基金销售子公司策略生变，如何走出差异化路径

Core Viewpoint - The recent approval of E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd. marks the emergence of the ninth fund sales subsidiary in the market, highlighting the ongoing evolution and challenges faced by fund sales subsidiaries in the competitive landscape of fund distribution [1][2]. Group 1: Development of Fund Sales Subsidiaries - Since 2012, the fund sales subsidiary sector has seen limited growth, with no significant advantages in market share compared to traditional sales channels [1][2]. - The first fund sales subsidiary, E Fund Wealth, was established in 2012, followed by a peak in new establishments between 2014 and 2016, during which five subsidiaries were formed [2][3]. - After 2016, the pace of new fund sales subsidiary formations slowed, with the next approvals occurring in 2021 and 2024 [3]. Group 2: Market Position and Performance - As of the second half of 2024, only three fund sales subsidiaries ranked among the top 100 fund sales institutions in terms of public fund sales scale, with E Fund Wealth's performance yet to be fully established [5]. - In terms of equity fund holdings, China Universal Wealth leads among subsidiaries with 5.5 billion yuan, while E Fund Wealth's competitors, such as Harvest Wealth and China Universal Wealth, have 4.8 billion yuan and 5.1 billion yuan, respectively [5]. - The majority of fund sales subsidiaries have not achieved significant sales volumes, with the highest number of funds sold by Harvest Wealth at 8,059, while others like Guojin Liyi and Jiutai Fund Sales have sold fewer than 100 funds [6]. Group 3: Strategic Adjustments - The fund sales subsidiaries have had to adapt their strategies due to changes in the market, particularly the rise of third-party internet platforms and the implementation of new asset management regulations [8]. - The initial expectation for fund sales subsidiaries was to create a competitive edge against traditional channels, but the reality has shown limited success in capturing market share [7][8]. - Moving forward, fund sales subsidiaries are focusing on differentiation through specialized fund research, investment advisory services, and comprehensive asset allocation capabilities to meet evolving investor needs [9][10].