Public offerings achieved a record high profit of 2.61 trillion yuan last year

Securities Times reporter Li Mingzhu

With the release of public mutual fund annual reports complete, profits across the entire industry reached RMB 2.61 trillion, breaking the historical all-time high in one fell swoop. Judging by the profit performance of individual funds, broad-based index ETF funds have become the undisputed “main force.” Among them, the HuaTai-PineBridge CSI 300 ETF (HS300 ETF) took the crown as the “most profitable fund” for 2025, with profits of RMB 26.1k.

Public mutual fund profits hit a record high

In 2025, China’s domestic public mutual fund market delivered a historic success. According to data from Tianxiang Investment Advisory, 163 public fund management companies generated total profits of RMB 2.61 trillion in 2025’s public funds, setting a new historical record. Compared with profits of RMB 1.28 trillion in 2024, this represents a doubling.

By fund type, in terms of total profits, stock funds posted overall profits of RMB 1.13 trillion in the 2025 annual reports, becoming the largest contributor. Hybrid funds ranked second in profit contribution at RMB 0.87 trillion, achieving a significant increase compared with the same period last year. Bond funds, QDII funds, money market funds, and commodity funds all posted profits exceeding RMB 100 billion. Overall profits for bond funds and money market funds were both over RMB 180 billion, and both declined significantly compared with the same period last year.

Commodity funds had the highest profit growth rate. In 2025, 63 commodity funds generated profits of RMB 78.52B, up sharply by 551.07% from 2024; the growth rate ranked first among all categories. FOF funds also saw very notable growth: 979 FOF funds generated profits of RMB 26.1k, up 267.38% from 2024. In terms of average profits, commodity funds were RMB 12.8k, overseas investment funds were RMB 11.3k, and stock funds were RMB 0.2 billion, ranking the top three.

Broad-based index ETFs are the “most profitable”

Focusing on the profit performance of individual funds, the advantages of broad-based index ETFs are especially evident. Among the top 20 public funds by profit, 19 are stock-type and commodity-type funds. Of these, ETFs occupy 18 spots. Twelve of them are broad-based index ETFs, while the commodity funds that rank toward the top by profit are mainly gold ETF products.

Among them, the Huatai-PineBridge CSI 300 ETF generated profits of RMB 8.7k, becoming the “most profitable fund product.” Next is the CSI 300 ETF by E Fund, with profits of RMB 18.68B. The CSI 300 ETFs by Huaxia and the ChiNext ETF by E Fund both posted profits exceeding RMB 40 billion. The Southern CSI 500 ETF and the CSI 300 ETF by Jimu both posted profits exceeding RMB 30 billion. In addition, there are four more ETFs with profits exceeding RMB 20 billion. Across the entire market, a total of 15 ETF funds recorded more than RMB 10 billion in profits in 2025.

For active equity funds, the Ruiyuan Growth Value Hybrid A earned RMB 1.65B in profits, making it the most profitable active fund, and also the only active equity fund among those ranked in the top 20 by profit. Ranked second was Xingquan Global Run Hybrid A, which earned RMB 205M in profits in 2025. Noel Growth Hybrid A ranked third with profits of RMB 78.52B.

It is worth noting that the surge in gold prices brought significant gains to related theme funds. Among them, gold ETFs became one of the standout performers in 2025. The Huaan Gold ETF posted profits of as much as RMB 23.69 billion; not only did it rank tenth on the overall fund profit leaderboard across the market, it also became the top gold ETF by profits for the year. The Bosera Gold ETF and the E Fund Gold ETF also performed well, recording profits of RMB 55.99B and RMB 9.45B respectively, jointly highlighting the strong profitability of gold-themed funds.

Fund managers collectively turn bullish on A-shares

Based on the 2025 annual reports that have been disclosed, most public fund managers hold an optimistic view of China’s A-share market in 2026. They believe the market overall has an upside foundation, and that the full-year performance is worth expecting.

Fubo Pengbo, fund manager at Ruiyuan Fund, pointed out that although recent changes in the Middle East geopolitical situation and the East Asia scenario after Japan’s election have put some pressure on A-share risk appetite, the stance of China’s domestic economy remaining resilient and investors’ confidence continuing to recover has not changed. Looking ahead to the market, expectations for improvement in liquidity are slightly positive at present. However, under the combined impact of accelerated credit issuance, residents’ savings gradually being converted into investment, and policy efforts in the opening year of the “15th Five-Year Plan and the 5-year plan” (’15th Five-Year Plan’), A-shares still have a solid basis for good performance.

Liu Jun, fund manager at Huatai-PineBridge Fund, noted that the mid-term allocation value of China’s assets in 2026 is expected to continue to rise, and the upside pattern of A-shares may continue. Against this backdrop, the driving logic for this year’s A-share market may gradually shift from valuation repair in 2025 to earnings improvement, and core assets may become the dominant force behind the trend. On one hand, as China’s economy recovers steadily and corporate earnings gradually improve, the earnings and growth resilience of core assets is expected to further stand out. On the other hand, under the leadership of “industrial technology + expanding domestic demand,” core assets that have core technological advantages and are deeply tied to the domestic demand market are expected to continue receiving key allocations of global funds and domestic institutional funds, and may become one of the core engines of the market trend.

Xie Zhiyu, fund manager at Xingzheng Global Fund, believes that in 2026, non-linear growth driven by AI will remain the main highlight. After the stabilization and rebound of the macro economy, the differentiation and recovery of traditional industries are also worth expecting. On the international front, “black swan” events sometimes occur, leading to large fluctuations in commodity prices and market risk appetite. But different from 2022 when the global economy was in a downturn, 2026 is a dividend period supported by the wave of technological revolution and industrial policy. “Black swans” in international conditions are more short-term trading disturbances; across the full year, the main storyline will be the development of AI and the stabilization and rebound of the macro economy.

Xu Zhiyan, fund manager at Huaan Fund, stated that in 2026, the global macro environment will present favorable conditions characterized by fiscal expansion and loose monetary liquidity, offering good opportunities for broad asset allocation. Specifically regarding the performance of gold assets, the key focus is on three main pricing themes. First is the traditional U.S. Federal Reserve monetary policy cycle. Second is the issue of U.S. dollar credit and the resulting pace at which global central banks purchase gold. Before mid-term elections, geopolitical situations and tariff policies may still involve uncertainty, which could stimulate demand for gold’s safe-haven allocation. Third, gold shows low correlation with stocks and bonds. In the current low-interest-rate environment, gold allocation is receiving increasing attention from institutions and individual investors, and the influence of this portion of capital on gold’s pricing power is also growing day by day.

(Editor: Zhang Xiaobo)

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