CM BANK(SH:600036) Zhong Guo Ji Jin Bao·2025-09-13 06:05Core Viewpoint - The public fund market in China has experienced significant changes in the first half of 2025, with a notable increase in the scale of bank-affiliated stock index funds, which surged by 37.9%, indicating widespread acceptance and recognition of stock index funds in the market [1][10]. Group 1: Performance of Leading Institutions - Ant Fund's equity fund holdings reached 822.9 billion yuan, with a quarter-on-quarter growth of 11%, maintaining the top position [3]. - China Merchants Bank's equity fund holdings amounted to 492 billion yuan, with a remarkable growth of 20%, ranking first among bank-affiliated institutions [3]. - The top ten public fund sales institutions maintained their rankings, with other notable players including Tian Tian Fund and Industrial and Commercial Bank of China, each exceeding 330 billion yuan in equity fund holdings [3][4]. Group 2: Growth in Equity Fund Holdings - The equity market's rapid recovery has led to impressive growth in the holdings of equity funds among sales institutions, with Ant Fund and China Merchants Bank both achieving double-digit growth in equity fund holdings [4]. - The bank-affiliated stock index funds saw a significant increase, with Agricultural Bank of China experiencing a 169% surge, while Industrial and Commercial Bank and Bank of China reported growth rates of 40% [4][11]. Group 3: Performance of Securities Firms - Securities firms exhibited the largest increase in equity fund holdings, with a growth rate of 6.6%, outperforming other types of institutions [8]. - The recovery of the stock market has highlighted the advantages of securities firms in equity funds, as their clientele tends to have a higher risk appetite [6][8]. Group 4: Acceptance of Stock Index Funds - The overall growth of stock index funds among the top 100 institutions reached 14.6%, reflecting a broader acceptance of passive investment strategies [10]. - The acceptance of stock index funds among bank channel clients has significantly increased, with bank-affiliated stock index fund holdings growing by 37.9%, surpassing the growth rates of third-party and securities firms [10][11].