CITIC Securities: The public fund indexing process continues, and distribution faces a turning point

CITIC Securities Research Report states that by the end of 2025, the scale of assets held by the top 100 fund distribution agencies will further increase, and the growth rate of stock index funds will exceed 20%. The ongoing public fund indexation process continues: brokerages’ share keeps rising, while banks’ share declines. Looking ahead, the implementation of new regulations on sales expenses is expected to change the current public fund distribution ecosystem across multiple levels, bringing a turning point for distribution agencies. At present, the overall structure among leading institutions remains stable; however, a decline in concentration may indicate that more mid- and late-tier channels will step up fund distribution business, and improving service capabilities and diversifying business models may be the way to break the deadlock.