Top 100 Institutions Landscape Reshaped: Three-Way Equity Surges, Securities Companies Non-Monetary Growth Stands Out, Huatai Exits TOP10

Cailian Press, March 16 — Reporter Zhou Xiaoya In 2025, the public fund market experienced a total of nine record-breaking years, reaching a scale of 37.7 trillion yuan by the end of the year. During this period, fund distribution agencies also set multiple scale records.

The latest ranking of the top 100 public fund sales and holdings published by the China Securities Investment Fund Industry Association shows that in the second half of last year, the combined holdings of equity funds by the top 100 institutions reached 6 trillion yuan, an increase of 857.6 billion yuan from the first half, a growth of 16.69%. The total non-cash fund holdings also surpassed 11 trillion yuan for the first time, an increase of 14.7% from the first half of last year.

The latest list is composed of 57 securities firms, 25 banks, 14 third-party institutions, 4 fund subsidiaries, and 1 insurance company. Compared to the first half of last year, three new players—Yuanquan Securities, Dongguan Bank, and Bohai Securities—joined the top 100; meanwhile, Lide Fund, Tianfeng Securities, and Guodu Securities temporarily dropped out.

The list reveals several noteworthy changes:

1. Banks’ market share in equity fund holdings continues to decline, while third-party institutions are catching up, contributing the largest growth in the second half of last year.

2. Under the intensifying Matthew effect, the top ten institutions in equity fund holdings have shifted again, with insurance companies entering the list and one securities firm temporarily dropping out.

3. The trend of banks aggressively selling stock index funds remains unchanged. Their market share in this category has increased, but securities firms still hold over half of the market.

4. Despite increased efforts in stock index funds, due to a smaller base, banks’ growth in overall non-cash fund holdings remains relatively weak, while securities firms see more significant growth in non-cash holdings.

Pattern Divergence: Third-party firms focus on equity, banks continue to sell stock index funds, securities firms see non-cash holdings rise

After surpassing 10 trillion yuan for the first time in the first half of last year, the non-cash fund holdings of the top 100 fund distribution agencies continued to grow by 14.7%, reaching 11.7 trillion yuan in the second half. Equity fund holdings increased by 16.7%, reaching 6 trillion yuan; stock index fund holdings grew by 23.59%, reaching 2.41 trillion yuan.

With simultaneous growth in these areas, differentiation among institutions persists.

Third-party institutions contributed the largest incremental growth in equity fund holdings last year’s second half, adding over 320 billion yuan. This increased their share among the top 100 equity fund holders by more than 1 percentage point. Meanwhile, the market share of banks, securities firms, and fund subsidiaries slightly declined, though banks still account for over 40%.

From the perspective of growth rates, smaller insurance companies performed most notably, with a 40.13% increase; third-party institutions grew their equity holdings by 22.40%; banks and securities firms saw increases of 12.25% and 15.69%, respectively.

Securities firms made significant gains in non-cash holdings, increasing by 50.76 billion yuan last year’s second half, a 24.34% rise, raising their share in non-cash funds to 22.16%. Banks remain the largest channel for non-cash fund holdings, but their market share continues to decline, down to 41.66%, with an increase of 4.773 billion yuan and an 10.86% growth rate, still below securities firms.

However, the trend of banks aggressively selling stock index funds persists. In this category, securities channels hold over half the market, with 1.32 trillion yuan, though their share has slightly decreased since the first half. Banks are the only channel with an increased share, with stock index fund holdings up 34.16% to 357.8 billion yuan, accounting for 14.82% of the market, an increase of over 1 percentage point.

Top 10 institutions in equity holdings welcome new entrants: insurance companies enter, one securities firm temporarily drops out

The Matthew effect in the industry continues to intensify, with the top 10 institutions now holding over 30% of equity fund assets. Ant Fund remains the leader, with a new record of over 1 trillion yuan in holdings, an increase of 194.9 billion yuan, leading the industry. Ant Fund also maintains its first place in non-cash fund holdings and stock index holdings.

China Merchants Bank, with a growth of over 100 billion yuan, ranks second, with a total of 610.5 billion yuan in equity fund holdings, up 118.5 billion from the first half of last year. Active funds are the main driver of this growth, while stock index fund holdings increased by only 15.1 billion yuan.

Tiantian Fund ranks third, with equity holdings increasing by 50.6 billion yuan last year’s second half, reaching 400.2 billion yuan. Active funds contributed most of this increase, with stock index funds accounting for nearly 40% of the growth.

Ranks four through nine remain unchanged from the first half of last year. China Securities continues to lead among securities firms in equity fund holdings, with an increase of 21.1 billion yuan last year’s second half, reaching 163.2 billion yuan.

PICC, with a growth of 44.7 billion yuan, entered the top 10 industry rankings, with equity holdings reaching 156.1 billion yuan, ranking tenth. However, its stock index fund holdings shrank by 2 billion yuan.

Huatai Securities temporarily dropped out of the top 10, with equity holdings increasing by 16.6 billion yuan last year’s second half. Agricultural Bank of China’s equity holdings also fell one rank to ninth, with an increase of 9.4 billion yuan.

Banks continue to push stock index funds, non-cash market share continues to decline

Building on last year’s momentum, banks continued to focus on stock index funds in the second half of last year. Their combined holdings increased by 91.1 billion yuan to 357.8 billion yuan, a 34.16% rise. Their market share among the top 100 institutions increased by 1.11 percentage points to 14.82%.

Securities firms’ market share slightly declined to 54.45%.

In terms of incremental growth, 12 institutions saw their stock index fund holdings increase by over 10 billion yuan, with Ant Fund leading with a 91.5 billion yuan increase; Guotai Haitong Securities added 43.1 billion yuan; CCB increased by 39.4 billion yuan. CITIC Securities, Huatai Securities, and Shanghai Tiantian Fund also grew by over 20 billion yuan each.

Ranking changes show Minsheng Bank’s position improved the most, doubling its stock index fund holdings with a 14-place rise. Additionally, China Financial Street Securities and CICC also increased their stock index fund holdings by more than 10 places.

Regarding non-cash funds, under intensified industry competition and bond market volatility, banks’ market share continued to decline. Last year’s second half saw only a 10.86% increase in bank channel non-cash fund holdings, adding 4.773 billion yuan; in contrast, securities firms increased by 50.76 billion yuan, a 24.34% rise.

Internally, banks like CMB, CCB, CITIC, ICBC, and BOC each saw over 40 billion yuan in growth, while many small and medium-sized banks experienced weak growth, with Industrial Bank experiencing a decline of over 50 billion yuan.

(Reporter Zhou Xiaoya, Cailian Press)