Latest fund distribution rankings announced: 57 brokerages make it into the top 100

Author: Yu Hong

Recently, the Asset Management Association of China announced the top 100 fund sales institutions by public fund holdings for the second half of 2025 (hereinafter referred to as the “Top 100 Fund Distributors List”). In terms of competitive landscape, securities firms occupy 57 positions, the most among all; followed by banks, with 25 institutions on the list; the list also includes 17 independent fund sales agencies and 1 insurance company.

Overall, in the second half of 2025, amid active market trading, the total fund holdings of the top 100 fund distributors saw significant growth. By the end of 2025, the combined “equity fund holdings” of these 100 institutions reached 6 trillion yuan, a 16.7% increase from the end of the first half of 2025; the total “stock index fund holdings” amounted to 2.42 trillion yuan, up 23.7%; and “non-money market fund holdings” reached 11.7 trillion yuan, a 14.7% increase.

Focusing on the performance of securities firms, among the top 100 fund distributors, the securities firms’ “stock index fund holdings” totaled 1.32 trillion yuan, accounting for about 54%, showing a clear advantage and far surpassing banks and independent fund sales agencies; “equity fund holdings” amounted to 1.63 trillion yuan, about 27%; and “non-money market fund holdings” reached 2.59 trillion yuan, about 22%.

Notably, with the booming development of the ETF (Exchange-Traded Fund) market, by the end of 2025, among the top 100 fund distributors, securities firms’ “stock index fund holdings” increased by approximately 21% compared to the end of the first half of 2025, and “non-money market fund holdings” grew by about 24%.

In response, Sun Ting, Chief Analyst of Non-Banking Financials at Dongwu Securities, stated: “Securities firms have obvious advantages in the sales of equity products, especially ETFs. In recent years, securities firms have accelerated their transformation in wealth management, with flexible organizational restructuring and product introduction. The future growth potential of securities firms in the sales of equity funds is promising.”

From the internal competitive landscape of securities firms, industry competition is fierce, and the Matthew effect remains prominent, with leading firms such as CITIC Securities, Huatai Securities, and Guotai Haitong firmly maintaining their positions in the first tier of fund distribution.

Yu Fenghui, Senior Researcher at Pangu Think Tank (Beijing) Information Consulting Co., Ltd., told Securities Daily: “In the field of fund distribution, securities firms have considerable potential for business growth. On one hand, they have a large active client base with a high acceptance of equity products; on the other hand, they possess professional investment research capabilities and investment advisory systems, enabling precise product matching and personalized asset allocation for clients. Moving forward, securities firms need to continuously optimize their distribution product structure, diversify product offerings, and focus on improving fund advisory services to increase client asset scales and loyalty, shifting from simple product distribution to comprehensive asset allocation services, thereby building long-term market competitiveness.”