Total public offering size approaches 38 trillion, hitting a historical high nine times in 2025.

The latest public offering fund market data released by the China Securities Investment Fund Association shows that as of the end of December 2025, the total scale of public offering funds in China was 37.70 trillion yuan, marking the ninth time the total scale of public offering funds in China has reached a historic high in 2025. In terms of types, in December 2025, the scale of bond funds increased by over 410 billion yuan, making the largest contribution to the total increase, while the scale of equity funds increased by over 250 billion yuan, mixed funds increased by 76.6 billion yuan, and FOF and QDII also achieved a slight increase in scale. However, the scale of money market funds decreased by 153.6 billion yuan in that month.