Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Insights - In May 2025, the average daily trading volume of funds decreased by 344 billion yuan, with a total average daily trading volume of 2,282 billion yuan, which is a year-on-year increase of 105.7% but a month-on-month decrease of 13.1% [20][21] - The net inflow of stock ETFs in May 2025 was 168.6 billion yuan, with the total existing scale at 2,341.6 billion yuan [13] - The issuance of new public funds significantly declined in May 2025, with a total of 29.3 billion shares issued, a decrease of 67.4% month-on-month and 80.2% year-on-year [27][30] - The overall ETF market size reached 4,110.6 billion yuan in May 2025, reflecting a year-on-year increase of 68.0% and a month-on-month increase of 1.2% [49] Summary by Sections 1. Fund Market Review - The overall yield of funds increased in May 2025, with various types of funds outperforming bond indices [9] - The net inflow of stock ETFs was primarily concentrated in broad-based ETFs, with a net inflow of 171 billion yuan [13] 2. Fund Market Trading Conditions - The average daily turnover rate of funds decreased to 7.0% in May 2025, a month-on-month decrease of 3.7 percentage points [21] - The average daily trading volume of stock ETFs was 635 billion yuan, a month-on-month decrease of 24% [20] 3. Fund Market Size - The total public fund holdings reached 32.02 trillion yuan by the end of May 2025, with a slight month-on-month increase of 0.31% [30] - The issuance of new ETFs continued to decline, with 7.1 billion shares issued in May 2025, a decrease of 50.5% month-on-month [47] 4. Private Fund Overview - The number of newly registered private funds increased to 1,606 in April 2025, a month-on-month increase of 12.86% [59] - The total number of existing private funds was 141,579, with a total scale of 20 trillion yuan [63]

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - In April 2025, the average daily trading volume of funds increased by 9 billion CNY compared to March, reaching 262.6 billion CNY, which is a 115.4% year-on-year increase and a 3.6% month-on-month increase [19]. - The net inflow of stock ETFs in April 2025 was 197.6 billion CNY, with the total existing scale reaching 2,341.6 billion CNY [13]. - The overall ETF market size in April 2025 was 4,056.5 billion CNY, reflecting a year-on-year increase of 63.5% and a month-on-month increase of 6.8% [47]. Summary by Sections 1. Fund Market Review - In April 2025, the overall yield of funds slightly decreased, with the net value of fund indices showing increased volatility [10]. - The bond fund index saw a slight increase, while all types of funds outperformed stock index funds [10]. 2. Fund Market Trading Conditions - The average daily turnover rate of funds in April 2025 was 10.7%, up 4.8 percentage points year-on-year and 3.0 percentage points month-on-month [20]. - The average daily trading volume of ETFs was 257.2 billion CNY, a year-on-year increase of 109.6% [19]. 3. Fund Market Scale - In April 2025, the issuance of new public funds significantly decreased, with a total of 58.1 billion shares issued, down 38.7% month-on-month and 54.1% year-on-year [25]. - The total public fund holdings as of April 2025 were 31.91 trillion CNY, a decrease of 1.99% month-on-month but an increase of 10.08% year-on-year [28]. 4. Private Fund Market - As of March 2025, the number of existing private funds was 142,278, with a total scale of 20 trillion CNY, reflecting a slight month-on-month increase of 0.20% [62]. - The number of newly registered private funds in March 2025 was 1,423, a significant increase of 67.02% month-on-month [60].

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - In April 2025, the average daily trading volume of funds increased by 90 billion yuan, reaching 2,626 billion yuan, which is a 115.4% year-on-year increase and a 3.6% month-on-month increase [19][22]. - The net inflow of stock ETFs in April 2025 was 197.6 billion yuan, with a total existing scale of 2,341.6 billion yuan [13][19]. - The issuance of new public funds significantly decreased in April 2025, with a total of 58.1 billion shares issued, a 38.7% month-on-month decline and a 54.1% year-on-year decline [25][22]. - The overall ETF market size reached 40,565 billion yuan in April 2025, reflecting a 63.5% year-on-year increase and a 6.8% month-on-month increase [44][43]. - The average turnover rate of funds in April 2025 was 10.7%, which is a 4.8 percentage point increase year-on-year and a 3.0 percentage point increase month-on-month [20][19]. Summary by Sections Fund Market Review - The overall fund index value fluctuated upward in April 2025, with bond fund indices showing slight increases compared to stock indices [10][11]. - The average daily turnover rate of funds increased, indicating heightened trading activity [20][19]. Fund Market Trading Situation - The average daily trading volume of funds rose significantly, with ETFs also showing strong trading activity [19][22]. - Stock ETFs experienced a net inflow, particularly in broad-based ETFs, while financial sector ETFs saw outflows [17][13]. Fund Market Scale Situation - The issuance of new public funds saw a notable decline, while the overall scale and holdings of ETFs increased [22][43]. - The total public fund holdings slightly decreased, with open-end funds experiencing a more significant decline compared to closed-end funds [28][31]. Private Fund Situation - The number of newly registered private funds increased significantly in March 2025, indicating a growing interest in private investment vehicles [57][59]. - The total scale of existing private funds showed a slight increase, with a notable rise in the number of new registrations [59][57].