Core Viewpoint - Several banks, including China Construction Bank, have raised the risk levels of 87 mutual fund products, indicating a proactive response to regulatory requirements rather than a signal of overall market risk increase [2][5][6]. Group 1: Risk Level Adjustments - China Construction Bank announced adjustments to the risk levels of 87 mutual fund products, with 32 products moving from "R2 - Low to Medium Risk" to "R3 - Medium Risk" and 55 products from "R3 - Medium Risk" to "R4 - Medium to High Risk" [3]. - Postal Savings Bank and Citic Bank have also made similar adjustments to their mutual fund products, with Postal Savings Bank adjusting 80 products on October 29 and 6 products on November 6 [3][4]. - The adjustments are part of a broader trend among banks to comply with the "Commercial Banks' Agency Sales Business Management Measures" and to enhance investor protection [5][6]. Group 2: Market Implications - Experts assert that the increase in risk levels does not indicate a rise in overall market risk but is a necessary response to regulatory pressures and market volatility [5][6]. - The adjustments focus on high-volatility products, particularly equity funds, reflecting a more precise disclosure of specific product risk characteristics rather than systemic market risk changes [6]. Group 3: Long-term Benefits for Investors - In the short term, investors may face limited investment choices, but the long-term benefits include clearer risk warnings and more rational investment decisions, particularly for low-risk preference groups [7]. - The shift in focus from selling products to providing services is expected to enhance the investment research capabilities of fund companies and promote a healthier market ecosystem [7].

Core Viewpoint - Minsheng Bank is terminating its financial product distribution partnerships with various third-party platforms, including China Mobile's "HeBao" and Huaneng Group's YunCheng JinFu, in response to new regulatory guidelines set to take effect on October 1, 2023 [1][2][4]. Group 1 - Minsheng Bank has ceased its financial product distribution with "HeBao" since September 19, 2023, allowing only for business inquiries without further operations [1]. - The bank is also ending its partnership with Huaneng Group's YunCheng JinFu, with the termination of public fund distribution set for September 19, 2025 [2]. - On September 11, 2023, Minsheng Bank announced the termination of its public fund distribution with the "YiPay" platform, effective September 24, 2025 [2]. Group 2 - The bank previously announced the termination of its public fund distribution with "Huawei Wallet" and "Yutong Life" platforms, with respective termination dates of September 4, 2025, and August 25, 2025 [3]. - Industry insiders suggest that these actions are a proactive response to the upcoming implementation of the "Commercial Bank Agency Sales Business Management Measures" [3]. - The new regulations restrict commercial banks to sell products only through their own channels and prohibit outsourcing sales processes to third-party platforms [4][5].

Group 1 - Minsheng Bank has terminated its financial product distribution cooperation with "China Mobile and Package" (中移和包), effective September 19, limiting the platform to only query Minsheng Bank's services without further operations [1][2] - The bank is also in the process of ending its distribution cooperation with Huaneng Group's Yun Cheng Jin Fu, alongside previously announced terminations with "Huawei Wallet" and "Yutong Life" [2][3][4] - A new regulatory framework issued by the National Financial Supervision Administration will take effect on October 1, restricting commercial banks from outsourcing sales processes or embedding sales activities within third-party platforms [3][4][6] Group 2 - Following the termination of cooperation with "Yipay," users will no longer be able to access Minsheng Bank's fund distribution services through the app starting September 24, 2025 [5] - The closure of the fund distribution channel on "Yipay" will prevent users from querying or transacting with specific fund products, requiring them to use Minsheng Bank's app for such operations [5][6] - The changes reflect a broader industry shift towards compliance with new regulations, which will eliminate the previous model where users could access Minsheng Bank's products through third-party apps without holding a Minsheng Bank account [6]