Mei Ri Jing Ji Xin Wen·2025-09-16 13:23Core Insights - The China Securities Investment Fund Industry Association (CSRC) released the public fund sales retention scale for the first half of 2025, highlighting the dominance of top institutions in the market [1][2][3] Fund Sales Institutions - The top three fund sales institutions by equity fund retention scale are Ant Fund, China Merchants Bank, and Tiantian Fund, with retention scales of 822.9 billion, 492 billion, and 349.6 billion respectively [1][2] - A total of 9 institutions have equity fund retention scales exceeding 100 billion, with banks holding 5 of these positions, indicating a strong presence in the market [2] Market Trends - The top ten sales institutions account for 30.3 trillion in equity fund retention scale, representing 58.90% of the total scale of the top 100 institutions, showcasing a clear "Matthew Effect" in the industry [2] - Non-monetary market fund retention scales for Ant Fund and China Merchants Bank both exceed 1 trillion, reaching 1.57 trillion and 1.04 trillion respectively, with Tiantian Fund also surpassing 500 billion [2] Growth Metrics - The total retention scale of equity funds among these institutions reached 51.4 trillion, with a quarter-on-quarter increase of 285.6 billion, reflecting a growth rate of 5.89% [3] - The total retention scale of non-monetary market funds reached 10.2 trillion, with a quarter-on-quarter growth of 662.6 billion, indicating a 6.95% increase [3] Competitive Landscape - The "stronger get stronger" phenomenon is evident, as the gap between leading institutions and smaller ones continues to widen, with 43 institutions having equity fund retention scales below 10 billion [4] - The retention scale of stock index funds among leading companies has surpassed 1 trillion, while many smaller institutions remain at single-digit scales, suggesting a challenging environment for smaller players [4]