Investment Rating - The industry rating is "Overweight" with a maintained rating from the previous assessment [4][9] Core Insights - The recent regulatory updates aim to enhance investor-centric practices in the public fund sales sector, focusing on long-term performance and transparency [2][3] - The new guidelines restrict short-term performance marketing and emphasize the importance of long-term investor returns, which may lead to a shift in sales strategies within the industry [3] - The regulatory framework is designed to align the interests of fund managers with those of investors, promoting a high-quality development trajectory for the industry [3] Summary by Sections Regulatory Changes - The new sales regulations include requirements for performance display periods to exceed six months and prohibit the showcasing of annualized returns for periods shorter than one year [2] - Sales models, particularly live sales, will be regulated to ensure compliance and professionalism, requiring certified personnel and a comprehensive management mechanism [2] - Fee transparency is mandated, with clear definitions and disclosures regarding service fees and commissions to enhance market fairness [2] Performance Assessment - The performance evaluation of sales institutions must incorporate investor profit and loss metrics, with a significant focus on long-term holding periods rather than short-term sales figures [3] - The guidelines promote a differentiated assessment system within fund management companies, ensuring that long-term investment returns are prioritized [3] Market Outlook - The industry is expected to experience a shift towards a more sustainable and investor-focused model, with short-term performance-driven sales strategies facing pressure for adjustment [3] - The overall market performance of the non-bank financial sector has shown fluctuations, with a recent relative performance of -1.99% over one month and 2.70% over twelve months compared to the CSI 300 index [6]