As of the end of April 2026, data from the Asset Management Association of China shows that the net asset value of public mutual funds managed by 165 domestic institutions reached 39.36 trillion yuan, marking the first time the total scale has surpassed the 39 trillion yuan threshold.
The industry has maintained steady growth in recent years. Total assets have climbed from 32.83 trillion yuan at the beginning of 2025 to 39.36 trillion yuan by the end of April 2026, representing a cumulative increase of over 6 trillion yuan. Notably, from the end of April 2025 to the end of February 2026, the total scale set new historical records for 11 consecutive months.
By the end of April 2026, the total number of public fund products stood at 14,100, with total shares reaching 33.52 trillion and total assets at 39.36 trillion yuan. Compared to the end of March, the number of products increased by 134, total shares grew by 795.282 billion, and total assets expanded by 1.82 trillion yuan.
A breakdown by fund type reveals that money market funds and bond funds each exceeded 10 trillion yuan in scale, reaching 16.23 trillion yuan and 11.4 trillion yuan, respectively. Equity funds and hybrid funds followed, with assets of 5.28 trillion yuan and 4.16 trillion yuan, respectively. Assets of fund of funds (FOF) and other fund types were 343.08 billion yuan and 1.95 trillion yuan, respectively.
Compared to the end of March 2026, all the aforementioned fund categories experienced month-on-month growth. Fixed-income products led the increase, with money market funds and bond funds growing by 641.529 billion yuan and 512.754 billion yuan, respectively. Hybrid funds and equity funds also posted significant gains, each increasing by over 100 billion yuan month-on-month, with rises of 392.316 billion yuan and 164.929 billion yuan, respectively. FOF and other funds also saw modest growth.
Regarding subsequent investment opportunities in the bond market, a representative from Puying An Sheng Fund commented, "Since May, government bond supply has accelerated significantly, coupled with the central bank's accelerated liquidity withdrawal, leading to a recent consecutive rise in funding rates. This may increase short-term volatility in the bond market. However, considering factors such as weak bank credit expansion and bank net interest margin performance, a significant tightening in funding rates is unlikely. In terms of investment strategy, attention could be focused on trading opportunities in long-term interest rate bonds."
From a fund share perspective, money market funds saw the largest increase in shares during April, adding 641.38 billion shares. Bond funds followed with an increase of 324.074 billion shares. FOF and other funds also experienced slight growth in shares. However, shares of equity funds and hybrid funds contracted, decreasing by 161.468 billion shares and 26.519 billion shares, respectively.
In terms of new product launches, 134 new public funds were issued across the market in April. The expansion in equity-focused funds was notable, with 65 new equity funds and 31 new hybrid funds, indicating that the equity market remains a key focus for capital.
Wang Li, a senior macro strategist at Great Wall Fund, stated that adjustments caused by short-term factors are unlikely to alter the market's trend of fluctuating upwards and may instead provide favorable entry opportunities. Overall, the development of the domestic capital market has clear policy support, and coupled with improving economic growth expectations, multiple positive factors are expected to form a supportive synergy. In terms of investment direction, the breadth is widening, with opportunities in emerging technology and advanced manufacturing sectors warranting attention, while some traditional sectors are also expected to see a recovery.