基金代销巨头转向长期主义

Core Insights - The public fund industry in China is undergoing a significant transformation, focusing on long-term investment and enhancing investor experience through regulatory changes and new sales strategies [1][4][6] Group 1: Regulatory Changes - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to lower subscription fees and sales service fees, guiding the industry back to long-term investment [1][4] - The new regulations restrict the proportion of client maintenance fees, which is expected to shift the competitive logic among institutions towards retaining clients for the long term [4] Group 2: Changes in Sales Strategies - Internet platforms for fund distribution are shifting their focus from short-term performance metrics to long-term indicators, such as "three-year returns" and "positive returns over three years" [2][6] - Major platforms like Ant Fund and Tiantian Fund are introducing new data presentation dimensions to enhance transparency and assist investors in making informed decisions [2][3] Group 3: Emphasis on Investor Experience - The sales process is evolving to highlight real investor experiences, with platforms showcasing metrics like user profitability and average returns to connect product value with investor satisfaction [3][4] - The focus is shifting from merely selling products to providing comprehensive services that enhance the overall investment experience [6] Group 4: Future Outlook - The industry is expected to prioritize sustainable growth in asset retention, with a shift towards a sales ecosystem centered on long-term investment principles [6] - By 2026, platforms aim to enhance user retention and profitability metrics while reducing the emphasis on sales volume, creating a new assessment framework focused on investor satisfaction [6]