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2024H2公募保有渠道点评:ETF扩容驱动券商权益保有高增,非货保有普遍提速
Changjiang Securities·2025-03-18 03:36

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - In the second half of 2024, the top 100 fund distribution institutions saw a significant rebound in fund retention scale, with equity fund retention reaching CNY 4.85 trillion, up 2.6% from the previous half, but down 3.3% year-on-year. Non-monetary fund retention reached CNY 9.54 trillion, up 7.6% from the previous half and up 11.6% year-on-year [12][13] - The expansion of ETFs is driving a high increase in equity retention by securities firms, while non-monetary fund retention is generally accelerating [12][18] - The concentration of fund distribution has decreased, indicating intensified competition within the industry [29] Summary by Sections Fund Retention Scale - By the end of 2024, the equity fund retention scale of the top 100 distribution institutions was CNY 4.85 trillion, with a 2.6% increase from the previous half and a 3.3% decrease year-on-year. Non-monetary fund retention was CNY 9.54 trillion, reflecting a 7.6% increase from the previous half and an 11.6% increase year-on-year [12][13] Channel Performance - Among the three main channels, the proportion of securities firms has significantly increased. By the end of 2024, the proportions of equity fund retention for banks, securities firms, and independent third-party institutions were 41.9%, 27.3%, and 28.4%, respectively [12][13] - The growth rates of equity funds through securities firms were led by China International Capital Corporation, Lufax, and HSBC, with increases of 69.0%, 41.0%, and 40.4%, respectively [18][19] Product Type Analysis - In terms of product types, the bank channel is focusing on passive investments, while the securities channel is seeing an increase in the proportion of bond funds. The market shares of Ant Fund and Tian Tian Fund have increased significantly in the active equity segment [24][25] Market Concentration - By the end of 2024, the concentration ratios (CR5, CR10, CR20) for equity fund distribution were 42.9%, 57.8%, and 73.5%, respectively, indicating a decline from the previous half [29]