Mei Ri Jing Ji Xin Wen·2026-01-11 12:34Core Insights - The article highlights a significant shift in the public fund sales landscape in 2025, with the broker settlement model becoming the mainstream choice for fund issuance, surpassing 50% for the first time [3][7][14] Group 1: Industry Changes - By the end of 2025, 52.39% of newly established public funds utilized the broker settlement model, marking a dramatic increase from 27% in 2024 [7][9] - The number of newly established equity mixed funds using the broker settlement model rose from 18.3% in 2021 to 51.71% in 2025, indicating a structural shift towards this model [9][10] - The broker settlement model is seen as a key driver for small and medium-sized brokerages to enhance their visibility and influence in the market [6][14] Group 2: Brokerages' Strategic Adaptations - Small and medium-sized brokerages are increasingly forming partnerships with multiple fund companies to expand their distribution networks and enhance product visibility [12][13] - Brokerages like Huaxin Securities and Huawen Securities are actively developing new broker settlement products and expanding their cooperation with fund managers, reflecting a strategic shift towards comprehensive wealth management services [5][6][14] - The broker settlement model allows brokerages to transition from a transactional role to a more integrated service provider, enhancing their competitive edge [8][14] Group 3: Market Dynamics - The 2024 regulatory changes regarding fund fees have incentivized fund companies to adopt the broker settlement model, as it allows for more flexible commission structures [8][9] - The market environment in 2025 is favorable for actively managed funds, which are more attractive to brokerages due to their potential for higher returns compared to passive index funds [10][11] - The collaboration between fund companies and brokerages is evolving from a one-sided selection process to a more nuanced, mutually beneficial partnership model [13][14]