新基金结算之争：中小机构深度绑定，2025年券商业务占比首超银行

Core Insights - The public fund sales landscape is undergoing significant changes, with the proportion of funds using the broker settlement model surpassing 50% for the first time in 2025, indicating a shift in strategy for medium and small-sized fund companies [3][6][10] - The broker settlement model is becoming the mainstream choice for new fund issuances, driven by regulatory changes and the need for efficiency in fund operations [10][14][18] Group 1: Market Dynamics - In 2025, 52.39% of newly established public funds (876 out of 1672) adopted the broker settlement model, marking a significant increase from 27% in 2024 [6][10] - The growth in the broker settlement model is attributed to the 2024 regulatory changes that exempted certain commission distribution limits, incentivizing fund companies to adopt this model [10][14] - The shift towards the broker settlement model is particularly pronounced in actively managed funds, with their adoption rate rising from 18.3% in 2021 to 51.71% in 2025 [11][14] Group 2: Broker and Fund Company Strategies - Medium and small-sized fund companies are increasingly collaborating with multiple brokers to enhance product visibility and sales networks, often utilizing all three available broker slots for their funds [15][16] - Brokers like Huaxin Securities and Huawen Securities are expanding their product lines and partnerships, focusing on innovative fund structures and deepening their roles beyond mere sales [5][17] - The collaboration between brokers and fund companies is evolving into a symbiotic relationship, with brokers providing comprehensive services that enhance fund performance and investor experience [17][18] Group 3: Future Outlook - The transformation in the public fund industry is expected to benefit the asset management sector and investors by shifting the focus from resource allocation to value creation [18] - The competitive landscape is moving towards providing deeper research insights and efficient operational solutions, which will be crucial for winning in the broker settlement model [18]