CM BANK(SH:600036) GOLDEN SUN SECURITIES·2025-09-14 08:20Investment Rating - The report maintains an "Increase" rating for the banking sector [4] Core Insights - The banking sector has shown a notable performance in the sale of public funds, particularly in equity funds, with a significant increase in index funds driven by a trend towards indexation [1][2] - The total non-monetary fund scale in the market reached approximately 16.4 trillion yuan in the first half of 2025, with equity funds accounting for 8.3 trillion yuan, reflecting a growth of 6.3% compared to the second half of 2024 [1] - The report highlights that banks have outperformed other sales institutions in the growth of active equity funds, with a 2.1% increase and a market share of 45.9% [2] Summary by Sections Fund Holding Data - In the first half of 2025, the total non-monetary fund scale was approximately 16.4 trillion yuan, with equity funds at 8.3 trillion yuan, showing a growth of 6.3% compared to the previous period [1] - Active equity funds and stock index funds grew by 1.8% and 11.1%, respectively, indicating a strong performance in the index fund segment [1] Performance of Sales Institutions - Among the top 100 fund sales institutions, banks saw a 4.3% growth in non-monetary funds, with a market share decrease of 0.5 percentage points to 26.8% [2] - The growth in stock index funds for banks was particularly strong at 38.7%, with notable increases from Agricultural Bank (+169.3%) and Industrial Bank (+97.9%) [2] - Active equity funds saw a 2.1% growth, with a standout performance from China Merchants Bank, which increased by 18.8% [2] Market Trends - The report indicates a clear trend towards indexation in the fund market, with banks leading in the growth of stock index funds [2] - The overall performance of the banking sector is expected to benefit from policy catalysts aimed at stabilizing the economy and promoting growth [11] Key Data Tracking - The report tracks various financial metrics, including the average daily trading volume of stocks, which was 23,266.26 billion yuan, and the balance of margin financing, which increased by 2.66% [13] - The issuance of non-monetary funds decreased to 217.94 billion yuan, reflecting a reduction compared to the previous week [13]