建设银行成为公募托管“一哥”

证券日报08-03

公募基金行业规模持续扩张的同时，基金托管市场格局也出现新的变化。Wind数据显示，截至6月末，中国建设银行股份有限公司（以下简称“建设银行”）公募基金托管总资产达51040.15亿元，较去年末增加2627.77亿元，跃居市场首位；中国工商银行股份有限公司（以下简称“工商银行”）以50500.61亿元退居次席，其上半年托管规模缩水3171.51亿元。　　回溯来看，2025年第二季度末至2026年第一...

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href=http://finance.eastmoney.com/a/202608033829187887.html><strong>证券日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>公募基金行业规模持续扩张的同时，基金托管市场格局也出现新的变化。Wind数据显示，截至6月末，中国建设银行股份有限公司（以下简称“建设银行”）公募基金托管总资产达51040.15亿元，较去年末增加2627.77亿元，跃居市场首位；中国工商银行股份有限公司（以下简称“工商银行”）以50500.61亿元退居次席，其上半年托管规模缩水3171.51亿元。　　回溯来看，2025年第二季度末至2026年第一...</p>\n\n<a 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custody","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601939":1.5,"00939":1.5,"03143":0.6},"content_text":"公募基金行业规模持续扩张的同时，基金托管市场格局也出现新的变化。Wind数据显示，截至6月末，中国建设银行股份有限公司（以下简称“建设银行”）公募基金托管总资产达51040.15亿元，较去年末增加2627.77亿元，跃居市场首位；中国工商银行股份有限公司（以下简称“工商银行”）以50500.61亿元退居次席，其上半年托管规模缩水3171.51亿元。　　回溯来看，2025年第二季度末至2026年第一季度末，工商银行在托管总资产口径下连续四个季度保持行业第一，但其与行业第二的资金规模差距一路收窄，此番被反超早有铺垫。　　宽基赎回成关键变量　　从规模变动看，上半年兴业银行托管规模增加2749.81亿元，位居增量榜首；建设银行增加2627.77亿元，交通银行增加2241.14亿元，紧随其后；工商银行则减少3171.51亿元，成为缩量最大的机构。　　对于此次托管格局变化背后的原因，苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示，根源在于银行间长期战略定力的差异与短期市场结构性冲击的交织。　　数据显示，今年上半年，工商银行托管的宽基ETF（交易型开放式指数基金）规模，由年初的11701.81亿元，收缩至3678.11亿元，整体缩水超8000亿元，其中由工商银行托管的沪深300ETF华泰柏瑞资金净流出3361.21亿元，规模缩水3273.89亿元至948.71亿元。权益类基金方面，工商银行上半年托管规模下降24.88%至17820.34亿元，直接拖累其托管规模。　　与此同时，建设银行凭借代销渠道的持续发力，其权益类基金托管规模增加277.18亿元；同时，其上半年托管的新发产品，发行规模达4515亿元（与前述口径有部分重叠），在新发产品和增量资金承接上占据优势。　　付一夫分析，从长期看，建设银行对托管业务的重视程度和资源投入更为持续，在系统建设、客户拓展方面深耕多年，这种战略耐心逐步转化为规模积累和客户黏性，使其在行业总量波动时具备更强的抗风险能力。而工商银行此次回落，更多是受其托管产品结构的影响——部分头部宽基ETF遭遇集中赎回，规模收缩较为明显。相比之下，建设银行的托管组合相对均衡，年内新发基金承接也较顺畅，因此守住了份额。　　付一夫进一步表示，此外，“以销售换托管”的行业惯例依然有效，代销渠道的协同能力也在潜移默化中左右着托管资源流向。整体看，这并非短期偶然，而是长期布局与产品结构差异共同作用的结果。　　托管业务面临新要求　　近年来，ETF规模快速增长，宽基ETF成为公募市场重要增量资金来源。指数化产品的快速扩张，正在对托管业务提出新的要求，并成为影响托管格局的重要因素。　　付一夫认为，ETF的爆发式增长，对托管银行提出了系统性能力升级的迫切要求。一方面，ETF的申购赎回、跨市场交易和频繁清算结算，倒逼托管系统必须具备高频实时处理能力和稳健的运营效率，估值核算与投资监督的时效性、准确性标准大幅提升。另一方面，ETF流动性管理复杂，托管行不再只是后台保管者，更需前移服务边界，提供涵盖销售协同、资金清算、风险监控等综合金融服务。　　在付一夫看来，这些能力差异正在重塑竞争格局——此次排位变化的直接触发因素，正是不同银行托管ETF产品的资金流向分化，产品结构更均衡者所受冲击较小。未来，托管行业的竞争逻辑将从比拼存量规模，转向能否在指数化浪潮中构建系统化、差异化的服务能力，ETF无疑已成为影响格局的重要变量。　　此外，前海开源基金首席经济学家、基金经理杨德龙告诉《证券日报》记者，随着自由现金流、红利、跨境等创新指数产品不断涌现，托管行需快速响应产品创新并提供差异化服务，这已成为衡量其托管业务水平的重要竞争力。　　展望后市，杨德龙表示，随着中长期资金借道指数基金持续入市，ETF产品线不断丰富，托管业务有望打开增量空间，也对托管银行提出了更高要求。业内人士认为，只有持续加强系统建设、提升产品响应速度、深化渠道协同的机构，才能在这场格局重塑中占据主动。（文章来源：证券日报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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