The total assets under management for China's public offering funds have reached a new historic peak. According to the latest data released by the Asset Management Association of China on the evening of January 28, by the end of December 2025, there were 165 public fund management institutions operating domestically, comprising 150 fund management companies and 15 asset management institutions qualified to manage public funds. The combined net asset value of public funds managed by these institutions totaled 37.71 trillion yuan, an increase of 0.69 trillion yuan from the 37.02 trillion yuan recorded at the end of November 2025.
Looking back at 2025, China's public fund industry demonstrated robust overall development momentum. The total scale of public funds climbed for nine consecutive months, rising from 33.12 trillion yuan at the end of April 2025 to 37.71 trillion yuan by the end of December 2025.
Specifically, as of the end of December 2025, money market funds were the largest category by size, reaching 15.03 trillion yuan. Bond funds and equity funds followed closely, with sizes of 10.94 trillion yuan and 6.05 trillion yuan, respectively. The sizes of hybrid funds, fund of funds (FOF), and other funds were 3.68 trillion yuan, 244.393 billion yuan, and 1.77 trillion yuan, respectively.
Compared with the end of November 2025, all fund categories except money market funds experienced varying degrees of growth in size by the end of December 2025. Among them, bond funds and equity funds showed the most prominent performance, with their sizes increasing by 412.088 billion yuan and 254.269 billion yuan, respectively, compared to the end of November 2025, and their shares growing by 283.657 billion units and 131.609 billion units, respectively. FOF products also achieved dual growth in both size and shares, with month-on-month increases of 8.849 billion yuan in size and 7.127 billion units in shares. Although the size of hybrid funds increased, their shares saw a slight decline. Furthermore, among other funds, QDII (Qualified Domestic Institutional Investor) funds also showed significant growth in both size and shares; by the end of December 2025, the size of such products reached 981.559 billion yuan.
Looking ahead to 2026, several public fund institutions believe opportunities exist in both the equity and bond markets. Deng Jichao, a Fund Manager at Xingyin Fund, stated that after more than a year of gains, the equity market is now in a reasonable valuation range—neither significantly undervalued nor containing major bubbles. Against this backdrop, his team holds a positive view on long-duration equity assets, primarily stocks and convertible bonds.
Wang Li, a Senior Macro Strategy Researcher at Great Wall Fund, expressed, "Regarding investment direction for 2026, technological growth is the main theme, but value stocks will also have their 'spring.' In terms of technological growth, the global demand for AI computing power continues to rise, driving rapid growth in demand for semiconductor equipment and leading to a broad-based price increase trend across the industry chain. It is advisable to focus on Hong Kong-listed internet stocks, the electronics and semiconductor sector, communications, and defense, as well as globally competitive manufacturing industries going global, such as power equipment, machinery equipment, and automobiles and parts."
Regarding the bond market, Wu Huiwen, a Fixed Income Fund Manager at Morgan Stanley Fund, believes, "We must face the intense reality of normalized market competition, focusing on tactical opportunities and risk control while balancing long-term trends with short-term trading operations. It is anticipated that there may be good trading opportunities from the first quarter to the second quarter of 2026, but close attention must be paid to variables such as the impact of risk appetite on capital flows."