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

| \| \| \| — \| \| 　　Zhang Dawei, Mapmaking \| | | — | — | — | — | — | — |

◎Reporter Chen Yue

In 2025, supported strongly by equity-based assets, mutual funds’ full-year investment returns surged substantially, delivering an impressive annual “report card.”

Top companies with a higher proportion of equity business benefited significantly. Driven by structural market conditions, investment returns of fund products also broke down according to style themes, showing a trend of divergence.

According to Tianxiang Investment Advisory data, in 2025, mutual funds collectively achieved investment returns of more than 2.6 trillion yuan, of which the combined investment returns of equity funds and hybrid funds were close to 2 trillion yuan—an unquestionable “earnings champion.” In addition to equity funds, bond funds, money market funds, QDII (overseas investment) funds, commodity funds, FOF (funds of funds), and other fund types all posted positive returns.

Judging from the overall profitability of mutual funds throughout the year, the “stocks strong, bonds weak” characteristic is evident.

Equity funds performed exceptionally well. Among them, equity funds earned about 1.1254 trillion yuan, hybrid funds earned 8733.38 billion yuan, and their combined investment returns totaled 199.88 billion yuan, accounting for 75% or more of mutual funds’ total investment returns.

Fixed-income-type assets remained steady. In particular, bond funds earned 186.525 billion yuan, and money market funds earned 184.147 billion yuan. QDII products performed better, with total profit of 112.564 billion yuan in 2025.

In addition, commodity funds’ profit also exceeded 100 billion yuan, reaching 103.794 billion yuan; FOF products posted a modest profit of 18.685 billion yuan, which was a significant improvement compared with 2024.

In 2025, the vast majority of fund companies achieved positive investment returns, with only 4 companies posting losses; 39 companies had investment returns exceeding 10 billion yuan, and top companies with a dominant share of equity assets firmly held leading positions on the rankings.

Specifically, based on investment returns ranking among products under each fund company, E Fund and Huaxia Fund ranked first and second, with annual investment returns of 327.008 billion yuan and 258.747 billion yuan, respectively. Closely following them were Southern Fund, GF Fund, Harvest Fund, Huatai-PineBridge Fund, and Fullgoal Fund, whose annual investment returns were all above 100 billion yuan. Fund companies including C-Horizon Fund, Boshi Fund, Teld Asset Management, CICC-OCBC Fund, Guotai Fund, Invesco Great Wall Fund, and Penghua Fund all had investment returns exceeding 50 billion yuan. The trend toward concentration at the top of mutual funds further intensified.

The 4 fund companies that incurred investment losses were all smaller firms, with loss amounts ranging from 12.06 million yuan to 135 million yuan.

On the 2025 mutual fund product profit ranking, many of the top performers were broad-based ETF funds, sharply contrasting with industry-themed index funds clustered at the tail end of the ranking. Moreover, affected by structural market conditions, fund products’ investment returns were also broken down by style theme, showing an increasingly pronounced divergence.

Tongyuan data shows that among the top 10 products by investment return, except for Harvest Gold ETF, all were broad-based ETFs. Specifically, Huatai-PineBridge CSI 300 ETF ranked first with investment returns of 78.516 billion yuan; E Fund CSI 300 ETF (initiated), Huaxia CSI 300 ETF, and E Fund ChiNext ETF ranked next, with investment returns of 55.988 billion yuan, 42.050 billion yuan, and 40.464 billion yuan, respectively. Southern CSI 500 ETF and Harvest CSI 300 ETF both had investment returns exceeding 30 billion yuan; Huaxia SSE STAR 50 Index Constituent ETF, Huaxia SSE 50 ETF, Harvest Gold ETF, and E Fund SSE STAR 50 ETF all had investment returns exceeding 22 billion yuan.

The characteristics of structural market conditions are also reflected in product profitability. Specifically, among the top 10 loss makers, passive-type products accounted for more than half, mainly including industry-themed products such as liquor, innovative drugs, and consumption. Among them, the largest loss was for the招商 CSI Baijiu Index A, with a loss amount exceeding 40 billion yuan; additionally, 5 other products had losses exceeding 10 billion yuan.

Profit performance of various mutual fund products in 2025

Fund type 2025 profit

(Billion yuan)

Equity 11254.95

Hybrid 8733.38

Bond 1865.25

Money market 1841.47

QDII 1125.64

Commodity 1037.94

FOF 186.85

Other 20.81

Total 26066.29

Source: Tianxiang Investment Advisory Cutoff date: December 31, 2025

A massive amount of information and precise analysis—available in the Sina Finance App

Responsible editor: Wang Ke