Group 1 - The core viewpoint of the report highlights that index funds are a key focus for fund companies' future strategies, with 72 index funds, 33 mixed funds, and 6 QDII funds being the top three types in June [1][4][5] - The first batch of 10 Sci-Tech Innovation Bond ETFs has been successfully approved, which includes 6 tracking the AAA Sci-Tech Bond Index, 3 tracking the Shanghai AAA Sci-Tech Bond Index, and 1 tracking the Shenzhen AAA Sci-Tech Bond Index, reflecting the overall performance of bonds from technology innovation companies [1][8] - The rapid approval of these ETFs demonstrates efficient collaboration between policy and market, enriching the ETF product system in China and guiding funds towards the technology innovation sector [1][8] Group 2 - The report indicates that the Shanghai Stock Exchange's broad-based ETF products are expanding, with the Shanghai 380 Index focusing on mid-cap stocks and the Shanghai 580 Index on small-cap stocks, providing more refined investment tools for investors [2][14] - In June, three fund companies received approvals for establishing branch institutions, including E Fund, which set up a wealth management sales subsidiary in Guangzhou, and Xingsheng Global Fund, which established a subsidiary in Singapore [2][15][17] Group 3 - The report details that in June, there were 130 fund products accepted by the CSRC, a decrease from 154 in the previous month, with notable increases in FOF and stock funds, while index and mixed funds saw declines [4][5] - The approval of the first batch of Sci-Tech Innovation Bond ETFs is significant for the market, as it allows for better tracking of the performance of technology innovation bonds and enhances capital market support for this sector [8][12] Group 4 - The report outlines that the establishment of new subsidiaries by fund companies is aimed at enhancing their service capabilities and expanding their market reach, with E Fund focusing on buy-side investment advisory services [17][19] - The establishment of Xingsheng Global's subsidiary in Singapore is part of a broader strategy to enhance global business operations and improve product diversity [18][19]

Core Viewpoint - Yingmi Fund has won the "Fund Advisory Institution Golden Bull Award" and the "Fund Advisory Excellent Return Golden Bull Award" at the "Third Fund Advisory Golden Bull Award" selection, emphasizing the importance of aligning with client interests and providing long-term support to navigate market cycles [1] Group 1: Investment Advisory Evolution - The buy-side advisory is transitioning from a fund portfolio-following 1.0 model to a client account management 2.0 model, focusing on personalized solutions based on clients' investment goals and risk tolerance [4] - Yingmi Fund's digital service system has significantly improved client investment experiences, with advisory clients showing a much longer average holding period compared to self-directed clients [4] Group 2: Client Education and Behavior Change - The complexity of financial products and market volatility creates a gap in understanding for the general public, which buy-side advisory aims to bridge by providing tailored solutions and enhancing client investment knowledge [2][3] - The goal of client education is to foster healthier investment habits and reduce emotional trading behaviors, ultimately leading to better investment outcomes [2] Group 3: Industry Trends and Future Outlook - The public fund industry is shifting from a focus on scale to prioritizing investor returns, aligning with the core philosophy of fund advisory services [4] - Yingmi Fund reports that over 89% of advisory clients on its platform were profitable as of June 30, 2025, with an average holding period of 690 days, indicating a successful adaptation to long-term investment strategies [4] - The future of fund advisory is expected to see more diverse institutions emerging, exploring various business models and enhancing the advisory ecosystem [5]

Group 1 - The China Securities Regulatory Commission (CSRC) has approved E Fund Management Co., Ltd. to establish a wholly-owned subsidiary focused on buy-side investment advisory services, increasing the number of approved public fund sales subsidiaries in the industry to 9 [1] - E Fund submitted its application for the wealth management subsidiary in May 2023 and has spent nearly two years preparing based on regulatory feedback, building a team of over 100 people across various functions to enhance its advisory services [1] - The newly approved subsidiary, named E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., is registered in Nansha District, Guangzhou, with a registered capital of 100 million RMB, and aims to support financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - Wealth management subsidiaries are seen as an extension of fund companies, marking a transformation towards wealth management and providing high-quality services from the buy-side perspective [2] - The government has been actively supporting the development of investment advisory services, with recent policies aimed at accelerating wealth management transformation and establishing industry standards [2] - E Fund's investment advisory team plans to leverage the new subsidiary to create a systematic, multi-layered, and intelligent advisory service system, offering comprehensive wealth management solutions to clients [2]

Core Insights - The public fund industry in China has surpassed a total scale of 33 trillion yuan, with over 700 million fund investors, yet many remain in a "self-service" investment state [1] - The approval of E Fund Management to establish a sales subsidiary focused on buy-side advisory services reflects a strategic shift in the wealth management industry from "scale competition" to "service deepening" [1][2] - The fund advisory business, which provides investment advice and decision-making assistance to clients, has shown remarkable growth since its pilot launch in 2019, but faces challenges such as low penetration rates and limited service scope [1][2] Industry Development - The fund advisory business is poised for significant growth opportunities, driven by the need for professional services that align with investor demands, creating a virtuous cycle of "increased returns - inflow of funds - market stability" [2] - Continuous policy support, such as the implementation of guidelines for the regularization of public fund advisory services, is crucial for the development of this sector [1][2] Key Strategies for Wealth Management Institutions - Wealth management institutions should prioritize investor interests and focus on three dimensions: building a professional advisory capability system, creating comprehensive investor support services, and developing a high-quality advisory talent pool [2][3] - Establishing a multi-dimensional research framework is essential for wealth management institutions to provide tailored solutions for investors with varying risk preferences [2] Importance of Accompanying Services - Effective fund advisory services should extend beyond simple fund recommendations to include a full-process support system, helping investors manage expectations and anxiety during market fluctuations [3] - Regular investment health reports can help investors maintain composure and avoid impulsive trading behaviors [3] Talent Development and Technology Integration - A high-quality, large-scale advisory team is vital for the success of fund advisory services, requiring professionals who understand both market dynamics and client needs [3] - The integration of intelligent advisory tools can enhance service reach while maintaining professional depth, creating a "human-machine collaboration" model [3] Vision for the Future - The transition of fund advisory services from pilot to regularization represents a critical turning point, necessitating a shift towards a service ecosystem centered on the best interests of investors [3] - This approach aims to foster a positive interaction between capital markets and household wealth, contributing to the financial empowerment of China's modernization efforts [3]

Core Viewpoint - The public fund industry is transitioning towards self-distribution and diversifying its business models in response to declining fee rates and increased competition, with companies like E Fund establishing their own sales subsidiaries to enhance operational efficiency and reduce reliance on third-party sales channels [1][4][6]. Group 1: Establishment of Subsidiaries - E Fund has received approval from the regulatory authority to establish a wholly-owned subsidiary, E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd., marking it as the ninth fund sales subsidiary in the public fund industry [2][4]. - The new subsidiary will focus on buy-side investment advisory services and has been in the application process for two years, indicating a strategic move towards enhancing service offerings and operational capabilities [3][4]. Group 2: Industry Trends and Competition - The establishment of fund sales subsidiaries is becoming a critical competitive strategy for public fund companies, allowing them to better serve investors and reduce costs amid a trend of fee reductions in the industry [4][6]. - As of now, there are nine approved fund sales subsidiaries, with other major firms like Bosera Fund and China Universal Fund also having established similar entities, indicating a growing trend in the industry [4][5]. Group 3: Future Prospects and Strategic Goals - E Fund aims to build a comprehensive, multi-layered advisory service system leveraging its newly established subsidiary, which is expected to enhance its capabilities in wealth management and investment advisory [6]. - The regulatory environment is supportive of the development of investment advisory services, with recent policies aimed at promoting high-quality growth in the public fund sector, further encouraging firms to innovate and expand their service offerings [6].

Core Viewpoint - The importance of providing correct asset allocation advice is emphasized over merely selecting good products, highlighting the evolving role of investment advisors in connecting capital markets with investors' wealth management needs [1][3]. Group 1: Development of Fund Advisory Services - The buy-side advisory model in China has made significant progress since the pilot program for public fund advisory services was launched over five years ago, with the number of participating institutions growing from 5 to 60 [4]. - As of the end of last year, the cumulative signed client assets for the fund advisory business at China Merchants Securities exceeded 30 billion yuan, and as of June 5, this figure approached 35 billion yuan [2]. - The fund advisory product system at China Merchants Securities covers various fund types, including money market, fixed income, equity, and global investments, offering dozens of combinations to meet diverse client needs [2]. Group 2: Focus on Pension Advisory Services - China Merchants Securities has launched a comprehensive pension advisory service, which includes designing public welfare fund advisory combinations, creating pension fund of funds (FOF) advisory combinations, and providing personalized pension advisory services [2]. - The company aims to support the development of the pension industry while allowing investors to participate in public welfare initiatives through its advisory services [2]. Group 3: Market Trends and Future Outlook - The transition of the fund advisory pilot program to a regular practice is anticipated to accelerate, driven by regulatory support from the China Securities Regulatory Commission [3][5]. - Industry experts believe that the establishment of user trust and awareness of advisory services remains a challenge, necessitating ongoing education and tailored solutions to meet investor needs [5]. - The shift towards regularization of fund advisory services is expected to bring profound impacts and new opportunities and challenges to the fund and wealth management industries [5].