A bull market will indeed bring more incremental funds.
On the evening of September 12, the Asset Management Association of China disclosed the data on the scale of public fund sales held by fund sales institutions as of mid-2025.
Statistics show that by mid-2025, the non-monetary fund holdings of the top 100 fund sales institutions reached a total of 10.199 trillion yuan, an increase of 660 billion compared to the beginning of the year, and a staggering increase of 1.34 trillion compared to the same period last year.
This indicates that clients of top-tier institutions are continuously investing assets into the fund industry at a rate of approximately 110 billion per month.
The influx of massive incremental funds is gradually leveraging changes in the on-site distribution pattern.
In the &#34;track&#34; of equity funds, on the &#34;runway&#34; of non-monetary funds, and on the stage of &#34;stock index funds,&#34; large and medium-sized sales institutions are fiercely competing .
Internet sales platforms like Ant Fund and Tiantian Fund, large banks such as China Merchants Bank, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, as well as brokerages like CITIC Securities, Huatai Securities, and Guotai Junan, along with third-party institutions like Jiyu and Haomai, are all making efforts in their respective strongholds to compete for this continuously inflowing capital.....
<h2>Equity Funds &#34;One Strong, Many Strong&#34;</h2>
Equity funds are one of the hottest types of public funds in 2025 and also the most closely watched sales track. Especially in the latest released draft of the fee reform, a few varieties with good economic returns.
Therefore, the scale of equity fund holdings is particularly noteworthy.
Specifically, in terms of equity fund holdings, Ant Fund leads strongly with a figure of 822.9 billion yuan. Following is China Merchants Bank with a holding scale of 492 billion yuan, firmly in second place. Tiantian Fund and Industrial and Commercial Bank of China have holding scales of 349.6 billion and 339.9 billion yuan, very close to each other, while China Construction Bank with a holding scale of 263.8 billion yuan narrowly surpasses Bank of China to enter the top five.
Meanwhile, from sixth to tenth place, Bank of China, Bank of Communications, CITIC Securities, Agricultural Bank of China, and Huatai Securities have holding scales ranging from 126.6 billion to 190.3 billion yuan, all entering the top ten sequence.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/529c557e-4f1f-467c-9212-fa718d275fdd.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/529c557e-4f1f-467c-9212-fa718d275fdd.png"/>
<h2>Non-Monetary Funds &#34;Double Strong, Many Strong&#34;</h2>
In terms of non-monetary market fund holdings, Ant Fund has a holding scale of 1.5675 trillion yuan; next is China Merchants Bank, which also enters the trillion-level with a holding scale of 1.0419 trillion yuan. This dimension shows two sales institutions with trillion-level holdings, indicating the presence of two super distribution channels.
Looking further, Tiantian Fund has a holding scale of 637.4 billion yuan, becoming the third. Industrial Bank and Industrial and Commercial Bank of China have holding scales of 499.8 billion and 462.4 billion yuan, respectively, entering the top five. The scales of these institutions are relatively close
Bank of China, China Construction Bank, Teng'an Fund, Ping An Bank, Jiyu Fund have a scale of 264.8 to 396.8 billion yuan, ranking among the top ten.
Comparing the above two dimensions, it can be found that Industrial Bank, Teng'an Fund, Ping An Bank, and Jiyu Fund are likely to have an advantage in fixed income, while Bank of Communications, CITIC Securities, Agricultural Bank of China, and Huatai Securities are stronger in the equity fund client segment.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/70d7362f-47dc-4a0f-81dd-5e91581135bb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/70d7362f-47dc-4a0f-81dd-5e91581135bb.png"/>
<h2>Index Fund &#34;Strong Competition&#34;</h2>
Specifically regarding the scale of stock index funds, more institutions are ranking at the forefront, especially securities firms.
Specifically, Ant Fund leads with 391 billion yuan. In addition, CITIC Securities, Huatai Securities, Tiantian Fund, and Guotai Junan Securities enter the top five.
Among them, CITIC Securities and Huatai Securities have a scale exceeding 100 billion yuan, and Tiantian Fund's scale is also approaching 100 billion. The combined scale of Guotai Junan Securities is 75.7 billion yuan.
Additionally, China Merchants Bank, China Merchants Securities, China Galaxy Securities, GF Securities, and Eastmoney Securities rank among the top ten, with scales ranging from 47.4 to 65.9 billion yuan.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/66a76678-7231-4ccd-b05f-9ac440cad978.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/66a76678-7231-4ccd-b05f-9ac440cad978.png"/>
<h2>Industry Landscape Still Has Disruption</h2>
The above is the stock pattern, and from the perspective of incremental growth, Jiyu, Ant, and China Merchants Bank's growth momentum is noteworthy.
In terms of equity funds, Ant Fund's scale increased by 84.1 billion yuan, and China Merchants Bank's scale increased by 81.5 billion yuan, closely competing.
China Life, CITIC Construction Investment, China Merchants Securities, China Construction Bank, and Guosen Securities also saw growth exceeding 10 billion yuan in equity scale.
In the non-money market fund dimension, Ant Fund's scale increased by 114.6 billion yuan, and China Merchants Bank's scale increased by 91.5 billion yuan, both showing remarkable growth. Tiantian Fund is third, with a scale increase of 62 billion yuan.
Jiyu Fund has shown impressive growth in the non-money market over the past six months, with a scale increase of over 60.7 billion yuan. Thus, it has surpassed CITIC Securities to enter the top ten in non-money market scale at mid-year. Postal Savings Bank's scale increased by 47.1 billion yuan over six months, still trailing Jiyu Fund by one position.
Following are Industrial Bank, CITIC Securities, Jiangsu Bank, and Teng'an Fund, all with scale increases exceeding 30 billion yuan.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5c070cd7-c747-49e9-88ae-8d82cc9c456f.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5c070cd7-c747-49e9-88ae-8d82cc9c456f.jpeg"/>
Risk Warning and Disclaimer
The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

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As of mid-2025, data from the Asset Management Association of China shows that the non-monetary assets held by the top 100 fund sales institutions reached 10.199 trillion yuan, an increase of 660 billion from the beginning of the year and a staggering increase of 1.34 trillion compared to the same period last year. The continuous inflow of incremental funds has driven changes in the fund sales landscape. ANT GROUP leads with an equity fund holding scale of 822.9 billion yuan, followed closely by China Merchants Bank and TianTian Fund. In terms of non-monetary market funds, ANT GROUP and China Merchants Bank also performed strongly, holding 1.5675 trillion yuan and 1.0419 trillion yuan, respectively

- As of mid-2025, the top 100 fund sales institutions in China reported a non-monetary fund scale of 10.199 trillion yuan, reflecting a significant increase in asset inflows.  
- Ant Fund leads in equity fund holdings with 822.9 billion yuan, while non-monetary market funds show Ant Fund and China Merchants Bank both exceeding one trillion yuan in scale.  
- The competitive landscape is evolving, with major players like Ant Fund and China Merchants Bank showing substantial growth, indicating a shift in the fund distribution market.

Wallstreetcn

ANT GROUP

China Merchants Bank

CM BANK

The pattern of mutual fund distribution in the bull market is revealed: incremental funds are continuously flowing in, with the top 100 institutions' assets exceeding 10.199 trillion (including the full ranking)