Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The trend towards passive investment strategies is strengthening, while the concentration in fixed income is declining [2]. - Both equity and fixed income markets are experiencing a recovery, with non-monetary fund holdings among the top 100 sales institutions reaching 10.2 trillion, a 7.0% increase from the second half of 2024 [2]. - The growth in index fund holdings is supporting the increase in equity fund holdings, with stock index funds reaching 1.95 trillion, a 14.6% increase from the previous period [2]. - The concentration ratio (CR4) for the entire market in non-monetary funds has decreased to 13.8%, down 4.1 percentage points from the previous period, indicating a more competitive landscape [2]. - The banking and internet sectors are significantly developing stock index funds, with banks showing the highest growth rate at 38.7% [3]. Summary by Sections Overview - The total non-monetary fund holdings among the top 100 sales institutions reached 10.2 trillion, with equity and fixed income both at 5.1 trillion each, reflecting growth rates of 5.9% and 8.1% respectively [2]. - The average increase in major indices was 1.1%, with the Wind偏股基金 index rising by 7.9% [2]. Internet Sector - Ant Group maintains a strong position with a non-monetary fund scale of 1.6 trillion, a 7.9% increase, and a market share of 5.8% [5]. - The stock index fund scale for Ant Group reached 391 billion, a 22.2% increase, leading among internet platforms [9]. Banking Sector - China Merchants Bank's non-monetary fund scale grew to 1.04 trillion, a 9.6% increase, with equity scale increasing by 19.9% [10]. - The overall fixed income market share for banks has declined by 7.4 percentage points to 12.0%, attributed to a shift in investment preferences towards equities [10]. Brokerage Sector - The brokerage sector shows a significant trend towards indexation, with stock index fund holdings reaching 1.1 trillion, a 9.9% increase [12]. - The overall fixed income holdings in the brokerage sector increased by 16.1%, with a market share of 3.6% [13].