CITIC Securities: The process of index fund establishment continues, and distribution faces new challenges.

CITIC Securities research report indicates that by the end of 2025, the scale of the Top 100 fund distribution agencies will continue to increase, with the growth rate of stock index funds exceeding 20%. The process of indexation of public funds continues, with brokerage shares continuing to rise and bank shares decreasing. Looking ahead, the implementation of new regulations on sales expenses is expected to change the current ecosystem of public fund sales at all levels, and distribution agencies will face a changing situation. Currently, the structure of the top institutions remains stable, but a decrease in concentration may reveal more middle and lower-tier channels strengthening their fund distribution business, improving service capabilities, diversifying business, or finding breakthroughs.