Zheng Quan Shi Bao·2025-09-15 11:51Core Insights - The China Fund Industry Association has released data on the public fund sales scale of sales institutions for the first half of 2025, showing a continued rise of brokerage firms in the market [1][3] - The top 100 fund sales institutions have seen significant growth in their fund holdings across various categories, with notable increases in equity funds and stock index funds [3][12] Group 1: Fund Sales Institutions - A total of 57 brokerage firms made it to the top 100 list, an increase of one from the end of last year, with CITIC Securities and Huatai Securities maintaining the first and second positions respectively [1][6] - The combined equity fund holdings of the top 100 institutions reached 5.14 trillion yuan, a growth of 5.89% compared to the second half of 2024 [3][4] - Non-monetary market funds held 10.199 trillion yuan, up 6.95% from the previous period, while stock index funds saw the most significant growth, reaching 1.95 trillion yuan, a 14.57% increase [3][4] Group 2: Market Dynamics - The market exhibits a clear "Matthew Effect," with the top ten institutions holding nearly 59% of the total equity fund holdings among the top 100 [3][12] - Brokerage channels have gained market share, with their holdings in stock index funds accounting for 55% of the total, indicating a strong position in this segment [3][12] - The dominance of banks in fund distribution has decreased, with their market share dropping from over 50% in previous years to just over 40% currently [3][12] Group 3: Individual Brokerage Performance - CITIC Securities leads the brokerage sector with equity fund holdings of 142.1 billion yuan and non-monetary market fund holdings of 239.7 billion yuan [6][8] - Huatai Securities follows with 126.6 billion yuan in equity funds and 175.2 billion yuan in non-monetary market funds [6][8] - Notable growth was observed in several brokerages, with China Merchants Securities increasing its equity fund holdings by approximately 20% compared to the previous half [6][8]