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

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According to data released by Tianxiang Investment Consulting Co., Ltd. (hereinafter referred to as “Tianxiang Inv. & Consulting”), there were 163 public fund managers in 2025. The fund products under them collectively generated profits totaling 2.6 trillion yuan. Among them, equity-category products generated profits of nearly 2 trillion yuan, accounting for 76.9%.

From the perspective of fund categories, in 2025, the overall profits of stock funds and hybrid funds were 26k yuan and 20k yuan, respectively. The two categories of equity funds together generated profits of nearly 2 trillion yuan, representing a substantial increase compared with the same period last year. In addition, bond funds’ overall profit exceeded 180 billion yuan, down more than 50% compared with the same period last year; money market funds’ overall profit exceeded 180 billion yuan, down more than 18% compared with the same period last year.

Data show that among the 163 public fund managers mentioned above, 159 achieved profits from their products. Specifically, the top 10 public fund managers in terms of profits in 2025 were E Fund, China 华夏 Fund, Southern Fund, GF Fund, Harvest Fund, Huatai-PineBridge Fund, Fullgoal Fund, Huaan Fund, Bosera Fund, and 汇添富基金. Their profits were 20k yuan, 327.01B yuan, 258.75B yuan, 134.38B yuan, 120.53B yuan, 1111.42 billion yuan, 1056.56 billion yuan, 882.96 billion yuan, 116.49B yuan, and 111.14B yuan, respectively. These top 10 public fund managers together generated profits of 1.4 trillion yuan, accounting for 55% of total public fund profits. Overall, compared with the same period in 2024, the list of the top 10 profitable public funds by annual performance in 2025 saw little change, but their total profits were far higher than in 2024.

The market value of public fund holdings can reflect mainstream market consensus and direction. According to data, last year, the top three stocks by total market value held by public funds were 宁德时代, 中际旭创, and 新易盛. The 3 stocks with the largest gains were 新易盛, 中际旭创, and 阳光电源, with full-year gains of 424.03%, 396.38%, and 137.13%, respectively. Specifically, public funds held a total market value of 105.66B yuan in 宁德时代, ranking first; they held 中际旭创 with a combined total market value of 88.3B yuan, ranking second; and held 新易盛 with a combined total market value of 85.31B yuan, ranking third. In addition, stocks such as 贵州茅台, 紫金矿业, 寒武纪, and 中国平安) also had held market values of over 100 billion yuan each.

Last year, the structure of fund holders also changed. Data show that in 2025, individual investors held 17.45 trillion fund shares, accounting for 55.63%, an increase of 81.41B shares compared with 2024; institutional investors held 13.91 trillion fund shares, accounting for 44.37%, an increase of 14k shares compared with 2024.

(Editor: 文静)

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