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," marking a critical shift in growth paradigms as it moves into 2026 after a significant "self-revolution" in 2025 [1] Group 1: Shift from Scale to Quality - The industry is moving from a "scale is king" mentality to prioritizing "investor satisfaction," driven by regulatory guidance and a focus on long-term investment returns [2] - Fund companies are expected to transition from a "sales-driven" model to a "service-driven" and "performance-driven" approach, emphasizing the importance of aligning interests with investors [2] - The introduction of floating fee rate funds and a revised evaluation system will focus on long-term risk-adjusted returns rather than short-term rankings and scale metrics [2] 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, aiming to create comprehensive financial institutions [3] - Smaller fund companies are finding success through differentiated competition, focusing on specialized areas such as quantitative indices and public REITs, while those lacking distinct identities face survival challenges [4] - The "Matthew effect" will become more pronounced, with leading firms leveraging brand and scale advantages, while smaller firms seek growth through niche positioning [4] Group 3: Tooling and Granularity - The trend of using tool-based products for asset allocation is becoming mainstream, with fund companies developing increasingly granular investment products to meet market demands [5] - Index products are evolving from broad categories to highly specialized offerings, providing low-cost entry points into specific industry sectors [5] - Active equity funds are undergoing a "tooling transformation," with new regulations expected to enhance the clarity of investment styles and their associated alpha generation capabilities [6] Group 4: AI in Investment Research - AI is expected to transition from a supportive role to a "second brain" in investment decision-making, enhancing cognitive boundaries and decision-making processes [7] - Fund companies are adopting AI technologies for various applications, including risk management and product innovation, which could fundamentally change business models [8] - AI will play a significant role in improving operational efficiency across governance, compliance, and customer service, leading to more refined product offerings [8] Group 5: Evolution of Fund Sales - The fund sales sector is set to undergo a comprehensive restructuring in 2026, focusing on customer-centric approaches rather than scale-driven growth [9] - Regulatory changes are pushing for a new assessment framework that prioritizes client outcomes over sales volume, marking a shift towards long-term value creation [9] - The sales strategy is evolving from "finding blockbuster funds" to "long-term companionship," aiming to enhance investor trust and address the issue of fund profitability versus investor returns [9]