CM BANK(SH:600036) 券商中国·2025-03-29 10:15Core Viewpoint - The performance of major fund distribution giants, including Ant Fund, China Merchants Bank, and Tian Tian Fund, has been mixed in 2024, with Ant Fund showing significant growth while the others faced declines in revenue and profit [1][5]. Ant Fund Performance - Ant Fund reported a revenue of 16.291 billion yuan and a net profit of 450 million yuan in 2024, both showing a year-on-year increase of approximately 29% [1]. - The growth is attributed to the rising popularity of bond funds and index funds, as well as a balanced product structure that encourages users to diversify their investments [2][1]. China Merchants Bank Performance - China Merchants Bank's wealth management fee and commission income decreased by 22.7% to 22.005 billion yuan in 2024, with fund agency income dropping by 19.58% to 4.165 billion yuan [3]. - The decline is primarily due to reduced fees for funds and a decrease in the scale of equity funds, although the bank's non-cash asset scale grew by 176.9 billion yuan [3][4]. Tian Tian Fund Performance - Tian Tian Fund's revenue fell by 21.56% to 2.853 billion yuan, and net profit decreased by 27.4% to 151 million yuan in 2024 [6]. - Despite a more than 10% increase in non-monetary fund scale, the equity fund scale declined, indicating that growth was mainly driven by bond funds [5][6]. Industry Trends - The bond fund scale reached 6.8 trillion yuan by the end of 2024, marking a nearly 29% year-on-year growth, while passive index funds surpassed active equity funds for the first time [2]. - Ant Fund's non-monetary fund scale increased by 180.6 billion yuan compared to 2023, with the growth primarily coming from bond funds [2].