2024H1公募基金保有量点评：头部竞争格局生变，三方代销保有规模逆势增长

Investment Rating - The report maintains a positive outlook on the industry, suggesting that ETFs will become a significant growth driver in the public fund market, particularly for brokerage firms [1]. Core Insights - The overall market fund size increased by 12.6% year-on-year to 31.08 trillion yuan as of the first half of 2024, with equity funds declining by 2.0% to 6.65 trillion yuan and non-cash funds growing by 9.6% to 17.90 trillion yuan [1]. - The top 100 distribution institutions saw a decrease in equity holdings by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan, driven by a 17.2% increase in bond fund holdings [1]. - The report highlights a shift in focus among banks towards fixed-income products, with a 5.6% increase in non-cash holdings to 4.04 trillion yuan, despite a 7.6% decrease in equity holdings [1]. - Brokerages experienced a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a leading position in index funds, with seven of the top ten institutions being brokerages [1]. - Third-party institutions, particularly Ant Fund, achieved a 10.3% increase in equity holdings, driven by a strong performance in index funds, surpassing other major distributors [1]. Summary by Category Fund Size and Growth - As of mid-2024, the total market fund size reached 31.08 trillion yuan, with equity funds at 6.65 trillion yuan and non-cash funds at 17.90 trillion yuan [1]. - The top 100 institutions' equity holdings decreased by 5.7% to 4.73 trillion yuan, while non-cash holdings increased by 3.8% to 8.86 trillion yuan [1]. Institutional Performance - Banks' equity holdings decreased by 7.6% to 2.12 trillion yuan, while non-cash holdings increased by 5.6% to 4.04 trillion yuan [1]. - Brokerages saw a 17.3% decline in equity holdings to 1.18 trillion yuan, but maintained a strong position in index funds [1]. - Ant Fund's equity holdings increased by 50.7% to 6.92 trillion yuan, making it the largest distributor [1]. Investment Recommendations - The report suggests that the trend towards passive investment will enhance the growth of ETFs, with brokerages like Citic Securities and Huatai Securities expected to benefit significantly [1].