With the significant recovery of the equity market, index funds have replaced bond funds as the main force in creating scale increment for public non commodity funds in the third quarter of this year. As a result, there has been a significant change in the non commodity scale ranking of fund companies, with "Fist" broad-based products becoming the winner of the non commodity scale ranking. Recently, the "stock bond seesaw" effect has intensified, and the scale of bond funds has significantly shrunk, which has dragged down some fund companies that are known for fixed income. However, some fund companies, relying on a balanced layout in the fixed income and equity fields, have been able to maintain a stable profit level for their products as a whole even in the face of significant market fluctuations. The "Fist" wide base brings significant incremental growth. According to Tianxiang Investment Consulting data, in the third quarter of this year, the scale of public non commodity fundraising increased by 1.26 trillion yuan. Among them, the scale of index funds increased by more than 1 trillion yuan in the third quarter, contributing most of the increment to non commodity scale, reversing the pattern of bond funds being the main force of non commodity scale increment in the first and second quarters. The explosive growth of index funds has led to significant changes in the size ranking of fund companies. According to Wind data, among the top 20 fund companies in terms of non monetary scale at the end of the third quarter, the ranking of 14 companies has changed compared to the end of the second quarter. Among them, the rankings of Southern Fund, Huatai Bairui Fund, Guotai Fund, China Europe Fund, and Xingzheng Global Fund have collectively improved. In the third quarter, Huatai Bairui Fund and Southern Fund's non commodity scale increment was second only to Huaxia Fund and E Fund, reaching over 200 billion yuan and 100 billion yuan respectively. Among these four fund companies with a non commodity scale increase of over 100 billion yuan in the third quarter, China Securities Journal reporters found that their scale increase mainly comes from index funds. The new scale of index funds under E Fund, Huaxia Fund, and Huatai Bairui Fund all reached over 200 billion yuan in the third quarter, and the new scale of index funds under Southern Fund also exceeded 100 billion yuan. After E Fund, Huaxia Fund's non commodity scale has exceeded one trillion yuan. The "fist" broad-based products in index funds have become the main source of scale growth in the third quarter. For example, companies such as E Fund's Shanghai and Shenzhen 300 ETF added over 100 billion yuan in the third quarter; The newly added scale of Huaxia CSI 300 ETF, Huaxia SSE 50 ETF, and Southern CSI 500 ETF all exceeded 50 billion yuan; The newly added scale of the Southern CSI 1000 ETF, E Fund China ChiNext ETF, Huaxia CSI 1000 ETF, E Fund China SSE Science and Technology Innovation Board 50 ETF, and Huaxia SSE Science and Technology Innovation Board 50 ETF all exceeded 20 billion yuan. In addition, broad-based products such as the Jiashi CSI 300 ETF and Guangfa CSI 1000 ETF also brought an average scale increase of over 10 billion yuan to fund managers in the third quarter. The shrinkage of bond funds has a "drag" on incremental growth, especially since late September this year. With the significant rebound of A-shares, the "stock bond seesaw" effect has intensified. Under the combined effect of debt side liquidity and changes in net asset value, a significant feature of shrinking fixed income scale and expanding equity scale has been formed, which has also had a certain impact on the size ranking of fund companies in the third quarter. Taking the top 20 non commodity fund companies as an example. On the one hand, fund companies that excel in active equity investment, such as Guangfa Fund, E Fund, and China Europe Fund's active equity funds (including common stock type, equity mixed type, balanced mixed type, and flexible allocation type funds), all saw a scale increase of over 15 billion yuan in the third quarter, while Jiashi Fund, Huaxia Fund, Fuguo Fund, Jingshun Great Wall Fund, Xingzheng Global Fund, Huitianfu Fund, and ICBC Credit Suisse Fund all saw a scale increase of over 9 billion yuan; On the other hand, except for Guangfa Fund, Huatai Bairui Fund, China Europe Fund, and Bank of China Fund, which maintained growth in their bond fund sizes in the third quarter, the bond fund sizes of the other 16 fund companies all experienced varying degrees of shrinkage, with some fund companies experiencing a decline of over 10 billion yuan in their bond fund sizes. Some fund companies have limited incremental growth in equity products, while fixed income products have shrunk, resulting in a small or even slight decrease in non asset scale growth in the third quarter. However, overall, as of the end of the third quarter, the non commodity scale of most top fund companies still relies heavily on the support of bond funds. Among the top 20 non commodity fund companies in the third quarter, there are as many as 15 fund companies where bond funds account for more than 40% of the non commodity scale. For example, the bond fund provides over 90% of the non monetary scale for bank affiliated public offerings such as Everwin Fund and Bank of China Fund; Boshi Fund, China Merchants Fund, Tianhong Fund, Penghua Fund, ICBC Credit Suisse Fund, and Guangfa Fund's bond funds also contributed more than half of the non commodity scale. The recovery of profitability at the end of the third quarter not only brought about an increase in the scale of equity products for fund companies, but also significantly restored the profitability of equity products. According to data from Tianxiang Investment Consulting, among the top 20 non commodity fund companies in the third quarter, 12 fund companies' fund products achieved "turnaround from losses to profits" in the third quarter. Among them, the third quarter profits of fund products under E Fund and Huaxia Fund were 159.098 billion yuan and 143.156 billion yuan respectively, making them the only two fund companies in the industry with product profits exceeding 100 billion yuan in the third quarter. The two fund companies have 21 and 18 fund products with profits exceeding 1 billion yuan in the third quarter, respectively (calculated separately for different shares). In addition to broad-based products, several large-scale active equity funds and QDII products have also contributed significantly to profits. It is worth noting that, thanks to the balanced layout of equity and fixed income products, the overall profits of products such as Jiashi Fund, Fuguo Fund, Hua'an Fund, Boshi Fund, ICBC Credit Suisse Fund, and Xingzheng Global Fund in the second and third quarters were among the top in the industry. Despite market adjustments in the second quarter, products under Boshi Fund, Xingzheng Global Fund, and Fuguo Fund still generated profits of over 2 billion yuan; By the third quarter, the profitability of the three fund companies had significantly improved, and the profit of products under the Fuguo Fund had increased to over 40 billion yuan. According to the introduction of Fuguo Fund, the fund profit reflects the operating results of the fund in the past period, which is equal to investment income, interest income and other income minus corresponding expenses. Like the growth rate of fund net asset value, fund profit is one of the important indicators for measuring fund performance. Whether a fund can truly make money for investors needs to be considered from different sources of returns. For example, index fund products that make more profits in the third quarter earn beta money, while active equity products examine the fund manager's stock selection ability and ability to obtain excess returns and risk control. In the long run, Fuguo Fund believes that economic fundamentals are the determining factor in asset pricing in China. With the gradual introduction and accelerated implementation of a package of incremental policies in China, the basic area factor is expected to continuously consolidate the long-term upward foundation of the market. China International Capital Corporation (CICC) stated that in the medium to long term, market driving factors may shift from valuation driven to performance driven, and track research and prosperity investment are expected to become the focus of market attention again. Industries with good fundamentals, improved supply and demand patterns, policy support, and technological breakthroughs will receive more attention from investors. (New Society)