Publicly offered fund assets increase significantly on a month-on-month basis, and dark horses from mid-size institutions emerge frequently.

According to China Securities Journal, by the fourth quarter of 2025, the scale of public funds under management is expected to increase by over 1.3 trillion yuan compared to the previous quarter. Among them, money market funds, bond funds, commodity funds, and index funds are the main engines driving the growth in scale. In terms of the size of fund management companies, the industry's top-tier competition is relatively stable, with the top ten non-monetary management scale companies maintaining their positions. However, many dark horses have emerged among mid-tier fund companies, each with its own unique way of "breaking through" in terms of scale.