Core Viewpoint - The core viewpoint presented is that under the trend of reform, securities firms are positioned to lead the public fund sales channel, driven by the transformation of residents' asset allocation and the construction of a professional service system [1] Group 1: Resident Asset Allocation - The optimization and upgrading of residents' asset allocation structure is identified as the fundamental logic and core driver for the development of the public fund industry [1] - There is a significant contrast between the asset allocation patterns of residents in China and the U.S., highlighting the immense development potential of domestic public funds [1] - As the attractiveness of deposits continues to decline and the personal pension system is implemented, the demand for wealth management is shifting from "capital preservation" to "value appreciation," positioning public funds as the core vehicle for this transition [1] Group 2: Securities Firms' Role - Securities firms are expected to become the main channel for public fund sales due to their professional attributes and ecological advantages [1] - In the U.S., 79% of households invest through intermediary channels, with an increasing share through independent advisory channels; domestically, the public fund sales landscape is characterized by a dominance of banks, the rise of third-party institutions, and breakthroughs by securities firms [1] - Securities firms are well-suited to take on the role of independent advisors, supported by their smooth trading channels, research capabilities, suitable client base, and collaborative service across the entire business chain [1] Group 3: Implementation Path - Securities firms need to focus on a dual core of "research + investment advisory" to build a customer-centered service system [2] - As a representative of industry practice, the company adheres to a customer-centric service philosophy, actively practicing professional value to establish itself as the main channel for public fund sales [2] - The transformation from "selling products" to "making allocations" is achieved by building a research support system based on in-depth research, while the service model is reshaped around buy-side investment advisory, continuously managing client expectations [2]

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]