Core Insights - The report by CITIC Financial Holdings indicates that China's asset management industry reached a cumulative scale of 179.33 trillion yuan by the end of Q3 2025, reflecting an 8.21% growth compared to the end of the previous year [1] Industry Overview - The wealth management sector grew by 7.28% year-on-year, while public fund scale increased by 11.91%, indicating steady growth across major sectors [1] - The performance of major public fund indices showed divergence, with equity fund indices and stock-type fund indices performing strongly, both exceeding an annualized return of 135% [1] Fund Performance - In the first three quarters of the year, the number of ordinary stock-type funds reached 584, achieving a return of 181.57% [1] - The number of passive index stock funds and enhanced index stock funds was 2,259 and 432, with returns of 175.05% and 144.35%, respectively [1] - Flexible allocation funds and convertible bond funds had 1,352 and 40 products, yielding returns of 151.68% and 70.54% respectively [1]

Group 1 - The A-share market has shown strong performance, leading to a surge in fund issuance and subscription, with 52 new funds starting subscription this week, a significant increase of over 116% compared to the previous week [1] - The average subscription period for new funds has shortened to 12.73 days, indicating an increased willingness among investors to allocate to equity assets [1] - The strong performance of the A-share market and the impressive average return of 25.93% for actively managed equity products in the third quarter have boosted investor confidence [1] Group 2 - Equity products dominate the new fund issuance, with 43 out of 52 new funds being equity-based, accounting for over 80% of the total [1] - Passive index equity funds have become mainstream, with 23 such products issued this week, driven by their low cost and high transparency [2] - Mixed funds saw 11 products launched, with 10 being equity-oriented, allowing for flexible positioning to capture structural market opportunities [2] Group 3 - A total of 40 institutions launched new funds this week, with 32 institutions introducing only one product each, while 8 institutions issued two or more products, including major firms like Huaxia Fund and Huitianfu Fund [3]