2024公募代销数据点评：ETF驱动下的代销新格局

Investment Rating - The report indicates a positive outlook for the public fund distribution industry, particularly driven by stock ETFs and bond funds, while active equity funds are experiencing a decline [1][11]. Core Insights - The growth in non-monetary fund distribution in 2024 is primarily driven by stock ETFs, with a notable increase in bond fund distribution, while active equity fund distribution has declined despite market recovery [1][11]. - The distribution landscape shows that banks lead in active equity funds, while brokerages dominate in index funds, with banks catching up in the second half of 2024 [1][11]. - The report emphasizes the need for a balance between investor returns, channel returns, and fund company returns to enhance investor satisfaction and support the long-term development of capital markets [1][11]. Summary by Sections Distribution Scale - As of the end of 2024, the distribution scale for non-monetary funds among banks, brokerages, and third-party institutions reached 42.16 trillion, 19.06 trillion, and 32.66 trillion respectively, reflecting increases of 4.3%, 18.5%, and 5.7% compared to previous periods [11][12]. - The increase in distribution scale is mainly driven by stock index and fixed-income products, with significant growth in stock index fund distribution among banks and brokerages [11][12]. Product Trends - The report notes a shift in the distribution structure, with banks transitioning from a focus on active equity funds to a dominance of fixed-income products, alongside a rapid increase in stock index fund distribution in the second half of 2024 [11][12]. - The distribution of stock index funds among leading banks such as China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank saw substantial growth, with increases of 38.9%, 72.4%, and 44.1% respectively [12].