Xin Hua Wang·2025-08-12 06:15Core Viewpoint - The report from the China Securities Investment Fund Industry Association indicates a general decline in the fund sales institutions' public fund holding scale in Q4 2022, with brokerages showing significant improvement and entering the top ten for the first time, highlighting a trend of industry consolidation and competition among fund sales institutions [1][5][7]. Fund Holding Scale Changes - The total holding scale of "stock + mixed public funds" reached 56.525 trillion yuan in Q4 2022, down 0.95% from Q3 2022, while the "non-monetary market public fund holding scale" was 80.079 trillion yuan, down 4.16% [2]. - The decline in non-monetary fund holding scale is attributed to a shift in investor risk preferences, with some investors moving towards equity products while others opted for more stable cash management products due to bond market volatility [2]. Ranking of Fund Sales Institutions - The top three institutions for stock and mixed fund holding scale were招商银行 (China Merchants Bank), 蚂蚁基金 (Ant Fund), and 天天基金 (Tiantian Fund), with holding scales of 620.4 billion yuan, 571.2 billion yuan, and 465.7 billion yuan respectively, all showing a decrease from Q3 2022 [2][3]. - Two brokerage firms, 中信证券 (CITIC Securities) and 华泰证券 (Huatai Securities), entered the top ten for the first time, ranking eighth and ninth with holding scales of 141.7 billion yuan and 122.6 billion yuan, respectively [3]. Market Share and Competition - Brokerages accounted for 53 out of the top 100 fund sales institutions, maintaining the highest proportion, while bank-affiliated institutions decreased to 26 [5]. - In Q4 2022, the market share of brokerages in stock and mixed fund sales was 22.24%, up from 20.47% in Q3 2022, while bank-affiliated institutions saw a decline to 51.07% from 53.77% [6]. - The non-monetary market also showed growth for brokerages, with their market share increasing to 17.95% from 16.39% in Q3 2022 [6]. Industry Trends - The report highlights a significant "Matthew Effect" in the fund sales industry, with the top ten institutions holding 58.37% of the total scale for stock and mixed funds and 58.91% for non-monetary funds, indicating a strong competitive advantage for leading firms [7]. - The industry is experiencing a consolidation trend, with many smaller fund sales institutions exiting the market due to regulatory pressures, while larger firms continue to expand their scale [7].