（来源：深圳市投资基金同业公会）
本期导读
本期聚焦2025年三季度深圳公募基金行业发展动态，展现行业在加快实现高质量发展目标下的稳健前行态势。监管层面持续推进公募基金改革，进一步降低基金投资者成本，推动公募基金费率改革进入第三阶段。深圳辖区公募基金行业表现亮眼，总资产、净资产、盈利进一步提升，截至三季度末，深圳共有32家公募基金管理公司，公募基金资产净值约8.95万亿元，占全国公募基金资产净值的24.36%，环比增长5.42%。公司数量与管理规模指标均排名全国第二，仅次于上海。季度分析研讨会重点解读“十五五”规划建议稿，为接下来行业发展与投资重点提供参考。
This seminar focuses on the developments of Shenzhen’s public fund industry during the third quarter of 2025, highlighting its steady progress toward achieving high-quality development goals. Regulatory authorities continue to advance reforms in the public fund sector, further reducing costs for fund investors and propelling the fee structure reform into its third phase. The public fund industry in Shenzhen demonstrated remarkable performance, with total assets, net assets, and profitability all showing further improvement. By the end of the third quarter, Shenzhen was home to 32 public fund management companies, managing fund net assets of approximately RMB 8.95 trillion, accounting for 24.36% of the national total. This represents a quarter-on-quarter increase of 5.42. Both the number of companies and the scale of assets under management ranked second nationwide, only after Shanghai. The quarterly analysis seminar provided an in-depth interpretation of the proposal for the 16th Five-Year Plan, offering valuable insights for the industry's future development and key investment priorities.
2025年三季度，深圳投资基金行业深入贯彻落实《推动公募基金高质量发展行动方案》，服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管理需求，做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章。为加快建设一流投资机构，助力实现中国式现代化，基金公会于国际财富管理服务中心组织召开了“香蜜湖金融+”之“湾区公募洞察”三季度行业分析研讨会，回顾三季度行业经营情况、发展趋势和热点问题，解读“十五五”规划建议稿，辖区内数十家会员单位参会。
In the third quarter of 2025, Shenzhen's investment fund industry thoroughly implemented the "Action Plan for Promoting High-Quality Development of Public Funds," serving the real economy and national strategies, fostering capital market reform, development, and stability, and meeting residents' wealth management needs. The industry actively advanced the five key financial themes: sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. To accelerate the development of first-class investment institutions and contribute to the realization of Chinese modernization, the Fund Association organized the "Bay Area Public Fund Insights" Q3 industry analysis seminar under the "Xiangmihu Financial+" initiative at the International Wealth Management Service Center. The event reviewed the industry's operational performance, development trends, and key issues during the quarter, interpreted the proposal for the 16th Five-Year Plan, and was attended by dozens of member institutions from Shenzhenin the region.
2025年三季度，金融监管部门持续推进公募基金改革，发布了一系列让利投资者、促进资本市场改革发展稳定的政策举措，旨在降低投资者的入场成本和优化销售结构，督促行业机构进一步强化满足居民财富管理需求的功能。为“十五五”规划期间公募基金行业加快实现高质量发展奠定坚实基础。
In the third quarter of 2025, financial regulators continued to advance the reform of public funds, introducing a series of policy measures designed to benefit investors and promote capital market reform, development, and stability. These initiatives aimed to lower investors' entry costs and optimize the sales structure, while urging industry institutions to further strengthen their capacity to meet residents' wealth management needs. This has laid a solid foundation for accelerating high-quality development in the public fund industry during the 16th Five-Year Plan period.
政策持续推进
满足居民财富管理需求
在金融消费者权益保护方面：金融监管总局发布《金融机构产品适当性管理办法》，旨在将保护金融消费者权益关口前移，有效规范金融机构经营行为。
在财务报告信息披露方面：中国证监会发布《上市公司2024年年度财务报告会计监管报告》，旨在持续完善监管工作机制，提升监管效能。
在服务投资者方面：证监会同意公募基金行业机构投资者直销服务平台正式启动运行，其有效解决了公募基金行业传统直销业务运营成本高、效率低、风险大等问题，有利于提高行业直销业务服务水平。
在公募基金费率改革方面：证监会发布了《公开募集证券投资基金销售费用管理规定（征求意见稿）》，标志着公募基金费率改革进入第三阶段，改革方案或将对基金行业生态产生重大影响。这一阶段主要聚焦于基金销售环节的费用体系，旨在降低投资者的入场成本和优化销售结构。
Several financial regulatory bodies have continuously introduced policies to optimize financial consumer rights protection, financial reporting disclosures, investor services, and public fund fee reforms. These measures are designed to further advance the public fund industry's capacity to meet residents' wealth management needs.
辖区公募盈利状况向好
资管规模稳步增长
基金公会秘书处回顾了三季度深圳公募基金行业的发展现状。截至三季度末，深圳共有32家公募基金管理公司（按注册地口径统计，下同），占全国基金管理公司总数的21.33%；公募基金资产净值约8.95万亿元，占全国公募基金资产净值的24.36%，环比增长5.42%。公司数量与管理规模指标均排名全国第二，仅次于上海。深圳公募基金公司管理非公募业务资产净值合计4.36万亿元，环比增长约3.56%，其中，社保账户资产净值1.16万亿元，年金账户资产净值1.04万亿元，养老金账户资产净值0.44万亿元，专户账户资产净值1.72万亿元。
As of the end of Q2, Shenzhen hosted32 public fund management companies (based on registered address, same below), accounting for 21.33% of the national total. The net asset value of public funds reached approximately RMB 8.95 trillion, representing 24.36% of the country's total and reflecting a quarter-on-quarter increase of 5.42%. Both the number of companies and assets under management ranked second nationwide, only after Shanghai. Shenzhen's public fund companies managed a total non-public fund NAV of RMB 4.36 trillion, up approximately 3.56% quarter-on-quarter. This included RMB 1.16 trillion in social security accounts, RMB 1.04 trillion in annuity accounts, RMB 0.44 trillion in pension accounts, and RMB 1.72 trillion in dedicated accounts.
三季度，深圳辖区基金公司总资产、净资产进一步提升，盈利持续上升。截至2025年9月底，深圳基金公司总资产合计1,032.22亿元，环比增长0.06%；净资产合计738.47亿元，环比上升3.22%。在盈利能力上，三季度辖区基金公司实现营业收入112.08亿元，环比增长15.24%；净利润31.37亿元，环比增长28.51%。截止2025年三季度，32家基金公司中有26家公司实现盈利，其中，净利润在1亿元以上的有13家。
In the third quarter, fund companies in Shenzhen demonstrated robust growth in both total assets and net assets, accompanied by a substantial improvement in profitability. As of the end of September 2025, the total assets of Shenzhen-based fund companies amounted to RMB 103.222 billion, reflecting a quarter-on-quarter increase of 0.06%. Net assets reached RMB 73.847 billion, up 3.22% from the previous quarter. In terms of profitability, the fund companies in the region generated operating revenue of RMB 11.208 billion during the quarter, representing a quarter-on-quarter growth of 15.24%. Net profit totaled RMB 3.137 billion, surging 28.51% compared to the prior quarter. As of Q3 2025, 26 out of the 32 fund companies reported profits, among which 13 companies achieved a net profit exceeding RMB 100 million.
三季度，福田区按注册地口径共有公募基金管理公司21家（占深圳65.63%）。基金公司总资产合计874.12亿元（占深圳84.68%），营业收入合计94.70亿元（占深圳84.49%），净利润合计26.93亿元（占深圳85.85%），公司基金管理规模共计7.86万亿元（占深圳87.81%）。2025年三季度，福田21家机构中有17家实现净利润为正。
In the third quarter, Futian District was home to 21 public fund management companies based on registered address, accounting for 65.63% of Shenzhen's total. These companies collectively reported RMB 87.412 billion in total assets (84.68% of Shenzhen's total), RMB 9.470 billion in operating revenue (84.49%), and RMB 2.693 billion in net profit (85.85%). Their aggregate fund management scale reached RMB 7.86 trillion, representing 87.81% of the city's total. Among the 21 institutions in Futian, 17 achieved positive net profit in the third quarter of 2025.
三季度，福田区公募基金公司非公募业务资产净值（包括社保、年金、养老金、专户）共计3.48万亿元（占深圳79.88%），其中社保账户资产净值1.09万亿元，年金账户资产净值1.04万亿元，养老金账户资产净值0.36万亿元，专户账户资产净值0.98万亿元。福田区管理非公募资产逾千亿的基金公司有7家，合计管理非公募资产3.24万亿元，占深圳总额74.51%。
In the third quarter, the net asset value (NAV) of non-public fund businesses managed by public fund companies in Futian District -including social security, enterprise annuity, pension funds, and dedicated accounts -totaled RMB 3.48 trillion, accounting for 79.88% of Shenzhen's total. This comprised RMB 1.09 trillion in social security account NAV, RMB 1.04 trillion in enterprise annuity account NAV, RMB 0.36 trillion in pension account NAV, and RMB 0.98 trillion in dedicated account NAV. Seven fund companies in Futian District each managed over RMB 100 billion in non-public fund assets, with their combined NAV reaching RMB 3.24 trillion, representing 74.51% of the city's total.
三季度，市场共发行了24只科创债ETF，截至9月末规模已逼近7000亿元大关。在科创债ETF的推动下，博时基金成为了海富通基金后，第二家债券ETF规模破千亿元的基金公司；而鹏华基金发行的科创债ETF鹏华表现突出，最新规模位列全品类第二，沪市第一；深圳地区公募基金公司紧密围绕“金融教育宣传周”、“防非反诈”及“养老金融”等核心主题，开展了一系列形式创新、覆盖多元的投资者教育活动，呈现出全民化、场景化、精准化的活跃动态。长城基金、博时基金等参与“哇噻CBD”企业特色展，通过趣味游戏与市民互动；鹏华基金、南方基金则在莲花山公园等地的活动中，运用小品、知识比拼等沉浸式形式，重点向“一老一小”群体普及金融风险防范知识。同时，行业持续深化普惠金融，鹏华基金专门为视障等特殊人群举办了ETF定投专项活动，推动投教服务更具包容性；南方润泽科技数据中心REIT在深圳证券交易所正式挂牌上市。标志着我国REITs市场底层资产进一步扩容，为数字基建领域注入强劲资本动能，也有望为投资者提供共享数字经济红利的新渠道。
In Q3, 24 Science and Innovation Bond ETFs were launched, with AUM nearing RMB 700bn by end-September. Bosera Funds became the second manager to exceed RMB 100bn in bond ETF AUM, while Penghua Fund's Sci-Tech Bond ETF ranked second overall and first on the SSE. Shenzhen fund firms conducted targeted investor education campaigns focusing on financial literacy, fraud prevention, and pension finance. Penghua Fund promoted inclusive finance through a dedicated ETF savings plan for visually impaired investors. Meanwhile, the China Southern Runze Data Center REIT listed on the SZSE, expanding China's REITs asset base.
为实现将社会资本高效配置到符合国家产业升级方向的科技创新、绿色发展和先进制造等领域，助力“十五五”规划重点领域企业成长，解读“十五五”规划建议稿，本次季度分析会邀请中国银河证券资深宏观分析师詹璐做专题分享。
To efficiently channel social capital into national strategic priority sectors—such as technological innovation, green development, and advanced manufacturing—and support enterprises aligned with the focus areas of the 16th Five-Year Plan, this quarterly analysis forum invited Ms. Zhan Lu, Senior Macro Analyst from China Galaxy Securities, to provide a thematic interpretation of the 16th Five-Year Plan proposal.
“十五五”：因势利导，乘势而上
詹璐介绍，“十五五”时期是基本实现社会主义现代化的关键时期。“十四五”规划提出了2035年基本实现社会主义现代化的宏伟目标，“十五五”时期是承前启后的关键五年。其核心基调可概括为“乘势而上”和“因势利导”，即一方面要接力“十四五”的良好势头，坚持高质量发展，把因地制宜发展新质生产力摆在更加突出的战略位置，尤其是加快高水平科技自立自强；另一方面在外部不确定难预料因素增多时期，增强国内大循环内生动力和可靠性，更多转向内需驱动，尤其是增强消费的基础性作用。她通过对比“十四五”与“十五五”规划目录的变化展示我国经济社会发展重心变化，指出“十五五”将着力“加快建设金融强国”并推进人民币国际化，并解读了“十五五”规划建议稿中的一些方针和原则。
可见，我国“十五五”规划具备政策连续性强、发展路径清晰的特点，为资本市场的进一步高质量发展奠定了坚实基础。
Ms. Zhan Lu outlined that the 16th Five-Year Plan period represents a crucial phase in laying the groundwork for essentially achieving socialist modernization by 2035. Building upon the goals set forth in the 14th Five-Year Plan, she described the upcoming period as a pivotal five-year bridge. She highlighted its focus on "accelerating the building of China as a financial powerhouse" and advancing the internationalization of the Renminbi, while also elaborating on key guidelines and principles within the draft proposal. Her presentation underscored the Plan's strong policy continuity and clear development pathway, establishing a solid foundation for the capital market's continued high-quality development.
行业聚焦投资者利益
多样化产品满足财富管理需求
三季度，公募基金行业持续推进构建以投资者利益为核心的新型行业生态，重点降低投资者成本，引导长期持有，深化费率改革与产品创新，产品结构日益多元化，ETF等指数基金及其他工具型产品表现良好，市场整体展现出企稳回升的积极态势。
目前行业内重点关注第三阶段费率改革，其通过调降认申购费率、赎回费全额计入基金财产、压降销售服务费等组合政策，更进一步利好投资者。长远来看，此次改革将引导市场从短期交易向长期配置转变，有利于市场更加稳健发展，为投资者创造更加公平、透明的投资环境；在产品结构与规模变化上，ETF基金实现规模的较大增长，主动权益基金处于激烈竞争状态，而固收类产品受市场行情影响规模有所波动。其中，宽基指数ETF竞争激烈，特色指数ETF可成为公司产品差异化发展的方向。机构呼吁，深圳地区应形成ETF发展合力，打造与北京、上海比肩的ETF生态；得益于贵金属板块价格持续上涨与股指期货成交量活跃，期货市场总规模突破2万亿元，创历史新高。白银期货基金与贵金属基金等产品亦受市场资金关注，规模快速提升；在数字化建设方面，机构呼吁实现算力共享，降低数字化建设等方面的成本；在投资者教育方面，近期居民存款向非银存款转移，表明投资者更进一步看好市场。开展投教活动仍需久久为功，持续引导投资者长期投资理念，将更多短期资金转化为中长期资金。此外，行业同样重点关注个人养老金等业务，深圳基金公会积极发挥养老金专委会的专业能力，联合腾讯共同开展养老金融课题研究，未来拟将研究结果在多个渠道上发布，为养老金融发展贡献深圳经验。
In the third quarter, the public fund industry continued to advance the development of a new investor-centric ecosystem, with a focus on reducing investor costs, encouraging long-term holding, and deepening fee structure reforms and product innovation. The product mix has become increasingly diversified, with index funds such as ETFs and other tool-based products performing well, reflecting a positive trend of market stabilization and recovery. Current industry focus areas include the impact of the third phase of fee reforms, changes in fund product structures and scale, digital transformation within the sector, and investor education initiatives. In this context, the Shenzhen Fund Association has leveraged its professional expertise to collaborate with Tencent on a research project in pension finance, aiming to contribute Shenzhen's insights and experience to this critical field.
各地金融创新持续推进
多样化实践协同政策发力
三季度，金融创新与政策支持在全国多地持续加码，助推经济高质量发展迈向新台阶。上海市通过了《上海市民营经济促进条例》，旨在细化落实国家《民营经济促进法》，其显著特点是将“融资服务”单独成章，着力构建多元融资服务体系以破解民企融资难题，并针对上海外向型经济特点设专章优化跨境金融和通关便利，护航企业“出海”；北京市委金融办会同中央金融管理部门在京派出机构，从各机构申报的200余个案例中遴选优秀案例制作视频、汇编成册。案例涵盖服务国家战略、服务城市发展、落实金融“五篇大文章”、跨境金融、支付便利、金融司法协同等多个领域；浙江省气象局等单位提出到2030年，全面建成多层次、广覆盖、可持续的金融气象协作机制，实现气象服务与金融业务全链条深度融合。在各地政策持续发力与创新举措密集落地的双重驱动下，三季度我国经济新动能加快培育，高质量发展进程稳步推进，金融服务实体经济与国家战略，助力各区域经济迈向更高层次。同时，各地金融创新政策的实践探索，也为深圳制定、完善政策体系提供了有益借鉴。
In the third quarter, financial innovation and policy support were intensified across multiple regions in China, providing renewed impetus for high-quality economic development. Shanghai, Beijing, Zhejiang, and other localities introduced policies aimed at fostering industrial innovation and upgrading. Driven by these coordinated efforts and the accelerated implementation of new measures, China's economic restructuring gained momentum during the period, with new growth drivers being cultivated and the transition to high-quality development steadily advanced. The financial sector effectively served the real economy and national strategic priorities, supporting regional economies in moving up the value chain. Meanwhile, policy experiments and innovative practices in other regions also offered valuable insights for Shenzhen as it refines its own policy framework.
本次活动是“香蜜湖金融+”专题活动之一。“香蜜湖金融+”专题活动品牌是福田区专门打造的金融领域高端交流平台，联动政府部门、金融机构、行业协会、研究机构等各方力量，常态化、多层次、高水平举办“生态沙龙、名家面对面、前沿峰会”三大模块的系列活动。通过全年不间断的活动，营造最为浓厚的产业氛围和最为活跃的产业生态，支持金融同业深度融合、互促共进，助力福田打造“金融服务新质生产力、代表新质生产力、引领新质生产力”的新质金融高地。
1.本公众号所发布内容，凡注明“原创”等字样的均来源于网络善意转载，版权归原作者所有！已标注“原创”等字样的均为本公众号编撰发布，发布内容包含指导单位、会员单位与合作机构等相关原创内容，如有疑问，请及时与我们联系。
2.除本平台独家和原创，其他内容非本平台立场，不构成投资建议请慎重参考。
