After breaking through 35 trillion yuan in July, the total size of public funds surged by nearly 1.2 trillion yuan again in August, reaching a historical high of 36.25 trillion yuan. Behind the data lies a significant restoration of investor confidence, with stock funds growing by over 600 billion yuan in a single month, and stock ETFs becoming the main force in attracting funds, contributing the majority of the increase. However, hybrid funds are still coping with redemption pressure, reflecting that some investors have adopted a "buy back and sell" operational strategy. Against the backdrop of the continuous upward trend of A-shares in the past year, public funds have formed a positive cycle of "increased returns, capital inflows, and market stability". Institutions predict that incremental funds will continue to enter the market in the future, and the size of public funds is expected to further increase. The scale of public funds has exceeded 36 trillion yuan for the first time. On September 25th, the latest data released by the China Securities Investment Fund Industry Association showed that as of the end of August, the total net asset value of public funds in China reached a new high of 36.25 trillion yuan. This is the fifth time since the beginning of this year that the total scale of public funds in China has reached a historical high, and it is also the first time that the scale of public funds has exceeded 36 trillion yuan. As of the end of August, the scale of closed-end funds was 3.72 trillion yuan, and the scale of open-end funds was 32.53 trillion yuan. Compared with the end of July, the total size of public funds in August increased by nearly 1.2 trillion yuan. Specifically, among open-end funds, the size of stock funds is 5.55 trillion yuan, an increase of over 600 billion yuan from 4.92 trillion yuan at the end of July; Hybrid funds amounted to 4.16 trillion yuan, an increase of over 300 billion yuan from 3.83 trillion yuan at the end of July; Both QDII funds and money market funds have achieved growth in size. The latest scale of bond funds is 7.21 trillion yuan, a slight decrease from the 7.24 trillion yuan at the end of July. The dual decline in the size and share of bond funds is worth noting, as stock funds have achieved dual growth in both share and size. This means that while the market and net asset value have increased, investors continue to increase their holdings. Among them, the growth of stock funds is mainly driven by ETF products, while the performance of active equity funds is relatively unsatisfactory. According to Wind data, the share and size of stock ETFs increased by 24.071 billion and 394.225 billion yuan respectively in August this year, contributing to the majority of the scale increase. In addition, although the mixed funds achieved scale growth in August, their shares decreased compared to July, which means that many investors still choose to "sell at the cost" and settle for safety. Recently, the market has risen and the Shanghai Composite Index has continuously broken through key levels. The growth in the size of equity funds comes from both the increase in net asset value of equity funds and the influx of incremental funds into the market through products such as ETFs. ”An industry insider analyzed. With the strengthening of the "stock bond seesaw" effect, the bond market continues to fluctuate. In August, multiple bond funds had negative returns, and the size and share of bond funds both decreased. However, the scale of the two types of bond funds has grown against the trend. Wind data shows that the scale of bond ETF increased by more than 48 billion yuan in August, most of which were contributed by convertible bond ETF and 30-year treasury bond ETF. Against the backdrop of a positive equity investment market, the size of convertible bond funds has significantly increased. The combined size of Boshi CSI Convertible Bond and Convertible Bond ETF, and Haifutong Shanghai Investment Grade Convertible Bond and Convertible Bond ETF has grown by over 21 billion yuan. In addition, the scale of 30-year treasury bond ETFs under Pengyang Fund and Boshi Fund increased by more than 10 billion yuan in total. In terms of the number of fund management institutions, data shows that as of the end of August, there were a total of 164 public fund management institutions in China, including 149 fund management companies and 15 asset management institutions that have obtained public offering qualifications. Since the end of September 2024, the scale of public funds has experienced rapid growth due to the continuous entry of "long money" into the market. At the end of September 2024, the scale of public funds exceeded 32 trillion yuan for the first time, reaching 32.07 trillion yuan. By the end of December 2024, the scale of public funds reached 32.83 trillion yuan. By the end of January 2025, the size of public funds had declined slightly and returned to over 32 trillion yuan by the end of February. At the end of April, the scale of public funds exceeded 33 trillion yuan for the first time. At the end of May, the size of public funds rose again, reaching 33.74 trillion yuan. At the end of June, the scale of public funds exceeded 34 trillion yuan for the first time. At the end of July, the total size of public funds exceeded the 35 trillion yuan mark. In the past year, A-shares have entered a new upward cycle with comprehensive policy support, the rise of the technology growth sector, and continuous improvement in liquidity. Since 2025, the scale of public funds has repeatedly set records, and the scale of equity ETFs has continued to increase. Product innovation continues to attract "long money" to enter the market, forming a positive cycle of "increased returns, capital inflow, and market stability". In the future, the market is expected to receive incremental funds from various aspects. With the support of the market, the scale of public funds is expected to continue to grow. Recently, A-shares have continued to consolidate, and Industrial Fund believes that the recent market adjustment may accumulate momentum for the long-term market, rather than the end of the upward trend. Overall, the macro level changes since September have been positive for the market, while the artificial intelligence and technology markets have also continued to ferment. At present, the valuation level of the A-share market is still reasonable, and the recovery of industry enterprises' performance is still in the initial stage. Technology stocks represented by artificial intelligence have a high level of momentum, while the vast majority of traditional industry enterprises are still in the bottom building stage. Subsequent investors can pay attention to the implementation of the "anti involution" policy. Industrial Fund predicts that with the gradual manifestation of the effect of the "anti involution" policy, related industry enterprises may usher in a more solid performance recovery in the future, and the market is expected to expand from the current technology dominated market to a comprehensive market. (New Society)