With the rebound of the stock market, the public fund industry has once again received encouraging news. The latest public fund market data from the China Securities Investment Fund Association () shows that by the end of September, the total size of public funds in China reached 32.07 trillion yuan, surpassing 32 trillion yuan for the first time. This is the fifth time this year that the size of public funds has hit a historical high. Looking at the changes in the size of different types of funds, the size of equity funds saw the most significant increase in September, with an increase of nearly 1 trillion yuan in just one month, mainly due to the growth of ETF funds. In terms of changes in the share of different types of funds, the share of money market funds saw the most significant decrease in September, dropping by 35.89 million shares, indicating redemptions in money market funds during the month. Public fund size surpasses 32 trillion yuan, hitting a historical high for the fifth time this year According to the data from the China Securities Investment Fund Association, as of the end of September 2024, there were a total of 163 public fund management institutions in China, including 148 fund management companies and 15 asset management institutions qualified for public offering. The total net asset value of public funds managed by these institutions reached 32.07 trillion yuan. This is the first time that the size of public funds in China has exceeded 32 trillion yuan. This is also the fifth time this year that the size of public funds in China has hit a historical high. The previous four times the size hit a record high were: - At the end of February this year, the total net asset value of public funds managed by institutions in China reached 29.30 trillion yuan, exceeding 29 trillion yuan for the first time, setting a historical high for the year. - At the end of April, the total net asset value of public funds managed by institutions in China reached 30.78 trillion yuan, exceeding 30 trillion yuan for the first time, setting a historical high for the year. - At the end of May, the total net asset value of public funds managed by institutions in China reached 31.24 trillion yuan, exceeding 31 trillion yuan for the first time, setting a historical high for the year. - At the end of July, the total net asset value of public funds managed by institutions in China reached 31.49 trillion yuan, increasing by over 250 billion yuan compared to the end of May, setting a historical high for the year. Equity fund size increases by nearly 1 trillion yuan in one month Looking at the changes in the size of various types of funds, the size of equity funds and balanced funds saw significant growth in September, benefiting from the surge in the stock market at the end of the month. According to data from the China Securities Investment Fund Association, the total size of equity funds increased from 3.2931 trillion yuan at the end of August to 4.2703 trillion yuan at the end of September, a significant increase of 977.178 billion yuan. Among them, equity ETFs contributed greatly to the growth of equity funds. Wind data shows that as of September 30, the total size of equity ETFs reached 2.65 trillion yuan, an increase of about 600 billion yuan compared to the beginning of September. The total size of balanced funds also saw considerable growth, increasing from 3.3011 trillion yuan at the end of August to 3.7465 trillion yuan at the end of September, an increase of 445.06 billion yuan. In addition, the size of bond funds increased slightly from 6.5527 trillion yuan at the end of August to 6.5933 trillion yuan at the end of September, an increase of 40.64 billion yuan; the size of QDII funds increased from 529.106 billion yuan at the end of August to 594.457 billion yuan at the end of September, an increase of 65.351 billion yuan; while the size of money market funds decreased from 1.339 trillion yuan at the end of August to 1.303 trillion yuan at the end of September, a decrease of 362.4 billion yuan. Money market fund shares decrease by 35.89 million shares Looking at the changes in the shares of different types of funds, money market funds saw the largest decrease in shares in September. According to data from the China Securities Investment Fund Association, the total size of money market funds was approximately 1.303 trillion yuan at the end of September, a decrease of over 35.89 billion shares compared to 1.339 trillion shares at the end of August. The significant decrease in money market fund shares may be due to a large number of investors redeeming money market funds to invest in equity funds or directly in the stock market. In the first eight months of this year, due to the sluggish stock market and restrictions on manual interest rate hikes, money market fund shares saw a significant increase. Specifically, the total share of money market funds increased from 11.22 trillion shares at the end of 2023 to 13.39 trillion shares at the end of August, a substantial increase of approximately 2.17 trillion shares. In addition to money market funds, the shares of balanced funds and QDII funds also decreased in September. At the end of September, the share of balanced funds was 3.2573 billion shares, a decrease of 253 million shares compared to the 3.2826 billion shares at the end of August; the share of QDII funds was 578.249 billion shares, a slight decrease of 37.88 billion shares compared to 582.037 billion shares at the end of August. Benefiting from investors' enthusiasm for ETFs, the share of equity funds saw significant growth in September, increasing from 2.9824 billion shares at the end of August to 3.0429 billion shares at the end of September, an increase of 605 million shares. Bond funds also saw a slight increase in shares in September, increasing from 5.791 billion shares at the end of August to 5.8179 billion shares at the end of September, an increase of 26.9 billion shares.