"周末加班加点，下周一（2月2日）开盘实时估值将不再提供。"某三方机构人士向智通财经记者表示，在德邦基金处 罚下达后，公司按照监管要求火速下架"基金实时估值""加仓榜""实盘榜"等功能。 "一日吸金120亿"大V实盘事件再次将个别基金公司营销乱象推至公众视野。监管火速行动。1月29日，监管向各家基 金公司下发了最新一期监管通报显示，查实基金公司与无资质大V的合作违规事实，"打脸"此前大V所谓的澄清。同 时，监管再次关注到死灰复燃的基金实时估值，容易误导投资者的"加仓榜""减仓榜"以及"实盘榜"等违规乱象，对此 进行了规制。 随后，有消息传出，各代销平台以及非代销三方平台要落实基金实时估值功能全面下架，包括基金实时估值、加仓 榜、实盘榜、一键跟投等相关功能，并要求在1月30前完成所有功能下架，确保系统端、展示端均无相关内容呈现。另 有消息指出，有地方监管局将对此次功能下架工作进行专项验收，确保整改到位。 截至2月1日，智通财经记者查阅相关平台发现，蚂蚁基金、京东金融、腾讯理财通等机构已上述功能以及下架，天天 基金也关闭了实盘榜与"板块涨跌幅"功能。包括小倍养基、养基宝等非代销平台也进行了整改，下架了实时估值、加 ...

经查，公司未对投资者充分揭示风险，投资者适当性管理不到位，违反了《公开募集证券投资 基金管 理人监督管理办法》第二十一条规定。 上述违规行为反映出相关行业机构在经营理念、功能定位等方面仍存在偏差，为追求短期规模增长忽视 专业合规底线，公司内控机制不健全、有效性不足。 【导读】监管通报基金公司与无资质大V开展营销合作等违规行为 基金大V，迎来最强监管！ 在1月29日发布的机构监管情况通报（以下简称《通报》）中，监管部门通报了D基金公司与无资质大V 开展营销合作等违规行为，要求公司采取责令改正并暂停受理公募基金产品注册的监管措施，且同步追 究公司总经理、督察长、互联网业务部门负责人等责任人员责任。 同时，监管部门还通报了部分基金销售机构和非持牌的第三方平台重新上架"基金实时估值"功能等违规 现象，并提出基金公司及基金销售机构应规范各类基金销售和宣传推介行为，切实保护投资者利益。 直指基金公司与无资质大V开展营销合作等违规行为 监管从严惩处 《通报》显示，近日，某基金公司管理的基金产品单日申购量超百亿元，涉嫌违规销售，引发多家媒体 关注报道。监管部门第一时间组织开展现场核查，对相关机构和个人依法从严采取监管措施。 ...

针对"某基金公司管理的基金产品单日申购量超百亿"，监管最新发文通报。 智通财经记者获悉，1月29日，由证监会证券基金机构监管司主办的《机构监管情况通报》（下称《通 报》）指出，近日，某基金公司管理的基金产品单日申购量超百亿，涉嫌违规销售，引发多家媒体关注 报道。监管机构第一时间组织开展现场核查，对相关机构和个人依法从严采取监管措施。 为进一步警示行业，规范公募基金销售（宣传推介）行为，切实保护投资者利益，将有关情况及监管要 求通报。 《通报》显示，经核查，D基金公司与不具备基金销售业务资格和基金从业资格的互联网"大 V"开展营 销合作，向其支付大额广告费，以互联网"大 V"在平台上预告某日（将）大额购入D基金公司的A产品 为噱头，利用互联网"大 V"的流量和影响力鼓动投资者跟进购买A产品，诱导风险承受能力不匹配的投 资者购买中高风险产品。 根据《证券投资基金法》第二十四条和《公开募集证券投资基金管理人监督管理办法》第六十八条规 定，证监会对D基金公司采取责令改正并暂停受理公募基金产品注册的监管措施，同步追究公司总经 理、督察长、互联网业务部门负责人等责任人员责任。 此外，日常监管还关注到部分基金销售机构和非持 ...

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has issued a draft regulation aimed at standardizing fund sales behavior, enhancing investor protection, and supporting the high-quality development of public funds [1][8]. Group 1: General Promotion and Marketing Behavior - The draft regulation specifies that fund performance must be displayed for a minimum of six months and prohibits annualized performance displays for periods under one year [2]. - Fund performance rankings must be based on publicly available data from fund evaluation agencies for periods longer than three years, including necessary disclosures [2]. - The use of terms like "positive return" or "probability of positive return" is banned to prevent misleading investors about risks [2][3]. - Fund managers and sales institutions are required to avoid exaggerated or misleading promotional language and cannot promote fund size or growth [2][3]. Group 2: Live Streaming Regulations - The draft includes strict guidelines for live streaming promotions, stating that only qualified personnel can conduct fund-related discussions [4]. - Non-qualified platforms are prohibited from engaging in fund sales or collecting investor transaction information [4]. - Live streaming scripts must undergo compliance review, and platforms must maintain records of promotional materials for at least 20 years [4]. Group 3: Fee Disclosure - Fund management and sales institutions must clearly disclose all fees associated with fund transactions, including subscription, redemption, and maintenance fees [5]. - Sales institutions are required to provide detailed information about service fees and cannot use misleading statements regarding fee waivers [5]. Group 4: Long-term Orientation in Sales Performance - The draft emphasizes the need for a scientific approach to sales performance evaluation, focusing on long-term investor outcomes rather than short-term sales metrics [6]. - The traditional focus on sales volume is to be replaced with metrics that assess investor profitability and retention over longer periods [6]. - Performance evaluation criteria must include a minimum assessment period of one year for sales activities and three years for investor outcomes [6]. Group 5: Industry Impact and Future Directions - The new regulations are seen as a significant shift in the industry, aiming to correct previous marketing practices that prioritized scale over investor returns [8]. - The draft is part of a broader initiative to enhance investor experience and ensure that sales practices align with long-term investment goals [8][9]. - The industry is encouraged to focus on investor education and transparent fee structures to build trust and improve client relationships [9].

Core Viewpoint - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to enhance compliance and standardization in the fund sales industry, marking a significant shift towards high-quality development and stricter regulatory oversight [1][10][21] Group 1: Sales Behavior Regulations - The draft consists of nine chapters and 37 articles, addressing various aspects such as general promotion, live marketing, and performance assessment of sales activities [1][10] - The new regulations build upon previous guidelines from the China Securities Regulatory Commission (CSRC) and introduce more detailed requirements for emerging sales models in the fund industry [1][10] Group 2: Performance Display Requirements - Fund performance must be displayed for a minimum of six months, and annualized returns cannot be shown for funds with less than one year of operation [2][12] - Rankings must be based on data from fund evaluation agencies for periods of three years or more, including necessary disclosures about the evaluation agency [2][12] Group 3: Prohibited Marketing Practices - The use of terms like "guaranteed returns" or "positive return probability" is prohibited to prevent misleading investors about risks [3][14] - Fund managers and sales institutions are restricted from linking fund awards to individual fund managers, emphasizing the importance of the research team and investment platform instead [3][4][14] Group 4: Fund Size and Growth Promotion - Fund managers and sales institutions are not allowed to promote fund size or growth, breaking the trend of "size equals income" [5][15] - The focus should shift towards demonstrating excess returns over benchmarks and risk-return ratios, rather than emphasizing fund size [5][15] Group 5: Live Marketing Regulations - Live marketing personnel must have appropriate qualifications, and platforms must disable tipping features [6][18] - A comprehensive compliance mechanism is required for live broadcasts, including pre-approval of scripts and post-broadcast record-keeping for at least 20 years [6][18][19] Group 6: Sales Performance Assessment - Sales performance assessments must include both the status of fund sales and investor profit/loss situations, with a focus on long-term investment outcomes [9][20] - The regulations aim to shift the industry focus from short-term sales tactics to long-term investor retention and satisfaction [9][20] Group 7: Overall Impact on the Industry - The draft represents a critical step in reshaping the fund sales ecosystem, promoting a shift from a scale-driven approach to one focused on investor interests [10][21] - The implementation of these regulations is expected to enhance investor trust and the overall quality of the fund industry [10][21]

Investment Rating - The non-bank financial industry is rated as "Leading the Market - A" [2] Core Insights - The Central Economic Work Conference has set the tone for capital market reforms, emphasizing support for expanding domestic demand, technological innovation, and small and micro enterprises. The implementation of the "1+N" policy framework is accelerating, which includes reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, promoting mergers and acquisitions, and optimizing public fund fee structures [3][6] - The China Securities Regulatory Commission has issued a draft regulation to standardize fund sales behavior, aiming to return the industry to its core functions. This includes strict guidelines on promotional language, performance displays, and transparency in fees to protect investor rights [6][3] Market Performance - During the period from December 8 to December 14, major indices showed mixed performance, with the Shanghai Composite Index down 0.34%, the CSI 300 down 0.08%, and the ChiNext Index up 2.74%. The average daily trading volume in A-shares was 1.95 trillion yuan, an increase of 15.14% week-on-week [3][12] - As of December 14, the margin trading balance was 2.50 trillion yuan, reflecting a week-on-week increase of 0.79% [12][15] Industry Data Tracking 1) Market Performance and Scale: The average daily trading volume in A-shares reached 1.95 trillion yuan, with a week-on-week increase of 15.14% [12] 2) Credit Business: As of December 14, the market had 2,938.59 million shares pledged, accounting for 3.58% of the total share capital [12][15] 3) Fund Issuance: In November 2025, 530.52 billion units of new funds were issued, with a total of 145 funds launched, representing a 34.09% decrease from the previous month [12][19] 4) Investment Banking: In November 2025, the equity underwriting scale was 525.75 billion yuan, with IPO amounts at 101.88 billion yuan and refinancing at 423.88 billion yuan [12][19] 5) Bond Market: The total price index of bonds decreased by 2.23% since the beginning of the year, with the 10-year government bond yield at 1.84%, up 23.19 basis points year-to-date [12][13]

Core Viewpoint - The new regulations from the Asset Management Association of China (AMAC) prohibit the promotion of fund size and growth, which has raised concerns in the industry regarding its impact on marketing strategies, especially for ETFs [1][2][5]. Summary by Sections Regulations Overview - The draft regulation titled "Sales Behavior Norms for Publicly Raised Securities Investment Funds" consists of nine chapters and 37 articles, focusing on various promotional behaviors and performance assessments [1][4]. - Key points include restrictions on displaying fund performance for periods shorter than six months and the requirement to use data from fund evaluation institutions for performance rankings [1][5]. Impact on ETF Marketing - Industry insiders express surprise at the restriction on promoting fund size, as it is often a key differentiator for ETFs, impacting liquidity and market perception [2][3]. - The inability to advertise fund size may lead to challenges in differentiating products in a competitive market, potentially affecting investor decisions regarding smaller funds [2][3]. Compliance and Adjustments - Fund management and sales institutions are expected to adjust their promotional strategies in line with the new regulations, focusing on the attributes of index funds and their investment value rather than size [3][4]. - Compliance departments are already implementing changes to avoid size-related promotions, with a shift towards emphasizing index components and investment strategies [3][4]. Performance Assessment Changes - The regulations also stipulate that performance assessments for fund sales should prioritize investor outcomes over sales revenue and size, indicating a shift towards a more investor-centric approach [4][5]. - Future marketing efforts are likely to focus on the sustainability and stability of fund performance, as well as the unique characteristics of products [5].

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" to standardize fund sales practices and protect investors' rights, seeking industry feedback on the proposal [2][3]. Group 1: Fund Sales Behavior Regulations - The draft outlines clear requirements for general promotional activities, live streaming promotions, disclosure of sales information and fees, and performance evaluation of fund sales [2]. - Violations of these regulations by fund managers or sales institutions will lead to self-regulatory or disciplinary actions, and serious violations will be referred to the China Securities Regulatory Commission for legal processing [2]. Group 2: Performance Display Standards - The draft sets strict standards for fund performance display, requiring objective and comprehensive presentation of performance while prominently disclosing risks [3]. - Fund performance must be displayed for periods exceeding six months, and annualized returns for periods under one year are prohibited [3]. - Performance rankings must use publicly available data from fund rating agencies for periods of three years or more, with full disclosure of the agency's name and fund type [3]. Group 3: Communication Restrictions - The use of terms like "positive returns" and "positive return probability" is prohibited, along with exaggerated language and promotion of fund size and growth [4]. - Fund manager promotions must focus on the research team and platform strength rather than individual accolades [4]. Group 4: Live Streaming Marketing Controls - The draft imposes comprehensive compliance requirements for live streaming marketing, including personnel qualifications and content management [5]. - Only qualified personnel can promote funds in live streams, and the use of tipping or reward functions is banned [5]. - Detailed compliance management processes are required for live streaming, including script reviews and post-event compliance records [5]. Group 5: Fee Transparency - The draft mandates clear disclosure of all fees associated with fund purchases, ensuring investors have adequate time to review fund product summaries [7]. - Different share classes must have their fees disclosed, and sales service fees must be clearly defined and explained [7]. Group 6: Performance Evaluation Mechanism Reform - The draft proposes a fundamental overhaul of the performance evaluation mechanism for sales institutions, emphasizing long-term investor outcomes over short-term sales metrics [8]. - Performance evaluation indicators must include both sales activity and investor profit/loss situations, with a minimum evaluation period of one year for sales and three years for investor outcomes [8]. Group 7: Accountability Mechanisms - The draft establishes accountability mechanisms to address inducements for short-term trading behaviors, requiring sales institutions to avoid misleading practices [9]. - New requirements prohibit the display of performance rankings for periods under three years and restrict the promotion of fund size and sales volume [9]. Group 8: Integrity and Compliance - The draft includes strict regulations on integrity in operations, requiring fund managers and sales institutions to establish clear anti-corruption measures [10]. - Financial audits of marketing expenses must be conducted to ensure compliance, and any form of hidden payments or benefits is strictly prohibited [10].

Core Viewpoint - The article discusses the recent draft regulation aimed at standardizing fund sales practices to protect investors' rights and interests, emphasizing a shift from a scale-focused approach to one that prioritizes investor outcomes and long-term benefits [1][7]. Group 1: Fund Sales Practices - The draft regulation requires fund managers and sales institutions to adopt a long-term sales philosophy centered on "the best interests of investors" [1]. - It emphasizes that performance evaluation metrics for fund sales should increase the weight of equity fund retention and investor profit and loss situations, rather than focusing primarily on sales revenue and scale [7]. Group 2: Disclosure and Marketing Requirements - Fund managers and sales institutions must objectively and comprehensively present fund performance, clearly stating that past performance does not guarantee future returns [2]. - Specific requirements include displaying fund performance over periods longer than six months, using data from recognized fund evaluation agencies for rankings, and presenting risk indicators alongside performance metrics [2]. Group 3: Live Streaming Regulations - When conducting live streaming for fund promotion, fund managers and sales institutions must ensure compliance and risk management are aligned with the nature of the live business [5]. - Live streaming personnel must possess relevant qualifications and adhere to advertising laws, with strict guidelines on content and compliance monitoring during broadcasts [6]. Group 4: Performance Evaluation Mechanism - The draft regulation calls for a revised performance evaluation mechanism that aligns with operational performance, financial status, and compliance risk management [7]. - It specifies that the evaluation should include metrics related to fund retention, new fund subscription retention, and investor profit and loss over a minimum period of three years [7].

Core Viewpoint - The article discusses the recent draft regulations issued by the China Securities Regulatory Commission (CSRC) aimed at standardizing the sales behavior of public funds, preventing misleading practices, and protecting investors' rights [3][4]. Group 1: Sales Behavior Regulations - The draft regulations emphasize the need for a return to the fundamental principle of "trust and fiduciary management" in the fund industry, aiming to maintain the healthy and stable development of the capital market [3]. - Key areas covered include general promotional behavior, live-streaming management, sales information and fee disclosure, performance assessment, and other sales behaviors [3]. Group 2: Promotional Guidelines - The draft imposes strict controls on promotional language to eliminate misleading statements, particularly prohibiting the use of terms like "positive returns" that may lead investors to overlook risks [9]. - Fund performance must be presented objectively, with a clear disclaimer that past performance does not guarantee future results, and any performance displayed must cover a period of at least six months [6][8]. Group 3: Fund Manager Promotion - The regulations require that promotional efforts focus on the research team's capabilities rather than individual fund managers, discouraging the glorification of "star fund managers" [11][12]. - Specific prohibitions include linking fund performance awards to fund managers and overstating their experience [11]. Group 4: Live Streaming Regulations - Live streaming as a promotional tool is subject to stringent regulations, including the requirement for personnel to have appropriate qualifications and the prohibition of non-compliant platforms from participating in fund sales [13][14]. - All live streaming materials must be retained for a minimum of 20 years, ensuring accountability and compliance [16]. Group 5: Fee Transparency and Performance Assessment - The draft mandates comprehensive disclosure of all fees associated with fund purchases, ensuring investors have adequate time to review this information [17]. - Performance assessment metrics must align with long-term investor outcomes rather than short-term sales figures, with a focus on maintaining a long-term investment culture [18][19]. Group 6: Market Competition and Ethical Standards - The regulations aim to maintain fair competition by prohibiting exclusive sales practices and the disparagement of competing funds [21][24]. - A framework for preventing conflicts of interest in sales practices is established, alongside a commitment to ethical conduct within the fund sales sector [22][24].