Ping An Securities·2025-03-18 02:50Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [17]. Core Insights - The report highlights that the total scale of non-monetary market funds reached 9.5 trillion yuan, with equity funds accounting for 4.9 trillion yuan, and stock index funds comprising 1.7 trillion yuan [2]. - The report notes a decline in market share for bank channels but an acceleration in filling the gap for index funds. The market shares for equity funds, non-monetary funds, and stock index funds were 41.9%, 44.2%, and 11.3%, respectively [2]. - Ant Group's fund management has solidified its advantage in index funds, with a market share of 43% in equity funds, reflecting a 5 percentage point increase from the previous period [2]. - The report indicates that the ETF's unique advantages have helped brokerage firms increase their market share, with stock index funds' market share reaching 57.7% [2]. Summary by Sections Fund Scale and Growth - As of the end of 24H2, the non-monetary fund scale increased by 7.6% compared to 24H1, with equity funds growing by 2.6% and debt funds by 13.3% [4]. - The stock index fund scale reached 1.7 trillion yuan, marking a 25.3% increase from the previous period, while actively managed equity funds saw a year-on-year decline of 6.5% [4]. Channel Performance - In the bank channel, stock index funds saw a significant increase of 43.6%, while the third-party channel experienced a 17.4% growth [4]. - The report emphasizes that the performance of passive funds is superior in brokerage and third-party channels, while the bank channel benefits from the strength of debt funds [4]. Investment Recommendations - The report suggests focusing on brokerage firms with strong wealth management capabilities, such as Guangfa Securities, Industrial Bank Securities, and Dongfang Securities, which have leading fund subsidiaries [8]. - It also recommends paying attention to Oriental Fortune, which has a thriving fund platform, and top brokerage firms like CICC, CITIC Securities, and Huatai Securities, known for their service capabilities [8].