The trend of differentiating the scale of the public offering industry is worsening, with "fixed income + " becoming a key variable for ranking.

The first quarter reports of public funds have all been disclosed. Data from Tianxiang Investment Consulting shows that as of the end of the first quarter, the total net asset value of public funds in the entire market was 37.52 trillion yuan, a slight decrease of 118.5 billion yuan from the end of last year. Overall, influenced by factors such as ETF redemptions and rapid market style changes, the trend of the scale of the public fund industry is becoming more differentiated. By observing the size changes and structural changes in various businesses of fund companies, one can clearly see the development characteristics and new competitive landscape of the current industry. From the perspective of fund companies, the industry landscape has been significantly restructured. In the first quarter, Jingshun Changcheng Fund, Huashang Fund, and Yongying Fund ranked among the top three in the market in terms of non-monetary scale increment, with increases of 53.917 billion yuan, 36.539 billion yuan, and 35.291 billion yuan respectively; following closely behind are Haifutong Fund, Zhongou Fund, Zhongshan Fund, and Anxin Fund, all with non-monetary scale growth exceeding 16 billion yuan in a single quarter. Analyzing the growth logic behind this, it is easy to see that "Fixed Income+" products have become the core focus for most fund companies to break through in scale. The growth of Jingshun Changcheng Fund, Zhongou Fund, Zhongshan Fund, and Anxin Fund is highly dependent on the "Fixed Income+" series of products.