The stock market rally has brought positive news to the public mutual fund sector. By the end of August this year, China's total public mutual fund assets broke through 36 trillion yuan in one fell swoop, marking the fifth time this year that a historical high has been reached. Following the first breakthrough of 34 trillion yuan at the end of June and 35 trillion yuan at the end of July, the assets surpassed 36 trillion yuan by the end of August, demonstrating the industry's robust growth momentum.

Benefiting from the stock market upturn, equity fund assets grew by over 630 billion yuan in August, while mixed funds increased by over 330 billion yuan. Additionally, money market funds and QDII funds also achieved asset growth in August, increasing by 196.3 billion yuan and 67.2 billion yuan respectively. While other fund types realized asset growth, bond funds experienced a slight decline in scale.

By the end of August, China's public bond fund assets totaled approximately 7.21 trillion yuan, down 28.5 billion yuan from 7.24 trillion yuan at the end of July. Under the influence of the stock-bond seesaw effect, bond market volatility has reduced the attractiveness of bond funds. However, industry professionals believe that as market sentiment gradually returns to rationality, the stock-bond seesaw effect is expected to ease, and the bond market still holds medium to long-term investment value.

**Public Fund Assets Break Through 36 Trillion Yuan, Fifth Record High This Year**

The latest public mutual fund market data shows that as of the end of August 2025, there were 164 domestic public mutual fund management institutions in China, including 149 fund management companies and 15 asset management institutions with public fund qualifications. The total net asset value of public funds managed by these institutions reached 36.25 trillion yuan, an increase of approximately 1.18 trillion yuan compared to 35.08 trillion yuan at the end of July.

This marks the first time China's total public mutual fund assets have exceeded 36 trillion yuan, and represents the fifth historical high achieved this year. In April, total assets reached 33.12 trillion yuan; in May, 33.74 trillion yuan; in June, 34.39 trillion yuan for the third record; and in July, 35.08 trillion yuan for the fourth record.

The continuous economic recovery and sustained stock market warming have supported the continued rise in total public fund assets. Looking ahead, industry professionals expect that with China's continued technological breakthroughs, improving corporate operations, new product launches in the public fund industry, and rapid development of passive investment, China's public fund assets are expected to continue growing and achieve further breakthroughs.

**Stock Fund Assets Grow Over 620 Billion Yuan in August, Mixed Funds Increase Over 330 Billion Yuan**

By category, equity funds achieved the largest asset growth in August. By the end of August, equity fund assets reached 5.55 trillion yuan, an increase of approximately 628 billion yuan from 4.92 trillion yuan at the end of July. From a share perspective, total equity fund shares were approximately 3.52 trillion at the end of August, increasing by 79.7 billion shares from 3.44 trillion shares at the end of July.

The growth in equity fund shares was much smaller than the growth in assets, indicating that the asset growth was primarily driven by net asset value appreciation. Besides equity funds, mixed funds also achieved asset growth in August, reaching 4.16 trillion yuan by month-end, an increase of approximately 332.7 billion yuan from 3.83 trillion yuan at the end of July.

However, mixed fund shares decreased from 3.00 trillion shares at the end of July to 2.95 trillion shares at the end of August, a slight reduction of about 45 billion shares. While equity funds saw both asset and share increases, mixed funds experienced share declines, possibly because investors prefer active and passive equity funds with higher equity positions amid the rapid market recovery.

**Money Market Funds Grow Nearly 200 Billion Yuan, Bond Fund Assets Slightly Decline**

Money market funds also achieved asset growth in August, reaching approximately 14.81 trillion yuan by month-end, an increase of about 196.3 billion yuan from 14.61 trillion yuan at the end of July. Despite declining interest rates causing money market fund yields to fall continuously, with many seven-day annualized yields dropping below 1%, the "deposit migration" effect remains prominent as bank deposit rates are even lower, making money market funds attractive due to their flexibility and stable returns.

QDII fund assets also grew in August, reaching 797.3 billion yuan by month-end, a slight increase of 67.3 billion yuan from 730.0 billion yuan at the end of July.

While other fund types achieved asset growth, bond fund assets declined slightly. By the end of August, China's public bond fund assets totaled approximately 7.21 trillion yuan, down 28.5 billion yuan from 7.24 trillion yuan at the end of July. This marks the second consecutive month of slight declines for bond fund assets, following a 48.2 billion yuan decrease in July.

Under the stock-bond seesaw effect, bond market volatility has reduced bond fund attractiveness, leading some investors to redeem their holdings. Additionally, recently issued bond funds have frequently extended their fundraising periods due to market conditions.

Industry professionals note that as market sentiment gradually returns to rationality, the stock-bond seesaw effect is expected to ease, and the bond market still holds medium to long-term investment value. From a short-term perspective, the key to a trending downward movement may depend on whether "central bank bond purchases" can truly materialize, during which risk appetite, policy expectations, and institutional behavior may continue to create market disturbances.

For the medium to long term, there remains relative optimism about the bond market. Analysis indicates that after periodic market adjustments, bonds have gained certain allocation value based on the relative spread between government bond yields and funding rates. From a policy perspective, the central bank's monetary policy maintains an "easy to loosen, difficult to tighten" stance, and short-term funding volatility may be more of a periodic disturbance rather than a trend reversal.

August financial data and macroeconomic indicators show that the third quarter economy still faces certain pressures in investment, consumption, and employment sectors, with the fundamentally weak pattern and sluggish real economy financing demand yet to see fundamental change. Additionally, allocation demand from banks and insurance institutions remains solid.