57 Securities Firms Rank Among Top 100 Public Fund Distribution List, Index Funds Become Breakthrough Point, CITIC, Huatai, and Guotai Haitong Lead Top Three

Invest in stocks with confidence using Golden Kylin Analysts’ Reports—authoritative, professional, timely, comprehensive—helping you uncover potential thematic opportunities!

Jieji News Reporter | Chen Jing

Recently, the Asset Management Association of China officially released the top 100 public fund sales organizations by assets under management for the second half of 2025.

From the overall market performance, the distribution market for public funds in the second half of 2025 has seen both scale and structural improvements. By the end of 2025, the top 100 fund distribution institutions held a total of 11.7 trillion yuan in non-money market funds, a 14.7% increase from the first half of the year. The total holdings of equity funds reached 6 trillion yuan, up 16.7%. Notably, stock index funds performed especially well, with a holding scale of 2.42 trillion yuan, a 23.7% increase from the first half, continuing a high-growth trend.

In terms of competitive landscape, securities firms dominate in number. Among the top 100, securities firms occupy 57 positions, far ahead of others; bank-affiliated institutions follow with 25 entries; the list also includes 17 independent fund sales agencies and 1 insurance company, forming a diverse and complementary competitive pattern.

It is worth noting that securities firms’ holdings of stock index funds reached 1.32 trillion yuan, accounting for 55% of the total in this category among the top 100 institutions, far exceeding banks and third-party agencies. Holdings of non-money market funds and equity funds are 2.59 trillion yuan and 1.63 trillion yuan respectively, representing 22% and 27%.

“Securities firms have clear advantages in selling equity products, especially ETFs. In recent years, their wealth management transformation has accelerated, with optimized organizational structures and flexible product introduction, making future growth in equity fund sales highly promising,” said Sun Ting, Chief Analyst of Non-Banking Financials at Dongwu Securities.

Looking at specific categories, securities firms have achieved breakthrough growth across multiple dimensions. Data shows that in the top 100, the holdings of non-money market funds by securities firms increased by 24.34% in the second half of 2025 compared to the first half, significantly outperforming banks. Bond and other funds performed particularly well, with holdings reaching 963.7 billion yuan, a 42.35% increase, with market share rising from 13.37% to 16.90%, becoming a new highlight driving the growth of securities firms’ distribution scale. However, active equity fund holdings by securities firms declined by 6.01% month-over-month (compared to the first half), down to 314.1 billion yuan, accounting for 8.77%.

Bank-affiliated and third-party institutions each focus on their strengths and develop steadily. Banks leverage their extensive channels, maintaining the largest holdings in non-money market and equity funds, at 4.87 trillion yuan and 2.41 trillion yuan respectively, with moderate growth of 10.86% and 12.25% compared to the first half of 2025.

Within the securities firm camp, the competition pattern shows a “stable top tier with emerging mid- and small-sized firms,” with the Matthew effect and differentiation coexisting. Leading securities firms continue to strengthen barriers, with CITIC Securities (600030.SH), Huatai Securities (601688.SH), and Guotai Haitong (601211.SH) remaining the top three in distribution, forming the “first echelon.”

In terms of specific institutions, CITIC Securities’ holdings of stock index funds increased from 122.3 billion yuan in the first half to 148.6 billion yuan in the second half, a 21.5% growth. Its total equity fund scale reached 163.2 billion yuan, up 14.8%. Huatai Securities’ stock index fund holdings grew from 115 billion yuan to 137.3 billion yuan, a 19.4% increase, with total equity funds reaching 143.2 billion yuan. Guotai Haitong Securities’ index fund holdings for the second half of 2025 reached 118.8 billion yuan, up 56.9% from 75.7 billion yuan in the first half.

Besides the top-tier firms, many securities firms’ index fund scales have achieved double-digit growth. China Galaxy (601881.SH) increased from 56.3 billion yuan to 72.6 billion yuan; China Merchants Securities (600999.SH) from 65.9 billion yuan to 73.2 billion yuan; CITIC Construction Securities (601066.SH) from 45.5 billion yuan to 56.4 billion yuan.

Small- and medium-sized securities firms show slight adjustments on the list, with Kaiyuan Securities and Bohai Securities entering the top 100 for the first time, while Tianfeng Securities (601162.SH) and Guodu Securities dropped out compared to the previous period.

Yufeng Hui, Senior Researcher at Pangu Think Tank, pointed out to Jieji News that in the public fund distribution track, securities firms have significant growth potential. Their advantages include a large active customer base, with clients more receptive to and willing to allocate to equity funds and similar products. Additionally, their mature professional research and investment advisory capabilities enable precise matching of client needs and personalized asset allocation solutions.

Zeng Fangfang, Operations Manager of Public Fund Products at PaiPai Wang Wealth, told Jieji News, “The strong performance of securities channels in stock index funds is mainly driven by the continuous growth of the ETF market. As an on-exchange fund, ETFs are characterized by easy trading, high transparency, and low costs, making them a convenient ‘trading tool’ that aligns well with securities platforms mainly serving trading-oriented clients. Investors are accustomed to completing ETF subscriptions and redemptions through securities trading software, similar to stock trading. Since most ETFs are traded on stock exchanges, banks and third-party platforms cannot directly participate, further strengthening securities firms’ advantages in this area. Meanwhile, securities channels are accelerating their transformation from traditional stock brokers to a ‘wealth management + institutional services’ dual-driven model, with index funds serving as a core link between these two business segments.”

Some analysts also told Jieji News, “Traditional channels are strengthening customer loyalty through innovative service methods. The application of AI large models in research support, customer service, and risk warning is reshaping staff efficiency and service boundaries. However, some traditional channels still lack technological innovation, which is a key area for improvement in the development of distribution business.”