托管撤单、代销份额下滑，银行基金业务步入“围城”

Core Viewpoint - The banking sector is facing significant challenges in its fund sales business due to increased competition from internet platforms, changing investor behaviors, stricter regulations, and a shift towards quality-driven growth rather than scale-driven growth [1][11]. Group 1: Fund Custody Business - The entry barriers for fund custody qualifications have increased, leading to some small and medium-sized banks withdrawing their applications, with Guangzhou Bank being the latest to do so after over three years of waiting [4][5]. - The new regulatory requirements demand a net asset threshold of 500 billion yuan and a strong market presence, which many smaller banks struggle to meet, resulting in a concentration of custody business among larger financial institutions [5][6][7]. - The top five banks dominate the fund custody market, holding approximately 47.93% of the market share, making it increasingly difficult for smaller institutions to compete [7]. Group 2: Sales Channel Dynamics - The withdrawal of custody applications signals a strategic retreat from high-cost, low-return business models, as many banks are opting to focus on more profitable areas [8]. - There is a noticeable trend of fund companies terminating sales partnerships with smaller banks, indicating a shift towards more rational and concentrated channel strategies [9][10]. - As of mid-2024, the bank channel's share of equity fund holdings has declined from 44.81% to approximately 41.93%, reflecting a broader trend of diminishing influence in the market [9][10]. Group 3: Revenue Growth Challenges - The reliance on traditional revenue models based on scale and licensing is becoming unsustainable, prompting banks to adopt "price for volume" strategies to attract customers [11][12]. - While lowering fees can temporarily boost transaction volumes, it compresses banks' intermediary income, which is primarily derived from subscription fees [12]. - To achieve sustainable growth, banks need to transition from merely selling products to providing comprehensive services, enhancing customer engagement, and developing a robust advisory framework [13].