There is less than a month left until the end of 2025, and the “year-end examination” of the public fund industry has officially entered the final countdown. Although the supervisory authorities have repeatedly emphasized downsizing scale rankings and advocated long-term principles, the scale is still the “lifeline” for the survival of many small and medium-sized companies, and the “ballast stone” for leading companies to consolidate their moats in the public offering process, where the Matthew effect is getting worse. Towards the end of the year, the public fund scale sprint war has begun again. A Chinese brokerage reporter discovered that unlike previous years, which relied on short-term debt funds to “charge the battle,” this year's year-end scale war presented a new battle: index funds became the core battleground for giant games, and the debt base acted as the main force for “stabilizing the scale.”

There is less than a month left until the end of 2025, and the “year-end examination” of the public fund industry has officially entered the final countdown. Although the supervisory authorities have repeatedly emphasized downsizing scale rankings and advocated long-term principles, the scale is still the “lifeline” for the survival of many small and medium-sized companies, and the “ballast stone” for leading companies to consolidate their moats in the public offering process, where the Matthew effect is getting worse. Towards the end of the year, the public fund scale sprint war has begun again. A Chinese brokerage reporter discovered that unlike previous years, which relied on short-term debt funds to “charge the battle,” this year's year-end scale war presented a new battle: index funds became the core battleground for giant games, and the debt base acted as the main force for “stabilizing the scale.”