Western Securities: The scale of industry holdings continues to recover, and the number of non-commodity funds in the tripartite channel comes first

The Zhitong Finance App learned that Western Securities released a research report saying that recently, the Fund Industry Association disclosed the holding data of fund sales institutions at the end of 26H1. The 26H1 Top 100 consignment agency's non-commodity fund holdings were 13.79 trillion yuan, compared with 25H2 +17.9%, and equity holdings increased month-on-month in CR5/CR10. In the context of the continuous increase in residents' capital and the restoration of market conditions, leading wealth management institutions with perfect product systems and leading investment capabilities are expected to achieve continuous growth in the scale of consignment sales. Follow leading brokerage firms such as Ant/Tiantian and leading ETF and wealth management leaders.

The main views of Western Securities are as follows:

The restoration of market sentiment has led to a continued upward trend in the holding scale of various products, and the growth rate of indices is higher than that of active equity

The non-commodity fund holding size of 26H1's top 100 consignment agency was 13.79 trillion yuan, compared to 25H2 +17.9%; the total holding size of equity funds was +17.8% compared to 25H2 to 7.06 trillion yuan, of which the equity index fund size was +21.9% to 2.94 trillion yuan compared to 25H2. The size of active equity funds was +15.1% month-on-month to 4.12 trillion yuan. By subtracting the equity category, the holdings of the Top 100 consignment agency bond funds were 6.73 trillion yuan, +18% compared to 25H2. Demand for fixed income and fixed income + product allocation also ushered in an increase.

In terms of market share, bank/broker/third-party equity fund market share (average share of the total market size at the beginning and end of the period) was 27.7%/19.3%/25.6%, +1.15pct/+1.37pct/+4.07pct, respectively; bank/broker/third party non-commodity market shares were 22.8%/13.1%/23.1%, respectively, +0.07pct/+0.97pct/+3.37pct. Equity holdings increased month-on-month in CR5/CR10.

Three parties and others: the number of non-commodity fund holdings became the first in the channel

26H1's equity and non-inventory holdings of third parties and other institutions are +27.4%/+27.7% compared to 25H2. The growth rate is superior to other channels, showing strong platform and traffic advantages. At 26H1, Ant Fund's equity holdings were +30.1% month-on-month to 1324.6 billion yuan, and equity index fund holdings were +30.8% month-on-month to 631.3 billion yuan. The leading position in the industry is stable. Tiantian Fund's equity/non-goods were +12.7%/+22.0% respectively to $4509/883.5 billion yuan.

Brokers: The head agglomeration effect is still significant, leading in the index category

26H1 brokers' equity/non-inventory holdings are 15.3% /+ 17.8% compared to 25H2+. The 26H1 brokerage equity index fund holds 1533.7 billion yuan, +16.6% compared to 25H2. Under the ETF sales advantage, the brokerage channel accounts for more than half of the stock index holdings in the entire market. The 26H1 brokerage channel debt base holdings were +27.5% month-on-month to 1.95 trillion yuan. The 26H1 listed brokerage revenue growth rate is better than proxy buying. The wealth management transformation of the industry continues to deepen. Driven by superimposing regulatory classification ratings to give extra points to the top brokerage firms in equity fund sales and holdings, the wealth management market share of leading brokerage firms with comprehensive capabilities is still expected to increase.

Banks: Stock index holdings continue to increase, but overall share and growth rate advantages have narrowed markedly

26H1 Bank's equity/non-goods holdings were +11.8%/+9.4% compared to 25H2 to 2.69/5.33 trillion yuan; equity index holdings were +29.7% to 464.2 billion yuan, mainly driven by the low base in the previous period and the transfer of residents' asset allocations to equity. 26H1 Bank channel debt base holdings were +18.5% month-on-month to 2.4 trillion yuan. China Merchants Bank's equity/non-goods were +22.3%/+26.6% respectively to 7465/1580.8 billion yuan, leading the bank department.

Risk warning: fund redemption risk, market fluctuation risk, policy risk.