Inventory of Top 50 Equity Fund Distribution Rankings in 2025: Ant Growth 194.9 Billion, CITIC Securities First, Life Insurance Enters Top Ten, Minsheng and Everbright Bank Show Negative Growth

Summary: In the second half of 2025, the top distributors of equity funds were announced. The top 100 institutions collectively held assets totaling 6 trillion yuan, a 16.69% increase from the previous period. Ant Fund remained the leader with 1.0178 trillion yuan, growing by 194.9 billion yuan in half a year; China Merchants Bank was second with 610.5 billion yuan; CITIC Securities continued to lead brokerages with 163.2 billion yuan. The biggest change came from China Life Insurance, which entered the top ten with 156.1 billion yuan. Meanwhile, Minsheng Bank and China Everbright Bank were the only two banks in the top 50 with a decrease in equity assets compared to the previous period.

Recently, the Asset Management Association of China released the top 100 distributors by fund holdings for the second half of 2025. Data shows that the combined equity fund holdings of these top 100 institutions reached 6 trillion yuan, a 16.69% increase; non-money market fund holdings totaled 11.70 trillion yuan, up 14.72%. Among them, stock index funds performed the best, with holdings reaching 2.42 trillion yuan, a 24.11% surge from the previous period.

Currently, among 424 distribution institutions in the market, commercial banks still dominate (151), followed by securities firms (107) and independent fund sales agencies (89). Additionally, there are 30 futures companies, 5 insurance companies, and others, forming a diversified market landscape with increasing industry segmentation.

Looking at the top 50 institutions by equity fund holdings, Ant Fund remains the industry leader with 1.0178 trillion yuan, up 194.9 billion yuan, becoming the only distributor to surpass one trillion yuan in equity assets; China Merchants Bank is second with 610.5 billion yuan, up 118.5 billion yuan, maintaining its leading position among banks; Tiantian Fund ranks third with 400.2 billion yuan, still second in online channels but with a widening gap of over 600 billion yuan from Ant, indicating some pressure.

Data source: WIND

In the banking sector, the performance of the Big Four varies significantly. ICBC ranks fourth with 379.6 billion yuan; China Construction Bank, Bank of China, and Agricultural Bank of China follow with 273.9 billion, 211.1 billion, and 145.3 billion yuan respectively, ranking fifth, sixth, and tenth. Notably, Agricultural Bank of China dropped one position compared to mid-year, overtaken by China Life Insurance, reflecting increasing competition from insurance and securities firms in equity product sales.

Data source: WIND

Additionally, Bank of Communications, Industrial Bank, Ping An Bank, and Shanghai Pudong Development Bank all saw growth, though at a moderate pace. Minsheng Bank and China Everbright Bank experienced declines in their equity holdings, with Minsheng decreasing by 1 billion yuan to 625 billion yuan (ranked 23rd), and Everbright decreasing by 5 billion yuan to 330 billion yuan (ranked 35th).

In the securities channel, CITIC Securities continued to lead with 163.2 billion yuan, up 21.1 billion yuan, ranking eighth and maintaining its top position among brokerages.

Data source: WIND

Huatai Securities and Guotai Haitong Securities follow with 143.2 billion and 120.7 billion yuan, ranked 11th and 12th.

Major brokerages like China Merchants Securities, GF Securities, Galaxy Securities, and Guoxin Securities also saw steady growth, with Galaxy Securities and Guoxin Securities rising three and four places respectively. CITIC Construction Investment Securities grew by 4.7 billion yuan but dropped three spots to 20th. Other institutions such as China CICC Wealth Securities, Shenwan Hongyuan Securities, Guotou Securities, Zhongtai Securities, Guojin Securities, and Bank of China International Securities all declined by 1-4 places.

Among independent fund sales agencies, besides Ant and Tiantian, Teng An Fund ranked 13th with 109.8 billion yuan, up 27.4 billion yuan, rising one place.

Data source: WIND

Zhuhai Yingmi Fund, JD Kentree Fund, and Tonghuashun Fund also achieved significant growth. JD Kentree increased by 12.6 billion yuan, jumping nine places to 32nd, becoming a dark horse among independent sales agencies. Shanghai Jiyu Fund performed well, with an increase of 11 billion yuan, rising seven places to 37th. Although HaoBuy Fund grew in size, its ranking remained at 45th with limited growth.

In the insurance sector, China Life Insurance ranked ninth with 156.1 billion yuan, up 44.7 billion yuan, rising two places to enter the top ten as the only insurance institution, indicating initial success in its distribution of equity products and gradually narrowing the gap with leading banks.

Data source: WIND

Regarding ranking changes, some institutions fell behind significantly. China Everbright Bank’s equity holdings decreased by 0.5 billion yuan to 33 billion yuan, dropping three places to 35th; Beijing Snowball Fund grew by 2.2 billion yuan but fell three places to 36th; Bank of China International Securities increased by 2.5 billion yuan but dropped four places to 43rd; Ningbo Bank grew by 1.6 billion yuan but fell three places to 40th. These declines reflect intensified market competition and weaknesses in their equity product structure, customer conversion efficiency, or channel collaboration.

Overall, the growth in equity fund holdings in the second half of 2025 was mainly driven by a market rebound in stocks and increased investor willingness to allocate assets to equities. Ant Fund continued to lead with its absolute size advantage, China Merchants Bank remained the top bank, and the securities channel performed steadily. Insurance institutions made a surprising leap, while some banks and small independent agencies faced risks of falling behind amid fierce competition.

In the future, competition in the equity fund distribution market will focus more on user stickiness, product fit, and post-investment service experience. Relying solely on channel advantages will no longer sustain growth. How to expand scale while improving customer experience will be a key challenge for all distributors.