2025-03-17 12:45Investment Rating - The industry investment rating is "Positive" for the second half of 2024, indicating an expectation of outperformance compared to the overall market [3][4]. Core Insights - The report highlights a significant growth in the public fund sales, particularly in equity funds, with a notable increase in the sales performance of broker-dealer affiliated equity funds [2][4]. - The total market size for non-money market funds reached 18.7 trillion yuan by the end of 2024, reflecting a 7% increase from the first half of 2024, with equity funds growing by 18% to 7.2 trillion yuan [4]. - The report emphasizes the strong performance of broker-dealer firms in the equity fund market, with 56 brokerages listed among the top 100 institutions, holding a combined market share of 27% [4][5]. Summary by Sections Public Fund Market Overview - The total non-money market fund size is 18.7 trillion yuan, with equity funds at 7.2 trillion yuan and bond funds at 10.5 trillion yuan [4]. - The top 100 institutions have a combined equity fund holding of 4.85 trillion yuan, with a 3% increase from the first half of 2024 [4][5]. Equity Fund Performance - Broker-dealer firms have a market share of 27% in the top 100 equity fund sales, with a notable increase in the market share of stock index funds to 58% [4][5]. - Major brokerages like CITIC Securities and Huatai Securities have shown significant growth in their equity fund holdings, with increases of 22% and 19% respectively [4]. Non-Money Market Fund Analysis - The banking sector remains strong, holding a market share of 44% in non-money market funds, while third-party institutions hold 34% [4][5]. - The report notes a widening gap between Ant Group's fund management and Eastmoney's, with Ant Group's market share at 15.2% [4]. Investment Recommendations - The report suggests that the brokerage sector is poised for a new growth phase in 2025, driven by supply-side reforms and increased market activity [4]. - Recommended stocks include China Galaxy, CICC, Guotai Junan, CITIC Securities, and GF Securities, focusing on mergers and acquisitions and performance sensitivity to market activity [4].