本文转载自新华财经 近日，由新华财经（国家金融信息平台）发起、西南财经大学提供学术指导、易方达财富与晨星 （中国）提供专业支持的《中国基金投顾业务洞察报告（2025）》正式发布。报告梳理出八大核 心发现，从三个方面印证了买方投顾模式对改善投资者体验的关键作用。 01 报告核心结论揭晓 投顾服务实现体验与行为双重优化 报告梳理出八大核心发现，从三个方面印证了买方投顾模式对改善投资者体验的关键作用。 其一，投顾客户投资体验显著更优 数据显示，投顾客户累计盈利占比高达76.9%，超四分之三的客户通过投顾服务实现投资盈利，较 单基金自主投资客户的63.4%高出13.5个百分点。在风险管控层面，投顾服务的优势尤为突出，投 顾客户亏损20%以上的比例不足1%，亏损30%以上的比例仅0.2%，分别为单基客户同类指标的 1/10和1/15，充分体现了投顾在组合风险管理上的专业能力。 近日，由新华财经（国家金融信息平台）发起、西南财经大学提供学术指导、易方达财富与晨星 （中国）提供专业支持的《中国基金投顾业务洞察报告（2025）》（下称"报告"）正式发布。 报 告依托针对代表性投顾机构与基金销售机构的调研数据，以及近万份投资者 ...

新华财经北京12月16日电 近日，由新华财经（国家金融信息平台）发起、西南财经大学提供学术指导、易方达财富与晨星（中国）提供专业支持的《中国 基金投顾业务洞察报告（2025）》（下称"报告"）正式发布。报告依托针对代表性投顾机构与基金销售机构的调研数据，以及近万份投资者调研问卷，从客 群画像、投资行为、收益表现、服务满意度等多维度，系统呈现了六年来基金投顾业务的发展成效与核心价值，为行业高质量发展提供关键参考。 报告指出，自2019年试点启动以来，在资管新规净值化转型与居民财富管理需求升级的双重驱动下，基金投顾业务实现从"0到1"的质变，试点机构"投+顾 +规划"的买方投顾模式逐步成为提升投资者获得感的关键路径。 报告核心结论揭晓投顾服务实现体验与行为双重优化 报告梳理出八大核心发现，从三个方面印证了买方投顾模式对改善投资者体验的关键作用。 其一，投顾客户投资体验显著更优 数据显示，投顾客户累计盈利占比高达76.9%，超四分之三的客户通过投顾服务实现投资盈利，较单基金自主投资客户的63.4%高出13.5个百分点。在风险管 控层面，投顾服务的优势尤为突出，投顾客户亏损20%以上的比例不足1%，亏损30%以上的比 ...

报告中称，市场颇为关注的是近期下发的公募基金销售新规。销售新规对于基金销售的宣传推介、直播 销售、绩效考核、廉洁从业等多个方面进行规范。引导基金销售回归"以投资者真实长期收益为中心"的 新范式。新规有利于引导资管行业回归风险定价和风险管理的本质;有利于引导财富管理机构回归根据 客户需求提供金融解决方案的本质。该行认为未来专注于风险定价和风险管理的头部公募会，以及专业 化的头部财富管理机构更为受益;从更长期维度来看，基金投顾等业务前景更为广阔。 国泰海通发布研报称，从前期路演情况来看，在展望2026年的关键当下，市场对于利率企稳、低估值且 基本面趋势回暖板块的关注度大幅提升，该行继续看好券商及保险板块。2026年该行认为券商有由投资 端改革带来的估值和业绩双升的机会;保险则在当前有由利率企稳预期带来的估值提升的投资机会。 ...

Core Viewpoint - The "dual investment advisory" model is transitioning from an innovative attempt in the industry to a mainstream practice, allowing securities firms and fund companies to collaborate within a compliant framework to enhance investment strategies and services [1][2] Group 1: Dual Investment Advisory Model - The dual investment advisory model involves collaboration between licensed securities firms and fund companies to optimize advisory strategies and improve service processes [1] - This model allows licensed institutions to break through their capability boundaries, achieving resource integration and complementing each other's strengths to expand the market for investment advisory services [2][6] - The model is seen as a shift from "individual institutional efforts" to "ecological collaboration," promoting a more efficient division of labor in the industry [6] Group 2: Product Innovation and Market Response - The "Happiness Small Goal" product exemplifies effective practice of the dual investment advisory model, showing significant growth in scale and efficiency since its launch, with a high proportion of retail clients [3][4] - The product features a diversified investment strategy that includes various asset classes, aiming to disperse risk globally and meet the strong demand for stable returns from clients [4] - In a low-interest-rate environment, traditional "fixed income+" products face challenges, making innovative products like "Happiness Small Goal" more appealing to investors [3] Group 3: Challenges and Considerations - The industry faces three main challenges in deepening collaboration: compliance constraints, power dynamics, and risk-sharing concerns [7] - Compliance pressures are significant, especially for institutions under the same parent company, which complicates cross-institutional cooperation due to strict regulatory requirements [7] - The need for clear delineation of responsibilities and risk-sharing mechanisms is crucial for sustainable collaboration in the dual investment advisory model [9] Group 4: Future Outlook - As the dual investment advisory model matures and industry consensus builds, it is expected to resolve challenges in wealth management, leading to a win-win situation for institutions, investors, and the industry [10]

Core Insights - The article highlights the significant progress and challenges in the development of the public fund investment advisory business in China over the past six years since its pilot launch [1][2][3] Group 1: Business Development - The pilot program for public fund investment advisory services was officially launched by the China Securities Regulatory Commission (CSRC) on October 25, 2019, with 60 institutions obtaining pilot qualifications [2] - As of October 2025, the asset scale of buyer advisory services has exceeded 120 billion yuan, with some institutions reporting a high profitability ratio among their advisory accounts [2][3] - The overall profitability of advisory accounts has been significantly higher than non-advisory accounts, with reported excess returns of 7.01%, 4.23%, and 1.33% over one, two, and three years respectively [2] Group 2: User Experience and Strategy - Institutions have developed diverse strategies to cater to different investor needs, including liquidity management, conservative investments, and aggressive investments [3] - Feedback from clients indicates a generally positive experience with advisory services, although challenges remain in user awareness and service content alignment with client needs [3][4] Group 3: Fee Structure and Optimization - Suggestions for optimizing the fee structure include diversifying the charging model and linking advisory fees to product performance to align the interests of advisors and investors [4] Group 4: Investment Variety and Regulatory Support - There is a call for a broader range of investment products, including overseas markets and various asset classes, to meet diverse investor demands [5][6] - The CSRC is actively working to transition the advisory business from pilot to regular status, with plans to include more investment options such as Sci-Tech Innovation Board ETFs [6][7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which sets a new direction for the public fund industry in China, emphasizing "quality improvement and efficiency enhancement" [2] Group 1: Policy Framework - The Action Plan establishes a clear regulatory framework for fund advisory services, indicating that service standards, entry thresholds, and regulatory requirements will be detailed, leading to standardized management of advisory services [3] - This standardization aims to enhance service professionalism and ensure that investors understand the service content, return logic, and risk boundaries [3] Group 2: Investor-Centric Approach - The Action Plan emphasizes that investor returns should be the primary focus, requiring fund companies to create a performance evaluation system centered on fund investment returns [4] - This shift from a scale-focused approach to one that prioritizes long-term returns will align the compensation of fund managers and advisors with actual fund performance [4] Group 3: Long-Term Investment Focus - The Action Plan mandates that fund companies adopt a long-term investment philosophy, with at least 80% of the evaluation weight on medium to long-term returns over three years [5][6] - This requirement is expected to shift advisory services away from short-term speculation towards long-term asset allocation [5] Group 4: Tailored Wealth Management - The Action Plan encourages fund companies to develop products and services that cater to diverse resident wealth management needs, particularly supporting the creation of index funds and low-volatility products [7] - Advisory services will be able to offer personalized investment plans based on precise demand profiles, ensuring that every investment aligns with individual needs [7] Group 5: Technological Empowerment - The Action Plan signals a push for digital transformation in the industry, including the launch of a direct sales platform for institutional investors, which will enhance service accessibility and reduce costs [8] - The policy also aims to lower fund sales fees, making financial services more affordable for investors [8] Group 6: Risk Management - The Action Plan emphasizes the importance of risk control, requiring that risk management be integrated throughout the advisory service process [9] - This includes preemptive risk diversification, real-time monitoring, and dynamic adjustments based on market changes [9] Group 7: Collaboration with Long-Term Funds - The Action Plan supports the entry of long-term funds into the market, enhancing the service capabilities of fund companies towards various long-term capital sources [10] - The expertise gained in managing long-term funds will benefit personal investors, optimizing retirement planning and improving portfolio resilience [10]

Group 1 - The Federal Reserve is expected to announce a rate cut of either 25bps or 50bps next Thursday, with a higher likelihood of a 25bps cut based on recent economic data indicating "controllable inflation and cooling employment" [5][10][11] - The yield on 2-year U.S. Treasury bonds has declined to around 3.5% in anticipation of the rate cuts, reflecting a broader downward trend in global bond yields [6][10] - The upcoming U.S.-China economic talks are expected to address key issues, including TikTok, and may influence market reactions to the Fed's decision [16][19] Group 2 - The latest fund holding data shows Ant Group and China Merchants Bank leading in public fund holdings, with significant growth in their equity fund scales [19][22] - The automotive industry is facing a potential "clearing out" phase as the eight ministries released a plan aimed at promoting high-quality development, indicating a challenging environment for automakers [28] - The trend of bond fund managers transitioning to equity research roles reflects a shift in the investment landscape, driven by declining yields in fixed income [12][15]

Core Viewpoint - The decision by Ping An Fund to suspend its APP operations has sparked significant market attention, indicating a potential shift in the public fund distribution strategy within the industry [1][3]. Group 1: Company Actions - Ping An Fund announced the suspension of its APP operations effective August 31, 2025, with functionalities being integrated into its official website and WeChat account [1]. - Other public funds, including Guoshou Anbao Fund and Qianhai Kaiyuan Fund, have also closed their APPs this year, reflecting a broader trend among mid-sized public funds [3][7]. - The operational costs of maintaining a fund APP are high, with estimates suggesting a minimum annual cost of over 2 million yuan, leading to many funds exiting the APP market [8][11]. Group 2: Industry Trends - The trend of shutting down APPs is not limited to smaller funds; it has now reached mid-sized funds with over 100 billion yuan in assets under management [6][7]. - Despite some funds exiting the APP space, leading firms are investing in enhancing their APP services, indicating a bifurcation in the market where larger firms continue to pursue digital engagement [3][10]. - The overall user engagement on APPs from leading funds remains lower compared to third-party platforms, highlighting a significant gap in user acquisition and retention [3][11]. Group 3: Future Outlook - Industry experts believe that the future of direct sales APPs hinges on not just selling proprietary funds but also on delivering investment research insights and comprehensive services to investors [4][12]. - The regulatory environment is evolving, with new policies aimed at enhancing investor services and promoting the development of fund advisory services, which could reshape the sales landscape [13][14].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved E Fund Management Co., Ltd. to establish a wholly-owned subsidiary focused on wealth management and investment advisory services, marking a significant step in the company's strategic expansion into the wealth management sector [1][2]. Group 1: Company Establishment and Structure - E Fund has received approval to set up a subsidiary named E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., with a registered capital of 100 million RMB, located in Guangzhou, Guangdong Province [1]. - The subsidiary will focus on securities investment fund sales and will commence operations after obtaining the necessary business licenses [1][3]. Group 2: Business Focus and Strategy - The new subsidiary will concentrate on buy-side investment advisory services, aligning with the regulatory push for asset management firms to transition towards comprehensive wealth management [2][4]. - E Fund aims to enhance customer experience by providing tailored investment goals and continuous service throughout the investment process, thereby improving client satisfaction [2][5]. Group 3: Regulatory Environment and Support - The establishment of the subsidiary is in response to the CSRC's policies aimed at promoting high-quality development in the public fund industry, encouraging differentiated growth among fund management companies [2][4]. - Recent government initiatives have emphasized the importance of investment advisory services, with specific measures introduced to support the development of this sector in Guangzhou [4][5]. Group 4: Performance and Future Plans - E Fund has built a robust team of over 100 professionals across various functions, including research, advisory, and compliance, to support its investment advisory services [3][5]. - The company has reported significant growth in its advisory services, with a client base exceeding 120,000 individuals and over 100 institutional clients, achieving a client profitability rate of approximately 70% since the launch of its advisory services [5][6].

Core Insights - The public fund issuance market in A-shares has seen a significant surge, with 1,005 new funds established by September 8, marking a record-breaking year with over 2 trillion yuan in issuance [1][6] - A price war in fund sales has emerged, extending from third-party platforms and internet giants to bank channels and direct sales by fund companies, indicating a shift in the competitive landscape [1][2] - The China Securities Regulatory Commission (CSRC) has introduced new regulations aimed at improving the quality of fund sales institutions by capping client maintenance fees [1][8] Fund Issuance and Market Dynamics - The number of new funds established in 2023 has surpassed 1,000 for the first time since 2019, with total issuance exceeding 2 trillion yuan, setting a historical record for the year [1] - The competition among fund sales channels is intensifying, with significant discounts on subscription fees being offered, particularly by internet platforms [2][3] Sales Fee Trends - The trend of decreasing sales service fees continues, with third-party platforms offering the most substantial discounts, while banks maintain higher fees [3][4] - Subscription fees for actively managed equity funds on internet platforms are as low as 0.15%, while some index products have no fees at all [2][3] Competitive Landscape - Banks have seen a significant increase in fund sales revenue, with non-monetary fund sales growing between 105% and 750% year-on-year [6] - The entry of internet giants into the fund marketing space is changing traditional sales methods, pushing banks to adapt to lower fee structures [6][7] Future Outlook - The fund sales industry is expected to see a gradual reduction or even elimination of subscription fees as investor sophistication increases [7] - The competition between banks and third-party platforms is becoming more intense, with a need for diversified advisory services in the wealth management market [7][8]