On March 26, 2026, the Asset Management Association of China released the latest data showing that as of the end of February 2026, the total scale of China’s public funds reached 38.61 trillion yuan, breaking the 38-trillion-yuan mark for the first time and setting a new historical high for 11 consecutive months. This milestone fully demonstrates the long-term attractiveness of the capital market and the growing confidence of residents in wealth allocation.

In terms of product structure, the growth presents distinct characteristics. In February, money market funds saw a surge of 579.511 billion yuan, becoming the largest contributor to the incremental scale, reflecting the market’s preference for low-risk, high-liquidity assets. Bond funds increased by 216.734 billion yuan, and hybrid funds rose by 93.341 billion yuan, indicating a steady rise in demand for fixed-income asset allocation. FOF and QDII funds posted modest growth, signaling a gradual recovery in cross-border investment demand. Notably, equity funds shrank by 79.035 billion yuan, a trend mainly attributed to short-term market volatility and periodic profit-taking by investors.

Industry insiders pointed out that the continuous expansion of public fund scale is backed by three core drivers. First, residents are shifting their wealth allocation from traditional savings to diversified assets such as equities and fixed income, with a rising demand for long-term wealth management. Second, the deepening reform of the capital market and the potential for valuation restoration in the equity market have attracted incremental capital inflows. Third, fund companies have accelerated product innovation, launching targeted products covering pension, ESG, index investment and other sectors to meet the needs of investors with different risk appetites.

As a “stabilizer” of the capital market, the growing public fund sector will provide long-term stable capital for the A-share market and promote the professional and refined development of the fund industry. Headquartered fund firms are expected to further enhance their scale and competitiveness with superior investment research and risk control capabilities. Investors are advised to maintain a rational attitude amid structural divergences, balance asset allocation based on their risk tolerance, and seize the long-term development opportunities of the capital market.