of 1.5% of the redemption amount for holdings of less than seven days - A minimum redemption fee of 1% for holdings between seven and thirty days - A minimum redemption fee of 0.5% for holdings between thirty days and six months [1] Fund Types and Fee Flexibility - The redemption fee structure applies to various fund types, including: - Equity funds - Mixed funds - Bond funds - Fund of Funds (FOF) - For Exchange-Traded Funds (ETFs), interbank certificate funds, money market funds, and other funds recognized by the CSRC, fund managers may set different redemption fee standards based on the investment characteristics of the products [1]

Group 1 - The latest list of the top ten heavy stocks held by public funds has been released, with Tencent Holdings and CATL being the only two stocks with over a thousand funds heavily invested in them [1] - As of the end of Q2 2025, the total market value of Tencent Holdings held by public funds is approximately 59.2 billion yuan, with 1,039 fund products invested, while CATL has a total market value of 52.1 billion yuan with 1,150 funds [1] Group 2 - The management scale of public funds has reached a new historical high, surpassing 34 trillion yuan, with a quarterly increase of over 2.24 trillion yuan [2] - As of the end of Q2 2025, the scale of stock funds is 4.74 trillion yuan, mixed funds 3.32 trillion yuan, bond funds 10.77 trillion yuan, and money market funds 13.93 trillion yuan [2] Group 3 - The overall profit of public funds in Q2 reached 385.1 billion yuan, showing a quarter-on-quarter increase [3] - Stock and bond funds were the main contributors to the profits, with profits of 120.5 billion yuan and 102.9 billion yuan respectively [3] Group 4 - The ranking of non-monetary fund scales has been released, with E Fund leading at 1.52 trillion yuan, followed by Huaxia Fund at 1.33 trillion yuan [4] - Several other funds, including GF Fund and China Universal Fund, have non-monetary fund scales exceeding 600 billion yuan [4] Group 5 - QDII funds have shown two main adjustment directions in Q2, with some increasing allocation to Hong Kong stocks while reducing exposure to US stocks [5] - For example, Morgan China Biopharmaceutical Mixed Fund has reduced its A-share allocation from 54.96% to 47.53% while increasing its Hong Kong stock allocation from 29.40% to 45.56% [5] Group 6 - Fund reports indicate a focus on innovative drugs, with several stocks entering the top ten heavy stocks of the funds managed by Guo Lan and Xie Zhiyu [6][7] - Stocks such as Bai Li Tianheng and Xin Li Tai have entered the top ten, while others like Mai Rui Medical and Ai Er Eye Hospital have exited [6][7] Group 7 - The market showed a positive trend on the previous trading day, with the Shanghai Composite Index rising by 0.62% and the Shenzhen Component Index by 0.84% [8] - Sectors such as engineering machinery, coal, and cement materials saw significant gains, while packaging materials and gaming sectors experienced declines [8] Group 8 - The S&P Oil and Gas ETF led the decline, falling by 2.18% [9]