2025年，公募基金行业迎来一系列变革，核心命题是推动公募基金行业高质量发展理念从共识 走向落地。 编者按：2025年，随着一系列改革举措加速落地见效，公募基金行业的高质量发展成色持续 提升。岁末年初，证券时报记者以2025年内行业发展的关键节点为框架，复盘了行业蜕变的 历程，并直面行业发展过程中面临的核心梗阻。与此同时，我们还以行业趋势为笔，试图勾 勒2026年公募基金行业高质量发展的新蓝图，为行业继续前行提供镜鉴，也为投资者看清基 市提供另一种视角。 公募基金沉思录：四大问题直指行业高质量发展之魂 2025年，公募基金行业改革举措加速落地，高质量发展步履铿锵、成效显著。截至12月28 日，行业总规模稳步攀升至近37万亿元，ETF业务突破6万亿元大关，主动权益基金的业绩 实现明显修复，固收+、QDII、FOF、公募REITs等产品线也多点开花，行业呈现出全面发 展的良好态势。 券商中国记者谨以"四大思考"，复盘公募基金这一年的成长蜕变，并勾勒行业前行路上亟 需破解的核心难题，期许公募基金行业在新的一年里续写高质量发展新篇章。 思考一：部分新规条款仍需明确边界 《推动公募基金高质量发展行动方案》作为纲领性文件 ...

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Development and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a transformation characterized by the implementation of key policies such as floating fee rate funds, sales expense management rules, and performance benchmark standardization [4][5]. - There are ongoing debates regarding the clarity of certain regulatory provisions, particularly in the area of fund sales behavior, which require further guidance from regulatory authorities [4][5]. Group 2: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly evident in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to a waste of resources and a decline in investor confidence [6][7]. - A significant number of ETFs launched since 2024 have experienced substantial capital outflows, highlighting the risks associated with lack of differentiation [6][7]. Group 3: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies prioritizing short-term scale over long-term performance [8][9]. - The current market environment incentivizes aggressive strategies that may lead to high risks and potential losses for investors, creating a conflict where funds profit while investors do not [8][9]. - Achieving a balance between the interests of fund companies and investors requires innovative mechanisms and a shift in focus towards long-term value creation [9]. Group 4: Challenges for Small and Medium-sized Fund Companies - The public fund industry exhibits a "Matthew effect," where smaller firms struggle due to limited resources and talent retention, making it difficult to compete on scale [10][11]. - Small and medium-sized firms are encouraged to focus on niche markets and collaborate closely with distribution channels to create customized products [10][11]. - However, many of these firms face difficulties in executing differentiated strategies, often missing out on market opportunities [11][12]. Group 5: Trends Shaping the Future of the Industry - The industry is expected to shift from a "scale-oriented" approach to one that prioritizes "quality," emphasizing investor satisfaction and long-term returns [15][16]. - A new wave of industry consolidation is anticipated, with some firms leveraging mergers and acquisitions to enhance their market position [16][17]. - The rise of tool-based investment products is transforming the landscape, allowing for more granular asset allocation and a focus on specific market segments [18][19]. - AI is projected to play a crucial role in investment decision-making, evolving from a supportive tool to a central component of investment strategies [20][21]. - The sales approach in the fund industry is transitioning towards a "buy-side service" model, emphasizing long-term client relationships and value creation over short-term sales metrics [22][23].

今年以来，债券基金发行占比明显回落，股票型基金强势登上"C位"。 数据显示，今年以来，公募基金新发数量创近四年新高。其中，股票型基金新发规模超过4000亿份，超越2021年创下的历史纪录。 公募基金新发数量创近四年新高 数据显示，截至12月22日，今年以来已有1469只新基金成立（仅统计初始份额），发行数量创近四年新高，合计发行份额达11358.88亿份。 | | | | 新成立基金 | | | --- | --- | --- | --- | --- | | 截止日期 | 总数 | 发行份额(亿份) | 平均发行份额(亿份) | 截止日份额(亿份) | | 2025年 | 1,469 | 11,358.88 | 7.73 | 8,500.29 | | 2024年 | 1,135 | 11,838.33 | 10.46 | 10,045.15 | | 2023年 | 1,272 | 11,495.60 | 9.08 | 11.349.62 | | 2022年 | 1,457 | 14,927.91 | 10.32 | 13,841.50 | | 2021年 | 1,907 | 29,468.69 | 15.59 ...

一、市场概况 上周A股市场主要宽基指数走势出现分化，创业板指、科创50、中证500收益靠前，收益分别为2.74%、1.72%、1.01%，上证综指、沪深300、中证1000收益 靠后，收益分别为-0.34%、-0.08%、0.39%。 行业方面，上周通信、国防军工、电子收益靠前，收益分别为5.92%、3.57%、2.51%，煤炭、石油石化、纺织服装收益靠后，收益分别 为-3.80%、-3.43%、-2.68%。 二、资金流向 ETF市场上周净流入128.9亿元，其中货币ETF净流入5.19亿元，股票ETF净流入24.11亿元，QDII股票ETF净流入53.88亿元，商品型ETF净流入2.41亿元，债 券型ETF净流入43.3亿元。 指数方面，中证A500、AAA科创债、恒生科技、科创50、港股通科技、国债及政金债0-3、中证500上周分别净流出96.84亿元、65.88亿元、30.95亿元、 23.88亿元、15.20亿元、13.83亿元、11.35亿元。 A500ETF华泰柏瑞、A500ETF南方、科创债ETF嘉实、A500ETF基金、科创债ETF汇添富、国债政金债ETF上周分别净流入40.33亿元、37. ...

Core Viewpoint - The article discusses the new performance evaluation regulations in the non-bank financial sector, emphasizing the importance of investor experience and the growth of mixed FOF products [5]. Group 1: Fund Market Overview - As of November 2025, the total net asset value of public funds in the market reached 36 trillion yuan, with a slight decrease of 0.06% month-on-month [3]. - The total number of public fund shares was 31.36 trillion, reflecting a month-on-month increase of 0.37%. Equity funds accounted for 6.5 trillion shares, up 1.55%, while bond funds totaled 9.15 trillion shares, up 0.21%. Money market fund shares were 14.61 trillion, down 0.44% [3]. - In November 2025, 945.67 billion new fund shares were issued, marking a month-on-month increase of 30.81%, with equity funds contributing 546.69 billion shares (up 42.27%) and bond funds 216.66 billion shares (up 49.2%) [3]. Group 2: Investor Behavior - There was a slight recovery in individual investors' risk appetite, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41%, respectively. QDII and FOF funds continued to see net inflows, with growth rates of 3.97% and 8.88% [4]. - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, which saw month-on-month increases of 0.50% and 1.10% [4]. Group 3: Industry Trends - The industry is placing greater emphasis on investor experience, with the issuance of mixed FOF products continuing to grow month-on-month. The new performance evaluation regulations are currently under consultation [5]. - The 10-year government bond yield has fluctuated upwards, leading to increased volatility in the bond market. This has made capital gains more challenging, prompting new fixed-income products to shift towards more attractive fixed-income plus products [5]. - The "TREE Changying Plan," launched by China Merchants Bank in collaboration with public funds, aims to provide a one-stop asset allocation solution for clients, focusing on risk control and stable returns through optimal FOF selection [5].

Core Viewpoint - The public fund industry in China is undergoing a transformation aimed at high-quality development, with Shenzhen leading the charge through comprehensive reforms and initiatives to enhance the industry’s ecosystem and investor protection [1][2]. Group 1: Industry Reform and Development - The key to high-quality development in the public fund industry lies in reshaping the industry ecosystem and establishing a robust investor interest community among investors, fund managers, sales institutions, and evaluation agencies [2]. - Shenzhen has implemented a systematic work plan covering pre-emptive guidance, mechanism construction, and post-evaluation to promote comprehensive reforms in the industry [1][2]. - As of September, Shenzhen public fund companies have issued 14 floating fee rate products with a total scale of 148.72 billion, and the self-purchase of existing funds reached 219.81 billion, reinforcing the investor interest community [2][3]. Group 2: Fee Reduction and Investor Engagement - Since the fee rate reform in July 2023, 31 public fund companies in Shenzhen have significantly reduced management and custody fees, resulting in over 6 billion in benefits to investors [3]. - The industry is enhancing investor satisfaction through improved customer service systems and educational platforms, with 7 pilot fund advisory companies serving approximately 363,700 clients and managing assets of 15.41 billion [3]. Group 3: Long-term Investment and Research Capability - Shenzhen is focusing on enhancing long-term capital inflow and institutional research capabilities to create a new value ecosystem, with a collaborative mechanism established among various regulatory and financial bodies [4][5]. - As of September, the scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion, growing over 10% from the previous year [5]. - The equity fund scale in Shenzhen reached 2.13 trillion, with a year-to-date growth of 23%, while index funds grew by 31% this year, indicating a robust investment environment [5]. Group 4: Product Innovation and Strategic Alignment - Shenzhen public fund companies are actively innovating products to support national strategies, focusing on technology innovation, pension products, and green finance [7][8]. - By the end of September, the number of technology-themed funds reached 495, with a total scale of 506.09 billion, reflecting a 60.94% increase from the previous quarter [7]. - The scale of green-themed funds reached 112.33 billion, with a quarter-on-quarter growth of 22.33%, demonstrating a commitment to sustainable development [8]. Group 5: Future Directions and Regulatory Focus - Moving forward, Shenzhen's regulatory bodies emphasize risk prevention, strong regulation, and promoting high-quality development while enhancing institutional governance and compliance [9][10]. - The industry aims to continue contributing to the construction of a financial powerhouse by focusing on long-term investments and deepening investor protection [10].

Core Viewpoint - The A-share market is experiencing a rebound, leading to a significant recovery in the public fund issuance market, but a stark disparity is emerging between large and small fund companies [4][5]. Group 1: Fund Issuance Recovery - As of November 19, 2023, a total of 1,332 public funds have been issued this year, with a total issuance scale exceeding 1.03 trillion units, marking a three-year high and reversing the previous downward trend [5][8]. - The average subscription period for new funds has decreased significantly to 16 days, down from 23.31 days last year, indicating improved efficiency in fund raising [7][8]. - Notably, 379 new products have announced early closure of subscriptions, with several actively managed equity funds selling out on the first day, such as the招商均衡优选, which raised over 8.7 billion yuan on its first day [7][8]. Group 2: Market Disparity - The recovery in the market is increasingly benefiting large fund companies, with the top four firms collectively raising over 194.5 billion yuan, accounting for 18.33% of the total issuance [8][9]. - In contrast, many small and medium-sized firms are struggling, with 61 companies issuing fewer than five new funds this year, and 34 firms not issuing any new products at all [8][9]. - The survival space for smaller institutions is shrinking, with 39 firms raising less than 1 billion yuan in total this year, highlighting the growing divide in the industry [8][9]. Group 3: Future Investment Strategies - Large and medium-sized institutions are focusing on "rights-containing" products, with ETFs, "fixed income plus," and actively managed equity products being the main components of their investment strategies [10][11]. - There is a consensus among large institutions to maintain a diversified product matrix to capture various market opportunities, avoiding over-reliance on any single product type [10][11]. - Medium-sized firms are also seeking differentiation by focusing on less crowded, high-growth potential segments while ensuring stable growth across different market conditions [11][12].

Core Viewpoint - The article discusses the development path of Manulife Fund in the context of China's public fund industry moving towards high-quality development, emphasizing the integration of global methodologies and localized organizational capabilities [1][2]. Group 1: Industry Development - The Chinese public fund industry has seen significant changes over the past two decades, characterized by scale expansion, industry maturity, and concept upgrades [2]. - Recent policies, including the "New National Nine Articles" and the 2025 "Action Plan for Promoting High-Quality Development of Public Funds," indicate a shift from quantity to quality, providing clear boundaries and directions for foreign institutions in China [2][3]. Group 2: Manulife Fund's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Fund has entered a new development phase, enhancing communication with the global investment expert team and diversifying its investment strategies [2][3]. - The company has optimized its investment research system and organizational structure, expanding into various fund types such as pure bond funds, FOFs, and QDII funds to meet diverse investor needs [3][4]. Group 3: Innovation and Product Development - Innovation is a strategic focus for Manulife Fund, which has launched China's first green inclusive finance bond index fund in response to national carbon neutrality goals [3][5]. - The company aims to leverage its global pension management experience to create tailored pension financial products that meet the lifecycle characteristics of Chinese investors [5][6]. Group 4: Pension Financial Services - Manulife Fund has established a comprehensive pension financial system, emphasizing investor returns and building a diverse product line to cater to different risk preferences and retirement plans [4][6]. - The company has a strong market presence in international pension management, ranking first in Hong Kong's strong fund market and second in the U.S. and Canada for certain pension plans [5][6]. Group 5: Research and Long-Term Investment - Manulife Fund prioritizes absolute returns and long-term value for investors, implementing a performance evaluation system focused on three-year investment results [7][8]. - The investment research system operates on a platform-based, integrated, and multi-strategy model, ensuring thorough research support for investment decisions [8][9].

Core Insights - The total dividend distribution of public funds in the market reached 55.525 billion yuan in the third quarter, with equity funds contributing 11.636 billion yuan, marking a year-on-year increase of 99.86% [1][2] - Overall, the total dividend distribution for the year reached 182.475 billion yuan, reflecting a year-on-year increase of 29%, indicating a significant improvement in fund profitability due to the recovery of the A-share market [1][2] Dividend Distribution Growth - Bond funds accounted for 39.078 billion yuan in dividends during the third quarter, representing 70.38% of the total market dividends, although this reflects a year-on-year decline of 5.09% due to net asset value fluctuations and slower growth in distributable profits [2] - In contrast, equity funds saw a substantial increase in dividend distribution, with stock funds contributing 10.354 billion yuan (up 119.09% year-on-year) and mixed funds contributing 1.282 billion yuan (up 16.97% year-on-year), raising the equity funds' share of total dividends from 11.94% to 20.96% [2] Increased Dividend Frequency - The frequency of dividends for equity funds has also significantly increased, with stock funds distributing dividends 361 times (up 247.12% year-on-year) and mixed funds 157 times (up 196.23% year-on-year) in the third quarter [3] - For the year, 43 funds have distributed dividends at least 9 times, with over 60% being equity products, indicating a trend towards more frequent distributions [3] Fund Management Strategies - High-frequency dividends are linked to product positioning and strategy design, with some funds explicitly stating "high dividend" or "regular dividend" in their contracts, targeting stable cash flow for investors [4] - Additionally, high-frequency dividends may serve as a tool for fund managers to manage scale, allowing them to lock in profits and signal performance to investors while maintaining optimal operational scale [4]

Core Viewpoint - The article discusses the current state and challenges of the compliance and risk control system in China's public fund industry, emphasizing the need for continuous improvement to meet the demands of high-quality development [1][2]. Group 1: Current State of Compliance and Risk Control - The compliance and risk control system in the public fund industry has made significant progress, characterized by a more complete regulatory framework and a strong emphasis on prioritizing investor interests [1][2]. - The industry has shifted from a focus on post-event punishment to proactive prevention and real-time control, establishing a mature regulatory system and industry ecosystem [2]. Group 2: Challenges Facing Compliance and Risk Control - The complexity of products, such as derivatives and structured products, poses challenges in risk identification, requiring higher professional capabilities from risk management personnel [2]. - The internationalization of business introduces cross-border risks, including global market risks and regulatory differences [2]. - Information security risks are heightened due to reliance on IT systems, which can lead to transaction interruptions or data breaches if compromised [2]. Group 3: Areas for Improvement - The compliance and risk control system needs to evolve towards "smart risk control" through the integration of big data and AI, enhancing risk management centered on investors [3]. - There is a need to build comprehensive and penetrating risk management capabilities and to strengthen emergency plans and stress testing [3]. Group 4: Insights from Longsheng Fund - The compliance and risk control team operates with a sense of urgency, recognizing that the construction of these systems is an ongoing process requiring strategic attention from the entire company [4][5]. - A strong risk culture and efficient action are essential for the successful evolution of the compliance and risk control system, which will enable the company and industry to achieve high-quality development [5].