The Year of the Horse A-Share Market enjoyed a good start, and the mutual fund industry also received good news. The latest data from the China Securities Investment Fund Association (CIFA) shows that as of the end of January 2026, the total net asset value of assets managed by 165 domestic public fund management institutions amounted to 37.77 trillion yuan, a slight increase from the end of 2025, setting a new historical high for the tenth consecutive month since April 2025. Despite market fluctuations in January and the increasing demand for investors to withdraw funds near the Spring Festival, the mutual fund industry still achieved growth in scale, reflecting the industry's strong development momentum. Looking at the types of products, the scale of hybrid funds and money market funds increased by 330.228 billion yuan and 237.905 billion yuan respectively in January this year, while QDII and FOF also saw slight growth. However, due to market volatility, the scale of bond funds and equity funds decreased by 405.205 billion yuan and 343.817 billion yuan respectively in January. However, industry insiders pointed out that with the boost in confidence brought by the opening red of the A-share market in February, equity funds are expected to return to a trend of scale growth. Total mutual fund scale reaches 37.77 trillion yuan, setting a new historical high for the tenth consecutive month The latest data released by CIFA shows that as of the end of January 2026, there were a total of 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions that obtained public offering qualifications. The total net asset value of public funds managed by the above institutions reached 37.77 trillion yuan. Specifically, as of the end of January 2026, the total scale of public funds in China was 37.7654 trillion yuan, an increase of 51.718 billion yuan compared to the end of 2025, setting a new historical high for the tenth consecutive month. Previously, the total scale of public funds in China had set a new historical high for nine consecutive months. By the end of April 2025, the total scale of public funds in China had reached 3.312 trillion yuan, setting a new historical high for the first time in the year; By the end of May, the total scale of public funds in China continued to grow to 3.374 trillion yuan, setting a new historical high for the second time in the year; By the end of June, the total scale of public funds in China reached 3.439 trillion yuan, setting a new historical high for the third time in the year; By the end of July, the total scale of public funds in China reached 3.508 trillion yuan, setting a new historical high for the fourth time in the year; By the end of August, the total scale of public funds in China exceeded 3.6 trillion yuan for the first time, setting a new historical high for the fifth time in the year; By the end of September, the total scale of public funds in China increased to 3.674 trillion yuan, setting a new historical high for the sixth time in the year; By the end of October, the total scale of public funds in China reached 3.696 trillion yuan, setting a new historical high for the seventh time in the year; By the end of November, the total scale of public funds in China reached 3.702 trillion yuan, setting a new historical high for the eighth time in the year; By the end of December, the total scale of public funds in China reached 3.771 trillion yuan, setting a new historical high for the ninth time in the year. Industry insiders point out that in January 2026, as the Spring Festival approached, the financial market usually faces certain pressure to withdraw funds, but the mutual fund industry showed strong resilience. The total scale of public funds reaching 37.77 trillion yuan set a new historical high, achieving a new high for the tenth consecutive month, reflecting the rapid development momentum of the mutual fund industry. Hybrid fund growth exceeds 330 billion, money market fund growth exceeds 230 billion In terms of types, hybrid funds saw the largest increase in scale in January. Specifically, the scale of hybrid funds at the end of January 2026 was 4.005640 billion yuan, an increase of 330.228 billion yuan compared to the end of 2025 of 3.675412 billion yuan. Money market funds also achieved a small increase in scale, with the scale of this type of fund reaching 1.5271871 billion yuan at the end of January 2026, an increase of 237.905 billion yuan from the end of 2025 of 1.5033966 billion yuan. In January of this year, with increased market volatility in the equity and bond markets, driving market risk aversion sentiment, some funds flowed into money market funds for hedging, resulting in growth in this type of fund. In addition, QDII and FOF also saw scale growth in January this year. The scale of QDII funds at the end of January 2026 was 1.026545 billion yuan, an increase of 44.986 billion yuan compared to the end of 2025 of 0.981559 billion yuan. At the beginning of the year, overseas markets such as South Korea performed well, boosting investors' willingness to allocate global assets, and investors used QDII to invest in overseas assets, driving growth in this type of product. The scale of FOF at the end of January 2026 was 2.81178 billion yuan, an increase of 3.6785 billion yuan compared to the end of 2025 of 2.44393 billion yuan. With the rise of assets such as gold, the demand for diversified asset allocation increased among investors, enhancing the market reception of multi-strategy FOF, thereby achieving steady expansion in scale. Bond fund scale decreases by over 400 billion, equity fund scale decreases by over 340 billion Affected by market fluctuations, bond funds and equity funds experienced a decrease in scale in January this year. The scale of bond funds at the end of January 2026 was 1.0530934 trillion yuan, a decrease of 405.205 billion yuan compared to the end of 2025 of 1.0936139 trillion yuan. At the beginning of the year, the bond market was volatile and the attractiveness of products weakened, leading to a decline in scale. The scale of equity funds at the end of January 2026 was 570.8741 billion yuan, a decrease of 343.817 billion yuan compared to the end of 2025 of 605.2558 billion yuan. At the beginning of the year, the market was volatile, and institutional investors significantly reduced their positions in broad-based ETFs, leading to increased pressure on the scale of equity funds. In addition, with the approach of the Spring Festival, investors' sentiment to secure profits increased, resulting in some funds redeeming profits, also leading to a decrease in the scale of equity funds. However, entering February, after the Spring Festival of the Year of the Horse, the A-share market ushered in a good start, with market sentiment and risk appetite continuing to recover. With the warming of the stock market, equity fund scale is expected to return to a growth trend. This article is reproduced from "Cai Lianshe", GMTEight editor: Li Fo.