6.1万亿元！银行系公募廿载观察：建信招商领先，下半场如何出招？

Core Insights - The establishment of the first bank-affiliated fund company, ICBC Credit Suisse, marked the beginning of a significant trend in China's public fund industry, which has now grown to 15 institutions with a total asset management scale of approximately 6.1 trillion yuan, accounting for about 18% of the market [1][2] Group 1: Market Position and Growth - As of the second quarter of 2025, bank-affiliated public funds have a total asset management scale of approximately 6.1 trillion yuan, reflecting a growth of about 5.1% from the previous quarter [1] - The leading bank-affiliated fund company, Jianxin Fund, has an asset management scale of 920.49 billion yuan, followed closely by招商基金 with 889.10 billion yuan and 工银瑞信基金 with 784.31 billion yuan [1][2] - The industry shows significant disparity in scale, with top institutions like 招商基金 being approximately 54 times larger than smaller players like 恒生前海基金 [2] Group 2: Product Structure and Investment Preferences - Bank-affiliated public funds exhibit a strong preference for low-risk assets, with money market funds making up 47.6% (approximately 2.91 trillion yuan) and bond funds 40.9% (approximately 2.50 trillion yuan), together accounting for 88.5% of total scale [2] - Equity products are relatively limited, with stock funds comprising only 5.9% (approximately 0.36 trillion yuan) and mixed funds 4.9% (approximately 0.30 trillion yuan) [3] Group 3: Market Share Trends - Despite stable growth in absolute scale, the market share of bank-affiliated public funds has been declining since reaching a peak in 2020, indicating a shift in market dynamics [3][4] - The decline in market share may be attributed to changes in market structure and the characteristics of their product lines, as competition from brokerages and internet-based channels increases [4] Group 4: Future Competitive Landscape - The future competition for bank-affiliated public funds will focus on enhancing research capabilities and adapting to market changes, particularly in the context of declining yields and increased volatility in fixed-income products [5][6] - The development of passive products and fixed-income plus products is expected to become a focal point in the asset management sector, with investors increasingly prioritizing fee structures and liquidity [5]