The total scale of China's mutual funds climbed to 37.71 trillion yuan by the end of December 2025, an increase of approximately 695.748 billion yuan from the previous month, marking the ninth consecutive month of reaching a new historical high. According to statistics, the mutual fund scale surged by 4.89 trillion yuan throughout 2025, representing a significant growth rate of 14.9%. Analyzing the full-year growth structure reveals that all categories of funds achieved positive scale growth in 2025. Notably, bond fund scale soared by 60%, while stock fund scale increased substantially by 36%.

The scale is now close to 38 trillion yuan. The latest data shows that by the end of December 2025, the total scale of China's mutual funds had risen to 37.71 trillion yuan, growing by approximately 695.748 billion yuan compared to the preceding month. This achievement represents the ninth consecutive month of setting a new record. The scale grew from 33.12 trillion yuan at the end of April 2025 to 37.71 trillion yuan by the end of December 2025. Compared to the 32.83 trillion yuan recorded at the end of 2024, the scale experienced a massive annual increase of 4.89 trillion yuan in 2025, with a remarkable growth rate of 14.9%. 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 conduct public fund business. Among the various fund categories, money market funds remained the largest, holding the top position with a scale of 15.03 trillion yuan; bond funds followed closely behind with 10.94 trillion yuan; while stock funds also reached a substantial scale of 6.05 trillion yuan. Additionally, the scales 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. Data for December 2025 alone reveals clear structural changes: bond funds served as the primary driver of scale growth for the month, adding over 412 billion yuan, dispelling the adjustment trend influenced by the "stock-bond seesaw effect" seen in previous months. Stock funds also delivered a strong performance, with their scale growing by more than 250 billion yuan. During the same period, hybrid funds, fund of funds (FOF), and Qualified Domestic Institutional Investor (QDII) funds all registered growth to varying degrees. Although the share units of hybrid funds slightly decreased, their net asset value increased from 3.6 trillion yuan to 3.68 trillion yuan, reflecting a 4.73% gain. Furthermore, FOFs added over 8.8 billion yuan in a single month, with their scale rising quarter-on-quarter for four consecutive quarters. The sole exception was money market funds; against a backdrop of declining yields and the relatively enhanced attractiveness of equity markets, their scale experienced a slight contraction of approximately 153.6 billion yuan during the month.

Taking a longer view of the entire year 2025, the total scale of mutual funds demonstrated steady growth, albeit with differentiated structural development. Data from Geshang Funds indicates that in 2025, QDII fund scale grew by 60.56%, bond funds by 59.79%, stock funds by 35.93%, money market funds by 10.47%, and hybrid funds by 4.73%, highlighting a strengthening trend towards diversified allocation. It is noteworthy that equity-oriented funds showed a sustained recovery trend. Driven by the rapid development of ETFs, stock fund scale has maintained growth since 2023; hybrid funds have also reversed the trend of continuous contraction that persisted since 2022. Industry insiders widely believe that in terms of the structural growth of funds, the attractiveness of equity assets is significantly rebounding. Analyzing this, Guan Xiaomin, a researcher at Geshang Funds, stated that against the backdrop of a recovering equity market, stock funds are attracting capital inflows, particularly with the rapid development of index-based tools. Simultaneously, the demand for allocating to overseas assets continues to rise. Zeng Fangfang, from PaiPaiWang Wealth's public fund product operations, believes that the structure of mutual funds in 2025 highlighted three new characteristics: firstly, tool-based and multi-asset funds led the gains, with ETF scale approaching 6 trillion yuan, and bond, FOF, and commodity funds all showing significant growth; secondly, structural differentiation was evident, with equity fund scale growing faster than pure bond funds; thirdly, industry concentration further increased towards leading institutions.

The continuous climb in mutual fund scale is viewed as a reflection of the "deposit relocation" trend. The mutual fund industry's scale has grown from 9.1 trillion yuan at the end of 2016 to 37.71 trillion yuan at the end of 2025, representing an average annual growth rate of approximately 16%. A research report from Huaxin Securities predicts that incremental funds for A-shares in 2026 could reach around 3 trillion yuan, with potential incremental contributions from mutual funds estimated at approximately 877.267 billion yuan. Some analysts point out that if the mutual fund scale maintains the central growth rate of 10% to 15% seen in recent years, the total mutual fund scale in 2026 is expected to challenge the new milestone of 40 trillion yuan. Guan Xiaomin anticipates that the mutual fund scale will continue its steady growth trend, with types such as equity funds, fixed-income-plus funds, QDIIs, commodity funds, and FOFs continuing to attract capital attention. Guan analyzed that in a low-interest-rate environment, fixed-income-plus funds offer both stable returns and moderate flexibility, making them a core alternative to bank wealth management products. Meanwhile, investor demand for allocating to overseas assets and commodities like gold will drive the continued development of these fund types. "Investment opportunities in 2026 will still revolve around the technology theme, overseas expansion, and high-quality core assets with high dividends," said Tuo Hejiang, a researcher at Geshang Funds. Looking ahead, institutions generally believe the wave of wealth management transformation will continue, with structural opportunities existing in both stock and bond markets in 2026. Zeng Fangfang stated that public fund scale is expected to grow steadily in 2026, with the trends of indexation and diversification deepening. Tool-based funds will continue to expand, active equity funds will become more favored as fundamentals improve, and products like FOFs and commodity funds, driven by market styles and allocation needs, are expected to continue growing. "A-shares might transition from valuation expansion to earnings expansion; recovery in sectors like technology (e.g., AI, semiconductors) and undervalued sectors like consumption and real estate will provide opportunities for equity funds; amid two-way fluctuations in the bond market, the cost-effectiveness of hybrid bond funds becomes prominent; overseas quality assets also present allocation opportunities for cross-border funds," Zeng analyzed. Zhu Chaoping, Senior Global Market Strategist at J.P. Morgan Asset Management China, pointed out that improving corporate earnings in 2026 are expected to support the equity market, but high valuations coexist with geopolitical uncertainties. Investors should appropriately lower return expectations and diversify risks through diversified allocations. Specifically for allocation, one could focus on high-growth core assets within A-shares and sectors related to overseas expansion. Regarding bonds, the coupon advantage of overseas bonds remains significant; against the backdrop of a gradual slowdown in the pace of interest rate cuts, short-duration government bonds in developed markets warrant close attention.