Investment Rating - The industry investment rating is "Positive" for the second half of 2024, indicating an expectation for the public fund sales to outperform the overall market [3][4]. Core Insights - The report highlights a significant growth in the public fund market, particularly in equity funds, which saw a 18% increase compared to the first half of 2024, reaching a total of 7.2 trillion yuan [4]. - The report emphasizes the strong performance of brokerage firms in the equity fund market, with 56 brokerages making it to the top 100 list, capturing a market share of 27% [4][5]. - The overall non-monetary fund market reached 18.7 trillion yuan by the end of 2024, with a slight increase of 7% from the previous half [4]. Summary by Sections Public Fund Market Overview - The total non-monetary fund market size is 18.7 trillion yuan, with equity funds at 7.2 trillion yuan and bond funds at 10.5 trillion yuan [4]. - The top 100 institutions in equity fund sales saw a combined holding of 48.5 trillion yuan, with brokerages holding 13.2 trillion yuan [5]. Equity Fund Performance - The report notes that the top 100 institutions' equity fund holdings increased by 3% from the first half of 2024, with brokerage firms showing a robust performance [4][5]. - The top five brokerages by equity fund holdings are CITIC Securities (135.7 billion yuan), Huatai Securities (120.2 billion yuan), GF Securities (78.1 billion yuan), China Galaxy (71.9 billion yuan), and招商证券 (69.9 billion yuan) [4][5]. Investment Recommendations - The report suggests that the brokerage sector is expected to enter a new growth phase in 2025, driven by supply-side reforms and increased market activity [4]. - Recommended stocks include China Galaxy, CICC, Guotai Junan, CITIC Securities, and GF Securities based on merger and acquisition logic and performance sensitivity [4].