公募重磅改革启动，券商等代销机构迎新考验！

Core Viewpoint - The public fund industry is undergoing significant transformation, with a focus on aligning the interests of sales institutions with investor profitability through a new classification evaluation mechanism for fund sales institutions [1][2][3]. Group 1: Classification Evaluation Mechanism - The newly introduced classification evaluation mechanism will incorporate various metrics, including investor profit and loss, holding period, and the scale of equity fund holdings [2][3]. - The mechanism aims to shift the assessment of sales institutions from a sales volume focus to an investor profitability focus, thereby enhancing the accountability of sales channels [1][2]. Group 2: Impact on Sales Institutions - The reform will prioritize institutions with better classification evaluation results in product access, license applications, and innovative business opportunities [3]. - Sales institutions are encouraged to improve their internal assessment and incentive mechanisms, emphasizing the importance of investor profit and loss [3][4]. Group 3: Fund Sales Fee Reform - The upcoming reform will include a reduction in fund sales fees, with expectations of a 50% decrease in sales service fees and a 30% reduction in trailing commissions, potentially leading to a total revenue decline of 39% for sales channels [4][5]. - The fund industry is projected to generate management fee income of 124.7 billion yuan in 2024, with sales service fees and trailing commissions contributing significantly to this figure [4]. Group 4: Shift to Buy-side Advisory Model - Sales institutions are advised to transition towards a buy-side advisory model, focusing on long-term investor relationships and asset appreciation rather than short-term sales [6]. - The demand for investment advisory services is expected to increase, necessitating a shift in sales strategies to accommodate investor needs [6]. Group 5: Growth of Equity Index Funds - The reform is anticipated to boost the scale and proportion of equity funds, particularly index funds, with securities firms expected to benefit from their existing advantages in this area [7][8]. - The market share of securities firms in equity index products is projected to reach 58% by the second half of 2024, highlighting their competitive position [7]. Group 6: Challenges and Opportunities - Despite the growth potential for equity index funds, there are concerns about the ongoing trend of fee reductions, which may impact overall profitability [8]. - The industry is expected to see a rapid development of thematic and strategy-based index funds, driven by regulatory guidance and changing investor demands [8].