Core Viewpoint - The private securities investment fund custody landscape is showing increasing concentration among leading brokerages, with the top three firms capturing nearly half of the market share in the first half of 2025 [1][4]. Group 1: Market Overview - A total of 5,296 new private fund products were registered in the market during the first half of 2025, with CITIC Securities leading with 898 products, accounting for 16.96% of the market [1][3]. - The combined market share of the top three brokerages—CITIC Securities, China Merchants Securities, and Guotai Junan—reached 46.58%, indicating strong competitive power in the private fund custody sector [4][5]. - Guotai Junan, after taking over the custody products from Haitong Securities, achieved a market share of 26.30% when combining the new products from Guotai Haitong and Haitong Securities, ranking first in the industry [1][3]. Group 2: Cumulative Custody Data - As of the end of 2024, China Merchants Securities led with a cumulative custody of 29,683 products, holding a market share of 21.35% [8][12]. - Guotai Junan and CITIC Securities followed with 23,691 and 19,459 products, respectively, showcasing significant scale advantages among the top firms [7][8]. - The cumulative custody volume of the top three brokerages reached 72,833 products, far exceeding other institutions [7]. Group 3: Strategic Importance of Custody Business - The private fund custody business is seen as a critical component of brokerages' asset management systems, providing a stable income source through custody fees, which typically range from 0.02% to 0.2% of fund size [15]. - Brokerages view custody services as an entry point for deeper collaboration with private fund managers, allowing them to expand their service offerings and enhance client retention [16]. - The custody business also enables brokerages to accumulate valuable data and experience, which can improve their overall service capabilities and support other asset management operations [16].