Publicly offered fund size increased significantly month-on-month, and emerging institutions in the middle market are frequently appearing.

In the fourth quarter of 2025, the scale of public fund management increased by more than 1.3 trillion yuan compared to the previous quarter. Among them, money market funds, bond funds, commodity funds, and index funds were the main engines of scale growth. In terms of the scale of fund companies, the competition among the industry leaders is relatively stable, with the top ten non-money management fund companies retaining their positions. However, many dark horses have emerged among the mid-tier fund companies, each with their own unique methods of breaking through in scale.