Institutional distribution of fund assets continues to rise; securities firms leverage ETFs to build differentiated advantages.

Recently, the Asset Management Association of China disclosed data on the outstanding balances of fund distribution institutions for the first half of this year. The data shows that Ant Fund's outstanding balance of non-money market funds exceeded 2 trillion yuan, becoming the first in the entire market. At the same time, in the field of non-money market funds, the outstanding balance of third-party institutions reached 5.40 trillion yuan, surpassing banks' 5.33 trillion yuan for the first time. Industry insiders interviewed by reporters said that independent third-party sales institutions have significant advantages in entry points, traffic, and scenarios, which banks and securities firms do not possess. However, securities firms have their own advantages in ETF business, and various types of institutions need to identify their own positioning.