Group 1 - Multiple public fund institutions have announced the termination of their sales cooperation with Minshang Fund, indicating intensified competition in the fund distribution market [1][2] - The terminated partnerships include notable firms such as Changcheng Fund, Furuin Fund, and Huatai Baoxing Fund, with the cessation of sales activities taking place from June 10 to June 12 [1] - Minshang Fund, established in January 2016, has been involved in the distribution of 1,519 funds as of June 10, 2023 [1] Group 2 - Other fund distribution agencies that have previously ended partnerships include Haiyin Fund Sales Co., Ltd. and Beijing Zhongzhi Fund Sales Co., Ltd., with reasons for termination ranging from poor sales performance to regulatory penalties [2] - The market shows a clear "Matthew Effect," with Ant Group's fund distribution achieving a scale of 1,452.9 billion yuan, while the 100th ranked Guodu Securities only managed 3.6 billion yuan [2] - The China Securities Regulatory Commission has introduced a classification evaluation mechanism for fund sales institutions, which will prioritize institutions with better evaluation results in licensing applications [2] Group 3 - Analysts predict that channel optimization is imminent, emphasizing the importance of customer experience as public fund fee reforms progress [3] - The focus for sales institutions will shift towards long-term investor service, with an expected increase in revenue from service fees based on asset retention [3] - There is a call for fund distribution agencies to transition from a "seller's perspective" to a "buyer's perspective," enhancing research capabilities and diversifying into wealth management consulting [3]

Core Viewpoint - The mutual fund distribution industry is facing a critical transformation, emphasizing the need for enhanced professional services and increased information transparency to rebuild investor trust [1][2][12]. Group 1: Industry Challenges - The star fund manager sales model has faced backlash as investors express dissatisfaction, leading to significant redemptions despite strong fund performance [1][3]. - Fund distribution institutions are criticized for promoting "hot" funds, contributing to investor losses and eroding trust [1][2]. - The upcoming 2025 reforms in the mutual fund industry present a pivotal moment for fund distribution institutions to balance profitability and responsibility [1][12]. Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the establishment of a wholly-owned subsidiary by E Fund Management, focusing on buy-side investment advisory services [3][12]. - The CSRC's recent action plan aims to establish a classification evaluation mechanism for fund sales institutions, incorporating investor profit and holding period into the assessment [11][12]. Group 3: Transformation Initiatives - Fund distribution giants like China Merchants Bank are reforming their sales models, introducing risk parity strategies and comprehensive asset allocation solutions [2][6]. - The "TREE Long-term Profit Plan" by China Merchants Bank aims to enhance investor experience through dedicated advisory services and diversified asset allocation [6][7]. - Ant Group has updated its fund entry rules and launched the "Index+" platform, reflecting a shift towards more structured fund offerings [8][9]. Group 4: Performance Metrics - Data from the China Universal Wealth Management platform indicates that accounts utilizing investment advisory services have outperformed traditional fund accounts by significant margins over various time frames [4]. - E Fund's investment advisory service has achieved a 70% profitability rate among clients since its launch, with an 85% growth rate projected for 2024 [4][10]. Group 5: Future Outlook - The mutual fund advisory pilot program is seen as a crucial exploration for the transformation of China's wealth management market [5][12]. - The industry is expected to shift from a sales-driven model to a focus on long-term investor profitability, necessitating a re-evaluation of performance metrics and service offerings [11][12].