“最后一公里”的变革： 基金代销巨头转向长期主义

Core Insights - The public fund industry in China is experiencing a significant transformation, driven by regulatory changes aimed at reducing fees and promoting long-term investment strategies [1][4][6] - Internet distribution channels are becoming crucial in connecting investors with public fund products, emphasizing the need for transparency and improved investor experience [1][2] 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 and service fees, guiding the industry back to long-term investment principles [1][4] - New regulations restrict the commission structure, encouraging institutions to focus on retaining clients through enhanced service rather than frequent trading [4] Group 2: Changes in Sales Practices - Fund sales platforms are shifting their focus from short-term performance metrics to long-term indicators, such as three-year performance and risk-adjusted returns, to better inform investor decisions [2][3] - Platforms like Ant Fund and Tiantian Fund are introducing new data dimensions to enhance transparency and assist investors in making informed choices [2][3] Group 3: Emphasis on Risk Management - The sales process is increasingly incorporating risk adaptation, with platforms showcasing historical volatility to align products with investors' risk tolerance [3] - The introduction of features that highlight real investor performance aims to connect product value directly with investor satisfaction [3] Group 4: Future Trends - The industry is expected to see a shift towards equity fund sales, aligning with policy directions to support long-term capital market funding [5] - A transformation from sales-driven to service-driven models is anticipated, reducing reliance on low-risk volume sales strategies [5][6] Group 5: Long-term Investment Focus - The sales ecosystem is evolving to prioritize long-term performance over short-term gains, with a focus on investor experience and satisfaction [6] - Data indicates that users of Ant Fund's "Gold Selection" equity funds have a higher probability of achieving positive returns compared to non-"Gold Selection" users, highlighting the benefits of long-term holding [6]