2025 Public Fund Annual Report Overview: Institutions and Retail Investors "Coincidentally" Increase Holdings in Stock Funds

The annual report of public funds for 2025 has been fully disclosed, revealing the complete picture of public fund holders. Data shows that in the second half of 2025, institutional investors significantly increased their holdings in equity funds and mixed funds; individual investors increased their holdings in equity funds but reduced their holdings in mixed funds. According to the disclosed holding data from the 2025 annual report of public funds, funds from E Fund, GF Securities, and Huaxia Fund were the most favored by institutional investors; the top three companies held by individual investors were E Fund, Huaxia Fund, and Tianhong Fund. Data shows that by the end of 2025, among 31.36 trillion shares of public funds, institutional investors held 13.91 trillion shares. Specifically, by the end of 2025, institutional investors held 1,844.70 billion shares of equity funds, an increase of 364.75 billion shares from 1,479.95 billion shares at the end of the first half of the year; institutional investors held 480.52 billion shares of mixed funds, an increase of 47.75 billion shares from 432.76 billion shares at the end of the first half of 2025. Institutional investors remain the primary holders of bond funds. By the end of 2025, the proportion of bond fund shares held by institutional investors was 83.94%, slightly down from 84.4% at the end of the first half of 2025. Institutional investors held 244.83 billion shares of overseas investment funds, an increase of 47.2 billion shares from 197.63 billion shares at the end of the first half of 2025. In terms of fund companies favored by institutional investors, funds from E Fund were held the most by institutional investors, reaching 718.24 billion shares; GF Securities and Huaxia Fund followed closely, with 609.6 billion shares and 551.25 billion shares, respectively. By the end of 2025, individual investors held 1,863.33 billion shares of equity funds, an increase of 89.95 billion shares from 1,773.37 billion shares at the end of the first half of the year; individual investors held 2,163.35 billion shares of mixed funds, a decrease of 228 billion shares from 2,391.34 billion shares at the end of the first half of the year; individual investors held 1,460 billion shares of bond funds, which was basically flat compared to 1,459.84 billion shares at the end of the first half of the year. In addition, the number of money market funds and overseas investment funds held by individual investors saw significant growth in the second half of 2025. Data shows that by the end of 2025, individual investors held 11.2 trillion shares of money market funds, an increase of 915.46 billion shares from 10.3 trillion shares at the end of the first half of the year; by the end of 2025, individual investors held 499.81 billion shares of overseas investment funds, an increase of 160 billion shares from 339.85 billion shares at the end of the first half of the year