57 Brokerages Enter Top 100 Public Fund Distribution Rankings, Showing Significant Sequential Growth, Classification Evaluation Guidance Takes Effect

Cailian Press, March 15 — (Reporter Wang Chen) The top 100 list of public fund sales and holdings for the second half of 2025 has been officially released. The industry continues to grow steadily, with non-cash fund holdings surpassing 11.6 trillion yuan, a 14.70% increase compared to the first half of the year.

Securities firms remain the core force in the distribution of public funds, with 57 firms making the top 100 list. Holdings in non-cash funds, equity funds, and stock index funds all achieved double-digit growth. The holdings of active equity funds slightly declined, while bonds and other funds led with an impressive growth rate of 42.35%, highlighting a clear trend of industry resources increasingly favoring equity funds.

Specifically, within the top 100, the internal structure of securities firms shows slight adjustments. Leading firms maintain their barriers, while small and medium-sized firms see both entries and exits. Based on the holdings and growth rates of various fund types, some small and medium-sized firms have achieved significant growth in distributing equity funds.

Meanwhile, the new regulations on classification evaluation by the China Securities Regulatory Commission (CSRC) have fully released their guiding effects, with the top 20 securities firms in terms of incremental holdings of equity funds for the year emerging.

Multiple fund categories held by securities firms continue to grow

From the overall market data, the public fund distribution scale in the second half of 2025 expanded significantly, with structural optimization. The combined holdings of non-cash funds by the top 100 institutions reached 11.6982 trillion yuan, up 14.70% from 10.1993 trillion yuan in the first half. Equity fund holdings totaled 5.995 trillion yuan, a 16.69% increase; stock index funds, as a growth engine, reached 2.415 trillion yuan, up 24.11% from the previous period, continuing the high growth trend from the first half.

In the second half, securities firms performed remarkably well, with growth rates surpassing those of bank-affiliated institutions across multiple categories, maintaining an absolute advantage in core sectors.

Data shows that in the second half, securities firms held 2.5928 trillion yuan in non-cash funds, a 24.34% increase from the first half, accounting for 22.16% of the top 100 total, up from 20.44%. Equity fund holdings reached 1.6291 trillion yuan, a 15.69% increase, representing 27.17% of the total, slightly down. Stock index fund holdings were 1.315 trillion yuan, up 22.44%, continuing to dominate with a 54.45% market share, making it the core category for securities firm distribution.

Notably, securities firms achieved leapfrog growth in bonds and other funds, with holdings reaching 963.7 billion yuan, a 42.35% increase from the first half, raising their market share from 13.37% to 16.90%, becoming a new driver of growth in distribution scale. In contrast, active equity fund holdings declined by 6.01% to 3.141 trillion yuan, accounting for 8.77%, indicating the continued industry trend toward index-based allocation.

Banking and third-party institutions each have their strengths. Banks, leveraging their channels, still lead in non-cash and equity fund holdings, with 4.873 trillion yuan and 2.41 trillion yuan respectively, but with moderate growth of 10.86% and 12.25%. However, banks are accelerating in stock index funds, with a scale of 357.8 billion yuan, up 34.16% from the previous period, increasing their market share by 1.11 percentage points. Third-party (including insurance) institutions hold 4.2324 trillion yuan in non-cash funds, up 13.82%, with active equity funds performing well, totaling 1.2137 trillion yuan, a 24.20% increase, becoming the main force in active equity.

Leading firms remain stable, with some small and medium-sized firms entering and exiting

In the second half of 2025, the number of securities firms in the top 100 for public fund distribution remained at 57, but internal structure saw slight changes. Leading firms’ barriers remain strong, with some small and medium-sized firms entering and others dropping out. For example, Kaiyuan Securities and Bohai Securities entered the top 100 for the first time, while Tianfeng Securities and Guodu Securities dropped out.

The dominance of top firms is further reinforced. CITIC Securities, Huatai Securities, and Guotai Haitong remain the top three, showing strong stability in both scale and growth.

CITIC Securities held 314.4 billion yuan in non-cash funds in the second half, up 31.16%; equity fund holdings were 1.632 trillion yuan, up 14.85%, maintaining its position as the industry leader. Huatai Securities and Guotai Haitong held 209.9 billion yuan and 204.3 billion yuan respectively, with growth rates exceeding 20%. Guotai Haitong’s stock index fund grew by 56.94%, significantly expanding its scale. Among the top ten firms, all had non-cash fund holdings exceeding 90 billion yuan, with Oriental Fortune Securities reaching 99.5 billion yuan.

Competition among top firms remains fierce, with some rankings fluctuating slightly, while small and medium-sized firms show differentiated growth vitality.

GF Securities rose one place to 15th, with non-cash fund holdings of 173.6 billion yuan, up 24.27%. Galaxy Securities and Guoxin Securities moved up three and four places respectively, entering the top 20, with Guoxin’s non-cash holdings increasing by 33.13%, ranking among the fastest-growing in the top tier. Smaller firms like Donghai Securities and Chengtong Securities rose 10 places, while Dongxing Securities and Southwest Securities gained 4 and 3 places respectively, often driven by high growth in a single category, such as Donghai Securities’ equity funds increasing by 25%, and Chengtong Securities’ bond and other funds surging by 900%.

In terms of categories, the distribution structure remains highly differentiated. Leading firms have advantages across all categories, with CITIC Securities, China Merchants Securities, and GF Securities seeing positive growth in non-cash funds, equity funds, and stock index funds. Some smaller firms adopt niche strategies, such as Bank of China Securities’ stock index funds accounting for over 80%, and Shanxi Securities’ bond and other funds making up 64.77%.

Distribution strategies vary among securities firms

In non-cash funds, CITIC Securities leads with 314.4 billion yuan, a 31.16% increase from the first half, showing strong growth among top firms. Huatai Securities and Guotai Haitong follow with 209.9 billion yuan and 204.3 billion yuan, both with over 20% growth.

In equity funds, CITIC Securities again leads with 163.2 billion yuan, followed by Huatai Securities (143.2 billion yuan) and Guotai Haitong (120.7 billion yuan). All three saw double-digit growth, with Guotai Haitong’s increase reaching 23.42%.

Stock index funds, a traditional strength for securities firms, see further concentration among top firms. CITIC Securities, Huatai Securities, and Guotai Haitong hold 148.6 billion yuan, 137.3 billion yuan, and 118.8 billion yuan respectively. Guotai Haitong’s 56.94% growth makes it one of the fastest-growing in this category.

Active equity funds show a slightly different pattern, with GF Securities (3.24 billion yuan), CITIC Construction Investment (2.56 billion yuan), and China Merchants Securities (2.38 billion yuan) leading.

In terms of growth in holdings, many firms stand out through explosive growth in specific categories, creating a differentiated competitive landscape between large and small firms.

In non-cash funds, CICC and Everbright Securities lead with growth rates of 67.74% and 55.67%, respectively. CITIC Construction Investment’s growth of 52.47% follows. Hu’an Securities and Chengtong Securities also show rapid growth at 49.37% and 43.24%.

In active equity distribution, CICC, Guoxin Securities, Galaxy Securities, Donghai Securities, and Hu’an Securities rank high. For stock index funds, CICC, Guotai Haitong, Dongxing Securities, Guojin Securities, Guoxin Securities, and Huayuan Securities all grow over 30%.

Although overall active equity fund distribution declined by 6.01% compared to the previous period, some firms performed remarkably well. Southwest Securities surged by 600%, Dongguan Securities and Hu’an Securities increased by 325% and 42.86%, respectively, standing out in the active equity sector.

Bonds and other funds experienced the fastest growth, with Chengtong Securities achieving a record 900% increase, and Changcheng Securities and CITIC Construction Investment growing by 196.3% and 151.8%. Walian Securities grew by 145.45%, Everbright Securities by 143.9%, and Hu’an Securities by 100%, reflecting strategic deployment in bonds by some firms.

Equity growth becomes a core competitive point for securities firms

The CSRC’s revised “Classification Evaluation Regulations” implemented on August 27, 2025, have become a key driver for transforming securities firms’ public fund distribution business. The new rules add specific indicators for the incremental growth of equity fund holdings, rewarding the top 10 firms in the previous year with 1 point, and the top 20 with 0.5 points. This policy guides firms to move away from “heavy issuance, light holdings,” linking long-term client asset appreciation with their own development. The incremental data of equity funds in 2025 has thus become a core basis for firms to earn classification evaluation points.

Looking at the full-year incremental growth of equity fund holdings in 2025, the industry exhibits a Matthew effect, with leading firms dominating. The top ten firms each added over 600 billion yuan, with CITIC Securities leading at 1,696 billion yuan. Guotai Haitong and Huatai Securities followed closely with 1,637 billion yuan and 1,496 billion yuan, forming the “first echelon” of equity fund growth and earning full points in classification evaluation. Firms like China Merchants Securities, CITIC Construction Investment, and GF Securities each added over 900 billion yuan, also qualifying for the full 1-point bonus.

The “second echelon” includes firms ranked 11-20, such as Dongfang Securities, CICC Wealth Management, and Shenwan Hongyuan, with incremental growth between 259 billion and 464 billion yuan, earning 0.5 points each. These 20 firms include leading, mid-sized, and specialty firms, some achieving steady growth through refined operations and customer service.

The logic behind this growth indicates that the high incremental growth of securities firms’ equity fund holdings is partly due to the overall positive capital market environment in 2025, with investors increasingly allocating to equity assets. Additionally, firms have increased their investment in research, client engagement, product screening, asset allocation advice, and long-term education services, forming a comprehensive service system that effectively retains client assets.

The new regulations also influence business layout. Throughout 2025, securities firms have increased resources dedicated to equity fund sales, adjusting assessment mechanisms, staffing, and product promotion to favor equity funds. Many firms have added weight to the assessment of equity fund holdings, further incentivizing growth in this area.