With the Asset Management Association of China unveiling the list of the top 100 public fund distribution institutions for the first half of 2026, the latest landscape of the fund market has been laid bare for all to see. If we consider the launch of Alipay as the starting point for the era of retail wealth management, then thirteen years on, this industry is undergoing a profound reshaping of its competitive structure.

On one hand, the top 100 distribution institutions continue to enjoy strong investor preference: the assets under custody for non-money-market funds, actively managed equity funds, and stock index funds are still growing at a rate of over 18% semi-annually, with leading institutions even achieving month-over-month or period-over-period growth exceeding 30%. On the other hand, significant shifts are occurring in the industry's strategies and positioning: the top-tier players emphasize comprehensive coverage, the second-tier group highlights distinctive strengths, and the mid-tier institutions are widening gaps in client targeting, service models, and strategic focus all while the fund distribution market continues to differentiate, iterate, and develop within a fiercely competitive landscape.

Diving into the operational details of various institutions to uncover the business battles behind the rankings, one finds that even in 2026, plenty of excitement and lessons remain in this market.

Top Tier: A Head-to-Head Rivalry Between the "Ant-Alibaba Duo" and CM Bank

In the overall non-money-fund market, which stands at a massive 13.79 trillion yuan in assets under custody, the "Matthew Effect" among leading institutions is intensifying. Ant Fund and CM BANK, as the industry's undisputed top two players, continued to leave other institutions far behind in the first half of the year. Both companies saw their non-money-fund assets under custody surpass 1.5 trillion yuan, with incremental gains each exceeding 330 billion yuan, decisively widening the gap with those trailing behind. Yet, this is not merely a race for scale; it reflects the ultimate clash of two distinct wealth management philosophies.

Among them, Ant Fund, as the absolute industry leader, has sparked a capital surge through its "ultra-convenient" online trading platform. As the licensed entity behind Alipay's wealth management business, Ant Fund's non-money-fund assets under custody historically broke through the 2 trillion yuan mark (reaching 2.2084 trillion yuan), adding 398.6 billion yuan in the first half of the year. Ant's success epitomizes the pinnacle of internet traffic-driven strategies. Its client base primarily consists of young, online-savvy investors and long-tail users, benefiting from extremely low investment thresholds, remarkably user-friendly operations, and robust investor education and support systems, fully capitalizing on the dividends of mass retail wealth popularization.

Meanwhile, CM BANK, as the growth pace-setter and the "ultra-professional" pillar of wealth preservation, is closely matching Ant's progress. By mid-year, CM Bank ranked second with 1.5808 trillion yuan in assets. Although it holds the runner-up position in absolute scale, its first-half incremental gain reached 332.4 billion yuan, with a period-over-period growth rate of 26.63%, outpacing Ant's 22.02% growth. CM Bank's strength lies in its asset-heavy model, leveraging both online and offline channels. Targeting middle-to-high-net-worth individuals, the bank secures their wallet share through a professional client manager team, deep asset allocation capabilities, and a "premium product selection" approach built on professionalism.

The "Ant-Alibaba Duo and CM Bank" duo, having each pushed "convenience" and "professionalism" to their limits, are now learning from one another. Ant wins on breadth and convenience (with larger net additions), while CM Bank excels in depth and client friendliness (with a higher net growth ratio). The rivalry between these two institutions embodies the tangible manifestation of two competing sales philosophies within China's wealth management market.

Second-Tier Group: A Battle of Ice and Fire

Beyond the "epic clash" between the 2-trillion and 1.58-trillion giants, the second-tier group offers even more intrigue. On one hand, this tier (ranked third through eighth) shows clear stratification both within and outside the group, highlighting its instability. On the other hand, the rankings within this group include Eastmoney Fund, ICBC, Tencent Fund, CCB, and Bank of China, among others, with third-party institutions and state-owned major banks closely interwoven in a fiercely competitive trajectory.

Among the internet-driven peers, Eastmoney Fund and Tencent Fund are surging ahead. Eastmoney Fund solidly holds the third position with 883.5 billion yuan in non-money-fund assets, adding a substantial 159.3 billion yuan in the first half, creating an almost unbridgeable lead over the fourth-place institution. Meanwhile, Tencent Fund achieved a remarkable 24% period-over-period growth, jumping from eighth to fifth place, surpassing three state-owned banks in one fell swoop. To some extent, Eastmoney Fund and Tencent Fund can be viewed as followers of Ant's approach, leveraging strong internet-based client bases and community ecosystems to demonstrate high business offensive capability during the equity market recovery.

In the traditional banking defensive camp, the divergence among ICBC, CCB, and Bank of China is evident. ICBC (fourth), CCB (sixth), and Bank of China (seventh) are followers of CM Bank's model. As major traditional banks, they remain the backbone of equity fund distribution, yet they have shown clear divergence in this growth cycle: ICBC and CCB only managed marginal gains, while Bank of China's scale even declined. Lacking the exceptional retail wealth management infrastructure that CM Bank possesses, traditional major banks are facing increasing pressure on their market share from the onslaught of internet-based channels.

Neck-Tier Group: Hidden Champions in Niche Sectors

From the eighth-ranked institutions downward, the competitive landscape is no longer a simple contest of scale but rather a vibrant ecosystem marked by diversified development. Institutions are leveraging their unique strengths to dig deep moats in specialized segments.

Jiyu Fund, the B2B powerhouse: By focusing solely on the institutional investor segment, it has climbed to eighth place with a semi-annual incremental gain of 113.5 billion yuan. In an era when traffic dividends are plateauing, Jiyu Fund's success demonstrates that offline institutional business still holds tremendous sustained explosive potential.

Industrial Bank, a second-tier leader: While its overall scale ranks only as mid-tier among major banks, it stands out as a prominent representative of wealth management among joint-stock banks. Although its scale saw a slight dip this period, it remains firmly within the top ten, reflecting the persistence of mid-sized banks in the wealth management arena.

Cross-industry giants China Life and CITIC Securities: In the equity fund (stocks + mixed) distribution rankings, "insurance giant" China Life has forcefully entered the seventh position, underscoring the accelerating inflow of insurance funds and clientele. Meanwhile, "brokerage leader" CITIC Securities (tenth in non-money funds, eighth in equity funds) demonstrates the core dominance of top-tier brokerages in equity assets, particularly stock index funds. This dominance is also continuously extending into other branches of wealth management services.

Index Funds: Uncovering Substance Beyond the Hype

While actively managed equity funds serve as the primary battleground for banks and third-party platforms, stock index funds (including ETFs and feeder funds) have become the exclusive stage for major platforms and brokerages. In the first half of 2026, the assets under custody for stock index funds among the top 100 institutions reached 2.94 trillion yuan, a period-over-period surge of 22%, demonstrating that investor enthusiasm for index products remains unabated.

Within this "blue ocean," the competitive structure is undergoing disruptive changes. On one hand, the growth rates of equity fund scale and index products are rapidly converging, now just about 4 percentage points apart, indicating that active products are quickly closing the gap on index funds' capabilities. On the other hand, internal distribution market shares are being restructured. Although brokerages hold absolute sway—occupying seven of the top ten spots due to their natural advantages in exchange-traded accounts and ETF market-making abilities, with CITIC Securities (178.1 billion yuan) and Huatai Securities (161.8 billion yuan) ranking second and third respectively—Ant's disruptive impact and CM Bank's counter-offensive have already shaken the status quo. Notably, CM BANK climbed to fourth place with 147.4 billion yuan, achieving an astonishing 66.4% period-over-period growth, making it the only bank in the top ten and showcasing its robust capability to pivot its asset allocation strategies.

Furthermore, the Matthew Effect within the brokerage sector is also becoming more pronounced. While CITIC Securities and Huatai Securities are aggressively expanding their index business, Guotai Haitong Securities saw a stable period-over-period growth of nearly 1%, and Zhongtai Securities even reported negative growth. This indicates that index fund distribution not only requires licenses but also tests a brokerage's advisory capabilities, app user experience, and the depth of its overall wealth management transformation.

The competitive landscape is still being redrawn, and the battle is far from over. Where will the next trillion-yuan increase come from? This is perhaps the question on every participant's mind.