[Third-party institutions overtake the curve and reshape the fund agency market structure] September 16th, under the favorable conditions in the equity market in the first half of the year, public fund agency agencies seized the window period and actively expanded the scale of non-monetary funds and equity funds, and achieved remarkable results. As of the end of June, Ant (Hangzhou) Fund Sales Co., Ltd. became the first fund sales institution in the market with non-monetary fund holdings exceeding 2 trillion yuan. China Merchants Bank Co., Ltd.'s non-goods fund holdings also exceeded 1.5 trillion yuan for the first time. The two giants join hands to lead the market. In addition, a number of third-party independent fund sales institutions such as Teng'an Fund Sales (Shenzhen) Co., Ltd., Shanghai Jiyu Fund Sales Co., Ltd., and Jingdong Kentrui Fund Sales Co., Ltd. have "overtaken the curve", and their non-monetary fund retention scale rankings have significantly improved in the first half of the year; fund sales subsidiaries of public equity institutions have also begun to take shape. E Fund Sales (Guangzhou) Co., Ltd., which just launched business in December 2025, has ranked among the top 100 fund sales institutions.