基金销售新规拟禁止宣传规模后，公募营销思路如何变

Core Viewpoint - The new regulations from the Asset Management Association of China (AMAC) prohibit the promotion of fund size and growth, which has raised significant attention within the industry [1][3]. Group 1: Regulatory Changes - The newly drafted "Sales Behavior Norms for Publicly Raised Securities Investment Funds" includes 37 articles across nine chapters, focusing on various promotional behaviors and performance assessments [3]. - Fund performance must be displayed over periods exceeding six months, and annualized returns cannot be shown for periods shorter than one year [3][7]. - Fund managers and sales institutions are required to avoid misleading promotional language and cannot advertise fund size or growth [3][4]. Group 2: Impact on ETF Promotion - The inability to promote fund size is seen as a significant drawback for ETFs, as size is often a key differentiator and relates directly to liquidity [3][4]. - Some industry insiders believe that while the new rules may limit promotional strategies, they could also reduce herd behavior among investors [4][5]. - The emphasis on promoting the tool attributes and asset allocation functions of index funds is highlighted, with a focus on compliance with performance display regulations [4][6]. Group 3: Adjustments by Institutions - Many institutions are already adjusting their promotional strategies in response to the new regulations, particularly regarding the emphasis on fund size [4][5]. - The regulations also stipulate that live promotional content must comply with existing legal requirements, including qualifications for presenters and restrictions on receiving viewer tips [6]. - Performance assessments for fund sales will now prioritize investor outcomes and fund retention over sales revenue and scale [6][7].