Active management, fixed income +, ETF three major tracks -- Understand this year's public fund big winners in one article

The public fund market will experience accelerated growth in 2025. While the ETF investment boom continues, multi-asset allocation has become another important trend. The CSC report indicates that the upward fluctuations in the equity market are driving the scale of active equity funds to rebound, but the pace of passive investment is accelerating, and fixed income + products are significantly expanding in a low-interest-rate environment, resulting in a more diversified growth pattern in the industry.

The overall scale of equity funds is rebounding, but growth is still dominated by passive index funds. As of the third quarter of 2025, the scale of passive index funds has increased by more than 1.1 trillion yuan, and the scale of ETFs has surpassed 5 trillion yuan. Although active equity funds have significantly restored excess returns, the growth in scale is mainly driven by net asset value increases, and the overall share has still decreased, reflecting investors' tendency to take profits after the market warms up.

Fixed income products show significant differentiation. In 2025, the bond market weakened, with the scale of medium- and long-term pure bond funds decreasing by more than 600 billion yuan, and the scale of short-term pure bond funds decreasing by nearly 250 billion yuan. In stark contrast, fixed income + funds are seizing development opportunities, with the scale of secondary bond funds increasing by 625 billion yuan. In a low-interest-rate environment, the yield of traditional fixed income assets continues to decline, and increasing the allocation ratio of equity assets has become a market consensus, with multi-asset allocation strategies providing investors with a "steady progress" solution.

The FOF new issuance market has significantly warmed up, with more than 80 new FOF funds issued in 2025, totaling a new issuance scale of 80 billion yuan. The investment scope of newly issued FOFs increasingly reflects multi-asset allocation characteristics, including not only equity and fixed income funds but also commodity funds, QDII funds, Hong Kong mutual recognition funds, public REITs, and various other categories.

Active Equity: Diversified Breakthrough Path

The CSC report has summarized and analyzed the scale growth of active equity funds (ordinary stocks, equity hybrid, and high-position flexible allocation and balanced hybrid funds with an average position >60% in the past year) under various fund managers in 2025. Yongying Fund, China Europe Fund, E Fund, and Fullgoal Fund have seen their active equity fund scales grow by more than 35 billion yuan this year.

Yongying Fund has achieved a breakthrough in the scale of active equity funds through its "Smart Selection Series" products, with the scale of active equity funds increasing by more than 76 billion yuan in 2025, growing more than four times compared to the end of last year. The Smart Selection Series consists of 16 products, with a scale increase of 57.6 billion yuan, accounting for 66% of its entire active equity fund product line.

The success of Yongying Fund is mainly attributed to its forward-looking layout in segmented tracks. Most of the Smart Selection Series products were established from the second half of 2022 to the first half of 2023, and during the downturn of active equity funds, they made reverse layouts in themes such as robotics, cloud computing, semiconductors, domestic computing power, and innovative drugs that align with the development direction of new productive forces. These products achieve excess returns through concentrated investment and active management, with a tool-oriented positioning that meets investors' demand for segmented investment tools. For example, Yongying Technology Smart Selection achieved a growth rate of up to 192% in 2025, while Yongying Advanced Manufacturing Smart Selection obtained a return of 70.07%.

The scale growth of Zhongou Fund and E Fund is mainly focused on technology resilient varieties, while high-performing dividend funds maintain incremental growth. Zhongou Fund's active equity fund scale grew by over 70.5 billion yuan in 2025, with a growth rate of 42.44%. Products managed by TMT sector fund managers such as Feng Ludan and Du Houliang achieved returns exceeding 100% in 2025, with significant scale growth driven by both net value and share volume. E Fund's active equity fund scale grew by over 40.3 billion yuan, with products managed by technology growth style fund managers like Liu Jianwei, Zheng Xi, and Ouyang Liangqi all achieving annual growth rates above 100%.

The new floating fee rate products launched by both companies have also gained high market attention. Zhongou Core Smart Selection raised over 2.1 billion yuan, while E Fund Value Return raised over 2 billion yuan, both setting a three-tier fee structure of 1.2% (benchmark tier), 1.5% (upgraded tier), and 0.6% (downgraded tier).

The overall investment style of FuGuo Fund's active equity is relatively balanced, with a noticeable scale increase after Fan Yan joined in 2024. FuGuo Steady Growth's scale increased by 7 billion yuan in 2025, and the newly launched FuGuo Balanced Investment had a fundraising scale close to 2 billion yuan. Based on a balanced style, technology and pharmaceutical sector fund managers achieved breakthroughs, with FuGuo Emerging Industries, FuGuo Small and Medium Cap Select, and FuGuo Innovative Technology all increasing their scale by over 3 billion yuan within the year. FuGuo Fund's Hong Kong stock investment team has an excellent historical performance, with the performance-driven scale of FuGuo Shanghai-Hong Kong-Shenzhen increasing from 4.4 billion yuan at the end of 2024 to 7.9 billion yuan by the end of the third quarter.

Fixed Income + Funds: Institutional Funds Favor Stable Strategies

The report indicates that the scale of fixed income + funds has grown significantly, with a flexible allocation of low to medium positions, focusing on bond-mixed, secondary bond funds, primary bond funds, and convertible bond funds as samples for fixed income + funds, and statistics on the scale growth of fixed income + funds under various fund managers in 2025 Among them, the most leading growth in scale is from Invesco Great Wall Fund.

As of the end of the third quarter, the scale of the 2025 fixed income + fund has increased by more than 110 billion yuan, contributing 78% to the company's non-monetary scale growth. The fixed income + product line under its management has a diversified strategy, covering various risk-return characteristics, with excellent medium to long-term risk-return ratios, making it favored by institutional investors.

The fixed income + funds that increased in scale by more than 10 billion yuan in 2025 are mainly secondary bond funds, most of which have performed relatively well in terms of rankings in the past two years. Yongying Stable Enhancement, Invesco Great Wall Jingyifengli, Fortune Optimized Enhancement, and Penghua Double Bond Plus have high equity positions, with an increase of over 15% in 2025. Most funds are heavily invested in technology, cyclical, and manufacturing sectors, overall leaning towards large-cap balanced and large-cap growth directions, reflecting the market's relative preference for growth styles and prosperous tracks.

At the same time, the funds with leading scale increases mostly have a high proportion of institutional investors, averaging close to 70%, among which Yongying Stable Enhancement, China Europe Fengli, and Invesco Great Wall Jingyifengli all have institutional investor proportions above 90% in their 2025 mid-year reports. Funds that are mainly composed of individual investors and have seen significant scale growth include Ruifeng Stable Benefit Enhanced 30-day holding, Bosera Stable Growth, Southern Jinxiang Stable Benefit, and Huaxia Stable Growth 6-month rolling, which have relatively low central positions, making them more stable, around 10%-15%.

ETF Market: Concentration at the Top and Product Innovation in Parallel

The report indicates that the competitive landscape of the ETF market shows a clear trend of concentration at the top. Huaxia Fund, E Fund, and Huatai-PB Fund have market shares exceeding 10%, with ETF scales all above 600 billion yuan. Huaxia Fund's ETF scale reached 941.686 billion yuan, with a market share of 16.52%; E Fund's ETF scale reached 872.963 billion yuan, with a market share of 15.32%.

The main contributors to scale growth in 2025 include gold ETFs, mainstream broad-based ETFs, and Hong Kong stock ETFs. The scale of Huaan Gold ETF increased by nearly 66 billion yuan, and Bosera Gold ETF increased by over 26 billion yuan. Among stock ETFs, the mainstream broad-based ETF varieties heavily invested by long-term institutional funds such as Central Huijin continue to increase in scale, with Huatai-PB CSI 300 ETF increasing by 64.2 billion yuan, Huaxia CSI 300 ETF increasing by 63.9 billion yuan, and E Fund CSI 300 ETF increasing by 52.5 billion yuan

In terms of cross-border ETFs, the scale of Hong Kong stock ETFs has increased significantly. The scale of the FTSE China Hong Kong Stock Connect Internet ETF has increased by over 59.1 billion yuan, and the ICBC National Index Hong Kong Stock Connect Technology ETF and the Huaxia Hang Seng Technology ETF have also seen considerable growth. The scale of the GF China Hong Kong Stock Connect Non-Bank Financial Theme ETF has increased by over 25.8 billion yuan.

From a detailed category perspective, large-cap broad-based ETFs have seen the most growth, exceeding 200 billion yuan. Industry theme ETFs have shown noticeable growth, primarily in the TMT and manufacturing sectors, driven by trends in AI, robotics, and other sectors. Among style strategy ETFs, dividend low volatility and free cash flow as medium to long-term stable strategy types have gained certain investor favor, with the scale of free cash flow ETFs increasing by 25.45 billion yuan.

Newly launched benchmark market-making credit bond ETFs and sci-tech bond ETFs this year have garnered high attention, with individual products raising around 3 billion yuan each. From the recent ETF reports submitted by various fund managers, the main layout directions include non-ferrous metals, sci-tech and ChiNext, dividend quality, and Hong Kong stock technology.

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment objectives, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk