评1H25基金代销数据：头部机构优势巩固_老虎社区_美港股上老虎

评1H25基金代销数据：头部机构优势巩固

中国国际金融股...2025-09-13

事件中基协公布1H25 代销机构公募销售保有数据，我们发现如下。评论1 被动产品规模高增。Top100 机构合计权益基金保有量环比+6%、其中股票型指数基金+15%，非货基+7%、其中剔除权益后的保有（债基为主）+8%（协会披露保有量为月均口径）。2 渠道格局来看，券商整体表现亮眼。权益Top100 中券商保有量环比+7%（vs.银行+6%/独立系+5%）、份额26%（vs.银行42%/独立系...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2567181476?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-13 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2567181476","market":"hk","top_or_hot":-1,"title":"评1H25基金代销数据：头部机构优势巩固","media":"中国国际金融股...","content":"<div>\n<p>事件中基协公布1H25 代销机构公募销售保有数据，我们发现如下。评论1 被动产品规模高增。Top100 机构合计权益基金保有量环比+6%、其中股票型指数基金+15%，非货基+7%、其中剔除权益后的保有（债基为主）+8%（协会披露保有量为月均口径）。2 渠道格局来看，券商整体表现亮眼。权益Top100 中券商保有量环比+7%（vs.银行+6%/独立系+5%）、份额26%（vs.银行42%/独立系...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164318952ab0d2&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>评1H25基金代销数据：头部机构优势巩固</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n评1H25基金代销数据：头部机构优势巩固\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-13 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164318952ab0d2&s=b><strong>中国国际金融股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件中基协公布1H25 代销机构公募销售保有数据，我们发现如下。评论1 被动产品规模高增。Top100 机构合计权益基金保有量环比+6%、其中股票型指数基金+15%，非货基+7%、其中剔除权益后的保有（债基为主）+8%（协会披露保有量为月均口径）。2 渠道格局来看，券商整体表现亮眼。权益Top100 中券商保有量环比+7%（vs.银行+6%/独立系+5%）、份额26%（vs.银行42%/独立系...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164318952ab0d2&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0417516738.SGD","symbol_name":"Allianz Hong Kong Equity AT Acc SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164318952ab0d2&s=b","article_id":"2567181476","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164318952ab0d2&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2567181476","pubTimestamp":1757692800,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"事件中基协公布1H25 代销机构公募销售保有数据，我们发现如下。Top100 机构合计权益基金保有量环比+6%、其中股票型指数基金+15%，非货基+7%、其中剔除权益后的保有+8%。3 头部机构优势不断夯实。14 独立系整体受益于债基、且被动产品推动头部To C机构权益表现亮眼。5 券商在权益优势基础上、发力债基实现高增。7 集中度方面，全市场权益及非货基销售集中度提升。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89618":"京东集团-SWR","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","03152":"A博时港元","BK1142":"互联网与直销零售","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU1366334651.USD":"ALLSPRING EMERGING MARKETS EQUITY INCOME \"I\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1224444064.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AM\" (USDHDG) INC","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","09618":"京东集团-SW","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","BK1615":"港股-互联网","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","06886":"HTSC","JD":"京东","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","03968":"招商银行","BK1619":"稳定币概念","BK1591":"就地过年概念","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU1044875133.USD":"天利亚洲反向股票 AU Acc","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","SG9999001226.SGD":"UNITED SUSTAINABLE ASIA TOP 50 \"A\" (SGD) ACC","BK1502":"双十一","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0048580855.USD":"富达大中华区A","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC"},"translate_title":"Comment on 1H25 fund agency sales data: the advantages of leading institutions are consolidated","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"JD":0.6,"03968":0.9,"03152":0.9,"06886":0.9,"09618":0.9},"content_text":"事件中基协公布1H25 代销机构公募销售保有数据，我们发现如下。评论1 被动产品规模高增。Top100 机构合计权益基金保有量环比+6%、其中股票型指数基金+15%，非货基+7%、其中剔除权益后的保有（债基为主）+8%（协会披露保有量为月均口径）。2 渠道格局来看，券商整体表现亮眼。权益Top100 中券商保有量环比+7%（vs.银行+6%/独立系+5%）、份额26%（vs.银行42%/独立系29%），其中股票型指数基金券商保有量+11%、份额53%大幅领先。非货基Top100 中券商保有量+10%（vs.独立系+9%/银行+4%），其中券商及独立系渠道债基份额均有提升。3 头部机构优势不断夯实。Top3 中蚂蚁/招行权益规模高增，东财（含天天&东财证券）非货基增速更高。债基Top4 为蚂蚁/招行/兴业银行/东财，股票指数型Top4 稳定在蚂蚁/东财/中信证券/华泰且大幅领先，主动权益Top4 稳定在蚂蚁/招行/工行/东财。14 独立系整体受益于债基、且被动产品推动头部To C机构权益表现亮眼。Top100 中独立系非货基保有量环比+9%、权益+5%（股票指数型+15%），其中：蚂蚁股票指数型+22%、推动权益保有+11%，同时To C销售的腾讯/京东股票指数+20%/+15%、推动权益+9%/+16%；东财（天天&证券）权益稳定，债基+26%推动非货基+10%；To B销售的基煜依托债基实现非货+30%高增。5 券商在权益优势基础上、发力债基实现高增。Top100 中券商非货基保有量+10%，发力ETF及类固收、股票指数型+10%/债基+16%，其中：中信/华泰地位稳固、尤其中信权益+5%/非货基+15%，国泰海通位列第三；权益保有量招商+20%/建投+26%/国信+21%/方正+20%实现高增、非货基保有量亦实现高增。6 银行整体稳健、被动产品增速较高。Top100 中银行非货基保有量+4%、其中权益+6%（股票指数型+39%），其中：招行权益+20%（其中股票指数型+26%）/非货+10%、增速均优于同业；此外如兴业/邮储债基分别+8%/+31%、推动非货基+7%/+24%。7 集中度方面，全市场权益及非货基销售集中度提升。伴随基金渠道降费落地，我们认为未来行业马太效应或将强化，大型互联网平台/头部券商及财富管理特色商业银行或掌握主动权。详见《基金渠道降费：不只是让利，更是与投资者相向而行》风险市场大幅波动、行业竞争超预期、金融监管进一步趋严。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}