Core Viewpoint - The public fund sales industry is undergoing a transformation to rebuild trust with investors by focusing on long-term value and aligning the interests of institutions and clients [1][6][7]. Group 1: Industry Transformation - The public fund sales sector is shifting from a product-pushing model to one focused on investment solutions and long-term client value [1][7]. - The industry is moving towards a high-quality development phase, emphasizing collaboration between fund managers and sales institutions to enhance investor service capabilities [7][8]. - The core of the transformation involves changing the revenue model from transaction commissions to advisory fees, promoting a buy-side advisory approach [1][7]. Group 2: Investor-Centric Strategies - Companies are implementing strategies to improve investor experience, such as personalized asset planning based on individual goals and risk preferences [2][5]. - The introduction of AI-driven tools for 24/7 online service aims to address investor queries and promote rational investment habits [2][5]. - A focus on long-term investment strategies is being encouraged, with firms providing clients with performance analysis and rebalancing suggestions [3][4]. Group 3: Regulatory and Competitive Landscape - The China Securities Regulatory Commission (CSRC) has introduced guidelines to promote high-quality development in the public fund sector, including reducing fees and establishing evaluation mechanisms for sales institutions [6][7]. - The competitive landscape is evolving from price competition to service capability competition, necessitating a deeper integration of technology in the sales process [7][8]. - Firms are adjusting their assessment metrics to prioritize long-term client retention and satisfaction over short-term sales figures [6][8].

江海证券投顾业务部总经理刘喆受邀成为本次大赛评审委员会评委。 刘喆表示，中国资本市场波澜壮阔数十载，健康发展的根基在于经济的发展和制度的建设，也在于市场 信心的凝聚与投资者获得感的提升。财富管理非一时之术，而是与时代共进、与客户同行的长久之道。 它要求我们既要有穿越周期的理性与远见，也要有感知市场温度的同理心。 专题：第二届新浪财经金麒麟最佳投资顾问评选 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！ 我国财富管理行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周 期，投资顾问作为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响 着全民资产配置的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修炼内功"？ 基于此，新浪财经与银华基金共同打造"金麒麟最佳投资顾问评选"品牌活动，寻找优秀投资顾问，赋能 投顾IP建设，共建展业平台！金麒麟最佳投资顾问评选活动旨在为投资顾问提供一个展示形象、扩围服 务、提升能力的舞台，为优秀投资顾问与大众投资人搭建沟通对话的桥梁，助推中国财富管理行业健康 发展。 投资顾问服务，价值远不止 ...

Core Insights - The investment advisor Yang Hanwei from Zhongyin Securities Shaanxi branch achieved the fifth place in the public fund simulation portfolio ranking for July, with a monthly return rate of 12.43% [1][2] - The wealth management industry in China is entering a high-growth cycle, driven by an increasing awareness of financial management among residents, which directly influences asset allocation [1] - The "Golden Unicorn Best Investment Advisor Selection" event aims to provide a platform for investment advisors to showcase their capabilities and enhance communication with investors, promoting healthy development in the wealth management sector [1] Market Analysis - Yang Hanwei emphasizes a two-phase analysis of the stock market since September 2022: the first phase driven by liquidity and sentiment, and the second phase led by fundamental improvements [2] - Recent macroeconomic policies, including fiscal and monetary measures, have reduced uncertainty and are expected to support long-term upward momentum in the equity market [2] - The market is currently in a phase of consolidation, with expectations of a "slow bull" market emerging, where stock selection and market timing will be crucial for investors [3] Investment Opportunities - Historical data indicates that during bull markets, a significant percentage of industries experience substantial gains, suggesting potential for broad market participation [3] - Key sectors to watch for trading opportunities include semiconductors, AI, robotics, innovative pharmaceuticals, and securities, with a focus on large-cap growth [3] Challenges for Investment Advisors - Investment advisors face challenges due to the shift towards standardized products, making it easier for investors to select and manage investments, thus diminishing the perceived value of advisors [4] - The role of investment advisors is evolving, requiring them to provide more valuable and professional services while enhancing their strategies for diverse client groups [4] Technological Empowerment - Zhongyin Securities is leveraging big data technology to create personalized investment plans and adjust strategies based on investor account performance, thereby reducing operational risks [5] - The company is implementing a digital advisory model that combines human and AI services, enhancing client engagement and trust through long-term support and personalized service [5]

Core Viewpoint - The decision by Ping An Fund to suspend its APP operations has sparked significant market attention, indicating a potential shift in the public fund distribution strategy within the industry [1][3]. Group 1: Company Actions - Ping An Fund announced the suspension of its APP operations effective August 31, 2025, with functionalities being integrated into its official website and WeChat account [1]. - Other public funds, including Guoshou Anbao Fund and Qianhai Kaiyuan Fund, have also closed their APPs this year, reflecting a broader trend among mid-sized public funds [3][7]. - The operational costs of maintaining a fund APP are high, with estimates suggesting a minimum annual cost of over 2 million yuan, leading to many funds exiting the APP market [8][11]. Group 2: Industry Trends - The trend of shutting down APPs is not limited to smaller funds; it has now reached mid-sized funds with over 100 billion yuan in assets under management [6][7]. - Despite some funds exiting the APP space, leading firms are investing in enhancing their APP services, indicating a bifurcation in the market where larger firms continue to pursue digital engagement [3][10]. - The overall user engagement on APPs from leading funds remains lower compared to third-party platforms, highlighting a significant gap in user acquisition and retention [3][11]. Group 3: Future Outlook - Industry experts believe that the future of direct sales APPs hinges on not just selling proprietary funds but also on delivering investment research insights and comprehensive services to investors [4][12]. - The regulatory environment is evolving, with new policies aimed at enhancing investor services and promoting the development of fund advisory services, which could reshape the sales landscape [13][14].

Core Viewpoint - The recent announcement by Ping An Fund to suspend its APP operations by August 31, 2025, has sparked significant market attention, indicating a potential shift in the public fund distribution strategy within the industry [1][3]. Group 1: Industry Trends - Several public fund companies, including Guoshou Anbao Fund and Morgan Stanley Fund, have also shut down their APPs this year, suggesting a broader trend in the industry [3][6]. - The closure of APPs by mid-sized public funds reflects the increasing operational and maintenance costs that are difficult to justify against low user engagement and financial returns [3][7]. - As of mid-2025, Ping An Fund's management scale reached 655.4 billion yuan, with a non-monetary scale of 251.7 billion yuan, ranking 24th in the industry [3][7]. Group 2: Operational Challenges - The annual cost of maintaining a fund APP is estimated to exceed 2 million yuan, which includes expenses for technical development and content operations, making it unsustainable for many mid-sized funds [7]. - The user engagement of fund APPs from leading companies is relatively low compared to third-party platforms like Tiantian Fund and Ant Wealth, leading to a significant disparity in active user numbers [3][7]. Group 3: Strategic Responses - Despite some companies exiting the APP market, leading firms are investing in enhancing their APP services to improve user experience and engagement [3][8]. - Recent upgrades to APPs from major funds, such as Nanfang Fund and Yinhua Fund, have resulted in increased user activity, with some reporting a month-on-month growth in active users [8][9]. - The industry is gradually shifting towards a customer-centric approach, focusing on enhancing investor experience and reducing overall fees, which may lead to a restructuring of sales channels [9][11]. Group 4: Future Outlook - The development of direct sales APPs is seen as promising, provided that they focus on delivering investment research insights and comprehensive services to investors [4][10]. - Regulatory frameworks are being established to support the growth of fund advisory services, indicating a potential expansion of the direct sales model in the future [12].

近日，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场数据。截至2025年 4月末，沪市ETF共680只，总市值为29625.45亿元；深市ETF共467只，总市值为10947.55亿元。沪深两 市ETF规模合计逾4万亿元，较上个月稳步上升。从券商经纪业务角度看，在ETF业务竞争格局中，如 华泰证券、中信证券等传统龙头券商凭借综合实力稳居第一梯队。 券商人士认为，ETF市场的快速发展为券商财富管理业务向买方投顾转型奠定了基础。当前券商的 买方投顾业务需进一步丰富服务内容，在巩固基金投顾核心地位的同时，也应将ETF纳入证券投顾体系 的重要配置范畴，这不仅有助于优化资本市场交易结构，也可通过发挥ETF指数化投资的工具属性，推 动市场形成长期价值投资良性生态。 总规模持续攀升 沪深交易所数据显示，截至2025年4月末，沪市基金产品共846只，资产管理总规模为31034.10亿 元。其中，ETF共680只，总市值为29625.45亿元。深市基金产品共756只，资产管理总规模为11310.87 亿元。其中，ETF共467只，总市值为10947.55亿元。截至2025年4月末，沪深两市ETF总市值为405 ...

Core Insights - The average commission rate for A-shares in Shanghai reached a new low of 0.201‰ in the first half of 2025, continuing a downward trend observed in recent years [1] - The commission rate decreased by 8.2% year-on-year compared to the same period in 2024, with a notable decline of 5.9% for the entire year of 2024 compared to 2023 [1] - Several brokerage firms have set the commission rate for new individual investor accounts as low as 0.01%, with some even waiving the minimum fee of 5 yuan [2][3] Commission Rate Trends - The average commission rate for local branches in Shanghai was 0.260% in the first half of 2025, significantly higher than the 0.181% for branches located outside Shanghai, indicating a 32.6% difference even after excluding high-frequency quantitative trading [5] - Monthly data from January 2024 to June 2025 shows a gradual decline in the average commission rate, with fluctuations but a clear overall downward trend [7] - The commission rates for 2025 have stabilized in a lower range, consistently below 0.221%, reflecting a more competitive market landscape [9] Market Dynamics - The relationship between market activity and commission rates is evident, as higher trading volumes tend to enhance brokers' bargaining power, leading to potential increases in commission rates during active market periods [8] - The commission rate decline exhibits a "stair-step" pattern rather than a straight line, indicating gradual adjustments in response to market conditions [9] Strategic Responses from Brokerages - Brokerages are enhancing their service offerings to counteract declining commission revenues, focusing on buyer advisory services and bundling additional services with commission rates [11] - Innovative strategies include linking commission rates to value-added services such as market insights and proprietary research reports, allowing firms to differentiate themselves in a competitive environment [11] - The introduction of smart algorithm tools, such as T0 trading algorithms, aims to meet diverse client needs while increasing trading frequency and, consequently, commission income for brokerages [12]

Core Insights - The market trading volume continues to rise, with mid-year earnings forecasts exceeding expectations, and stablecoins acting as a catalyst, leading to optimism about undervalued leading brokerage firms [1] Group 1: Market Performance - The self-operated and margin financing businesses are performing steadily [1] - Wealth management transformation shows differentiation and long-term potential, with a deepening buy-side advisory model [1] - Fund advisory business is steadily expanding in scale, with excellent customer retention and reinvestment rates, enhancing channel stickiness [1] Group 2: Sector Focus - Attention is recommended on the trends in non-bank financials and fintech sectors as they approach previous highs [1] - Based on the industry rotation model, non-bank financials rank high in the bullish configuration for August [1] Group 3: Investment Products - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed securities companies primarily engaged in brokerage, investment banking, and asset management to reflect the overall performance of the securities industry [1] - The index constituents have high market representativeness and liquidity, serving as an important reference for investors in financial services allocation [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]

Group 1 - The core viewpoint emphasizes the ongoing transformation of securities and futures institutions in Ningbo towards wealth management, driven by policies promoting inclusive financial services and high-quality development [1] - Institutions are shifting from traditional trading intermediaries to client-centered wealth management entities, implementing buyer advisory models, financial technology empowerment, and tiered service systems to enhance service quality and meet diverse investment needs [1][2] - The focus on addressing the industry pain point of "funds making money while investors do not" is central to the overall transformation of institutions [1] Group 2 - Institutions are constructing a multi-tiered product matrix to meet the diverse allocation needs arising from residents' wealth growth, with products covering five asset classes and 21 strategies [2] - The "customization + allocation" model allows institutions to provide asset allocation recommendations based on clients' risk preferences, balancing returns, risks, and liquidity [2] - The rapid iteration of AI large model technology is becoming a key driver for institutions to enhance service quality, with firms like Galaxy Securities utilizing advanced models for deep data mining and precise client profiling [2][3] Group 3 - Institutions are reinforcing risk control and investor protection mechanisms during business innovation, with unique models emerging, such as the "client companionship plan" by Everbright Securities [3] - The wealth management transformation in Ningbo has progressed from conceptualization to practical effectiveness, with a shift from "channel services" to "value creation" in the industry [3]

Core Viewpoint - The public fund sales institutions are undergoing a transformation due to the shrinking of trailing commissions and upcoming sales fee reforms, shifting from a "sell-side sales" model to a "buy-side service" model [1][2][5]. Group 1: Impact of Fee Reforms - The first impact on fund sales institutions is the reduction of trailing commissions, with management fees and custody fees decreasing since the initiation of the public fund fee reform in July 2023. The projected management fee income for 2024 is 124.73 billion yuan, an 8.1% decrease from 2023, with trailing commissions expected to be 35.48 billion yuan, down 8.7% [3]. - Many fund sales institutions, such as China Merchants Bank and Tiantian Fund, reported a significant decline in their distribution income, with reductions around 20% [4]. - The second impact is the anticipated reduction in sales fees, which is expected to be implemented by 2025, further constraining the revenue space for sales institutions [5]. Group 2: Transformation Strategies - Fund sales institutions are actively seeking transformation strategies in response to the dual pressures of commission shrinkage and upcoming sales fee reductions [6]. - Companies like Jiyu Fund are adjusting their product structures to focus more on multi-asset and equity products, enhancing their service offerings to meet diverse investor needs [7]. - Yingmi Fund is adopting a buy-side advisory model, aiming to align its interests with those of clients and reduce reliance on sales fees by developing a comprehensive advisory service system [8]. Group 3: Evaluation and Performance Metrics - The regulatory framework is shifting towards evaluating fund sales institutions based on investor returns, emphasizing the importance of maintaining investor profitability and long-term performance [9][10]. - Companies are adjusting their internal assessment mechanisms to focus more on the long-term stability and goal achievement of institutional clients, rather than just overall scale [11]. - The industry consensus is moving towards enhancing the investor experience through comprehensive advisory services, addressing the historical focus on initial sales rather than ongoing client engagement [12][13].