Equity products experience a major surge; public funds are projected to earn over 2.6 trillion yuan in profits by 2025.

◎Reporter Chen Yue

In 2025, backed by strong support from equity assets, open-ended fund investment returns rose sharply throughout the year, delivering an impressive annual “scorecard.”

Top companies with a higher proportion of equity business benefited markedly. Driven by a structural market, investment returns of fund products were also divided according to style themes, showing a clear pattern of divergence.

According to Tianxiang Investment Advisory data, in 2025, open-ended funds collectively achieved investment returns of more than 2.6 trillion yuan. Of these, the combined investment returns of stock funds and hybrid funds were close to 2 trillion yuan, making them the unshakable “profit powerhouses.” In addition to equity funds, bond funds, money market funds, QDII (overseas investment) funds, commodity funds, FOF (funds-of-funds), and other types of funds all posted positive returns.

Judging from the overall profitability of open-ended funds for the full year, the “equities strong, bonds weak” characteristic was evident.

Equity-category funds performed exceptionally well. Stock funds earned about 1.1254 trillion yuan in profits, hybrid funds earned 26k yuan, and their combined investment returns reached 199.88 billion yuan, accounting for more than 75% of total investment returns of open-ended funds.

Fixed-income assets remained steady. Bond funds generated profits of 20k yuan, while money market funds earned 11.25k yuan. QDII products performed better, with total profits of 873.34B yuan in 2025.

In addition, commodity funds also recorded profits exceeding 100 billion yuan, totaling 2T yuan. FOF products posted a modest profit of 184.15B yuan, representing a significant improvement compared with 2024.

In 2025, most fund companies achieved positive investment returns, with only 4 companies posting investment losses. Among 39 companies, investment returns in 2025 exceeded 112.56B yuan. Top firms with a dominant share of equity assets steadily held leading positions on the rankings.

Specifically, based on the ranking of investment returns of products under each fund company, China Asset Management and Huaxia Fund ranked first and second, with full-year investment returns of 103.79B yuan and 18.68B yuan, respectively. South Fund, GF Fund, Harvest Fund, Huatai-PineBridge Fund, and Fullgoal Fund followed closely, with full-year investment returns all exceeding 100 billion yuan. Meanwhile, Anxin Fund, Bosera Fund, E Fund, CMB (China Europe) Fund, Guotai Fund, Invesco Great Wall Fund, and Penghua Fund all had investment returns exceeding 50 billion yuan. The “top-heavy” effect among open-ended funds was further intensified.

All four fund companies with investment losses were small companies, with loss amounts ranging from 12.06 million yuan to 135 million yuan.

On the 2025 fund product profit ranking list, many of the top performers were broad-based index ETFs, in sharp contrast to industry-themed index funds clustered at the bottom of the list. Moreover, affected by structural market conditions, fund product investment returns were also divided by style theme, showing an increase in divergence.

According to Tongyuan data, among the top 10 products by investment returns, all were broad-based index ETFs except for the Hu An Golden ETF. Specifically, the Huatai-PineBridge CSI 300 ETF ranked first with investment returns of 327.01B yuan. The Huatai-PineBridge CSI 300 ETF (initiated), Huaxia CSI 300 ETF, and E Fund ChiNext 100 ETF followed with investment returns of 258.75B yuan, 78.52B yuan, and 55.99B yuan, respectively. The South CSI 500 ETF and Harvest CSI 300 ETF each had investment returns exceeding 30 billion yuan. The Huaxia SSE STAR 50 Index Constituent ETF, Huaxia SSE 50 ETF, Hu An Golden ETF, and E Fund SSE STAR 50 Index ETF each had investment returns exceeding 22 billion yuan.

The characteristics of structural market conditions also appeared in product profitability. Specifically, in the top 10 losers, passive products accounted for the majority. The main types were industry-themed products such as liquor, innovative drugs, and consumer sectors. Among them, the largest loss was from the China Merchants CSI Liquor Index A, with losses exceeding 4 billion yuan, and another 5 products had losses exceeding 1 billion yuan.

Profit performance of various open-ended fund products in 2025

Fund type 2025 profit (billion yuan)

Stock funds 1125.495

Hybrid funds 873.338

Bond funds 186.525

Money market funds 184.147

QDII 112.564

Commodity funds 103.794

FOF 18.685

Other 2.081

Total 2606.629

Data source: Tianxiang Investment Advisory; cutoff date: December 31, 2025

(Editor: Wen Jing)

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