Public fund 2025 mid-year reports were fully disclosed by August 31st. The mid-year data shows that active funds' allocation direction highly aligns with market hotspots, with significant increases in holdings of stocks that all rose; pure debt funds actively captured the bond bull market, with duration median rising to 2.95. Over the past year, the holder structure of public funds has generally remained stable, with institutional investors favoring large-cap style funds, and holdings in CSI 300 ETF breaking through 900 billion yuan. Fee reform shows initial effectiveness, with total public fund expenses in the first half of 2025 reaching 114.935 billion yuan, translating to a total fee rate of 0.34% for the first half, significantly lower compared to the same period last year.

Asset Allocation Section

1.1 Active Funds Total Holdings TOP 20 In the 2025 mid-year report, among all holdings of active funds, the top three heavy-weight stocks belong to information technology, industrial, and consumer staples sectors respectively. Among them, TENCENT (00700) ranked first in total holding market value at 64.031 billion yuan, held jointly by 1,499 active funds.

1.2 Passive Funds Total Holdings TOP 20 Among all holdings of passive funds, the top three heavy-weight stocks are Kweichow Moutai Co.,Ltd. (600519.SH), Contemporary Amperex Technology Co., Limited (300750.SZ), and Ping An Insurance (Group) Company Of China, Ltd. (601318.SH).

1.3 Active Funds Hong Kong Stock Holdings TOP 20 In the 2025 mid-year report, Hong Kong stocks remain an important allocation direction for public funds, with the top four heavy-weight Hong Kong stocks held by active funds all exceeding 20 billion yuan in market value.

1.4 Passive Funds Hong Kong Stock Holdings TOP 20

1.5 Fund Holdings as Percentage of Outstanding Market Cap TOP 20 By fund holdings as percentage of outstanding market cap, stocks with high public fund holding ratios in the 2025 mid-year report achieved significant gains in the first half of 2025.

1.6 Increase in Fund Holdings as Percentage of Outstanding Market Cap TOP 20 All stocks with the highest increases in public fund holding ratios in the 2025 mid-year report posted gains.

1.7 Decrease in Fund Holdings as Percentage of Outstanding Market Cap TOP 20 Stocks significantly reduced by public funds in the 2025 mid-year report generally declined.

1.8 FOF Fund Heavy-Weight Funds TOP 20 In the 2025 mid-year report, funds heavily weighted by FOFs are generally positioned as tools.

1.9 Pure Debt Fund Duration Changes Against the backdrop of a bond bull market, debt fund managers actively captured capital gains. In the 2025 mid-year report, the duration median of pure debt funds increased to 2.95, up 0.48 years from year-end.

1.10 Fund Companies Receiving FOF Capital Inflows TOP 20 After excluding fund market values held by the companies' own FOF funds, the top three fund companies are Fuguo, E Fund, and China AMC, with held market values of 6.162 billion yuan, 5.130 billion yuan, and 3.716 billion yuan respectively.

Holder Structure Section

2.1 Historical Public Fund Holder Structure Public fund holder structure has remained stable over the past year. As of the 2025 mid-year report, institutional holdings of public funds account for 48.25%.

2.2 Holder Structure by Fund Type Looking at different fund types, institutional investors remain the main holders of bond funds, with institutional holdings accounting for 82.76%. FOF, hybrid, and money market funds are mainly held by individual investors, with individual holdings accounting for 90.79%, 81.80%, and 74.50% respectively.

2.3 Institutional Holdings of Equity Passive Index Funds Market Value TOP 20 In the 2025 mid-year report, institutional holdings of CSI 300 ETF market value have exceeded 900 billion yuan.

2.4 Institutional Holdings of Active Equity Mixed Funds Market Value TOP 20

2.5 Institutional Holdings of Equity Index Enhanced Funds Market Value TOP 20

2.6 Institutional Holdings of Bond Funds Market Value TOP 20

2.7 Historical Public Fund Insider Holdings of Fund Net Assets Fund insider holdings of fund net assets have exceeded 15 billion yuan.

Expense Section

3.1 Historical Public Fund Total Expenses After implementing fee reduction policies for public funds, total expenses for public funds in the first half of 2025 decreased by 2.845 billion yuan compared to the same period in 2024, to 114.935 billion yuan; calculated as a percentage of total assets under management, the total fee rate for funds in the first half of 2025 was 0.34%, significantly lower compared to the same period last year.

3.2 Fund Company Management Fee Income TOP 20

3.3 Fund Company Customer Service Expenses TOP 20

3.4 Fund Company Sales Service Fee Expenses TOP 20

3.5 Fund Custodian Custody Fee Income TOP 20

3.6 Securities Firm Trading Commission Income TOP 50 In the first half of 2025, public funds paid a total of 4.472 billion yuan in trading commissions to securities firms, down 2.302 billion yuan compared to the same period last year.