Zheng Quan Shi Bao·2025-09-14 22:21Group 1 - The core viewpoint of the article highlights the significant growth in the fund sales industry in China, with a notable increase in the number of brokerage firms entering the top 100 list and a strong performance in various fund categories [1][2][3] Group 2 - In the first half of 2025, the total retained scale of equity funds sold by the top 100 institutions reached 5.14 trillion yuan, a 5.89% increase from the second half of 2024 [2] - The retained scale of non-monetary market funds was 10.199 trillion yuan, reflecting a 6.95% growth compared to the previous period [2] - The stock index funds showed the most remarkable growth, with a retained scale of 1.95 trillion yuan, up 14.57% from the second half of 2024 [2] Group 3 - The top three institutions in equity fund retained scale are Ant Group, China Merchants Bank, and Tiantian Fund, with the top ten institutions accounting for nearly 59% of the total scale of the top 100 [2] - A total of 57 brokerages, 24 banks, 15 internet and third-party fund sales institutions, 3 public funds, and 1 insurance company made it to the top 100 list [2] Group 4 - Among brokerages, Citic Securities remains the leader with an equity fund retained scale of 142.1 billion yuan and a non-monetary market fund scale of 239.7 billion yuan [3] - Huatai Securities follows with an equity fund scale of 126.6 billion yuan and a non-monetary market fund scale of 175.2 billion yuan [3] - The merger of Guotai Junan and Haitong Securities has propelled their ranking to third among brokerages [3] Group 5 - The growth rate of non-monetary market funds has outpaced that of equity funds for several leading sales institutions, indicating a strategic shift towards bond funds [4] - Citic Securities experienced a 14.8% quarter-on-quarter growth in non-monetary market funds, while equity funds only grew by 4.72% [4] Group 6 - Brokerages dominate the stock index fund market, holding a 55% share of the retained scale [5] - Six brokerages have stock index fund scales exceeding 50 billion yuan, with Citic Securities leading at 122.3 billion yuan [5] Group 7 - The unique advantages of brokerages in the stock index fund sector are attributed to their resilience against the impacts of public fund reforms [6] - The ongoing fee reduction in fund channels is expected to strengthen the industry’s Matthew effect, favoring large internet platforms and leading brokerages [6]