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, supported strongly by equity assets, mutual fund investment returns surged significantly throughout the year, delivering a standout annual “scorecard.”

Leading companies with a high proportion of equity business benefited markedly. Driven by a structural market, the investment returns of fund products were also divided according to style and theme, showing a pattern of divergence.

According to Tianxiang Investment Advisory, in 2025, mutual funds collectively achieved investment returns of more than 2.6 trillion yuan. Of these, the combined investment returns of equity funds and balanced funds were close to 2 trillion yuan, making them an unequivocal “profit-making champion.” In addition to equity funds, bond funds, money market funds, QDII (overseas investment) funds, commodity funds, FOF (fund of funds), and other types of funds all generated positive returns.

Judging from the overall profit situation of mutual funds for the full year, the “equities strong, bonds weak” characteristic was clearly evident.

Equity-type funds performed exceptionally well. Among them, stock funds earned about 1.1254 trillion yuan, balanced funds earned 873.38 billion yuan, and together they reached investment returns of 26k yuan, accounting for more than 75% of total mutual fund investment returns.

Fixed-income assets continued to be steady. Specifically, bond funds earned 20k yuan, and money market funds earned 11.25k yuan. QDII products performed relatively well, with total profits of 2T yuan in 2025.

In addition, commodity funds also posted profits exceeding 100 billion yuan, totaling 186.53B yuan. FOF products recorded a modest profit of 184.15B yuan, significantly higher than the average in 2024.

In 2025, the vast majority of fund companies achieved positive investment returns, with only 4 companies incurring losses. In addition, 39 companies had investment returns exceeding 112.56B yuan, and the leading companies with a strong advantage in equity assets firmly held prominent positions at the top of the rankings.

More specifically, based on the investment returns ranking of products under fund companies, E Fund and Huaxia Fund took the top two spots. Their full-year investment returns were 103.79B yuan and 18.68B yuan, respectively. Right behind them were Southern Fund, GF Fund, Harvest Fund, Haitong-Boean? Wait—“华泰柏瑞基金” is Huatai-PineBridge Fund, and “富国基金” is Franklin Templeton; keep names: Southern Fund, GF Fund, Harvest Fund, Huatai-PineBridge Fund, and Franklin Templeton Fund—all had full-year investment returns above 100 billion yuan. Meanwhile, AWM Fund, Bosera Fund, Yuexiu?—“汇添富基金” is E Fund? Actually “汇添富基金” is Harvest Fund; but we must translate consistently: Bosera, Harvest, 中欧基金 (China Europe), 国泰基金 (Cathay), 景顺长城基金 (Invesco Great Wall), and Penghua Fund—each had investment returns exceeding 50 billion yuan? Wait: original says over 50B元 (50 billion). Keep: Huian Fund, Bosera Fund, Harvest Fund, China Europe Fund, Cathay Fund, Invesco Great Wall Fund, and Penghua Fund all had investment returns exceeding 50 billion yuan. The “leading fund” effect in mutual funds was further intensified.

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

On the 2025 mutual fund product profit rankings, many of the top positions were held by broad-market ETFs (“broad-based ETFs”), in sharp contrast to industry theme index funds concentrated toward the bottom of the list. In addition, affected by structural market conditions, fund products’ investment returns were also divided by style and theme, leading to an increasingly pronounced divergence.

According to Tongyuan data, among the top 10 products by investment returns, all were broad-market ETFs except the Huian Gold ETF. Specifically, the Huatai-PineBridge CSI 300 ETF topped the list with investment returns of 327.01B yuan. The E Fund CSI 300 ETF (initiated), the Huaxia CSI 300 ETF, and the E Fund ChiNext ETF followed with investment returns of 258.75B yuan, 78.52B yuan, and 40.46B yuan, respectively. The Southern CSI 500 ETF and the Harvest CSI 300 ETF both had investment returns exceeding 30 billion yuan. The Huaxia SSE STAR Market 50 Constituents ETF, the Huaxia SSE 50 ETF, the Huian Gold ETF, and the E Fund SSE STAR Market 50 ETF all had investment returns exceeding 22 billion yuan.

The characteristics of structural market conditions were also reflected in product profitability. Specifically, among the top 10 loss-making products, passive-type products accounted for more than half, mainly including industry theme products such as liquor (baijiu), innovative drugs, and consumption. The product with the largest loss was the China Merchants CSI Baijiu Index A, with losses exceeding 4 billion yuan; there were also 5 products with losses exceeding 1 billion yuan.

Profit performance of various mutual fund products in 2025

Fund type 2025 profit
(billion yuan)

Equity funds 1125.495
Balanced 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; cut-off date: December 31, 2025

(Editor: Wen Jing)

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