洗牌+革新！2026公募五大趋势勾勒行业新蓝图

Core Viewpoint - The Chinese public fund industry is transitioning from "rapid growth" to "high-quality development" after a significant self-revolution in 2025, marking a critical juncture for the industry [1][2]. Group 1: Shift in Growth Paradigm - The industry is moving from a "scale-first" approach to a "quality-first" mindset, focusing on "investor satisfaction" as the new growth paradigm [3]. - Under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds," the industry is optimizing fee structures and aligning interests between fund companies and investors, emphasizing long-term investment returns [3]. - The third phase of fee reform is solidifying, leading to a rational return of management fees, reducing investor costs, and fostering a service-driven and performance-driven model for fund companies [3]. Group 2: Industry Restructuring - A new wave of industry consolidation is anticipated, with some fund companies expected to grow stronger through mergers and resource integration, creating comprehensive financial entities [4]. - Smaller fund companies are finding success through differentiated competition, focusing on specialized areas such as quantitative strategies and public REITs, while those lacking distinct identities face survival challenges [4][5]. - The "Matthew Effect" will become more pronounced, with leading institutions leveraging brand and scale advantages, while smaller firms seek growth through niche positioning [4][5]. Group 3: Tooling and Granularity - The trend of "tooling" is leading to a new era of granular investment products, with fund companies developing increasingly detailed tools for asset allocation [6]. - Index products are evolving from broad categories to highly specialized offerings, providing low-cost entry points into specific sectors [6]. - Active equity funds are undergoing a "tooling transformation," with new regulations expected to enhance the clarity of investment styles and their associated alpha generation [7]. Group 4: AI in Investment Research - AI is transitioning from a supportive role to becoming a "second brain" in investment decision-making, enhancing cognitive capabilities and decision-making processes [8]. - The integration of AI into investment research is expected to evolve into a collaborative decision-making partnership, driving the industry towards a more industrialized model [9]. - AI will also enhance operational efficiency across governance, compliance, and risk management, while aiding in the design of more refined products [9]. Group 5: Sales Transformation - The fund sales sector is set to undergo a comprehensive restructuring, focusing on customer-centric approaches rather than scale-driven growth [10]. - Regulatory changes are prompting a shift in sales strategies, emphasizing long-term client relationships and real returns over initial sales figures [11]. - The sales ecosystem is expected to evolve towards a model that prioritizes sustained engagement and service quality, addressing the industry's historical issues of misalignment between fund performance and investor returns [11].