代销机构频遭解约，多家公募机构终止与民商基金合作

Core Viewpoint - Multiple public fund companies have announced the termination of cooperation with Minshang Fund Sales (Shanghai) Co., Ltd, reflecting a broader trend of fund companies ending partnerships with various distribution agencies due to intensified competition in the fund distribution market [1][2][4]. Group 1: Termination of Cooperation - On May 27, several public fund companies announced the termination of Minshang Fund's ability to handle their fund-related business, including companies like Debon Fund, Yinhua Fund, and Dongwu Fund [1][2]. - The termination of cooperation is aimed at protecting investor interests, with funds held through Minshang Fund being transferred to direct sales channels of the respective fund companies [2][3]. - The termination dates vary, with some companies ending cooperation by the end of May and others by June [2]. Group 2: Market Competition - The fund distribution market is experiencing intensified competition, leading to many distribution agencies facing termination of cooperation, including notable firms like Yixin Puzhe and Xiamen Xinding Sheng [1][4]. - Minshang Fund, established in 2016, has a significant presence with 2,753 funds distributed and partnerships with 72 fund companies as of May 26 [3]. - The trend of fund companies terminating partnerships is not limited to smaller agencies; even mid-tier agencies like Minshang Fund are affected, indicating a shift in the competitive landscape [4][5]. Group 3: Performance and Challenges - Many distribution agencies, despite having a large number of funds and partnerships, are struggling with declining sales volumes, which is a common reason for termination of cooperation [4][5]. - Some agencies have proactively chosen to withdraw from the market by canceling their distribution qualifications, highlighting the challenges faced by smaller and mid-tier agencies in maintaining long-term partnerships [5].