The fund distribution market for public offerings continues its wave of consolidation. As of the end of June 2026, the combined non-money fund retention scale of the top 100 distributors reached 13.79 trillion yuan, up approximately 17.9% from 11.70 trillion yuan at the end of 2025 within just six months. Total equity fund retention reached 7.06 trillion yuan, with a half-year increase of 1.06 trillion yuan. The standout performer was stock index funds, whose retention scale hit 2.94 trillion yuan, marking a quarter-on-quarter surge exceeding 22%. Data source: Wind.
Among the leading institutions, Ant Fund saw its non-money fund retention scale reach 2.2084 trillion yuan, adding 398.6 billion yuan in the first half of the year, a quarter-on-quarter gain of over 22%, making it the first fund distributor to break through the 2 trillion yuan milestone. Its equity fund retention climbed from 1.0178 trillion yuan at the end of 2025 to 1.3246 trillion yuan, a half-year increase of 306.8 billion yuan. It now distributes 11,508 funds, up 393 from the previous reporting period. Looking back over recent years, Ant's equity retention stood at 459.2 billion yuan at the end of 2023, rose to 738.8 billion yuan by the end of 2024, surpassed the trillion-yuan mark to hit 1.0178 trillion yuan by the end of 2025, and reached 1.3246 trillion yuan by mid-2026. In just two and a half years, its equity retention scale has grown nearly threefold. Compared to the half-year gain of 194.9 billion yuan as of end-2025, the 306.8 billion yuan increase in H1 2026 reflects accelerated momentum.
CM Bank holds the second position with a non-money fund retention scale of 1.5808 trillion yuan, posting a half-year gain of 332.4 billion yuan, while its equity fund retention expanded by 136 billion yuan to 746.5 billion yuan. Notably, amid the passive investment wave, CM Bank's stock index fund retention jumped from 88.6 billion yuan to 147.4 billion yuan, a quarter-on-quarter surge of 58.8 billion yuan, equivalent to a 66.37% jump.
East Money Fund ranks third with 883.5 billion yuan in non-money funds and 450.9 billion yuan in equity funds, maintaining steady growth. ICBC takes the fourth spot with a non-money scale of 529.6 billion yuan. Meanwhile, Shanghai Jiyu Fund added 113.5 billion yuan from the prior period, reaching 418.9 billion yuan and climbing to 8th place. Tencent Fund, JD Kenterui Fund, CITIC Securities, Beijing Huicheng Fund, CITIC Bank, and Guotai Haitong Securities each recorded growth exceeding 50 billion yuan. In contrast, commercial banks saw notable contractions, with the top four decliners all being banks: Bank of Shanghai shrank by 4.6 billion yuan, Ping An Bank by 7.4 billion yuan, Bank of China by 17.2 billion yuan, and Industrial Bank by 35.9 billion yuan.
If Ant's breakthrough past 2 trillion yuan marks a milestone, the shift in channel dynamics is the true watershed. Overall, third-party distributors (including insurance) achieved a combined non-money fund retention of 5.40 trillion yuan, overtaking the banking channel's 5.33 trillion yuan for the first time in history to become the largest distribution channel for public funds. At the end of 2025, banks held a combined 4.87 trillion yuan, while third-party institutions (including insurance) managed 4.23 trillion yuan. Within just six months, the gap was entirely closed and reversed, underscoring how independent sellers are accelerating their advantages in traffic operations, investor education, and product tooling.
Tencent Fund serves as a typical example of this trend. Its non-money retention surged from 394.3 billion yuan at end-2025 to 488.8 billion yuan, a half-year expansion of 94.5 billion yuan, vaulting past Industrial Bank, Bank of China, and China Construction Bank to secure fifth place in the industry. Shanghai Jiyu Fund also stood out, growing from 305.4 billion yuan to 418.9 billion yuan, an increment of 113.5 billion yuan, rising from tenth to eighth place. On the banking front, 26 banks remain in the top 100. CM Bank continues to lead commercial banks with 1.5808 trillion yuan in non-money retention, ranking second industry-wide, with a half-year gain of 332.4 billion yuan. Its equity fund retention of 746.5 billion yuan, up 136 billion yuan, also tops the banking sector and ranks second overall.
In the brokerage channel, 56 securities firms made the top 100 list, with combined non-money fund retention of approximately 3.05 trillion yuan, holding market share virtually flat at 22.15%. However, in the core battleground of stock index funds, brokers maintain an unshakeable dominance: their combined stock index fund retention totals 1.53 trillion yuan, accounting for 52% of the top 100 institutions' total, continuing to command more than half the market. CITIC Securities ranks second in index fund retention with 178.1 billion yuan, trailing only Ant, while Huatai Securities sits third at 161.8 billion yuan. Among leading brokers, CITIC Securities holds equity retention of 190.4 billion yuan, up 27.2 billion yuan in half a year, with non-money funds at 380.6 billion yuan, distributing 12,066 funds and partnering with 143 fund companies, both at the forefront of the sector. Huatai Securities saw equity retention rise 28.6 billion yuan to 171.8 billion yuan, the fastest growth among top brokers. Guotai Haitong grew equity retention by 19.9 billion yuan to 140.6 billion yuan, while China Merchants Securities added 25 billion yuan to reach 122 billion yuan.
The "metabolism" in the passive investment rankings is also accelerating. E Fund Wealth Management (Guangzhou) Fund Sales Co., Ltd., established only in July 2025, managed to enter the top 100 at 82nd place with a non-money retention of 8.9 billion yuan within just half a year, expanding its distributed fund count from 3,086 to 5,212 and its partner fund companies from 41 to 73. Meanwhile, some traditional institutions face mounting growth pressure. Agricultural Bank of China reduced its distributed fund count from 3,374 to 3,256, a net drop of 118 funds, marking a rare case of "shrinkage" among top players. Although China Construction Bank saw significant growth in equity retention, its stock index fund scale declined by 13.1 billion yuan from the prior period, leaving it relatively marginalized in the passive investment wave. China Life Insurance faced a similar situation: despite robust equity retention growth, its stock index fund scale stood at just 6.9 billion yuan, down 3.4 billion yuan year-over-period. Nevertheless, China Life remains the only insurer in the top ten, rising to seventh place by mid-2026 with equity retention growing to 192.5 billion yuan. The MACD golden cross signal has formed, and these stocks are showing promising upward momentum!
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