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Core Viewpoint - The competitive landscape of fund sales is solidifying, with Ant Group and China Merchants Bank (CMB) emerging as the dominant players in the market, particularly in the context of the bullish market expected in 2025 [2][3]. Fund Sales Landscape - Ant Group's equity fund holdings have surpassed 1 trillion yuan, reaching 10,178 billion yuan, while CMB's equity fund holdings exceed 600 billion yuan [2]. - Ant Group maintains its leading position across various fund categories, including non-monetary funds, equity funds, and index funds, being the only institution in the industry to break the 1 trillion yuan mark in equity fund holdings [2]. - CMB has strengthened its position through enhanced fund launch capabilities and asset allocation strategies, resulting in significant growth in fund holdings during the bullish market [2]. Performance Metrics - As of the end of 2025, the scale of FOF (Fund of Funds) has reached 3,058.14 billion yuan, showing a substantial increase of 616 billion yuan [5]. - CMB's fund sales data indicates a notable improvement, with a year-on-year increase of 38.76% in agency fund income, amounting to 4.167 billion yuan [9]. - CMB's growth rates in non-monetary and equity fund holdings have outpaced those of Ant Group, particularly in FOF funds, where CMB's growth rate exceeds Ant Group's by nearly 5 percentage points [9]. Strategic Initiatives - CMB has launched several initiatives, including the "TREE Long-term Profit Plan" to promote low-volatility FOF products, and the "Morning Star Plan" for equity products tailored to customer preferences [7]. - Other major banks, such as China Construction Bank and Bank of China, have followed suit by introducing their own FOF products to enhance their influence in the fund sales sector [7]. Competitive Dynamics - The competition between Ant Group and CMB is characterized by differentiation rather than direct confrontation, with each focusing on their respective strengths [20][21]. - Ant Group leverages its ecosystem and traffic advantages to maintain its scale, while CMB focuses on high-net-worth clients and asset allocation capabilities to secure profits [21][22]. - The customer base differences make it challenging for both companies to encroach on each other's territory, with Ant Group targeting a broader, younger audience and CMB focusing on high-net-worth individuals [22]. Future Outlook - The fund sales industry is likely to continue under the dual dominance of Ant Group and CMB, with Ant Group expected to maintain its lead in the medium to long term due to its advantages in ecosystem, traffic, and user base [19][23]. - CMB's strategy may not aim to surpass Ant Group in scale but rather to solidify its position in the fund sales sector, supporting its broader wealth management and retail banking initiatives [23].