The fund size has exceeded 37 trillion, and there was buying of non-ferrous chemicals and non-banking financials in the fourth quarter.

The quarterly report for the fund in 2025 was disclosed on January 22nd. Data from Tianxiang Investment Consulting shows that as of the end of 2025, the total net asset value of public funds in the entire market exceeded 37.64 trillion yuan, reaching a new historical high. The top ten heavy-weighted stocks of actively managed equity funds are InterContinental Xu Chuang, Xin Yisheng, Contemporary Amperex Technology, Tencent Holdings, Zijin Mining, Alibaba-W, Cambricon-U, Luxshare Precision, Moutai, and Dongshan Precision. In the fourth quarter of 2025, despite the overall volatility of the A-share market, the continuous growth of index fund scale has brought a steady stream of incremental funds to the A-share market. Equity funds as a whole maintained a relatively high position, with some funds continuing to increase their positions in the fourth quarter. According to statistics from China Minsheng Securities, although the position of actively managed equity funds at the end of the fourth quarter of 2025 declined from the end of the third quarter, it still remained at the second highest level in history. In terms of industries, according to statistics from Guosen Securities, the top three industries where actively managed equity funds increased their positions in the fourth quarter of 2025 were non-ferrous metals, basic chemicals, and non-bank financials, with increases of 1.22, 1.13, and 0.81 percentage points, respectively. The computer, media, and defense industry sectors were the top three sectors where actively managed equity funds reduced their positions, with decreases of 1.34, 0.98, and 0.75 percentage points, respectively.