近日，中国证券投资基金业协会披露了2025年上半年的基金销售机构公募基金销售保有规模数据。 在各类型渠道中，今年上半年，共有57家券商、24家银行、15家互联网及三方基金销售机构、3家公募 基金、1家保险公司进入百强名单。 从规模来看，银行仍是基金代销主力，但无论是权益基金还是非货币基金保有规模的占有率已从前几年 的超50%下降至目前40%多的水平。券商渠道近几年强势崛起，市占率逐年提升，尤其在股票型指数基 金方面，券商保有规模占比高达55%。 57家券商进入代销百强 单就券商渠道来看，2025年上半年，共有57家券商进入百强榜，较2024年下半年增加1家。其中，国泰 海通合并后权益基金保有规模升至券商渠道第三、全渠道第12位；华源证券、诚通证券、财达证券新进 入百强榜。 券商延续了过往几年强势崛起的趋势，共有57家券商进入百强榜，较去年末增加1家。其中，中信证 券、华泰证券仍然稳居第一、第二，国泰海通合并后排名升至第三，华源证券、诚通证券、财达证券新 进入百强榜，而国盛证券则掉出百强榜。 马太效应明显 整体来看，今年以来资本市场成交活跃，无论是权益类基金、非货币市场基金还是股票型指数基金的保 有规模，均较2 ...

随着A股行情继续向好，券商发债"补血"需求水涨船高。 近3000亿元 9月12日晚间，第一创业（002797）公告称，证监会同意该公司向专业投资者公开发行不超过80亿元公 司债券。就在9月10日，国泰海通（601211）披露，该公司不超过300亿元次级公司债券的注册申请已获 得证监会批复；同日，中信证券（600030）也公告，其不超过600亿元公司债券的计划收到证监会批 文。 数据显示，9月以来，券商已完成19只债券发行（统计口径含银行间市场，下同），发行规模452亿元。 另有32只债券正处发行阶段，计划募资规模合计779亿元。 而在8月，券商发债迎来了年内高峰。数据显示，当月券商合计发行141只债券，募集规模达2935亿元， 两项数据均创下年内月度新高；年内次高峰则在7月，券商共发行86只债券，发行规模合计达1576.13亿 元。 从更长时间来看，今年以来券商发债节奏及募资规模整体上升，融资十分活跃。据记者统计，截至9月 12日，今年以来券商新发行及正在发行的债券合计达1.06万亿元，较去年同期的6736.27亿元大幅增长。 在这一轮发债潮中，共有6家券商发债规模超过500亿元。具体来看，中国银河（6018 ...

近日，中国证券投资基金业协会披露了2025年上半年的基金销售机构公募基金销售保有规模数据。 券商延续了过往几年强势崛起的趋势，共有57家券商进入百强榜，较去年末增加1家。其中，中信证 券、华泰证券仍然稳居第一、第二，国泰海通合并后排名升至第三，华源证券、诚通证券、财达证券新 进入百强榜，而国盛证券则掉出百强榜。 马太效应明显 从规模来看，银行仍是基金代销主力，但无论是权益基金还是非货币基金保有规模的占有率已从前几年 的超50%下降至目前40%多的水平。券商渠道近几年强势崛起，市占率逐年提升，尤其在股票型指数基 金方面，券商保有规模占比高达55%。 57家券商进入代销百强 单就券商渠道来看，2025年上半年，共有57家券商进入百强榜，较2024年下半年增加1家。其中，国泰 海通合并后权益基金保有规模升至券商渠道第三、全渠道第12位；华源证券、诚通证券、财达证券新进 入百强榜。 具体来看，中信证券稳居证券业代销"一哥"位置，权益基金保有规模为1421亿元、非货币市场基金保有 规模为2397亿元；华泰证券以权益1266亿元、非货基金1752亿元的保有规模位居第二。非货币市场基金 保有规模超千亿元的还包括国泰海通、广 ...

随着A股行情继续向好，券商发债"补血"需求水涨船高。 证券时报记者据Wind数据统计发现，券商8月迎来一轮融资潮，发债规模与数量双双创年内新高。进入 9月，发债节奏未减，有多家头部券商数百亿元发债计划近日获得监管批文。 进一步催生"补血"需求 对此，受访券商分析师向记者表示，券商近期积极发债，是在市场交投活跃、利率成本较低、政策鼓 励，以及自营、两融等业务发展与债务结构调整需求的共同推动下采取的战略性举措。 8月份发债规模 近3000亿元 9月12日晚间，第一创业公告称，证监会同意该公司向专业投资者公开发行不超过80亿元公司债券。就 在9月10日，国泰海通披露，该公司不超过300亿元次级公司债券的注册申请已获得证监会批复；同日， 中信证券也公告，其不超过600亿元公司债券的计划收到证监会批文。 Wind数据显示，9月以来，券商已完成19只债券发行（统计口径含银行间市场，下同），发行规模452 亿元。另有32只债券正处发行阶段，计划募资规模合计779亿元。 而在8月，券商发债迎来了年内高峰。数据显示，当月券商合计发行141只债券，募集规模达2935亿元， 两项数据均创下年内月度新高；年内次高峰则在7月，券商共发 ...

9月12日晚间，中国证券投资基金业协会公布了上半年基金销售机构公募基金销售保有规模数据，公募 权益基金代销百强名单出炉。蚂蚁基金和招商银行两大代销巨头，上半年的权益基金保有规模均增加超 过800亿元，增长规模远超其他代销机构。 上半年，百强代销机构的权益基金保有规模进一步增长，尤其是股票型指数基金成为代销机构发力的重 点。 强者恒强，前十排名稳定 上半年，权益基金保有规模在1000亿元以上的机构增至11家；非货币市场基金保有规模在1000亿元以上 的机构达到26家，较2024年底的22家增加4家。 图片来源：中国证券投资基金业协会 招商银行、工商银行、建设银行、中国银行、交通银行、农业银行、兴业银行、平安银行、浦发银行、 中信银行分列银行代销榜前十；中信证券、华泰证券、国泰海通、招商证券、广发证券、中信建投 （601066）、银河证券、国信证券、平安证券、东方财富（300059）分列券商代销榜前十。 百强代销机构的合计保有规模提升 总体来看，在上半年亮眼行情的推动下，资金入市意愿强烈，百强代销机构的合计保有规模提升。 百强代销机构权益基金保有规模合计51374亿元，较2024年底增加2856亿元，增长5.89 ...

| 2025 | 上半年度 V | V | | 査询 | | --- | --- | --- | --- | --- | | 排名 | 机构名称 | 权益基金保有规模 (亿元) | 非货币市场基金保 有规模 (亿元) | 股票型指数基金保 有规模 (亿元) | | 1 | 蚂蚁 (杭州) 基金销售有限公司 | 8229 | 15672 | 3910 | | 2 | 招商银行股份有限公司 | 4920 | 10419 | 735 | | 3 | 上海天天基金销售有限公司 | 3496 | 6374 | 964 | | 4 | 中国工商银行股份有限公司 | 3399 | 4624 | 376 | | 5 | 中国建设银行股份有限公司 | 2638 | 3352 | 272 | | e | 中国银行股份有限公司 | 1903 | 3968 | 254 | | 7 | 交通银行股份有限公司 | 1629 | 1931 | 199 | | 8 | 中信证券股份有限公司 | 1421 | 2397 | 1223 | | 9 | 中国农业银行股份有限公司 | 1359 | 1712 | 202 | | 10 | 华泰证券股 ...

Core Insights - The market showed active trading in 25H1, with daily average stock fund transaction volume increasing by 64% year-on-year, and income from financial products sold by listed brokerages rising by 32% [1] - The top 100 distribution institutions held a combined "stock + mixed" fund balance of 5.14 trillion yuan, up 5.9% quarter-on-quarter; stock index funds totaled 1.95 trillion yuan, up 14.6%; and non-monetary funds reached 10.20 trillion yuan, up 6.9% [1] Distribution Institutions - The market share of brokerages in non-monetary and stock-mixed fund holdings increased, while the market share of stock index funds decreased, primarily taken by banks; brokerages still hold over 50% market share [2] - For non-monetary funds, the market shares of banks, third parties, and brokerages are 43.1%, 34.9%, and 20.4% respectively, with changes of -1.11 percentage points, +0.62 percentage points, and +0.46 percentage points quarter-on-quarter [2] - In the "stock + mixed" category, the market shares are 41.8% for banks, 28.6% for third parties, and 27.4% for brokerages, with slight changes quarter-on-quarter [2] Brokerages - Brokerages saw an increase in market share for stock-mixed and non-monetary fund holdings, while stock index fund market share slightly declined but still remains significant [3] - The "stock + mixed" fund and stock index fund holdings increased by 6.5% and 9.9% quarter-on-quarter, respectively, while non-monetary fund holdings rose by 9.4% [3] - Leading brokerages include CITIC Securities and Huatai Securities, both maintaining holdings above 120 billion yuan, with slight changes in market share [3] Banks - Banks experienced a decline in market share for non-monetary and stock-mixed funds, but stock index fund market share increased from a smaller base [4] - The "stock + mixed" fund holdings for banks increased by 5.5% quarter-on-quarter, while stock index funds surged by 38.7% [4] - China Merchants Bank leads with a "stock + mixed" fund holding of 492 billion yuan, showing a significant quarter-on-quarter increase [4] Investment Recommendations - The proposed fee reform for public funds is favorable for equity funds and ETFs, with brokerages expected to benefit from new evaluation criteria that favor those with significant growth in equity fund holdings [5] - Brokerages are positioned to enhance their market share in fund distribution and advisory services due to these favorable conditions [5]

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]

Core Viewpoint - The mid-term dividend scale of Chinese securities firms has significantly increased, with 28 out of 42 listed brokers planning to distribute a total of 18.797 billion yuan in dividends for the mid-term of 2025, marking an increase of nearly 40% compared to 2024 [2][3] Group 1: Dividend Distribution - CITIC Securities leads with a proposed cash distribution of 4.298 billion yuan, marking its second consecutive year of mid-term dividends [3] - Other notable firms include Guotai Junan with 2.627 billion yuan, China Galaxy with 1.367 billion yuan, Huatai Securities with 1.354 billion yuan, and others, with respective per-share dividends [3] - Several firms, including Huaan Securities and Shanxi Securities, are announcing mid-term dividend plans for the first time [3] Group 2: Impact on Investor Experience - Analysts suggest that mid-term dividends enhance investor experience and attract long-term investors, positively influencing the sustainability of the securities sector's market performance [4] - The increase in mid-term dividends is attributed to a significant rise in profitability during the first half of the year, aligning with regulatory calls for better investor returns [4] Group 3: Balancing Dividends and Business Development - A key challenge for securities firms is balancing investor returns with the need for business development funding [5] - Analysts emphasize the importance of prudent dividend determination based on net profit and capital needs, ensuring that business expansion and risk management remain viable [5][6] - A stable dividend policy is seen as beneficial for enhancing market pricing and refinancing capabilities, thereby improving the firm's image in the capital market [6]

【导读】 同比增近四成，券商中期分红规模显著扩大 中国基金报记者 孙越 近年来，监管层持续强调上市公司要增强投资者回报意识，券商作为资本市场核心服务者与参与者，积极加大中期分红力度。 Wind数据显示，A股42家上市券商中，有28家宣布拟实施2025年中期分红，合计拟分红总额达187.97亿元。与2024年中期相比，增加了 3家券商，分红总额增近40%。 券商积极实施中期分红 从分红力度来看，中信证券拟派现规模继续拔得头筹，合计派现42.98亿元，这也是中信证券连续第二年实施中期分红。2025年上半年， 中信证券实现营业收入330.39亿元，实现归母净利润137.19亿元。 一是当前大部分头部券商的资本实力较为雄厚，资本充足率等指标和净资本水平普遍高于监管要求，具备在分红的同时支持现有业务发展 的能力，且当前券商在业务发展层面更注重提高资本使用效率、更注重轻资产业务的发展，而不是单纯的扩表。 此外，一些上市券商首次公布中期分红计划。华安证券公布2025年半年度利润分配方案，合计派现1.87亿元。山西证券、南京证券、国元 证券、财达证券、华西证券也均为首次加入中期分红阵营。 广发证券非银首席分析师陈福接受记者采 ...