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author: chen jiayi editor: yuan chang

in the romance of the three kingdoms, the battle between liu bei, guan yu and zhang fei against lu bu in front of hulao pass is an immortal and famous scene.

in a blink of an eye, a similar scene appeared in the public fund management market:

a group of banks fights ants.

on the evening of september 13, the asset management association of china disclosed the sales and holdings data of public funds in the first half of 2024.

the results were shocking.

in just half a year, ant fund's position in the fund sales market has changed from "fighting" with several national banks tobecame the first in the fault.

at the same time, china merchants bank, tiantian fund,industrial bank、ji yu、jd.com, huatai,citic securitiesthey compete fiercely with other channels and tripartite representative agencies to maintain their leadership in their respective circles.

the fund sales market is on the eve of a new round of reshuffle.

the public fund sales and retention data released by the china securities investment fund association has always been the "gold standard" for ranking the strength of chinese fund sales institutions.

however, this data had not been disclosed for nearly half a year.

on the evening of september 13, the association suddenly restarted the disclosure of relevant data andthe scope of data release has been adjusted.

in particular, the newly included stock index fund holding size is refreshing.

even if the performance of a-shares may not be as expected, the leaders will be able to find breakthrough points. compared with the similar statistical data at the end of 2023, eight of the top ten companies in terms of non-cash holdings have seen growth.

association data shows that in the first half of 2024, among the three rankings of public fund sales and holdings by fund sales institutions,ant (hangzhou) fund sales co., ltd.(hereinafter referred to as ant fund)all won championships.

furthermore, in each ranking,ants are far ahead.

specifically, in terms of the scale of equity funds held, non-money market funds held, and stock index funds held, ant fund has become the absolute leader with 692 billion yuan, 135.12 billion yuan, and 264.7 billion yuan respectively.

ant's holdings and the second place in the relevant rankings are 224.4 billion yuan, 489.2 billion yuan, and 173.4 billion yuan more, respectively.

the sudden huge advantage makes people suspect that ant had deliberately concealed its strength before.

although ant is very powerful, as the "leader" in banks selling public offerings, china merchants bank is still fighting hard to resist ant's offensive.

in the field of non-monetary fund sales, china merchants bank's holdings in the middle of the year were 862 billion yuan, an increase of 88.5 billion yuan from the beginning of the year. the growth rate was second only to industrial bank and even higher than ant financial during the same period.

however, in terms of equity funds, in the fourth quarter of 2023, china merchants bank still ranked first in the market in terms of the size of "stock + mixed public funds". however, in mid-2024, this data was cancelled.

instead, the newly emerged "equity fund holdings" in the first half of 2024 is replaced by this indicator. in terms of this indicator, ant fund has surpassedchina merchants bankit will be 224.4 billion yuan more (about 50% more).

however, what is puzzling is that in such a cautious market in 2024, how did ant increase the size of its equity fund by 224.4 billion yuan in just half a year?

looking back at this time, on july 8 this year, wang liang, president of china merchants bank, announced at the "2024 wealth partner forum" that china merchants bank is determined to promote wealth inclusion, and the agency sales of public funds will fully implement a 10% purchase fee initiative.

it seems that we should have a better understanding of china merchants bank's response and strategy.

in terms of the scale of equity fund holdings, there are 10 institutions in the industry with a stock scale of over 100 billion yuan.

in addition to the aforementioned ant fund and china merchants bank,tiantian fund, industrial and commercial bank of china and china construction bank ranked among the top five in the industry.

bank of china, bank of communications, citic securities, agricultural bank of china and huatai securities rounded out the top ten.

among them, huatai securities is the only securities firm that ranks among the top ten in terms of equity holdings.

in the changes in holdings, if we compare the equity and historical "stock + mixed" scale (the caliber should be similar), we can find that the holdings of almost most institutions are declining.

china life insurance, ping an bank, teng'an fund, galaxy securities and others also climbed their rankings significantly.

in,china life insurance has risen by 8 seats in the industry rankings thanks to its "net increase" in scale.(picture below).

in terms of the size of non-money market funds held, competition is even more intense.

the top two are still ant fund and china merchants bank.

the third place went to shanghai tiantian fund sales co., ltd., a subsidiary of dongcai.(hereinafter referred to as tiantian fund), with a total scale of 552 billion yuan.

following closely behind is industrial bank, whose non-money fund holdings reached 462.7 billion yuan. the bank grew rapidly in the first half of the year, jumping two places in the ranking, surpassing all large state-owned banks.

in addition, industrial and commercial bank of china, bank of china, china construction bank, teng'an fund, ping an bank, and jiyu fund entered the top ten.

in,the non-cash scale of jiyu fund exceeded 206.6 billion yuan, and its ranking rose by four places compared to the end of last year, successfully entering the top ten in the industry.

from 20th to 40th place, more powerful sales organizations in the industry have been included, including postal savings bank of china, guosen securities, guotai junan securities, ping an securities, etc., and their rankings have improved significantly.

haomai fund and yingmi fund performed the best in this range, with their scale growing by 10.3 billion and 6.6 billion respectively against the trend, and their ranking rising by 4 places respectively.

in addition, jd kentrey fund was ranked 21st, and the scale of non-money market funds also exceeded 100 billion. the rise of the three forces cannot be underestimated.

huatai and citic jumped to 2nd and 3rd place in the stock index

it is worth mentioning that the data on holding scale disclosed this time isa new column has been added for separate ranking of stock index fund holdings.

in this column,ant fund’s equity index fund has a total asset size of 264.7 billion yuan, continuing to be a “unique” existence.

but in the above ranking, the highlights are in the following few positions.

the runner-up in index fund holdings is huatai securities, with index fund holdings reaching 91.3 billion yuan;

the third place in index fund holdings is citic securities, with stock index funds holdings of 89.2 billion yuan.

for both, hundreds of billions may be just around the corner.

looking further ahead, tiantian fund, china merchants securities, galaxy securities, china merchants bank, dongfang securities, gf securities and ping an securities all ranked among the top ten.

for index funds, the sales capabilities of securities companies are still the most critical group.