With the bull market underway, the fund companies' rankings by scale at the end of Q3 are out (full rankings attached).

With the bull market underway, the fund companies' rankings by scale at the end of Q3 are out (full rankings attached).

When the tide of the market surges, public fund scale rankings are ushering in a "reshuffling moment."

According to WIND’s statistics of this quarter’s fund reports (data as of October 28th, 17:00), as of the end of Q3 2025, the overall size of non-currency public funds in mainland China has significantly increased.

The rise in scale has driven changes in rankings and allowed outsiders to witness the shift in market share.

As of September 30th, the top ten institutions in terms of non-currency public fund scale are: E Fund, China Asset Management, GF Fund, Fortune SG Fund, Southern Fund, Harvest Fund, Huatai-PB Fund, Bosera Fund, Huitianfu Fund, Invesco Great Wall Fund.

Additionally, the eleventh to twentieth institutions are: CMB Fund, Penghua Fund, GTJA Fund, ICBC Credit Suisse Fund, Huaan Fund, China Europe Fund, Yongwin Fund, Tianhong Fund, BOC Fund, XINGZHENG GLOBAL Fund.

Unlike previous times, some specialty institutions seized structural opportunities this quarter and achieved significant growth in scale, reflecting the growth potential of small and medium-sized companies in niche tracks.

This jointly forms the characteristic of "undercurrent vitality" in this quarter’s fund company rankings.

Top Ten: "Intense Competition"

In the Chinese public fund industry, the ranking of non-currency fund scale has always most reflected the competitive landscape, and the top ten have long remained relatively stable and hard to shake.

But Q3 2025 was clearly not a “stable” quarter: significant changes occurred among the top ten, with change being the only constant.

According to WIND’s statistics from the Q3 fund reports, as of the end of September 2025, the top ten non-currency public fund institutions are: E Fund, China Asset Management, GF Fund, Fortune SG Fund, Southern Fund, Harvest Fund, Huatai-PB Fund, Bosera Fund, Huitianfu Fund, Invesco Great Wall Fund.

Among them, E Fund and China Asset Management continue to lead the industry, with their non-currency fund scales increasing 15% and 10% respectively from last quarter—firmly at the top.

Fourth place Fortune SG Fund grew over 16% in a single quarter, narrowing the gap with the third place.

Changes from the fifth to eighth places are more obvious. Southern Fund stands out with a growth rate of 10.86%, taking a step forward into the top five.

Huatai-PB Fund, relying on index funds and product lineup, made another step forward, rising from eighth to seventh place.

At the threshold of the top ten, Invesco Great Wall Fund, with a nearly 20% growth rate for the quarter, rose from the next tier up to become the new tenth place in the industry.

"Second Tier" Competition

If the top ten is a “trillion club” high-level fight, the battle for 11th to 20th is more like a ground sprint race.

Although the rankings don’t change much each quarter, differences in speed and momentum are quietly rewriting the landscape of the public fund "second tier."

As of Q3 2025, the eleventh to twentieth institutions are: CMB Fund, Penghua Fund, GTJA Fund, ICBC Credit Suisse Fund, Huaan Fund, China Europe Fund, Yongwin Fund, Tianhong Fund, BOC Fund, XINGZHENG GLOBAL Fund.

Among these, GTJA Fund, ICBC Credit Suisse, Huaan Fund, China Europe Fund, and Yongwin Fund all saw single-quarter increases of over 50 billion yuan, equivalent to the entire non-currency scale of a small- to medium-sized public fund company.

This tier’s overall pattern is “stable rankings, small moves.”

GTJA Fund had a quarterly increase rate of 19%, with an incremental increase of 78.7 billion yuan, moving up one spot.

Yongwin Fund continued its momentum, rising from 18th last quarter to 17th, with a growth rate close to 19%. As a representative of bank-affiliated funds, it has become the most sustainably growing force in the second tier due to stable subscriptions to its fixed-income products.

China Europe Fund posted the fastest sequential growth in the second tier, with more than 20% quarter-on-quarter scale growth—775 billion yuan increase—also moving up one place.

Looking at the growth rate, the second tier’s average growth now exceeds 10%. Therefore, in future quarters, this tier may become the industry’s real “variable zone,” where the next top ten seat will be contested.

Mid-Tier: Making Waves

In the “mid-range” segment of the public fund industry—ranks 21 to 30—competition has always been the fiercest. Unlike the head which is stable, or the tail which is quiet.

Every quarter in this segment, some institutions rise—and some exit.

As of the end of Q3 2025, ranks 21 to 30 are: Yinhuafund, Dacheng Fund, Industrial Fund, Ping An Fund, BOC Schroder Fund, Huabao Fund, HFT Fund, China Life AMP Fund, Jianxin Fund, Shanghai Orient Securities Asset Management.

This quarter, five institutions rose in rankings.

Among them, Yinhuafund was the most eye-catching, jumping from 25th last quarter to 21st, a 14% growth, making it this quarter’s “king of ascension.”

Dacheng Fund made steady progress from 23rd to 22nd.

Huabao Fund made a stunning leap from 31st last quarter to 26th, with a quarterly increase of 38.696 billion yuan—making it the fastest-growing among all companies on the list.

HFT Fund and Shanghai Orient Securities Asset Management also performed solidly, moving from 28th to 27th and 32nd to 30th, respectively.

Overall, this “third tier” fluctuates much more than the first two: in the mid-tier, every 50 billion yuan added or lost can change the company’s rank.

Outside the Top 30: Calm Waters, Deep Currents

Institutions ranked 31 to 40 in non-currency public fund scale are: Shanghai Bank Fund, Wanjia Fund, BOCOM Penghua Fund, Xinyuan Fund, SDIC UBS Fund, ABC-CA Fund, Minsheng Plus Silver Fund, Huashang Fund, Morgan Fund, Great Wall Fund.

This tier is generally steady in structure, though a few are working hard to find a “second growth curve.”

The biggest highlights were these two:

First, Huashang Fund, which rose from 45th to 38th, up 7 places.

Second, Morgan Fund, which moved from 46th to 39th, also up 7 places.

These two not only reversed their position to enter this tier, but their quarterly scale increases reached 29.6 billion and 25.7 billion yuan respectively.

Within the Top 50: Undercurrents

Public fund companies ranked 41 to 50 are: Chuangjin Hexin Fund, Guolian Fund, Pengyang Fund, Bank of China International Securities, Zhongjia Fund, Orient Fund, Guolian An Fund, Taikang Fund, Caitong Securities Asset Management, Western Profit Fund.

This tier fluctuates little overall, generally in a “slight increase or decrease.” Most have non-currency assets between 80 and 130 billion yuan, with changes usually within +/-5%, showing clear “low volatility.”

Among them, Taikang Fund had the most notable growth, rising from 87.283 billion to 95.693 billion yuan, a single-quarter increase of 9.64%—well above others in this group.

It can be expected that if the market rebound intensifies, these mid-range fund companies could be the starting point for the next round of scale recovery.

See below: Non-currency public fund scale rankings at the end of Q3 2025

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