Mei Ri Jing Ji Xin Wen·2025-04-19 00:35Core Insights - The competitive landscape of the ETF market in Shanghai is stabilizing, with leading institutions strengthening their advantages [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1][12] - Huatai Securities continues to lead the market with a share of 10.84%, followed by CITIC Securities and Guotai Junan with shares of 6.78% and 6.2% respectively [1] Brokerage Business Performance - In March, CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading, with CITIC's share rising to 8.42% from 6.15% and Dongfang's from 3.97% to 6.28% [2] - The top ten brokerage firms in terms of ETF trading volume remained largely unchanged, indicating fierce competition among them [6] ETF Holdings - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have shown a slight upward trend, reaching 39.38% in March, up from 39.17% in February [5][11] - The top ten brokerage firms by ETF holdings have not changed, but there have been minor shifts in their rankings, reflecting intense competition [6] Market Structure and Trends - The ETF market is characterized by a "stronger gets stronger" dynamic, with leading firms leveraging technology to enhance customer loyalty and create significant competitive advantages [11] - As of March 2025, the Shanghai Stock Exchange had 21 primary market makers and 12 general market makers, providing liquidity for 700 fund products, with 98% of ETFs having market makers [11] Market Making Services - CITIC Securities leads in the number of primary market-making services, with 531 services, while Haitong Securities has seen a drastic reduction in its market-making activities, ceasing services for key ETFs [12]