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 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the "Jiusan" consensus was fulfilled, the market entered a moderately shrinking rotation phase, with broad - based index gains narrowing. The basis showed significant two - way fluctuations, weakly correlated with daily index movements, and the divergence at the 1 - minute level increased, indicating weak and disordered risk sentiment in the futures market. The changes in neutral and CTA strategy products also reflected this. In the short term, the two - way basis fluctuations may continue, and in the long run, if the policy of reducing volatility is implemented, the central level of stock index futures discounts may narrow [5][15]. 3. Summary According to the Directory 3.1 Recent Basis Review - Market Conditions: After the "Jiusan" consensus was fulfilled, the market entered a moderately shrinking rotation phase. The ChiNext and STAR Market indices led the gains in September, while the gains of other indices narrowed, and the small - cap index declined. Domestic policies were relatively quiet, with a focus on "anti - involution" and potential future volatility - reduction policies. Overseas, the Fed cut interest rates by 25bp, and the A - share market reacted calmly to the Sino - US Madrid talks. Daily trading volume gradually decreased to around 2.2 trillion yuan [6]. - Basis Changes: At the beginning of September, the basis of each variety weakened with the index decline. Subsequently, it fluctuated up and down during the index recovery. By the end of the month, the basis of IF, IC, and IM strengthened. Overall, the basis of IH and IF decreased compared to the end of August, while that of IC and IM increased. As of September 30, the annualized basis rates of the four varieties' quarterly contracts had recovered to around the 20th percentile in the past three years. The daily - level basis changes were weakly correlated with index changes, and there was significant divergence at the 1 - minute level, indicating weak risk appetite [9]. - Product - end Performance: Index - related product scale was stable with a slight decline, and the number of newly issued public - offering index - enhanced products reached a new monthly high. The net value curve of neutral strategies flattened in the past two months, with a median annual return of around 5.5%, and both long and short positions decreased in September. The CTA strategy's leverage ratio for stock indices remained stable, but the net long position fluctuated significantly, reflecting disordered market sentiment [14]. 3.2 Performance Review of Long - Position Rollover - The annualized excess returns of the long - position rollover strategy for IF, IH, IC, and IM in the past 250 trading days were - 2.7%, 0.2%, 1.2%, and - 3.0% respectively. The benchmark portfolio was set as a weighted combination based on the previous trading day's contract positions, without considering transaction costs, and the trading price was the TWAP price in the first half - hour of trading [5][22]. 3.3 Performance Review of Short - Position Rollover - The annualized excess returns of the short - position rollover strategy for IF, IH, IC, and IM in the past 250 trading days were - 0.5%, - 0.3%, 2.2%, and 0.6% respectively [5][25].