【导读】2025年三季度公募非货规模出炉，权益类基金规模大幅增长 中国基金报记者 张燕北 三季度A股强势上涨，公募基金规模迎来全方位扩容。 数据显示，今年三季度除债券基金外，其余各类基金均实现正增长。其中，受益于权益市场 回暖，主动权益类基金与股票型指数基金表现尤为亮眼，规模分别增长近7000亿元和1.1万 亿元。截至三季度末，全市场公募指数产品规模已逼近8万亿元，易方达、华夏两家基金公司 的指数基金规模更是突破万亿元大关。 权益资产再度成为市场的焦点，这既为擅长主动权益投资的机构，也为股票ETF领域占据头部 地位的公募基金提供了规模增长的重要机遇，同时基金公司管理规模也出现相应调整。其 中，权益投资规模占比高、核心竞争力突出的基金公司，在三季度实现了更为显著的规模增 长。 权益基金规模全面增长 股票型指数基金增长超万亿元 天相投顾数据显示，截至三季度末，全市场公募基金管理规模达36.45万亿元，相比二季度末 增长2.41万亿元，增幅为7.07%。 此外，三季度美股表现依然强劲，港股科技股表现亮眼，海外投资基金规模增加2254亿元， 增幅33.18%，位列各类基金首位。 伴随着金价的一路上扬，商品基金的规模在 ...

对基金公司而言，行业竞争已趋白热化。在本轮科技投资与被动趋势的浪潮中，谁精准布局、乘风而 起，谁又反应迟缓、遗憾掉队？各家最新的规模数据，正悄然揭示着此消彼长的行业新局。 人民财讯10月29日电，随着今年公募基金三季报陆续披露完毕，基金公司最新规模排名出炉。三季度A 股市场显著回暖，权益类基金业绩迎来强势反弹，成为全年表现最突出的产品。科技主题基金尤为抢 眼，不仅业绩比拼激烈，规模也实现同步增长，呈现"业绩与规模齐飞"的局面。相比之下，债券市场震 荡调整，债基收益表现相对乏力，引发部分投资者赎回，规模有所收缩。 整体来看，截至三季度末，天相投顾数据显示，境内公募基金管理机构管理总规模达到36.45万亿元(含 部分基金的估算规模)，相比二季度末34.05万亿元，增长约2.41万亿元，连续两个季度实现大幅增长， 主要得益于权益市场回暖以及ETF规模持续攀升。具体来看，指数基金以及指数增强基金第三季度规模 增长1.1万亿元，混合型基金规模增长近6000亿元，海外投资基金规模增长2253亿元，债券基金规模则 缩水1428亿元。 ...

对基金公司而言，行业竞争已趋白热化。在本轮科技投资与被动趋势的浪潮中，谁精准布局、乘风而 起，谁又反应迟缓、遗憾掉队？各家最新的规模数据，正悄然揭示着此消彼长的行业新局。 整体来看，截至三季度末，天相投顾数据显示，境内公募基金管理机构管理总规模达到36.45万亿元 （含部分基金的估算规模），相比二季度末34.05万亿元，增长约2.41万亿元，连续两个季度实现大幅增 长，主要得益于权益市场回暖以及ETF规模持续攀升。具体来看，指数基金以及指数增强基金第三季度 规模增长1.1万亿元，混合型基金规模增长近6000亿元，海外投资基金规模增长2253亿元，债券基金规 模则缩水1428亿元。 头部公募规模排位悄然生变 数据显示，公募基金三季度末非货管理规模超过22.05万亿元，连续两个季度实现超万亿元规模增长。 特别是头部公募基金继续展现综合竞争实力，非货管理规模实现普涨。 具体来看，易方达基金第三季度非货管理规模实现大幅增长，单季度规模增长超2500亿元，该金额位列 全市场第一，华夏基金和富国基金第三季度非货管理规模增长超1500亿元。 南方基金和华泰柏瑞基金单季度实现超1000亿元的规模增长。汇添富基金、景顺长城基金 ...

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]

Core Viewpoint - The public fund industry is experiencing significant changes in scale and competition, with a notable shift of funds from stable bond and money market funds to equity funds, reflecting changing investor preferences and market conditions [2][5]. Group 1: Overall Industry Performance - As of the end of Q1 2025, the total scale of public fund management in China reached 31.81 trillion yuan, a decrease of approximately 600 billion yuan from the end of last year, primarily due to significant reductions in bond and money market fund sizes [2][4]. - The competition landscape among public fund companies is intensifying, with some firms gaining ground while others are falling behind [2]. Group 2: Company-Specific Performance - The top ten companies by non-money fund scale include E Fund, Huaxia Fund, GF Fund, and others, with E Fund and Huaxia Fund being the only firms with non-money management scales exceeding 1 trillion yuan [7][8]. - Notably, the non-money fund scale of Fuguo Fund increased by nearly 30 billion yuan in Q1, allowing it to enter the top four for the first time [8][9]. - Several companies, including Yongying Fund and Fuguo Fund, saw substantial growth in their active equity fund management scales, with increases exceeding 70 billion yuan [3][14]. Group 3: Fund Type Performance - Active equity funds experienced a rebound in scale, with a total increase of 18 billion yuan in Q1, driven by strong performance in sectors like technology [12][14]. - Conversely, bond and money market funds saw significant reductions, with bond funds shrinking by 438.8 billion yuan and money market funds by 277.7 billion yuan [5]. - The demand for diversified asset allocation is evident, as overseas investment funds and commodity funds continued to grow, with increases of 25.5 billion yuan and 51.6 billion yuan, respectively [5]. Group 4: Market Dynamics - The market is witnessing a "seesaw effect" in fund sizes, with funds shifting from lower-risk categories to higher-risk equity funds amid a volatile A-share market [4][5]. - The trend of passive funds outpacing active funds continues, with passive equity index funds reaching 3.96 trillion yuan, surpassing active equity funds at 3.44 trillion yuan by the end of 2024 [11].

Core Viewpoint - The public fund products in 2024 achieved significant profitability, with a total profit of 1.28 trillion yuan, driven largely by the performance of passive index funds, while management fees have decreased due to ongoing fee reduction reforms [1][2][3]. Fund Performance - In 2024, public funds overall made a profit of 1.28 trillion yuan, with stock funds contributing 444.51 billion yuan, marking a substantial turnaround from previous losses [2][3]. - The majority of stock fund profits came from passive index funds, with active equity funds only contributing 868.09 billion yuan, accounting for less than 7% of total profits [2][9]. - Bond funds also performed well, achieving profits of 410.19 billion yuan, a year-on-year increase of 72.29% [3]. Fund Company Analysis - Out of 161 fund companies, 147 reported profits in 2024, with E Fund and Huaxia Fund leading with profits exceeding 140 billion yuan [4]. - The top ten fund companies collectively earned 703.91 billion yuan in profits, significantly higher than the 60.86 billion yuan in 2023 [4]. - Huatai-PB ranked third in profitability with 72.917 billion yuan, showcasing the success of non-head public funds that focus on stock ETFs [4]. Management Fees - Despite the overall profitability of fund products, management fees for public funds decreased by 6.54% in 2024 compared to 2023 [6][7]. - E Fund's management fee was 8.218 billion yuan, down from 9.274 billion yuan in 2023, while Huaxia Fund saw a slight increase in management fees [6][7]. - The top ten fund managers' total sales service fees reached 12.312 billion yuan, showing an increase from the previous year [7]. Cost Structure - Customer maintenance fees are a significant part of management fees, with many mid-sized and smaller public funds having ratios exceeding 30% [8]. - High customer maintenance costs can weaken the operational capabilities of fund companies, indicating a disparity in bargaining power between large and smaller firms [8]. Active Equity Fund Insights - Active equity funds recorded a total profit of 868.09 billion yuan, with mixed performance across different fund types [9][10]. - The management fees for active equity funds fell by 32.33% in 2024, totaling 41.062 billion yuan [10].