After experiencing a V-shaped market reversal in the second quarter of 2025, public fund institutions welcomed the summer with the release of their second-quarter reports amidst patience, perseverance, and efforts.
According to WIND's statistics on this quarter's fund reports (data as of July 21, 16:00), the overall scale of mainland fund companies saw a significant leap in the first half of the year, with newly launched public products receiving a warm market response.
As of June 30, the top ten public institutions by non-monetary scale were: YiFangDa Fund, HuaXia Fund, GuangFa Fund, FuGuo Fund, JiaShi Fund, NanFang Fund, BoShi Fund, HuaTai BaiRui Fund, HuiTianFu Fund, and ZhaoShang Fund.
In addition, the eleventh to twentieth public institutions were: PengHua Fund, JingShun ChangCheng, GongYin RuiXin, GuoTai Fund, HuaAn Fund, TianHong Fund, ZhongOu Fund, YongYing Fund, ZhongYin Fund, and XingZheng Global Fund.
These institutions also constitute the top twenty in the industry, commonly referred to as &#34;leading institutions.&#34; These companies are strong and closely matched in capability, with very subtle fluctuations among them.
Moreover, the twenty-first to fortieth ranked institutions form the backbone of the industry, also showing significant ups and downs in rankings. In this quarter, institutions such as XingYe Fund, DaCheng Fund, DongZheng Asset Management, and MinSheng JiaYin have all seen notable increases in scale and ranking.
In the &#34;lower half&#34; of the industry rankings, there are also many distinctive institutions actively seizing opportunities to develop themselves, resulting in considerable ranking jumps.
This collectively constitutes the &#34;intense yet orderly&#34; characteristic of this quarter's fund company rankings.
<h2>Subtle Fluctuations in the &#34;Top Ten&#34;</h2>
Observing the Chinese public fund industry, the top ten is always the most &#34;stable&#34; list, with at most one position changing in each quarterly report. However, more often than not, there is no change at all—such as this quarter.
As of June 30, the top ten public institutions by non-monetary scale were: YiFangDa Fund, HuaXia Fund, GuangFa Fund, FuGuo Fund, JiaShi Fund, NanFang Fund, BoShi Fund, HuaTai BaiRui Fund, HuiTianFu Fund, and ZhaoShang Fund.
The ten institutions listed are exactly the same as in the first quarter report.
However, beneath the unchanged company names, there is fierce competition among the leading institutions &#34;striving forward.&#34; According to WIND statistics: in the second quarter of this year, most of the top ten management companies saw growth in scale between 5% and 10%.
Among them, the top two in the industry—YiFangDa and HuaXia Fund—both achieved breakthroughs in entrusted scale. YiFangDa managed non-monetary fund scale recently broke through the 1.4 trillion yuan mark, while HuaXia Fund surpassed 1.2 trillion yuan, maintaining its lead in the industry.
At the same time, including the third-ranked GuangFa Fund, fourth-ranked FuGuo Fund, fifth-ranked JiaShi Fund, and sixth-ranked NanFang Fund, each of their scale growth rates exceeded 8.4%, significantly surpassing the leading duo. This further highlights the active state of competition within the fund industry.
In this quarter, HuiTianFu Fund became the &#34;disruptor&#34; among the top ten, rising from the previous tenth position to ninth, relying on nearly ten percentage points of non-monetary scale growth.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a7c54308-b3ef-4969-b268-6f935ce0d3c9.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a7c54308-b3ef-4969-b268-6f935ce0d3c9.jpeg"/>
<h2>Second Tier &#34;High Enthusiasm&#34;</h2>
If the first tier still has a hint of &#34;mutual respect,&#34; then starting from the 11th place, the competitive landscape of the industry becomes more pronounced.
According to statistics from WIND, the fund companies ranked 11th to 20th are: Penghua Fund, Invesco Great Wall, ICBC Credit Suisse, Guotai Fund, Huaan Fund, Tianhong Fund, China Europe Fund, Yongying Fund, Bank of China Fund, and Xingsheng Global Fund.
Benefiting from the growth in the scale of index funds, Guotai Fund rose to 14th place in the industry by the end of the second quarter, quietly positioning itself to challenge the industry's forefront.
Another trend worth noting is that Penghua Fund, ranked 11th, is approaching the scale threshold of 500 billion yuan, making it the fastest-growing public fund institution among the top twenty companies in the second quarter. Industry insiders expect that Penghua may soon have the opportunity to challenge the top ten institutions in the industry.
In addition, Xingsheng Global Fund's non-monetary scale also saw double-digit growth, primarily driven by the growth of bond and index funds.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5b6cb39b-88c6-4aa4-836d-325899735cbb.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5b6cb39b-88c6-4aa4-836d-325899735cbb.jpeg"/>
<h2>&#34;Mid-Tier Camp&#34; Full of Tension</h2>
In the recently concluded second quarter, the changes in the top 20 non-monetary scales were quite &#34;heated,&#34; but their competitive intensity cannot be compared to that of the top forty institutions.
The ten institutions ranked 21st to 30th are: Industrial Fund, Bank of Communications Schroder, Da Cheng Fund, Ping An Fund, Yinhua Fund, China Life Asset Management Fund, Jianxin Fund, Haifutong Fund, Shangyin Fund, and Pudong Development Bank AXA Fund.
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The main changes occurred in the mid-tier:
Firstly, Industrial Fund rose from 23rd to 21st place, with a month-on-month increase of 20%.
Secondly, Haifutong Fund climbed from 33rd to 28th place, recording a 34% month-on-month increase.
Thirdly, Da Cheng Fund achieved a month-on-month increase of 10.14%, rising from 24th to 23rd place.
Zhitang noticed that the latest 21st place holder, Industrial Fund, has a scale that is over 10 billion yuan less than the current 20th place holder, Xingsheng Global Fund, suggesting that the two &#34;Industrial System&#34; public funds may soon start a scale chase.
<h2>&#34;The Former Zhou Lang&#34; Returns</h2>
The rankings of public non-monetary institutions from 31st to 40th are: Huabao Fund, Dongzheng Asset Management, Wanji Fund, Minsheng Jianyin Fund, Xinyuan Fund, Guotou Ruijin Fund, Great Wall Fund, Guolian Fund, Nongyin Huiri Fund, and Chuangjin Hexin Fund.
In this ranking system, some previously distinctive public fund institutions, such as Dongzheng Asset Management, Minsheng Jianyin, and Chuangjin Hexin, have all achieved &#34;two places up&#34; this year.
The rise of these companies has various reasons, but a common feature is that team adjustments have been made, and key categories are being developed in an orderly manner
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/62505d0e-8604-41ed-886e-320c33071fa4.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/62505d0e-8604-41ed-886e-320c33071fa4.jpeg"/>
<h2>Equity Fixed Income &#34;Each Has Its Own Strengths&#34;</h2>
Looking at the rankings from 41st to 50th, they are respectively Zhongjia Fund, Pengyang Fund, Bank of China International Securities, Dongfang Fund, Huashang Fund, Morgan Fund, Guolian An Fund, CITIC Prudential Fund, CAITONG SECURITIES Asset, and Western Benefit Fund.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9b244f06-9d38-4129-9552-3fc7be894a2f.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9b244f06-9d38-4129-9552-3fc7be894a2f.jpeg"/>
In this ranking sequence, there are institutions under state-owned banks like Zhongjia and Bank of China Securities, as well as various asset management forces with distinct styles. The fluctuations and ranking changes among these institutions are quite significant.
The most prominent in this sequence is Dongfang Fund, which rose from 48th to 44th place and has successfully surpassed the 100 billion yuan mark, with a month-on-month increase of 20%.
Pengyang Fund, known for its strengths in fixed income, also rose two places, with a month-on-month increase in scale reaching 20%.
Zhi Shi Tang further noted: The number of mainland public funds with non-monetary scale exceeding 100 billion yuan has reached 49 as of the latest, a significant increase from 45 at the end of the first quarter.
The institutions that have recently entered the 100 billion non-monetary scale include: Dongfang Fund, Guolian An Fund, CAITONG SECURITIES Asset Management, CITIC Prudential Fund, and others.
Clearly, an era of rapid development for public funds is approaching.
Attached below is the ranking of public funds' non-monetary scale as of the end of the second quarter of 2025.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/029564f6-5f9d-4a82-894d-4001fbb7db09.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/029564f6-5f9d-4a82-894d-4001fbb7db09.jpeg"/>

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The number of hundred billion public funds has increased

Major Announcement! The ranking of fund companies by size at the end of the second quarter has been released (including all rankings)