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 holding scale of the top 100 fund sales institutions reached 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 allocating assets into the fund industry at a rate of approximately 110 billion per month.
The influx of substantial 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 such as Ant Fund and Tiantian Fund, large banks like 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 capture this continuously inflowing capital.....
<h2>Equity Funds: &#34;One Strong Leader and Many Strong Competitors&#34;</h2>
Equity funds are one of the most popular types of public funds in 2025 and are also the most watched sales track. Especially in the latest released draft of the fee reform, a few varieties with good economic returns.
Therefore, the holding scale of equity funds is particularly noteworthy.
Specifically, in terms of the holding scale of equity funds, Ant Fund leads strongly with a figure of 822.9 billion yuan. Following closely 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, respectively, 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.
At the same time, 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.
<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 Leaders and Many Strong Competitors&#34;</h2>
In terms of the holding scale of non-monetary market funds, 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 holding scales, indicating 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. These institutions have relatively close scales.
Bank of China, China Construction Bank, Teng'an Fund, Ping An Bank, and Jiyu Fund have holding scales ranging from 264.8 billion to 396.8 billion yuan, making it into the top ten
Comparing the above two dimensions, 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>Strong Pattern of Index Funds</h2>
Specifically regarding the scale of stock index funds held, more institutions are entering the forefront, especially securities firms.
In detail, Ant Fund leads with 391 billion yuan. In addition, CITIC Securities, Huatai Securities, Tiantian Fund, and Guotai Junan Securities are in the top five.
Among them, CITIC Securities and Huatai Securities have holdings exceeding 100 billion yuan, while Tiantian Fund's holdings are also approaching 100 billion. The combined holdings of Guotai Junan Securities amount to 75.7 billion yuan.
Furthermore, China Merchants Bank, China Merchants Securities, China Galaxy Securities, GF Securities, and East Money Securities are in the top ten, with holdings ranging from 47.4 billion 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 reflects the stock pattern; from the perspective of incremental growth, Jiyu, Ant, and China Merchants Bank show noteworthy growth momentum.
In terms of equity funds, Ant Fund's holdings increased by 84.1 billion yuan, while China Merchants Bank's holdings grew by 81.5 billion yuan, closely competing.
China Life, CITIC Construction Investment, China Merchants Securities, China Construction Bank, and Guosen Securities also saw their equity holdings increase by over 10 billion yuan.
In the non-money market fund dimension, Ant Fund's holdings increased by 114.6 billion yuan, while China Merchants Bank's holdings grew by 91.5 billion yuan, with both showing impressive growth. Tiantian Fund ranks third, with holdings increasing by 62 billion yuan.
Jiyu Fund has shown remarkable growth in non-money market increments over the past six months, with holdings increasing by over 60.7 billion yuan. This allowed it to surpass CITIC Securities and enter the top ten in non-money market holdings at mid-year. Postal Savings Bank's holdings increased by 47.1 billion yuan over the six months, still trailing Jiyu Fund by one position.
Following this, Industrial Bank, CITIC Securities, Jiangsu Bank, and Teng'an Fund all saw their holdings increase by over 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"/>

600036

03968

688688

601398

01398

Ant Fund, China Merchants Bank, Tiantian, ICBC, and China Construction Bank strive to move upstream

- 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 of 1.34 trillion yuan year-on-year.  
- Ant Fund leads in equity fund holdings with 822.9 billion yuan, while China Merchants Bank follows with 492 billion yuan, indicating intense competition among major sales institutions.  
- The influx of new capital is reshaping the sales landscape, with notable growth in both equity and non-monetary market funds, particularly for Ant Fund and China Merchants Bank.

Wallstreetcn

China Merchants Bank

CM BANK

ANT GROUP

ICBC

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