深度｜银基合作，新打法来了！

Core Viewpoint - The collaboration model between banks and fund companies in China is shifting from a focus on product sales to a more service-oriented approach, emphasizing long-term customer value and comprehensive capabilities [1][2][10]. Group 1: Changes in Collaboration Logic - The collaboration logic is being reshaped from a sales-driven approach to a comprehensive capability assessment, with banks focusing more on customer experience and operational efficiency [2][11]. - Banks are adopting "project-based" or "tender-based" cooperation models, evaluating fund companies based on multiple criteria such as product performance, research capabilities, and customer service [3][4]. - The shift is driven by the need for banks to enhance customer retention and operational efficiency in a competitive landscape [2][11]. Group 2: Customer Segmentation and Marketing Strategy - Banks are increasingly segmenting customers and focusing on retention rather than just sales volume, emphasizing post-investment services to improve customer experience [5][6]. - The marketing strategy has shifted to prioritize customer satisfaction and feedback from branch channels, influencing product selection [6][7]. Group 3: Differentiation Between Bank Types - There is a noticeable differentiation in collaboration focus between state-owned banks and joint-stock banks, with the former leaning towards specialized products and the latter focusing on retail customer needs [6][7]. - The internal power dynamics within banks are shifting, with more decision-making authority being delegated to branch levels, enhancing the importance of communication with fund companies [6][7]. Group 4: Focus on FOF Products - The FOF (Fund of Funds) category is becoming a focal point for collaboration, with banks adopting strict selection criteria for high-performing products [8][11]. - There is a reduced emphasis on "star fund managers," with banks focusing more on product systems and overall allocation logic [8][11]. Group 5: Drivers of Collaboration Model Adjustment - The adjustments in collaboration models are driven by three main factors: ongoing public fund reforms, changes in the industry ecosystem, and evolving investor demands [10][11]. - Banks are transitioning from a product sales model to a wealth management model, emphasizing risk matching and long-term customer value creation [11][12]. Group 6: Fund Companies' Strategic Adjustments - Fund companies are responding by adjusting their channel strategies, focusing on demand-driven product development and enhancing service capabilities [12][14]. - There is a shift from one-time sales to long-term partnerships, with fund companies aiming to provide comprehensive support to banks [12][14]. Group 7: Preference for Stable Investment Products - With a significant amount of deposits maturing, banks are likely to favor "deposit replacement" products that offer stable returns and lower volatility, such as "fixed income+" and low-volatility mixed products [15][16][17]. - The selection criteria for products are evolving from short-term performance to long-term configurability and operational capability [16][17].