基金代销江湖变局：谁的份额萎缩？谁在加速抢食？

Core Insights - The A-share market has stabilized and rebounded since 2025, leading to a reshuffling in the public fund sales landscape, with dominant players like Hengqiang and some institutions carving out their unique niches [1][2] Group 1: Market Growth and Structure - As of mid-2025, the non-monetary fund holdings of the top 100 fund distribution institutions surpassed 10 trillion yuan, reaching 10.2 trillion yuan, a quarter-on-quarter growth of 6.95% [3] - The equity fund scale increased by 5.89% to 5.14 trillion yuan, with stock index funds seeing a remarkable surge of 14.57%, nearing 2 trillion yuan [3] - The recovery in investor confidence is reflected in the rise of core A-share indices, particularly the CSI 2000 index, which has increased by over 15% [3] Group 2: Institutional Dynamics - Leading institutions like Ant Fund and China Merchants Bank dominate the market, with their combined non-monetary fund scale accounting for over 25% of the total market [3] - Smaller institutions are struggling to balance scale and profitability, with the industry experiencing a growing Matthew effect [4] - Third-party sales platforms focusing on institutional clients, such as Jiyu Fund and Huicheng Fund, are improving their rankings by specializing in To B business [4] Group 3: Channel Landscape - The distribution channels are increasingly divided among banks, brokerages, and independent sales institutions, with banks holding over 40% of equity fund holdings but experiencing a decline [5] - Brokerages and third-party platforms are gaining market share due to their product flexibility and online capabilities, with brokerages' market share in equity funds rising to 27.41% [5] - The rapid growth of index funds is notable, with banks' sales of index funds increasing by 99.2% year-on-year in the first half of 2025 [7][8] Group 4: Future Challenges and Adaptations - The upcoming third phase of public fund fee reforms is expected to significantly impact the income structure and product strategies of distribution institutions [9] - Institutions need to shift from a sales-driven model to a service-driven approach, enhancing their advisory capabilities to create value [9] - The recent regulatory changes will encourage brokerages to invest more in equity product sales, accelerating industry transformation [9][10]