转自：证券时报 人民财讯1月8日电，与之前的征求意见稿相比，近日出台的《公开募集证券投资基金销售费用管理规 定》正式稿放宽了债券型基金的赎回费约束，并对基金认（申）购费率进行了精细化调整。基于这一变 化，业内人士认为，债券ETF有望成为理财机构流动性管理与波段交易的重要工具。同时，理财资金有 望逐步加大对权益型基金的配置力度，其中宽基指数基金和中低波动的"固收+"类产品料更受青睐。在 此背景下，公募基金正在加快产品线与服务模式的转型升级——从提供标准化产品，逐步转向为理财机 构量身打造精细化、工具化的资产配置方案，行业竞合新格局正在成形。 ...

此前，赎回费率规则对理财资金配置的约束是市场的核心关注点。"理财资金对公募债基等资产通常具 有较高的流动性诉求，如果持有半年以上才能免赎回费，当面临市场异常波动需紧急调仓时，或面临潜 在损失需要止盈/止损时，理财资金操作灵活性将受到明显约束，进而降低理财资金的配置意愿。"光大 证券金融业首席分析师王一峰此前表示。 权益型基金配置占比或上升 与之前的征求意见稿相比，近日出台的《公开募集证券投资基金销售费用管理规定》正式稿放宽了债券 型基金的赎回费约束，并对基金认（申）购费率进行了精细化调整。 基于这一变化，业内人士认为，债券ETF有望成为理财机构流动性管理与波段交易的重要工具。同时， 理财资金有望逐步加大对权益型基金的配置力度，其中宽基指数基金和中低波动的"固收+"类产品料更 受青睐。 在此背景下，公募基金正在加快产品线与服务模式的转型升级——从提供标准化产品，逐步转向为理财 机构量身打造精细化、工具化的资产配置方案，行业竞合新格局正在成形。 短债基金赎回压力仍存 尽管正式稿放宽了债券型基金的赎回费约束，但由于银行理财对基金产品的交易属性诉求较强，业内人 士预计，短债基金赎回压力仍将存在。在此背景下，理财资金对 ...

自2026年1月1日起，公募基金销售新规正式实施，延续让利基金投资者、鼓励长期持有等宗旨之外，正式 稿与旧规、征求意见稿相比之下出现了三大变化：赎回制度适度放宽，债基区分机构和个人投资者，免赎 回费的持有时长缩短；认/申购费的上限较旧规下调，持有满一年的基金免收销售服务费，范围扩大到 FOF、QDII等；整改期统一为12个月。 多位机构人士认为，新规短期对债基需求有一定的冲击，不过正式稿比意见稿有所松绑，集中赎回风险可控。 而新规对代销渠道的影响也是立竿见影的，ETF在费用方面竞争力进一步增强，直销因免认购费及销售服务费 成本优势显著，代销机构需在投顾费与尾随佣金之间取舍。 基金销售新规的变与不变 2025年底最后一天，公募基金销售新规正式公布，并于2026年初正式实施。新规与旧规最大的变化在于全面降 费，让利于基金投资者，包括认/申购费、销售服务费、客户维护费等。 其中，认/申购费方面，主动偏股型基金的认购、申购费率上限从1.2%、1.5%降至0.8%；其他类型的混合型基 金同档费率从1.2%、1.5%降至0.5%；债券型基金从0.6%、0.8%降至0.3%。此外，指数型基金的认/申购费率上 限为0.3%。 ...

Investment Rating - The industry investment rating is "Outperform" [12] Core Viewpoints - The new sales regulations are expected to accelerate the transformation of brokerage wealth management towards a buyer-centric model, enhancing the overall capabilities of fund sales institutions [2][4] - In the context of improving industry sentiment, the long-term valuation center of the securities industry is expected to rise, suggesting a focus on leading comprehensive brokerages and differentiated strategies for smaller brokerages [4] Summary by Sections Investment Recommendations - Continued optimism regarding the upward valuation potential of the brokerage sector, with new sales regulations likely to expedite the shift towards a buyer-centric wealth management model [4] - Recommendations to focus on leading comprehensive brokerages expanding their advantages and smaller brokerages developing differentiated competitive strategies [4] Regulatory Insights - The new regulations emphasize the importance of long-term investor returns and fund retention scale as key performance indicators, moving away from a focus solely on sales revenue and scale [6] - The regulations aim to enhance the quality of fund selection and advisory services, promoting a more investor-centric approach in the fund sales industry [6] Performance and Marketing Standards - Strict guidelines on performance presentation and promotional language to prevent misleading claims about returns and to ensure comprehensive risk disclosures [6] - Enhanced risk management protocols for live streaming sales activities, including qualification requirements for personnel and compliance checks on content [6]

Group 1 - The core viewpoint of the article is that new regulations from the Fund Industry Association aim to enhance transparency and accountability in fund sales practices, addressing previous misleading marketing tactics [1][18] - Fund performance must be reported only after a minimum of six months, preventing the manipulation of short-term returns to appear more favorable [1][3] - Fund rankings must be based on at least three years of public data from evaluation agencies, including clear disclosure of the agency's name and the number of similar funds involved in the ranking [3][18] Group 2 - Fund advertisements must avoid using terms like "positive returns" and "largest scale," which can mislead investors [3][18] - Fees associated with fund purchases, including subscription fees and redemption fees, must be clearly itemized, ensuring transparency for investors [5][7] - Funds claiming "zero subscription fees" must also disclose any associated service fees, preventing hidden costs from misleading investors [7][18] Group 3 - Fund live streaming must comply with strict regulations, including requiring sales qualifications for platforms and personnel involved in fund discussions [9][11] - Live streaming content must be pre-approved, and there will be real-time monitoring to ensure compliance during broadcasts [11][13] - The new regulations shift the focus of fund assessments from sales volume to genuine service and long-term investor returns, emphasizing the importance of investor profitability [15][17] Group 4 - The new rules aim to address the issue of funds profiting while investors incur losses, directly linking fund performance to investor outcomes [18][20] - The regulations are designed to protect ordinary investors by reducing misleading practices and enhancing the overall integrity of the fund industry [20]

Core Viewpoint - The new regulations from the Asset Management Association of China (AMAC) prohibit the promotion of fund size and growth, which has raised significant attention within the industry [1][3]. Group 1: Regulatory Changes - The newly drafted "Sales Behavior Norms for Publicly Raised Securities Investment Funds" includes 37 articles across nine chapters, focusing on various promotional behaviors and performance assessments [3]. - Fund performance must be displayed over periods exceeding six months, and annualized returns cannot be shown for periods shorter than one year [3][7]. - Fund managers and sales institutions are required to avoid misleading promotional language and cannot advertise fund size or growth [3][4]. Group 2: Impact on ETF Promotion - The inability to promote fund size is seen as a significant drawback for ETFs, as size is often a key differentiator and relates directly to liquidity [3][4]. - Some industry insiders believe that while the new rules may limit promotional strategies, they could also reduce herd behavior among investors [4][5]. - The emphasis on promoting the tool attributes and asset allocation functions of index funds is highlighted, with a focus on compliance with performance display regulations [4][6]. Group 3: Adjustments by Institutions - Many institutions are already adjusting their promotional strategies in response to the new regulations, particularly regarding the emphasis on fund size [4][5]. - The regulations also stipulate that live promotional content must comply with existing legal requirements, including qualifications for presenters and restrictions on receiving viewer tips [6]. - Performance assessments for fund sales will now prioritize investor outcomes and fund retention over sales revenue and scale [6][7].

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。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

Core Viewpoint - The public fund management industry in China has reached a record high in asset value, driven primarily by the growth of money market funds, while equity and bond funds have experienced declines in scale [1][2][6]. Fund Management Overview - As of October 2025, there are 165 public fund management institutions in China, managing a total net asset value of 36.96 trillion yuan, which represents a monthly increase of 218.74 billion yuan [1]. - The number of open-end funds has increased by 74 to 12,052, while closed-end funds remain stable at 1,329 [3]. Fund Categories Performance - Money market funds have seen a significant increase in scale, growing by 385.54 billion yuan in October, while equity funds decreased by 28.92 billion yuan and mixed funds by 54.81 billion yuan [2][4]. - The total scale of bond funds has decreased by 104.32 billion yuan, with a total scale of 7.10 trillion yuan as of the end of October [4]. Market Dynamics - The stock market experienced fluctuations, with the Shanghai Composite Index rising by 1.85% and the Shenzhen Component Index falling by approximately 1.1%, contributing to the decline in equity fund scales [3]. - The bond market has seen a shift in institutional behavior, with banks reducing their bond holdings while other entities, such as broad-based funds and brokerages, have increased their bond purchases [5]. Money Market Fund Insights - The growth of money market funds is attributed to significant inflows from retail investors, driven by lower bank deposit rates and the expiration of fixed-term deposits [7]. - Recent regulatory changes have enhanced the attractiveness of money market funds, allowing them to maintain liquidity advantages over other fund types [7]. QDII Fund Performance - QDII funds have shown growth in both scale and net value, with total shares reaching 736.73 billion and total scale at 939.01 billion yuan, despite challenges in the Hong Kong market [8].

Market Overview - The overall market showed slight fluctuations, with the index remaining at 4.3 stars [1] - The Shanghai and Shenzhen 300 index experienced a minor decline [2] - Small-cap stocks saw a slight increase [3] - Value styles, including dividend stocks, experienced a slight rise [4] - The ChiNext index initially rose by 2% but closed lower [5] - Hong Kong stocks showed a slight increase [6] - This week, stock assets overall increased, while the bond market experienced significant volatility [7] Bond Market Insights - Bonds also experience bull and bear markets, typically cycling every 3-5 years [9] - Recent historical examples include: - Q4 2016 to early 2018: bond bear market - 2018 to 2020: bond bull market - 2020-2021: bond bear market - 2022-2024: bond bull market - The past year has seen a downturn in bonds [10][11] - Bonds are categorized by duration: - Short-term bonds (up to 1 year) - Medium-short bonds (1-3 years) - Medium bonds (3-5 years) - Long bonds (5-10 years) - Ultra-long bonds (over 10 years) [12] - Short-term bonds have low volatility, typically with a maximum drawdown of less than 1% [12] - Long-term bonds are more affected by market cycles, with a 30-year treasury index fund dropping 5.5% in Q3 [17] Current Bond Market Conditions - The yield on long-term pure bonds has decreased from 3-4% in 2022 to around 1.6% in 2024, making them less attractive to investors [21] - The recent decline in long-term bonds is attributed to high valuations and low returns [21] - The recent draft of new fund sales regulations may impact bond funds significantly, as redemption fees could take a substantial portion of returns [21][22] - The investment value of bond funds is currently mixed: - Short-term bond funds are suitable for short-term management [21] - Long-term pure bond funds are less appealing unless yields return to 2-3% [21] - "Fixed income plus" funds, which combine bonds and equities, remain a viable option [21] Investment Strategies - New fixed income plus index funds are expected to be launched soon, suitable for ordinary investors [22][26] - These funds will have fixed stock-bond ratios, such as 10:90, 15:85, and 20:80 [24] - The current market conditions suggest that fixed income plus strategies still hold investment value [28] Valuation Insights - A valuation table for dividend and free cash flow indices has been compiled for reference [36] - The valuation metrics include earnings yield, price-to-earnings ratio, price-to-book ratio, dividend yield, and return on equity [39] - The valuation table indicates various indices, with some showing undervaluation suitable for investment [44]