Recently, the Asset Management Association of China released data on mutual fund holdings scale for fund distribution institutions during the first half of 2025. The data reveals that the competitive landscape among leading institutions remains largely stable, with Ant Fund, CM Bank, and Tiantian Fund continuing to occupy the top three positions, though showing significant differences in growth rates.

Data Source: Asset Management Association of China

In terms of equity fund holdings scale, Ant Fund maintains its leading position with 822.9 billion yuan, representing an 11.38% increase compared to the end of 2024. CM Bank ranks second with a scale of 492 billion yuan and an impressive growth rate of 19.85%, marking the strongest growth among the top five institutions. Tiantian Fund holds third place with 349.6 billion yuan, remaining nearly flat compared to year-end levels with only 0.09% growth. Industrial and Commercial Bank of China and China Construction Bank occupy fourth and fifth positions respectively, with scales of 339.9 billion yuan and 263.8 billion yuan.

Regarding non-monetary market mutual fund holdings scale, Ant Fund continues to lead with 1,567.5 billion yuan, followed by CM Bank in second place with 1,041.9 billion yuan, and Tiantian Fund in third with 637.4 billion yuan. Notably, ICBC and CCB experienced slight declines in this metric, dropping 1.34% and 3.01% respectively compared to the end of 2024.

Stock index funds emerged as the fastest-growing category in the first half of 2025. CM Bank achieved a growth rate of 26.29%, while ICBC recorded an even higher growth rate of 39.78%, indicating investors' significantly increased preference for passive investment products. Ant Fund holds the largest scale in this category with 391 billion yuan and a growth rate of 22.15%.

Overall, the fund distribution market maintained a growth trajectory in the first half of 2025, though differentiation among institutions became evident. Third-party independent distribution institutions maintained their leading positions, while banking institutions showed notable strength in equity funds, with index fund products becoming new growth drivers in the market.