On September 11, the highly anticipated list of the top 100 public fund distribution institutions by sales scale for the first half of the year (referred to as the "Fund Distribution Top 100 List") was officially released. Looking at the competitive landscape, securities firms secured 56 positions on the list, while banks accounted for 25, with the remaining slots filled by 18 independent fund distributors and one insurance company.

During the first half of the year, favorable market conditions and active trading drove significant growth in fund holdings among the top 100 distributors. Data from the Asset Management Association of China shows that as of the end of June, the combined "equity fund holdings" of the top 100 institutions reached 7.06 trillion yuan, up 17.81% from the end of last year. Meanwhile, "stock index fund holdings" totaled 2.94 trillion yuan, a 21.91% increase, and "non-money market fund holdings" stood at 13.79 trillion yuan, up 17.88%.

Breaking down the data by segment, securities firms showed the most notable strength in "stock index fund holdings," accounting for 52.09% of the total among the top 100 institutions in that category. In terms of growth, securities firms recorded the fastest expansion in "non-money market fund holdings," with a rise of over 17% in the first half. During the same period, their "stock index fund holdings" and "equity fund holdings" both grew by approximately 15%.

Currently, the ability to distribute financial products is emerging as a key benchmark for evaluating the success of wealth management transformation among securities firms. According to Wind data, in the first half of the year, 42 listed securities firms collectively generated 10.287 billion yuan in revenue from financial product distribution (excluding Guosheng Securities, which lacked comparable data), marking a year-on-year increase of 84.75%. This suggests that the industry's wealth management overhaul is accelerating from strategic planning to tangible performance.

From a revenue perspective, leading securities firms hold a distinct advantage in product distribution. In the first half, CITIC Securities led the pack with distribution revenue of 1.603 billion yuan, followed by CICC at 1.046 billion yuan. GF Securities, Guotai Haitong, CSC Financial, Guosen Securities, and Huatai Securities all surpassed 600 million yuan, posting revenues of 918 million yuan, 794 million yuan, 650 million yuan, 628 million yuan, and 624 million yuan, respectively. Everbright Securities, China Galaxy Securities, and China Merchants Securities recorded distribution revenues of 497 million yuan, 460 million yuan, and 424 million yuan, respectively.

In contrast, smaller and mid-sized securities firms demonstrated greater growth elasticity. In the first half, 15 listed securities firms saw their distribution revenue more than double year on year. Among them, Caida Securities, Pacific Securities, and Soochow Securities posted the highest gains, with increases of 375.58%, 210.42%, and 210.36%, respectively. Western Securities, Zhongtai Securities, Shenwan Hongyuan, and Huaan Securities all recorded growth exceeding 150%, with rates of 170.57%, 162.38%, 151.77%, and 150.77%, respectively. Smaller players are increasingly leveraging distribution businesses to drive their wealth management transitions.

Zhang Xiaotong, co-chief analyst of non-bank financials at China Merchants Securities, noted: "In the first half, revenue growth from product distribution at listed securities firms significantly outpaced that from trading unit seat leasing and agency brokerage services. On one hand, the expansion of private fund distribution has provided high elasticity to distribution income. On the other hand, amid market cycles, the buy-side advisory businesses of leading firms like CICC and CITIC Securities have withstood repeated market and client testing, evolving steadily to become a key engine for brokerage revenue growth."

With distribution revenues on the rise, the question of how securities firms can build long-term competitive moats has become a focal point for the industry. Zhang Cuixia, chief investment advisor at Jufeng Investment, commented: "In the fiercely competitive distribution arena, securities firms seeking to solidify their competitive edge and expand market share must first leverage their research strengths. They need to convert professional research capabilities into product selection expertise, establish a scientific framework for evaluating and introducing fund products, and use securities settlement models to extend business chains and generate additional income. Additionally, in terms of business models, firms must accelerate the shift from traditional distribution toward buy-side advisory services, replacing mere product promotion with personalized asset allocation solutions. They should also strengthen coordination between fund distribution and other businesses such as margin trading, derivatives, and cross-border allocation, delivering one-stop wealth management services for high-net-worth and institutional clients."