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Core Viewpoint - The article discusses the recent termination of sales agreements between several fund companies and independent fund sales institutions, indicating a trend of consolidation and risk management within the fund distribution market in China [2]. Group 1: Termination of Agreements - Jiahe Fund announced the termination of its sales cooperation with Beijing Weidongli Fund Sales Co., effective November 28, 2025, to protect investor interests [4]. - Similarly, China Merchants Fund ended its sales partnership with Fangzheng Zhongqi Futures Co., effective November 27, 2025 [9]. - Other fund companies, including ICBC Credit Suisse, Minsheng Zhiyin, and Ping An, have also terminated their agreements with Weidongli in the past year [6]. Group 2: Performance of Weidongli and Fangzheng Zhongqi - As of November 27, Weidongli had sold 377 fund products from 18 fund companies, ranking in the bottom 20% among 88 independent fund sales institutions [7]. - Fangzheng Zhongqi, which obtained its fund sales license in November 2019, had 140 fund products from 12 fund companies, placing it in the bottom 40% among 30 futures institutions [11]. - Fangzheng Zhongqi announced a halt to its fund sales business due to strategic adjustments [12]. Group 3: Industry Trends - The fund sales market is undergoing a rapid "reshuffling," with numerous independent fund sales institutions, such as Fuxin Bank and Zhongmin Wealth, having canceled their fund sales licenses [13]. - The competitive landscape has led to a significant "head effect," making it difficult for smaller institutions to survive [13]. - Fund companies are increasingly terminating relationships with sales channels that lack sales capabilities, viewing them as cost liabilities and potential reputational risks [13].