With the disclosure of semi-annual reports from public fund management companies, the first-half performance data of public funds has been officially released. As of August 31, 2025, a total of 162 public fund management companies disclosed their 2025 interim reports. According to data from TianXiang Investment Consulting, public funds achieved a combined profit of 636.172 billion yuan during this period.
By fund type, equity funds and mixed funds both recorded profits close to 170 billion yuan each, turning from losses to profits compared to the same period last year. Bond funds generated profits exceeding 90 billion yuan, down more than 50% year-on-year, while money market funds achieved overall profits of over 90 billion yuan, declining more than 20% compared to the previous year.
Among the 162 public fund management companies, 155 recorded positive profits in the first half. E Fund Management topped the list with 58.401 billion yuan in profits, followed by China Asset Management with total profits of 57.266 billion yuan in the first half. Next were Fuguo Fund and GF Fund Management, with profits of 35.853 billion yuan and 35.318 billion yuan respectively. Additionally, Bosera Asset Management, China Southern Asset Management, Huaan Fund Management, Harvest Fund Management, and China Universal Asset Management all achieved profits exceeding 20 billion yuan in the first half.
In terms of managed product quantity, China Asset Management led with 813 funds under management in the first half, followed by GF Fund Management and China Southern Asset Management with 770 and 751 funds respectively. E Fund Management and Fuguo Fund also managed over 700 products each during the first half.
Focusing on public funds' equity holdings, CATL, Kweichow Moutai, and China Merchants Bank ranked as the top three stocks by total market value held by funds in the first half, with holdings valued at 149.222 billion yuan, 129.583 billion yuan, and 80.366 billion yuan respectively. Additionally, Ping An Insurance, Zijin Mining Group, and Midea Group were held by funds with positions exceeding 60 billion yuan each in the first half.
By Shenwan Level-1 industries, the top three industries by proportion of fund equity holdings to total fund equity holdings in the first half were: Electronics (16.41%), Pharmaceuticals and Biology (9.79%), and Power Equipment (8.23%).
Notably, public fund development has accelerated significantly this year, with assets under management reaching record highs. The scale first reached 34.39 trillion yuan at the end of June, then broke through the 35 trillion yuan milestone at the end of July. This has been accompanied by a significant warming in the fund issuance market.
Data shows that active equity fund issuance has improved markedly this year. Based on fund establishment dates, as of September 3, the combined issuance scale of active equity funds reached 85.959 billion yuan year-to-date. In comparison, active equity fund issuance in the same period last year was only 54 billion yuan, representing a nearly 60% year-on-year increase.
Industry professionals believe that the warming market environment this year may further drive the growth of public fund scale. Meng Lei, China equity strategy analyst at UBS Securities, stated that public fund issuance is a lagging indicator - historically, stock market gains precede increases in new fund launches. "From historical data, the current level of public fund issuance cannot be considered a peak, but rather a marginal improvement," Meng Lei noted. "According to fund disclosures in Q2 reports, public funds increased their A-share positions by approximately 146 billion yuan in the first half, which is relatively low."
In Meng Lei's view, not only rapidly expanding ETFs, but also active equity funds will further increase their A-share allocations in the second half. "Considering the stock market performance since July, we expect public fund issuance scale may see further marginal improvement in the second half, significantly boosting overall market activity."