With the completion of annual report disclosures from public funds, the industry's total profit reached 2.61 trillion yuan, setting a new historical record.
In terms of individual fund performance, broad-based index ETFs emerged as the undisputed main contributors. Among them, Huatai-PineBridge CSI 300 ETF claimed the title of "Most Profitable Fund" for the year 2025 with earnings of 78.516 billion yuan.
Public fund profits hit an all-time high in 2025, with all categories of funds reporting gains.
According to Tianxiang Investment Consulting data, as of March 31, 2026, a total of 163 public fund management companies had disclosed their 2025 annual reports. Combined profits for public funds in 2025 reached 2.61 trillion yuan, doubling compared to the 1.28 trillion yuan profit recorded in 2024.
By fund type, stock funds were the largest contributor with total profits of 1.13 trillion yuan in 2025. Mixed funds ranked second, contributing 870 billion yuan in profits, showing substantial growth year-over-year. Bond funds, QDII funds, money market funds, and commodity funds all reported profits exceeding 100 billion yuan. However, profits from bond funds and money market funds both decreased significantly compared to the previous year, though each still surpassed 180 billion yuan.
Commodity funds experienced the highest profit growth rate. In 2025, 63 commodity funds generated profits of 103.794 billion yuan, a massive increase of 551.07% compared to 2024, leading growth among all fund types. Fund of Funds (FOF) also showed remarkable growth, with 979 FOFs achieving profits of 18.685 billion yuan, up 267.38% from 2024. In terms of average profit per fund, commodity funds led at 1.648 billion yuan, followed by overseas investment funds at 205 million yuan and stock funds at 200 million yuan.
Broad-based ETFs were the most profitable on an individual fund basis. Among the top 20 most profitable public funds, 19 were equity or commodity funds. ETFs dominated this list, occupying 18 spots, with 12 being broad-based ETFs. The top-performing commodity funds by profit were all gold ETF products.
Huatai-PineBridge CSI 300 ETF led as the single most profitable fund with earnings of 78.516 billion yuan. It was followed by E Fund CSI 300 ETF with profits of 55.988 billion yuan. ChinaAMC CSI 300 ETF and E Fund ChiNext ETF both reported profits exceeding 40 billion yuan. Southern China CSI 500 ETF and Harvest CSI 300 ETF each achieved profits over 30 billion yuan. Additionally, four other ETFs reported profits surpassing 20 billion yuan. In total, 15 ETF funds achieved annual profits exceeding 10 billion yuan in 2025.
Among active equity funds, Ruiyuan Growth Value Mixed Fund A was the top performer with profits of 9.454 billion yuan, making it the only actively managed fund to rank within the top 20 by profit. Xingquan Herun Mixed Fund A ranked second among active funds with profits of 7.034 billion yuan in 2025, while Noah Growth Mixed Fund A took third place with profits of 6.103 billion yuan.
Notably, fueled by a sharp surge in gold prices during 2025, three gold ETF funds also delivered strong results. Huaan Gold ETF ranked tenth overall in market profit with earnings of 23.69 billion yuan, making it the most profitable gold ETF. Bosera Gold ETF also performed well, achieving profits of 10.955 billion yuan, followed closely by E Fund Gold ETF with profits of 9.558 billion yuan over the past year.
Looking ahead to 2026, what is the outlook from public funds? Insights from the disclosed annual reports reveal that fund managers generally maintain a positive view on the upward trend of A-shares, anticipating a promising performance for the full year.
Fu Pengbo, fund manager of Ruiyuan Growth Value Mixed Fund A, analyzed in the annual report that while recent geopolitical risks in the Middle East, combined with the post-election situation in East Asia, continue to pose challenges to A-share risk appetite, the domestic market has demonstrated significant resilience amid these unexpected events, leading to a noticeable boost in investor confidence. Looking forward, while current market expectations for improvements in liquidity conditions might be slightly optimistic compared to reality, A-share performance remains promising, driven by factors such as strong credit growth in the first quarter, a partial shift of household savings into the market, and the commencement of the 15th Five-Year Plan.
Liu Jun, fund manager of Huatai-PineBridge CSI 300 ETF, pointed out that looking towards 2026, the medium-term allocation value of Chinese assets is expected to continue rising, sustaining the upward trajectory of A-shares. Against this backdrop, the market's driving logic may shift gradually from the valuation recovery seen in 2025 to earnings improvement in 2026, with core assets potentially leading the market trend. On one hand, as the domestic economy steadily recovers and corporate profits gradually improve, the earnings power and growth resilience of core assets are expected to become more prominent. On the other hand, guided by policies focusing on "industrial technology + expanding domestic demand," core assets possessing technological advantages and strong ties to the domestic market are likely to attract significant allocation from both global and domestic institutional funds, potentially becoming a key engine for market performance.
Xie Zhiyu, fund manager of Xingquan Herun Mixed Fund A, believes that in 2026, the non-linear growth driven by AI will remain a primary focus, while the differentiation and recovery of traditional industries following macroeconomic stabilization are also anticipated. Although "black swan" events in the international landscape may cause significant fluctuations in commodity prices and risk appetite, unlike the global economic downturn of 2022, 2026 is positioned within a wave of technological revolution and supported by favorable industrial policies. International black swan events are likely to cause only short-term trading disruptions. The overarching themes for the year will be the development of AI and the stabilization and recovery of the macroeconomy.
Xu Zhiyan, fund manager of Huaan Gold ETF, stated that in 2026, the global macroeconomic environment is characterized by favorable conditions including fiscal expansion and accommodative monetary liquidity, presenting good opportunities for various asset classes. Specifically for gold, performance will hinge on three key pricing drivers. First is the traditional Federal Reserve monetary policy cycle. Second is the issue of US dollar credibility and the resulting pace of central bank gold purchases globally. Before the mid-term elections, uncertainties surrounding geopolitical situations and tariff policies could persist, potentially stimulating safe-haven demand for gold. Third is gold's low correlation with stocks and bonds. In the current low-interest-rate environment, gold allocation is gaining importance among both institutional and individual investors, and the influence of this capital on gold's pricing is increasing steadily.
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