扩容！基金投顾配置开闸，这类ETF“破壁”入局！影响多大？

Core Viewpoint - The recent policy by the China Securities Regulatory Commission (CSRC) to include Sci-Tech Innovation Board ETFs in the fund advisory configuration aims to attract more medium to long-term capital into the new productive forces sector, enhancing the inclusiveness and adaptability of the system [1][4]. Group 1: Fund Advisory Business Development - The fund advisory business has evolved significantly over the past five years, with the number of pilot institutions increasing to 60, covering various entities such as banks, brokerages, and third-party channels [2][11]. - The inclusion of Sci-Tech Innovation Board ETFs is expected to enhance the flexibility of asset allocation in fund advisory services, allowing for more personalized investment strategies [7][10]. - Fund advisory institutions can now construct richer advisory strategies based on ETFs, reducing transaction costs for investors and promoting the aggregation of medium to long-term capital [5][6]. Group 2: Impact of ETF Inclusion - The policy change allows fund advisory institutions to directly invest in ETFs, improving tracking accuracy and trading efficiency, which enhances overall investment efficiency for clients [6][8]. - The move is seen as a significant step towards transforming the fund advisory industry, potentially leading to a more mainstream "advisory + ETF" service model [7][14]. - The inclusion of ETFs is expected to broaden the scope of advisory strategies, allowing for innovative asset allocation approaches that can meet diverse client needs [12][13]. Group 3: Future Prospects and Challenges - There is a strong expectation that more ETF categories will be included in the advisory scope, which could further enrich the strategies and product offerings available to clients [13][15]. - The fund advisory sector faces challenges such as the need for improved investor education on ETFs, system support for trading, and addressing liquidity issues for niche ETFs [16][18]. - The transition to a more ETF-centric advisory model requires upgrades in research, risk control, and technical tools to meet the evolving demands of the market [17][18].