Public funds achieved a total profit of 2.6 trillion yuan last year, with more than 70% contributed by equity funds.

This article is sourced from: Securities Daily

Our reporter 王 宁

Recently, Tianxiang Investment Consulting Co., Ltd. (hereinafter referred to as “Tianxiang Investment Consulting”) released data showing that in 2025, a total of 163 public fund management companies achieved combined profits of 2.6 trillion yuan from their fund products. Among them, equity-type products generated nearly 2 trillion yuan in profit, accounting for 76.9%.

By fund category, in 2025, stock funds and hybrid funds’ overall profits were 11,254.98 billion yuan and 8,733.38 billion yuan, respectively. Together, the two categories of equity funds achieved total profits of nearly 2 trillion yuan, representing a significant increase compared with the same period last year. In addition, bond funds’ overall profit exceeded 180 billion yuan, which was more than 50% lower than the same period last year; money market funds’ overall profit exceeded 180 billion yuan, which was 18% lower than the same period last year.

The data show that among the 163 public fund management companies mentioned above, 159 fund management companies’ products achieved profits. Specifically, the top ten public funds that recorded profits in 2025 were respectively E Fund, Huaxia Fund, Southern Fund, GF Fund, Harvest Fund, Harvest Fund, HuaTai-PineBridge Fund, China Southern Asset Management, HuaAn Fund, Bosera Fund, and UOB/Harvest Fund. Their respective profits were 3270.08 billion yuan, 2587.47 billion yuan, 1343.75 billion yuan, 1205.35 billion yuan, 1164.9 billion yuan, 1111.42 billion yuan, 1056.56 billion yuan, 882.96 billion yuan, 853.13 billion yuan, and 814.07 billion yuan. The total profit of these top ten public funds was 1.4 trillion yuan, accounting for 55% of the total profit of public funds. Overall, the list of the top ten publicly offered funds by annual profit in 2025 changed little compared with the same period in 2024, but their total profits were far higher than in 2024.

The market value of public fund holdings can reflect the consensus and direction of mainstream market capital. The data show that last year, the top three stocks by total market value held by public funds were CATL, GigaDevice, and Xin Yi Sheng; the three stocks with the largest gains were Xin Yi Sheng, GigaDevice, and Sungrow Power Supply, with full-year gains of 424.03%, 396.38%, and 137.13%, respectively. Specifically, public funds held CATL with a total market value of 1903.46 billion yuan, ranking first; they held GigaDevice in aggregate with a total market value of 1681.63 billion yuan, ranking second; and they held Xin Yi Sheng in aggregate with a total market value of 1316.99 billion yuan, ranking third. In addition, funds also held Guizhou Moutai, Zijin Mining, Cambricon, and Ping An Insurance, among others, with holding market values all exceeding 1000 billion yuan.

Last year, the structure of fund holders also saw some adjustments. The data show that in 2025, individual investors held 17.45 trillion fund units, accounting for 55.63%, which was an increase of 9971.47 billion units compared with 2024. Institutional investors held 13.91 trillion fund units, accounting for 44.37%, which was an increase of 2800.03 billion units compared with 2024.