Decoding the Top 100 Fund Distribution Ranking: Ant Financial and China Merchants Bank "Dual Leaders" Pattern Remains Stable

Author: Liu Yuyang

The latest list of the top 100 fund distribution institutions by assets under management has been officially announced. In terms of institutional rankings, Ant Fund and China Merchants Bank remain in the top two positions, with the “Matthew Effect” among leading institutions continuing to strengthen. From the scale data, holdings of non-money market funds, equity funds, and stock index funds have all increased by double digits, with stock index funds experiencing a remarkable 24.11% growth. Additionally, analyzing the proportion of different types of institutions holding various fund categories reveals that the focus is on addressing weaknesses.

Some analysts point out that the core drivers of growth in holdings are the “market recovery” and “risk appetite restoration,” with current household asset allocation shifting from “seeking stability” to “progress within stability.” Meanwhile, fund distribution channels are evolving from “passive sales” to “professional empowerment.” In the future, the trend toward deeper channel specialization, faster transition from “seller” to “buy-side advisor,” and the parallel process of top-tier concentration and tail-end cleanup will become more prominent.

Prominent Head Effect

On March 16, Beijing Business Daily reported that the China Securities Investment Fund Industry Association recently released the rankings of the top 100 fund sales institutions by public fund sales scale as of the end of 2025. In the rankings, Ant Fund remains at the top, maintaining the first position across all three lists, with holdings in non-money market funds, equity funds, and stock index funds reaching 1.8098 trillion yuan, 1.0178 trillion yuan, and 482.5 billion yuan, respectively, representing quarter-on-quarter increases of 15.46%, 23.68%, and 23.4% from mid-2025.

China Merchants Bank ranks second in holdings of non-money market funds and equity funds, with latest figures of 1.2484 trillion yuan and 610.5 billion yuan, up 19.82% and 24.09% quarter-on-quarter. In stock index funds, the bank ranks sixth, with holdings of 88.6 billion yuan, a 20.54% increase from the previous quarter.

Overall, Ant Fund and China Merchants Bank continue to dominate, with their combined holdings in non-money market and equity funds accounting for 26.14% and 27.16% of the top 100 total. In stock index funds, Ant Fund’s dominance is clear, accounting for as much as 19.98%, while CITIC Securities, Huatai Securities, Guotai Haitong Securities, and Tiantian Fund rank second to fifth, with proportions of 6.15%, 5.69%, 4.92%, and 4.82%, respectively.

Notably, most institutions with large bases in the top rankings maintained double-digit growth rates in the second half of 2025, with some exceeding 30%.

For example, China Life, ranked among the top ten in equity fund holdings, reached 156.1 billion yuan by the end of 2025, a 40.13% increase from 111.4 billion yuan at mid-2025, climbing from 11th to 9th place. CITIC Securities, among the top ten in non-money market fund holdings, reached 3.144 trillion yuan, up 31.16% quarter-on-quarter, moving from 12th to 9th place.

Nankai University finance professor Tian Lihui pointed out that Ant Fund, China Merchants Bank, and CITIC Securities have each taken three distinct paths: Ant Fund leverages over 100 million users to situate index investing in various scenarios, with stock index funds dominating; China Merchants Bank utilizes its offline advisory advantage, treating various funds as “building blocks” for asset allocation; CITIC Securities relies on securities account access and market-making capabilities to form an ETF ecosystem. As advisory transformation deepens and technological entry barriers rise, the “Matthew Effect” in customer base, technological capability, and brand trust will continue to strengthen, making the top-tier concentration pattern increasingly unshakable.

Surge in Stock Index Fund Holdings

Apart from leading institutions, the total holdings of institutions on various top 100 lists also increased quarter-on-quarter. By the end of 2025, non-money market fund holdings reached 11.7 trillion yuan, up 14.7% from 10.2 trillion yuan at mid-2025. Meanwhile, holdings of equity funds and stock index funds also reached 6 trillion yuan and 2.42 trillion yuan, respectively, with increases of 16.69% and 24.11%.

Tian Lihui stated that the core drivers of growth are the “market recovery” and “risk appetite restoration,” with current household asset allocation shifting from “seeking stability” to “progress within stability.” Stock index funds led with a 24.11% quarter-on-quarter increase, driven by profound changes in investor behavior. Volatility in active fund performance has prompted capital to shift toward more structured products, coupled with the passive investment wave. In 2025, the issuance of stock index funds first exceeded 400 billion yuan, and ETF total scale temporarily surpassed 6 trillion yuan.

As mentioned earlier, reviewing the market performance in the second half of 2025, the three major A-share indices all surged: the Shanghai Composite Index rose 15.22%, the Shenzhen Component Index increased 29.24%, and the ChiNext Index jumped 48.78%. As a result, the performance of equity funds generally improved, and investor participation in fund subscriptions and redemptions significantly increased.

Although the overall trend of rising holdings remains unchanged, analyzing the proportion changes among different types of distribution institutions reveals varied focus areas, all aimed at strengthening their weaker segments.

According to the rankings, by the end of 2025, there were 57 securities firms, 25 banks, 17 independent fund sales institutions, and 1 insurance company on the list. Compared to mid-2025, one bank entered the list, and one independent fund sales institution exited; the number of securities firms and insurance companies remained unchanged. In other words, the “three pillars” of securities firms, banks, and independent fund sales institutions continue to coexist.

In terms of scale proportions, banks still lead in holdings of non-money market and equity funds, accounting for 41.66% and 40.2%, respectively, but have decreased by 1.44 and 1.59 percentage points from mid-2025. Conversely, the proportion of stock index fund holdings among banks, previously relatively weak, increased from 13.71% to 14.82%, a rise of 1.11 percentage points.

Meanwhile, securities firms, which hold about half of the stock index fund market share, are shifting focus to the previously lowest proportion of non-money market funds, now reaching 22.16%, up 1.72 percentage points quarter-on-quarter. The decline in equity fund holdings suggests securities firms are boosting bond funds and other non-money market products. Additionally, independent fund sales institutions are focusing on increasing their share of equity fund holdings, which now accounts for 30.03%, up 1.4 percentage points.

Tian Lihui noted that fund distribution institutions are evolving from “passive channel sales” to “professional empowerment”: securities firms are mastering the ETF ecosystem, banks are strengthening ETF linkage to address index “shortcomings,” and independent fund sales institutions are shifting from “traffic monetization” to “investment education ecosystem” building. The three clear future trends are: deeper channel specialization, accelerated transition from “seller” to “buy-side advisor,” and the parallel process of top-tier concentration and tail-end cleanup.