Fund Distribution Landscape Shifts as Ant Fund's Equity Product AUM Breaks 1 Trillion Yuan; Brokerage Channels Surged Strongly Last Year

Recently, the China Securities Investment Fund Industry Association announced the public offering fund sales and holdings scale for the second half of 2025. Ant (Hangzhou) Fund Sales Co., Ltd. reached a holdings scale of 1.0178 trillion yuan in equity funds, breaking the 1 trillion yuan mark.

In addition, leading securities firms continue to expand their competitive advantages, with index funds becoming a breakthrough point. CITIC Securities (600030) saw its stock index fund holdings increase from 122.3 billion yuan in the first half to 148.6 billion yuan in the second half.

Traditional bank channels face transformation pressures. Industrial and Commercial Bank of China (601398) held 379.6 billion yuan in equity funds in the second half, up from 339.9 billion yuan in the first half. Overall, large state-owned commercial banks still hold significant positions, but their growth rates are generally slowing, with some institutions even experiencing market share declines.

Leading Effect is Evident: Ant Fund Equity Products Holdings Break 1 Trillion Yuan

Recently, the China Securities Investment Fund Industry Association released the latest data on public fund sales and holdings. Since the update frequency changed to semi-annual, the changes in institutional holdings have become more pronounced. This time, some institutions’ holdings of equity funds have exceeded 1 trillion yuan.

Image source: Screenshot from the China Securities Investment Fund Industry Association website

Ant (Hangzhou) Fund Sales Co., Ltd. is a prime example. According to the report, in the second half of 2025, this agency’s holdings of equity funds reached 1.0178 trillion yuan, becoming the first sales institution in the industry to surpass 1 trillion yuan, an increase of 23.7% from 822.9 billion yuan in the first half.

This is also the industry’s first agency to break the 1 trillion yuan mark in equity fund sales. From the perspective of non-money market fund holdings, Ant Fund reached 1.8098 trillion yuan in the second half of 2025, up 15.5% from 1.5675 trillion yuan in the first half of the year. Notably, its stock index fund holdings jumped from 391 billion yuan to 482.5 billion yuan, an increase of 23.4%.

China Merchants Bank remains the second-largest, with holdings rising from 492 billion yuan to 610.5 billion yuan, a 24.1% increase, narrowing the gap with Ant Fund. However, its non-money market fund size is 1.2484 trillion yuan, still over 560 billion yuan less than Ant Fund. Tiantian Fund maintains third place with 400.2 billion yuan in equity holdings, up 14.5% from the first half, with a slightly slower growth rate than the top two.

Currently, third-party internet sales platforms have a clear advantage in the entire agency ecosystem. Based on published data, Ant Fund, Tiantian Fund, and Teng An Fund together had an equity fund agency sales scale of about 1.5278 trillion yuan in the second half of last year, with their share of the top 100 institutions’ total equity holdings continuing to rise.

Analysts point out that the advantages of third-party internet sales platforms are not only reflected in investment convenience and fee discounts but also in content services and the building of investor education ecosystems. Some platforms also conduct online and offline investment exchange activities, further bringing investors closer and increasing user stickiness.

Brokerage Channels Rise Strongly, Index Funds as Strategic Breakthrough

In traditional sales channels, brokerage channels have gained significant momentum in recent years. Not only are top brokerages experiencing faster growth, but small and medium-sized brokerages are also gaining recognition in the agency sales of key products.

Particularly in the agency sales of stock index funds, top brokerages have obvious advantages. CITIC Securities performed well, with its stock index fund holdings rising from 122.3 billion yuan in the first half to 148.6 billion yuan in the second half, a 21.5% increase. Its total equity fund size reached 163.2 billion yuan, up 14.8% from the first half.

Huatai Securities also performed strongly, with stock index fund holdings increasing from 115 billion yuan to 137.3 billion yuan, a 19.4% rise, and total equity funds reaching 143.2 billion yuan. Guotai Haitong Securities (600837) had an index fund scale of 118.8 billion yuan in the second half of last year, up 56.9% from 75.7 billion yuan in the previous year, making it one of the fastest-growing top institutions.

Industry analysts believe that the collective breakout of brokerage institutions is not accidental. With the continuous expansion of the ETF market and increasing investor demand for structured products, brokerages leverage their research capabilities, trading systems, and risk preference matching to establish differentiated advantages in selling index funds.

In the second half, China Galaxy (601881) Securities’ index fund scale increased from 56.3 billion yuan to 72.6 billion yuan; China Merchants Securities (600999) from 65.9 billion yuan to 73.2 billion yuan; CITIC Construction Investment (601066) from 45.5 billion yuan to 56.4 billion yuan, all achieving double-digit growth. This indicates that brokerage channels are transforming from traditional stock brokers to a “wealth management + institutional service” dual-driven model, with index funds serving as a core connector.

Bank Channels Show Differentiation, State-Owned Major Banks’ Business Growth Slows

Traditional bank channels are showing clear differentiation. While large state-owned commercial banks still hold important positions, their growth rates are generally slowing, with some institutions even experiencing declines in market share.

ICBC’s holdings of equity funds in the second half reached 379.6 billion yuan, up from 339.9 billion yuan in the first half, an 11.7% increase, below the industry average. Its stock index fund size grew from 37.6 billion to 45.4 billion yuan, a 20.7% increase, though its overall index fund strategy remains somewhat lagging.

Construction Bank’s equity fund holdings increased from 263.8 billion to 273.9 billion yuan, a modest 3.8% growth, making it one of the slowest among top institutions. Notably, its index fund size surged from 27.2 billion to 66.6 billion yuan, a 144.8% increase, indicating a strategic shift toward passive investments.

Bank of China and Bank of Communications (601328) saw their equity fund scales grow by 10.9% and 7.9%, respectively, both facing growth bottlenecks. In contrast, joint-stock banks like Industrial Bank (601166) and Ping An Bank (000001) performed better. Industrial Bank’s non-money market fund size slightly declined to 444 billion yuan, but its equity fund holdings increased from 81.4 billion to 85.9 billion yuan, a 5.5% rise; Ping An Bank’s equity funds grew from 76.3 billion to 83.9 billion yuan, a 10.0% increase, continuing to push forward in retail transformation.

Some experts suggest that traditional channels are also exploring new customer service methods to strengthen their advantages. Recently, AI large models applied in research support, customer service, and risk warning scenarios are expected to reshape the efficiency and service boundaries of sales institutions. However, some traditional channels still need to further enhance technological innovation, which is a shortcoming for some agency sales businesses.

(Edited by: Li Yue)