基金代销“大洗牌”!

Core Viewpoint - The fund sales market is undergoing a rapid reshuffle, with major fund companies terminating partnerships with certain sales agencies, indicating a clearer trend of industry restructuring [1][9]. Group 1: Termination of Partnerships - Jiahe Fund and CMB Fund announced the termination of their sales partnerships with Beijing Weidongli Fund Sales Co., Ltd. and Fangzheng Zhongqi Futures Co., Ltd., respectively, effective November 27 and 28, 2025 [2][4]. - The decision to end these partnerships is primarily driven by the need to protect investor interests and improve channel efficiency [7][8]. Group 2: Background of Sales Agencies - Weidongli Fund, established in March 2014 with a registered capital of 20 million yuan, faced regulatory issues in July 2022, including a negative net asset value and multiple legal disputes [4][6]. - Fangzheng Zhongqi, which obtained its fund sales license in November 2019, is terminating its fund sales as part of a strategic adjustment, with several fund companies already ending their collaborations with it [6][7]. Group 3: Industry Trends - The termination of partnerships reflects a broader trend in the fund sales industry, where companies are focusing on optimizing channel structures and enhancing risk control amid stricter regulations and fee reforms [7][8]. - There has been a significant increase in the number of smaller sales agencies losing their licenses, indicating a market-driven consolidation towards larger, more capable institutions [9]. - Analysts suggest that the future of fund sales will concentrate on leading banks, brokerages, and internet platforms, promoting a shift towards professional and service-oriented channels [9].