中泰证券冯艺东： 券商有望引领公募基金销售

Group 1 - The core viewpoint presented is that under the trend of reform, securities firms are positioned to lead the public fund sales channel due to the transformation of residents' asset allocation and the construction of a professional service system [1] - The optimization of residents' asset allocation structure is identified as the underlying logic and core driver for the development of the public fund industry, highlighting unprecedented opportunities in the current market [1] - A comparison between the asset allocation patterns of residents in China and the U.S. underscores the significant development potential of domestic public funds, as the demand for wealth management shifts from "capital preservation" to "value appreciation" [1] Group 2 - Securities firms are expected to become the main sales channel for public funds due to their professional attributes and ecological advantages, with 79% of American households investing through intermediary channels, indicating a trend towards independent advisory roles [1] - The current public fund sales landscape in China is characterized by a dominance of banks, the rise of third-party platforms, and breakthroughs by securities firms, which are well-suited to take on the role of independent advisors [1] - To achieve this, securities firms need to focus on a "research + advisory" dual core strategy, building a customer-centered service system that emphasizes deep research and a transformation from "selling products" to "making allocations" [2]