冯艺东在演讲中表示，居民资产配置结构的优化升级，是公募基金行业发展的底层逻辑与核心驱动，当 前行业正迎来前所未有的时代机遇。中美居民资产配置格局的鲜明对比，更凸显出国内公募基金的巨大 发展潜力。随着存款吸引力持续下降、个人养老金制度落地，居民财富管理需求从"保本"向"增值"转 变，公募基金将成为核心承接载体。 ● 本报记者 张鹏飞 12月30日，在"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金牛奖颁奖典礼"上， 中泰证券总经理冯艺东发表主题演讲，从居民资产配置转型、券商核心优势及专业服务体系构建三大维 度，阐述了"改革趋势下券商引领公募基金销售主渠道"的核心观点。 冯艺东认为，券商的专业属性与生态优势使其有望跃升为公募销售主渠道。国际上，79%的美国家庭通 过中介渠道进行投资配置，独立顾问渠道占比持续提升；国内方面，当前公募销售呈现"银行为主、三 方崛起、券商突破"格局，券商正是承担独立顾问角色的合适机构。券商的核心优势显著，场内交易通 道通畅、投研能力支撑、高适配度客户基础及全业务链协同服务，契合监管推动的费率改革与"以投资 者为本"转型方向。 谈及实现路径，冯艺东表示，券商需锚定"研究 ...

Group 1 - The core viewpoint presented is that under the trend of reform, securities firms are positioned to lead the public fund sales channel due to the transformation of residents' asset allocation and the construction of a professional service system [1] - The optimization of residents' asset allocation structure is identified as the underlying logic and core driver for the development of the public fund industry, highlighting unprecedented opportunities in the current market [1] - A comparison between the asset allocation patterns of residents in China and the U.S. underscores the significant development potential of domestic public funds, as the demand for wealth management shifts from "capital preservation" to "value appreciation" [1] Group 2 - Securities firms are expected to become the main sales channel for public funds due to their professional attributes and ecological advantages, with 79% of American households investing through intermediary channels, indicating a trend towards independent advisory roles [1] - The current public fund sales landscape in China is characterized by a dominance of banks, the rise of third-party platforms, and breakthroughs by securities firms, which are well-suited to take on the role of independent advisors [1] - To achieve this, securities firms need to focus on a "research + advisory" dual core strategy, building a customer-centered service system that emphasizes deep research and a transformation from "selling products" to "making allocations" [2]