A significant shift in the second half of 2025's fund sales rankings came from the insurance sector.
Recently, the Asset Management Association of China released the Top 100 list of fund sales保有规模 for the second half of 2025. Data shows that the total equity fund scale held by the top 100 institutions reached 6 trillion yuan, a quarterly increase of 16.69%. The scale of non-money market funds held was 11.70 trillion yuan, up 14.72% from the previous period. Among these, stock index funds performed most notably, with a scale of 2.42 trillion yuan, surging 24.11% quarter-over-quarter.
Currently, among the 424 distribution institutions in the market, commercial banks still dominate (151 institutions), followed by securities companies (107) and independent fund sales institutions (89). An additional 30 futures companies, 5 insurance companies, and others form a diversified market landscape, with industry differentiation becoming increasingly pronounced.
Looking at the top 50 institutions by equity fund scale, Ant Fund maintained its industry-leading position with a scale of 1,017.8 billion yuan, an increase of 194.9 billion yuan, making it the only distributor with an equity scale exceeding one trillion yuan. China Merchants Bank followed closely with a scale of 610.5 billion yuan, up 118.5 billion yuan, retaining its leading position among bank channels. Tian Tian Fund ranked third with 400.2 billion yuan. While it remains second among internet channels, the gap with Ant has widened to over 600 billion yuan, indicating some pressure.
Within the bank channel, the performance of the Big Four banks showed clear divergence. Industrial and Commercial Bank of China ranked fourth with an equity scale of 379.6 billion yuan. China Construction Bank, Bank of China, and Agricultural Bank of China followed with scales of 273.9 billion yuan, 211.1 billion yuan, and 145.3 billion yuan, ranking fifth, sixth, and tenth, respectively. Agricultural Bank of China dropped one place compared to the mid-year report, being overtaken by
Furthermore, joint-stock banks such as Bank of Communications, Industrial Bank, Ping An Bank, and Shanghai Pudong Development Bank also achieved scale growth, albeit at a relatively moderate pace. China Minsheng Bank and China Everbright Bank were the only banks in the top 50 to experience a quarter-over-quarter decline in equity scale. Minsheng Bank's scale decreased by 100 million yuan to 62.5 billion yuan, but its ranking remained at 23rd. Everbright Bank's scale fell by 500 million yuan to 33.0 billion yuan, with its ranking also unchanged at 35th.
In the securities firm channel, CITIC Securities continued to lead with an equity scale of 163.2 billion yuan, an increase of 21.1 billion yuan, ranking eighth overall and maintaining its top position among securities companies.
Huatai Securities and Guotai Junan Securities followed, with scales reaching 143.2 billion yuan and 120.7 billion yuan, ranking eleventh and twelfth, respectively.
Other leading securities firms, including China Merchants Securities, GF Securities, China Galaxy Securities, and Guosen Securities, also achieved steady growth. China Galaxy Securities and Guosen Securities saw their rankings rise by three and four places, respectively. Although China Securities Co., Ltd. saw its scale increase by 4.7 billion yuan, its ranking fell three places to twentieth. Additionally, institutions such as CICC Wealth Securities, Shenwan Hongyuan Securities, SDIC Securities, Zhongtai Securities, Guojin Securities, and BOC International Securities saw their rankings drop by 1 to 4 places.
Among independent fund sales institutions, besides Ant and Tian Tian, Teng'an Fund ranked thirteenth with an equity scale of 109.8 billion yuan, an increase of 27.4 billion yuan, rising one place in the rankings.
Other independent institutions like Zhuhai Yingmi Fund, JD Kenterui Fund, and Tonghuashun Fund also achieved significant growth. JD Kenterui Fund saw its scale increase by 12.6 billion yuan, and its ranking surged nine places to thirty-second, becoming a dark horse among independent distributors. Shanghai Jiyu Fund also performed notably, with a scale increase of 11.0 billion yuan, rising seven places to thirty-seventh. However, although Howbuy Fund experienced some scale growth, its ranking remained at forty-fifth, indicating relatively limited growth momentum.
In the insurance channel,
Regarding ranking changes, some institutions fell behind significantly. China Everbright Bank's equity scale decreased by 500 million yuan to 33.0 billion yuan, and its ranking dropped three places to thirty-fifth. Although Beijing Xueqiu Fund's scale grew by 2.2 billion yuan, its ranking fell three places to thirty-sixth. BOC International Securities saw its scale increase by 2.5 billion yuan, but its ranking dropped four places to forty-third. Bank of Ningbo's scale grew by 1.6 billion yuan, yet its ranking fell three places to fortieth. The decline in rankings for these institutions is related to intensified market competition and also reflects shortcomings in their equity product structure, customer conversion efficiency, or channel synergy.
Overall, the growth in equity fund保有规模 in the second half of 2025 was primarily driven by the recovery of the stock market and increased investor willingness to allocate to equity assets. Ant Fund continued to lead with its absolute scale advantage, China Merchants Bank remained the top bank, securities channels showed overall stability, insurance institutions emerged as a strong new force, while some banks and smaller independent sales institutions faced the risk of falling behind in the fierce competition.
Looking ahead, competition in the equity fund distribution market will increasingly focus on user stickiness, product suitability, and post-investment service experience. Relying solely on channel advantages is no longer sufficient to sustain growth. How to enhance the customer holding experience while expanding scale will be a critical challenge all distributors must address.