Core Insights - The market showed active trading in 25H1, with daily average stock fund transaction volume increasing by 64% year-on-year, and income from financial products sold by listed brokerages rising by 32% [1] - The top 100 distribution institutions held a combined "stock + mixed" fund balance of 5.14 trillion yuan, up 5.9% quarter-on-quarter; stock index funds totaled 1.95 trillion yuan, up 14.6%; and non-monetary funds reached 10.20 trillion yuan, up 6.9% [1] Distribution Institutions - The market share of brokerages in non-monetary and stock-mixed fund holdings increased, while the market share of stock index funds decreased, primarily taken by banks; brokerages still hold over 50% market share [2] - For non-monetary funds, the market shares of banks, third parties, and brokerages are 43.1%, 34.9%, and 20.4% respectively, with changes of -1.11 percentage points, +0.62 percentage points, and +0.46 percentage points quarter-on-quarter [2] - In the "stock + mixed" category, the market shares are 41.8% for banks, 28.6% for third parties, and 27.4% for brokerages, with slight changes quarter-on-quarter [2] Brokerages - Brokerages saw an increase in market share for stock-mixed and non-monetary fund holdings, while stock index fund market share slightly declined but still remains significant [3] - The "stock + mixed" fund and stock index fund holdings increased by 6.5% and 9.9% quarter-on-quarter, respectively, while non-monetary fund holdings rose by 9.4% [3] - Leading brokerages include CITIC Securities and Huatai Securities, both maintaining holdings above 120 billion yuan, with slight changes in market share [3] Banks - Banks experienced a decline in market share for non-monetary and stock-mixed funds, but stock index fund market share increased from a smaller base [4] - The "stock + mixed" fund holdings for banks increased by 5.5% quarter-on-quarter, while stock index funds surged by 38.7% [4] - China Merchants Bank leads with a "stock + mixed" fund holding of 492 billion yuan, showing a significant quarter-on-quarter increase [4] Investment Recommendations - The proposed fee reform for public funds is favorable for equity funds and ETFs, with brokerages expected to benefit from new evaluation criteria that favor those with significant growth in equity fund holdings [5] - Brokerages are positioned to enhance their market share in fund distribution and advisory services due to these favorable conditions [5]