新华财经北京11月24日电（记者吴丛司）记者24日从中信金控获悉，中信金控财富委资产管理工作室近 期发布《国内资产管理行业报告（2025年三季度）》显示，截至2025年三季度末，我国资产管理行业累 计规模达到179.33万亿元，较上年末增长8.21%。从细分行业看，理财规模较上年末增长7.28%，公募基 金规模较上年末增长11.91%，主要领域规模稳步增长，呈现良性发展趋势。 报告显示，在大资管行业方面，自资管新规颁布实施后，我国资产管理行业总体呈现平稳发展态势，各 类金融机构共同参与、优势互补、良性竞争，总体形成了涵盖银行理财、公募基金、保险资管、信托、 券商资管及私募基金等多条子赛道的"大资管"行业版图。 截至2025年三季度末，我国资产管理行业规模达到179.33万亿元，较上年末增长8.21%。其中，银行理 财32.13万亿元，公募基金36.74万亿元；基金公司管理的养老金6.30万亿元，信托公司信托资产规模 32.43万亿元，保险资金运用余额36.23万亿元（截至二季度末）；证券期货经营机构私募资产管理业务 12.58万亿元，私募基金20.74万亿元（截至8月末）。 在银行理财方面，截至2025年三季 ...

来源：市场资讯 （来源：华泰证券策略研究） 近期市场在4000点附近震荡，但私募证券资金备案数量回升，上周私募证 券基金备案数量时隔3个月再 度回到300支以上，仍处于回升趋势中。考虑到上周交易型资金情绪相对平淡，配置型外资净流入规模 收窄，其余资金观望态势偏浓，增量资金风格或对市场结构产生一定影响，目前中证1000 增强、全市 场选股仍是量化产品的主流，或对小盘股构成支撑。 近期私募证券基金备案数量回暖 资金整体偏存量状态下，私募证券基金备案数量回暖，上周私募证券基金新增备案数时隔3个月再次回 到300支以上，处于相对高位。结构上来看， 中证1000增强、全市场选股仍是量化产品的主流，或对小 盘股构成支撑。 交易型资金活跃度降温 上周，融资、散户交易型资金观望态势渐浓，1）上周以小单交易统计的散户资金持续净流出，但规模 有所收窄，上周净流出142亿元；2）融资资金 在净流入三周后转向小幅净流出，上周净流出8亿元，融 资活跃度为 10.91%，处于9月以来相对低位。 配置型外资观望态度回升 配置型资金流入意愿回升，1）以EPFR统计的配置型外资上期净流入规模有所回落，主动配置型外资持 续净流出但规模有所收窄（ ...

Group 1 - The market experienced weak fluctuations yesterday, with all three major indices showing a rebound before retreating. The trading volume in the Shanghai and Shenzhen markets was 1.67 trillion, a decrease of 206 billion from the previous trading day, marking the first drop below 1.7 trillion since August 5. The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.62%, and the ChiNext Index by 0.79% [1] - In the brokerage morning meeting, CITIC Construction Investment suggested focusing on high-quality construction companies in Shanghai, while Huatai Securities highlighted the increase in public fund issuance and recommended quality financial stocks. Tianfeng Securities noted that the likelihood of lowering the Loan Prime Rate (LPR) within the year is low [1] Group 2 - CITIC Construction Investment pointed out that Shanghai has released an action plan to promote high-quality development in the construction industry, aiming to reduce homogeneous competition and strengthen large-scale construction groups. The plan includes nurturing specialized small and medium-sized enterprises and encouraging participation in urban renewal and overseas expansion [2] - Huatai Securities reported that in September 2025, the total issuance of wealth management products reached 6,778, an increase of 18.0% month-on-month. The new issuance of public funds surged to 167.5 billion, a month-on-month increase of 64%. The ongoing capital market reforms are reshaping asset allocation logic, with a focus on high-quality stocks in wealth management [3] - Tianfeng Securities indicated that the probability of lowering the LPR this year is low due to the need to maintain healthy interest margins and reduce asset reallocation pressure. The preference is for fiscal subsidies and structural monetary policy tools as alternative methods to stimulate credit demand [4]

Market Overview - The market experienced weak fluctuations with all three major indices showing a decline after briefly turning positive. The trading volume in the Shanghai and Shenzhen markets was 1.67 trillion, a decrease of 206 billion from the previous trading day, marking the first drop below 1.7 trillion since August 5. The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.62%, and the ChiNext Index by 0.79% [1] Sector Performance - Sectors such as oil and gas, engineering machinery, and wind power equipment saw significant gains, while precious metals, coal, and batteries faced notable declines [1] Recommendations from Securities Firms - **CITIC Construction Investment**: Suggested focusing on high-quality construction companies in Shanghai, following the city's action plan to promote high-quality development in the construction industry. The plan aims to reduce homogeneous competition and strengthen the position of major construction groups [1] - **Huatai Securities**: Highlighted a significant increase in public fund issuance, with 6,778 new financial products launched in September, up 18% month-on-month. The new public fund issuance volume reached 167.5 billion, a 64% increase from the previous month. The firm recommends focusing on high-quality financial stocks due to ongoing capital market reforms [1] - **Tianfeng Securities**: Stated that the likelihood of a reduction in the Loan Prime Rate (LPR) within the year is low, citing the need to maintain healthy interest margins and reduce asset reallocation pressures for banks. The firm suggests that alternative measures such as fiscal subsidies and structural monetary policy tools may be preferred [2]

Core Viewpoint - The report highlights a significant increase in the issuance of financial products and public fund subscriptions, indicating a positive trend in the capital market and a shift in asset allocation strategies under the low-interest-rate environment [1] Group 1: Financial Product Issuance - In September 2025, the total issuance of financial products reached 6,778, representing a month-on-month increase of 18.0% [1] - The new issuance of public funds saw a substantial rise, with 167.5 billion units issued in September, marking a month-on-month increase of 64% [1] Group 2: Regulatory Changes and Market Dynamics - The third phase of the public fund fee reform was implemented on September 5, aiming to shift sales institutions from earning based on "traffic" to "retention," encouraging long-term holding of funds by investors [1] - The scale of private securities fund registrations remained high, with 42.9 billion yuan registered in August, reflecting a year-to-date cumulative registration increase of 227% year-on-year [1] Group 3: Investment Recommendations - The ongoing deepening of capital market reforms and the restructuring of asset allocation logic in a low-interest-rate environment suggest a focus on high-quality stocks with wealth management advantages [1] - Banks are recommended to focus on retail and wealth management benchmarks, while brokerages should target companies with strong advantages in the large wealth management industry chain [1]

Group 1 - The private equity fund registration market has significantly rebounded in 2023, with 8,935 private securities funds registered in the first three quarters, a nearly 90% increase compared to 4,718 in the same period last year [1] - The rise in registration numbers is driven by three main factors: improved market conditions, ongoing regulatory efforts enhancing industry transparency, and proactive business expansion by private equity firms [1] - Among the strategies, stock strategy products dominate with 5,849 registrations, accounting for 65.46% of the total, nearly doubling year-on-year, driven by structural market trends in sectors like technology and new energy [1] Group 2 - Multi-asset strategy products follow with 1,278 registrations, representing 14.30% of the total, and showing an 84.68% year-on-year growth, appealing to investors seeking stability amid market fluctuations [2] - Quantitative products have shown remarkable performance, with 3,958 registrations, making up 44.30% of all registered private securities products, more than doubling from 1,953 last year [2] - The surge in quantitative product registrations is attributed to superior performance compared to subjective strategies, advancements in AI and machine learning, and a positive cycle of performance driving scale and registration [2] Group 3 - A total of 2,322 private securities fund managers registered products, with the majority (1,879) registering five or fewer products [3] - Most fund managers (1,560) manage funds below 500 million, while 80 managers oversee over 10 billion, contributing significantly to the total number of registered products [3] - Among the 26 managers with at least 40 registered products, 23 are in the 10 billion category, with 21 being quantitative firms, highlighting the dominance of larger firms in product registration [3]

Group 1 - In September, the enthusiasm for new private equity products surged, with 1,028 private securities funds registered, a year-on-year increase of 171% [1] - Equity strategy private funds dominated the market, with 668 equity strategy products registered, accounting for over 60% of the total [1] - Quantitative products were particularly active, with 364 quantitative private funds registered, representing 35.4% of the total [1] Group 2 - Leading private equity firms maintained a significant advantage in product registration, with Shanghai Liwei leading with 23 products, followed by Maoyuan Quantitative and Shanghai Yinye Investment with 13 and 12 products respectively [2] - Among 27 private equity firms that registered at least 5 products, 16 had assets under management exceeding 100 billion, indicating a concentration of resources [2] - The performance of 57 billion-level private equity firms showed an average return of 24.99% in the first eight months of the year, significantly outperforming the CSI 300 index [3] Group 3 - The total number of billion-level private equity firms reached 94 by the end of September [3] - Institutional investors continue to dominate the influx of new capital into A-shares, with personal investors' demand for stock assets still accumulating [3] - There is an increasing interest from overseas funds in A-shares, although the overall allocation remains low [3]

Group 1 - The launch of the centralized bond lending business by the Central Clearing Company and the Interbank Lending Center on October 10 marks an innovation in China's bond market, with 78 institutions participating, including 21 major brokerages [1] - The new business model is expected to enhance the competitiveness of leading brokerages like CITIC Securities and Guotai Junan in fixed income, optimize asset-liability management, and broaden revenue sources for the brokerage sector [1] - The mechanism aims to improve bond liquidity, reduce transaction costs, and support efficient asset allocation for investors, contributing positively to the stability of the financial market [1] Group 2 - Public funds are intensively focusing on the equity market in the fourth quarter, with 86 new fund products launched by October 11, of which equity products account for 76.7% [2] - The surge in stock fund issuance, particularly in the Sci-Tech Innovation Board and high-end manufacturing sectors, indicates a growing preference for growth assets among investors [2] - The increased allocation to the Hong Kong stock market is expected to boost sentiment in Chinese technology and financial sectors, reflecting a recovery in market risk appetite [2] Group 3 - In September, the number of private securities funds registered reached 1,028, showing a year-on-year increase of 171.24%, despite a slight month-on-month decline [3] - This significant growth in private fund registrations indicates a rising enthusiasm for private products and is likely to enhance the market position of leading private fund companies [3] - The influx of new capital is anticipated to improve market liquidity, particularly benefiting small-cap growth stocks and quantitative strategy-related assets [3] Group 4 - The auction of over 40 million shares of Huachuang Yunxin ended without any bids, despite attracting significant attention, highlighting a disparity in market valuation for the company [4] - The failed auction may put short-term pressure on the stock price and require time for investor confidence to recover [4] - Increased judicial disposals in the financial technology sector could raise concerns about the stability of company shares, potentially leading funds to concentrate on companies with solid fundamentals [5]

Group 1 - In September, over 2000 private equity securities funds completed registration, indicating a high level of activity despite a slight month-over-month decline [1][2] - The stock strategy remains the dominant approach, with 668 new stock strategy private equity funds registered in September, accounting for 64.98% of total new registrations [1] - The average position of subjective long-only private equity funds was 78% at the end of September, indicating a high level of investment activity [3] Group 2 - Investors' willingness to allocate to equity assets has increased, driven by structural market trends and government support for technology and high-end manufacturing [2][3] - A balanced allocation strategy is becoming a consensus among private equity firms for the fourth quarter [4] - Companies are optimistic about various investment opportunities, including rare resources, coal industry prospects under the "anti-involution" policy, and traditional consumer stocks benefiting from policy signals [5]

Group 1 - In September, the number of private equity securities funds registered increased by 171.24% year-on-year, despite a 10.22% decrease from August [1] - In the first three quarters, 25 bank wealth management subsidiaries conducted over 2,100 investigations into A-share listed companies, with more than 50% focusing on the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - Securities firms accelerated their financing, with bond issuance reaching 1.26 trillion yuan, a year-on-year increase of 75.42% [1] Group 2 - Insurance capital institutions conducted a total of 14,128 investigations into A-share companies in the first three quarters, with a focus on electronic components and medical devices [2] - Qualcomm is under investigation for failing to legally declare its acquisition of Autotalks, potentially violating antitrust laws [2] - A new DNA search engine named MetaGraph has been developed, enhancing the ability to search vast biological databases [2] Group 3 - Beijing Universal Studios reported that a ride was temporarily halted due to safety protocols being triggered [3] - Zhongxin Jingyuan has initiated IPO counseling for its public stock offering on the Beijing Stock Exchange [3] Group 4 - Dahan Technology's controlling shareholder's 130 million shares were auctioned, resulting in a change of control for the company [4][5] - Inno Private Equity was warned by regulators for failing to conduct independent investment decisions and risk assessments [6] Group 5 - Bull Group's actual controller plans to reduce holdings by 36.17 million shares, valued at over 1.6 billion yuan [7] - Tao Li Bread's actual controller plans to transfer up to 2% of shares to a family member for asset planning [8] - Aipu Co., Ltd. announced the transfer of 29 million shares by its actual controller, with a total transaction value of 261 million yuan [9] Group 6 - Bohai Bank plans to publicly transfer debt assets worth approximately 499.37 billion yuan [9] - Dayu Biological announced a capital increase of 50 million yuan for its subsidiary to support new business growth [10] Group 7 - U.S. stock indices collectively fell, with the Dow down 1.9%, Nasdaq down 3.56%, and S&P 500 down 2.71%, marking significant declines influenced by trade tensions [11][12] - The semiconductor index dropped over 6%, with major companies like AMD and Qualcomm experiencing substantial losses [12] - Safe-haven assets such as U.S. Treasuries and gold saw increases, while oil prices hit a five-month low [12]