公募基金2025年四季报披露完毕。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现 明显调整，其中指数基金、混合债基、商品基金、海外投资基金及FOF等产品规模均迎来扩容，而主动 权益基金、纯债基金规模则延续缩水态势。 机遇与挑战交织的行业环境下，2025年末公募行业的格局演变，既清晰展现了不同机构的机遇把握能力 与经营成绩，也为行业后续发展提供了重要的参考与借鉴。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万 亿元，规模再创历史新高。总体而言，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变，业绩的好转并未俘获投资者的信任，整体份额在四季度呈现净 赎回状态。 此外，在成长风格行情愈演愈烈之际，一些投资风格偏价值的百亿规模基金份额持续缩水，投资者逐渐 失去耐心。尽管一些主动权益基金规模出现大幅增长，但是这些基金的投资风格则被定义为是更偏向细 分行业赛道的工具型产品。 相比而言，投资者更青睐指数权益基金，其中A500指数ETF成为资金涌入对象。南方中证A500ETF、华 ...

公募基金2025年四季报披露完毕。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现明显调 整，其中指数基金、混合债基、商品基金、海外投资基金及FOF等产品规模均迎来扩容，而主动权益基金、纯 债基金规模则延续缩水态势。 债券基金规模重回升势，单季度增长超3000亿元，总规模接近11万亿元，再创历史新高。 不过债券基金规模的增长主要得益于混合债基和指数债基的规模增长。10只单季度规模增长超百亿元的债基 中，有6只产品为债券ETF，3只产品为混合债基。债券ETF凭借低费率，吸引机构配置，混合债基则凭借权益 资产带来的高回报吸引资金涌入。而纯债基金仍受到债券熊市和费率调整影响，不少产品规模缩水严重。 多元资产规模爆发 2025年作为多元资产爆发之年，海外投资基金、商品基金、FOF规模均迎来大幅提升，越来越多投资者开始关 注黄金、白银、港股等资产。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万亿元， 规模再创历史新高。总体而言，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变， ...

Core Insights - In Q4 2025, public funds experienced a loss of 110.1 billion yuan, despite an overall annual profit exceeding 2.6 trillion yuan, indicating a strong performance in equity assets throughout the year [1][2] - Passive investment strategies, particularly large-scale ETFs, dominated the profitability rankings, reflecting significant changes in the capital market over the past year [1][2] - The bond products emerged as the main profit contributors in Q4, with bond funds earning 57.725 billion yuan, while commodity funds also saw substantial gains due to rising precious metal prices [1] Annual Performance Summary - For the entire year of 2025, public funds achieved a total profit of 2.6 trillion yuan, with all fund types reporting gains, particularly mixed and equity funds, which collectively earned nearly 2 trillion yuan [2] - The stock funds alone generated profits exceeding 1.1 trillion yuan, highlighting the strong rise of ETFs in the market [2] Top Performing Funds - In Q4, the top 10 profitable fund products were predominantly gold ETFs and related funds, with six gold ETFs making the list, showcasing the demand for precious metals [2] - The leading fund, Huaan Gold ETF, reported a profit of 8.218 billion yuan, the only product exceeding 8 billion yuan in profit [2] - Other notable funds included Bosera Gold ETF, Huaxia SSE 50 ETF, and E Fund Gold ETF, each earning over 3 billion yuan [2] ETF Performance - The performance of broad-based ETFs remained strong, with Huatai-PB CSI 300 ETF leading with a profit of 78.516 billion yuan, the only fund surpassing 70 billion yuan [3] - Other significant performers included E Fund CSI 300 ETF and Huaxia CSI 300 ETF, both earning over 40 billion yuan [3]

随着公募基金2025年四季报披露完毕，全行业管理规模攀升至37.64万亿元的历史新高。在这一光鲜数 字之下，行业内部却经历着深刻的结构性分化：资金正从主动管理产品加速流向指数及多元资产产品， 头部公司地位稳固，而中小公司则试图从当前的生存境况中突围。 去年四季度以来，市场风格轮动提速，投资者风险偏好持续分化，在此背景下，行业产品规模格局出现 明显调整，其中指数基金、混合债基、商品基金、海外投资基金和FOF等产品规模均迎来扩容，而主动 权益基金、纯债基金规模则延续缩水态势。 机遇与挑战交织的行业环境下，2025年末公募行业的格局演变，既清晰展现了不同机构的机遇把握能力 与经营成绩，也为行业后续发展提供了重要的参考与借鉴。 主动权益基金遭净赎回 天相投顾数据显示，截至2025年12月31日，全市场公募基金资产净值（含估算基金）合计超过37.64万 亿元，规模再创历史新高，资金仍在持续净流入公募基金市场。 主动权益基金面临越涨越赎的局面未变，业绩的好转并未俘获投资者的信任，整体份额在去年四季度呈 现净赎回状态。 随着多元资产配置理念的成熟，FOF产品重获青睐，基金公司和销售机构加大新发和持营，其2025年底 规模刷 ...

Core Viewpoint - The article discusses the significant rise in silver prices, which have increased by 116% this year, compared to a 61% increase in gold prices, highlighting the growing interest and potential risks associated with silver investments [5][9]. Market Performance - As of December 11, 2023, silver prices reached a historic high of $62.88 per ounce, marking a substantial increase from earlier in the year [9]. - Silver concept stocks have shown an average increase of 78.12% this year, outperforming the Shanghai Composite Index [10]. Supply and Demand Dynamics - The primary driver behind the surge in silver prices is the widening global supply-demand gap, with industrial demand accounting for approximately 50% of silver's usage [12]. - The Oxford Economics report indicates that sectors such as solar energy, electric vehicles, and data centers are expected to drive silver demand growth, with a projected supply shortfall of 4,633 tons in 2024 [14][15]. - Major silver-producing countries have faced supply constraints due to production declines, further exacerbating the supply-demand imbalance [15]. Macroeconomic Factors - The Federal Reserve's decision to lower interest rates by 25 basis points has contributed to a favorable environment for precious metals, including silver, as it enhances the appeal of safe-haven assets [15][16]. - Analysts suggest that the silver market's smaller size and higher sensitivity to dollar fluctuations make it more volatile compared to gold, which could lead to further price increases if supply issues persist [16][17]. Investment Accessibility - Ordinary investors face challenges in accessing silver investments due to limited channels and higher costs associated with physical silver [19][20]. - The only directly traded silver product in China is a silver futures LOF, while other options include purchasing physical silver through banks or trading platforms [19][20]. Investor Sentiment - Despite the strong performance of silver, there is growing caution among investors regarding the potential risks associated with high volatility and the possibility of a price correction [21]. - Some investors are opting to wait for a price pullback before increasing their positions in silver, reflecting a cautious approach to the current market conditions [21].