2025年11月13日，招商证券（600999）国家级投资者教育基地走进暨南大学深圳校区，为金融科技专业 105名研一学生带来《投资者适当性管理——开启金融学子理性投资与合规从业第一步》主题课程，并 同步开展《财富管理职业发展规划》宣讲。本次活动作为招商证券"投教进百校"系列的重要一环，旨在 帮助学生从学业起步阶段树立科学投资理念，强化合规从业意识，为未来职业发展打下坚实基础。 适当性管理：为投资系好"安全带"，为从业筑牢根基 在《投资者适当性管理》课程中，财富管理部总经理助理辛欣以投资者因盲目加杠杆导致投资亏损的真 实案例切入，生动阐释了适当性管理对投资者的保护作用。她指出，适当性管理并非限制投资自由，而 是为投资者系上"安全带"，帮助其在复杂市场中识别风险、匹配产品。课程围绕"投资者适当性管理的 定义""投资者分类与产品分级""匹配逻辑与执行流程"等内容展开系统讲解，并设置了真实风险测评环 节，帮助学生站在金融从业人员的角度，思考适当性管理的重要性。整场授课以互动问答与案例分析相 结合的方式，将专业内容生动化、场景化，有效提升了学生的学习兴趣与理解深度。 职业启航：解析财富管理赛道，规划未来成长路径 本次 ...

"一减一升"间，既反映出大财富管理时代银行应对渠道竞争、吸引客户的主动策略，也体现出行业对投 资者适当性管理、风险精准揭示的重视。分析人士称，费率优惠是银行短期让利获客的手段，而风险调 级则反映风险揭示更趋精细化、精准化，旨在帮助投资者识别风险，从而保护投资者权益，推动行业健 康发展。 "全方位让利" 11月19日，北京商报记者注意到，近期银行在代销公募基金领域动作不断。一方面，民生银行、兴业银 行、微众银行相继推出基金申购费率优惠活动，为投资者降低交易成本；另一方面，包括民生银行、建 设银行、宁波银行在内的多家机构密集上调代销基金的风险评级。 今年以来，多家银行均已启动相关调整：5月30日，建设银行将"易方达商业模式优选混合型证券投资基 金A类""易方达商业模式优选混合型证券投资基金C类""建信信息产业股票型证券投资基金""广发均衡 价值混合型证券投资基金"等四只产品的风险等级，由"中风险"上调至"中高风险"；8月20日，宁波银行 公告将"汇添富北交所创新精选两年定开混合A""汇添富北交所创新精选两年定开混合C"的风险评级 由"中高风险"调整为"高风险"；10月29日，邮储银行更披露对80只代销公募基金的风 ...

2025.11. 16 本文字数：3093，阅读时长大约5分钟 作者 | 第一财经 曹璐 买基金总被推荐"看着热闹但不太懂"的产品？老年人被推销高波动基金没人多提醒？直播里听几 句"稳赚"就下手？就这些让基民头疼的问题，监管层在基金业绩基准规范、主题基金纠偏等政策基 础上，再度发布基民适当性管理新规！ 日前，中国证券投资基金业协会发布《公开募集证券投资基金投资者适当性管理细则（征求意见 稿）》（下称《细则》），向社会公开征求意见，意见反馈截止时间为11月26日。 这份新规从风险测评、基金风险评级、老年群体要"特别关照"到直播卖基金规范等，都一一划了重 点。在业内人士看来，随着政策持续落地，基金销售"把合适产品卖给合适的人"不再是一句口号， 而是嵌入流程的硬约束，进一步体现"卖者尽责、买者自负"的监管导向。 风险测评管理被纳入严格规范 为进一步规范公募基金销售行为，强化投资者适当性管理义务，切实保护投资者合法权益，监管再次 下发规范性文件。此次《细则》从基金销售行为出发，进一步细化并规范基金管理人及销售机构的适 当性管理行为，涉及多项重点环节的管理要求。 在产品端，基金风险等级划分标准同步升级。新规要求管理人、 ...

Core Viewpoint - The article discusses the newly proposed "Guidelines for the Suitability Management of Investors in Publicly Offered Securities Investment Funds," which aims to enhance investor protection and ensure appropriate matching of investment products to investors' risk profiles [1][3]. Group 1: Investor Suitability Management - The guidelines emphasize the obligation of fund managers and sales institutions to assess investors' risk tolerance and match them with suitable fund products based on their investment goals and risk preferences [3][4]. - Fund managers must provide complete information regarding the risk classification of funds to sales institutions, and if such information is incomplete, sales institutions are required to refuse sales [4]. - The guidelines stipulate that the frequency of risk assessments for ordinary investors should be controlled, with a maximum of two assessments per day and eight assessments within twelve months [4][6]. Group 2: Risk Assessment and Fund Classification - The guidelines require that the risk classification of funds incorporates factors such as stock position, historical volatility of fund net value, and maximum drawdown, using both quantitative and qualitative analyses [2][8]. - Fund managers and sales institutions must establish a mechanism for regular review and dynamic adjustment of fund risk classifications, with at least one review conducted annually [9]. - The guidelines specify that the risk classification results used by sales institutions must not be lower than those determined by fund managers [6][8]. Group 3: Special Considerations for Older Investors - When selling high-risk funds (R4 level and above) to investors aged 65 and above, fund managers and sales institutions must adhere to special obligations, including more cautious sales processes and enhanced risk disclosures [6][7]. Group 4: Communication and Transparency - Fund managers and sales institutions are required to improve communication with investors, ensuring they have a comprehensive understanding of fund characteristics and risks [3][7]. - In cases of changes in risk tolerance or fund risk classification, timely notifications must be sent to investors through various communication channels [6][9].

中国企业资本联盟中国区经济学家柏文喜表示，强化向65岁以上普通投资者销售高风险基金的要求，能够更好地保护老龄投资者，通过追加审慎流程、强化 风险提示、增加回访，有助于防范其因风险认知不足或受误导而遭受重大损失。同时，可以压实机构责任，迫使管理人、销售机构建立更严格的内控与销售 程序，降低"忽悠式"销售及后续纠纷概率。通过"适当性"示范效应，还可以促使高风险产品流向真正具备相应风险承受能力的群体，减少因老年投资者集中 亏损引发的社会负面舆情，维护行业公信力。 此外，自2020年起，公募机构兴起直播风潮后，也有部分机构在直播过程中推介基金，《细则》也针对相关情况进一步细化要求。第十四条提到，基金管理 人、基金销售机构通过直播形式宣传推介基金，应当结合直播展业特点，建立健全内部审核流程与管控措施，严格履行投资者适当性管理义务，并在直播过 程中加强风险提示。 具体内容包括但不限于提示投资者选择符合其风险承受能力、投资目标的基金；基金风险等级划分结果及与之匹配的投资者范围；其他应当提示的内容。同 时要求，基金管理人、基金销售机构通过直播链接提供基金销售服务时，应当向投资者全面说明基金的风险收益特征，充分揭示基金投资风险 ...

【导读】 事关七亿基民！通过直播宣传推介基金、向老年人销售高风险基金迎来最新规范 中国基金报记者 陆慧婧 基金行业再迎重磅文件。 计不得超过八次。投资者风险承受能力评估等级与最近一次结果不一致的，基金管理人、基 金销售机构应当提示投资者关注变动情况并进行确认。 风险承受能力评估结果有效期原则上不得超过十二个月，超过十二个月未评估或者投资者主 动告知存在可能影响风险承受能力情况的，基金管理人、基金销售机构向投资者再次销售基 金前，应当对投资者风险承受能力重新进行评估。 净值历史波动率、最大回撤 近日，中国基金业协会起草了《公开募集证券投资基金投资者适当性管理细则（征求意见 稿）》（以下简称《细则》），意见反馈截止时间为2025年11月26日。 自公募基金高质量发展行动方案实施以来，监管部门已围绕业绩比较基准、基准库、主题投 资风格管理出台一系列新规，切实保护投资者利益。 此次出台的《细则》在针对投资者在同一机构进行风险承受能力评估频率、基金风险等级评 定等方面做了细化要求，同时，对近年来兴起的基金直播在投资者适当性管理方面做了具体 规定。 合理控制普通投资者风险承受能力评估频次 为进一步规范公募基金销售行为，强 ...

皮海洲 | 立方大家谈专栏作者 为了落实今年6月18日证监会发布的《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 （以下简称《科创板意见》）精神，进一步深化科创板改革，7月13日，上交所正式发布了《科创板上 市公司自律监管指引第5号——科创成长层》（以下简称《科创成长层指引》）等配套业务规则。《科 创成长层指引》明确规定，本指引自发布之日起施行。这也意味着科创成长层从7月13日起正式落地 了。 根据《科创成长层指引》第三条规定：上市时未盈利的科创板公司，自上市之日起纳入科创成长层；本 指引发布前已上市且上市后尚未首次实现盈利的科创板公司，自本指引发布之日起纳入科创成长层。这 也意味着目前科创板存量的32家未盈利企业将自指引发布实施之日起正式进入科创成长层，随后新注册 的未盈利企业将自上市之日起自动进入。 科创成长层来了，这对于科创板的发展来说是一件大事，这是资本市场支持科技型企业发展的一项重大 举措。毕竟就连处于未盈利阶段的科技型企业都可以上市了，甚至开出一个"科创成长层"的专层来支持 未盈利科技型企业上市，资本市场对实体经济的支持，尤其是对新质生产力的支持显而易见。这体现了 中国股市的包容性，也 ...

Core Viewpoint - The recent volatility in gold prices has prompted several major banks in China to adjust their gold accumulation business, with both Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) suspending certain services due to macroeconomic policies and risk management requirements [1][2][5]. Group 1: Bank Adjustments - ICBC announced the suspension of its "Ruyi Gold" accumulation business effective November 3, 2025, affecting new account openings, active accumulation, and new periodic accumulation plans, while existing plans remain unaffected [2]. - CCB also suspended its "Easy Gold" accumulation services, including real-time purchases and physical gold exchanges, starting November 3, 2025, with existing plans continuing to operate [2]. - Other banks, such as Industrial Bank and Ping An Bank, have raised the minimum purchase amounts for their gold accumulation services in response to market fluctuations [3]. Group 2: Market Context - The international gold price has experienced significant fluctuations this year, reaching a peak of $4,381 per ounce before recently declining, with a year-to-date increase of over 53% as of November 3, 2025 [5]. - Factors contributing to the high volatility include global economic uncertainties, central bank monetary policy expectations, geopolitical tensions, and fluctuations in the U.S. dollar [5]. Group 3: Risk Management and Investor Education - Banks are tightening their gold accumulation business rules and enhancing investor risk education in light of the volatile market conditions [5][7]. - The adjustments reflect a proactive approach to risk management and compliance with regulatory requirements, aiming to balance operational compliance, risk control, and market stability [4][7]. - Financial institutions are emphasizing the importance of investor awareness regarding market risks and encouraging diversified investment strategies to mitigate potential losses [8].

Core Insights - The recent adjustment of risk levels for various fund products indicates a significant shift in the fund industry, with many funds experiencing an increase in their risk ratings, particularly those with strong performance this year [1][2]. Fund Risk Level Adjustments - Starting from October 15, Citic Bank adjusted the risk levels of 17 asset management products, raising the risk rating of 15 funds while only lowering 2 [2]. - Notably, high-performing funds, such as the Huatai-PineBridge North Exchange Innovation Selected Fund, saw their risk rating increase from "Medium-High Risk" (PR4) to "High Risk" (PR5) due to a return rate exceeding 76% this year [2]. - Other fund companies, including Fortune Fund and Tianhong Fund, have also announced similar risk level adjustments, with a majority of their products experiencing an increase in risk ratings [3]. Underlying Factors for Adjustments - The primary reasons for the increase in risk ratings include rising volatility, increased maximum drawdown multiples, and changes in asset allocation, particularly in bond funds [3][4]. - The bond market's increased volatility and the rising equity allocation in some bond funds have contributed to the adjustments in risk ratings [4][5]. Impact on Fund Sales and Investor Behavior - The adjustments in risk ratings will have a tangible impact on fund sales, as banks will automatically intercept investment plans that do not match the new risk levels [1][5]. - Investors, particularly those purchasing funds through banks, tend to be cautious about high-risk products, especially after recent market fluctuations, leading to a potential decrease in the willingness to invest in products with higher risk ratings [6]. - The adjustments also signal to investors the need to regularly review their fund holdings and risk profiles, as the risk-return characteristics of products are subject to change [6].

Core Viewpoint - Multiple banks in China, including CITIC Bank, are adjusting the risk ratings of their asset management products, primarily to comply with regulatory requirements and enhance investor protection [1][4]. Group 1: Risk Rating Adjustments - CITIC Bank announced an adjustment of risk ratings for 17 asset management products, with 15 products seeing an increase in their risk ratings and 2 experiencing a decrease [2]. - The adjustment covers a wide range of product types, including passive index bond funds, mixed equity funds, and flexible allocation funds, indicating a comprehensive approach to risk assessment [2]. - This marks the fourth adjustment by CITIC Bank in 2023, reflecting ongoing regulatory compliance and the need for consistent risk rating practices [2]. Group 2: Regulatory and Market Influences - The adjustments are driven by the dual factors of deepening regulatory requirements and changes in market conditions, necessitating a more accurate reflection of risk levels [4]. - The regulatory framework established by the National Financial Supervision Administration in March 2023 mandates banks to independently assess the risk of asset management products and align them with appropriate customer profiles [4]. - As market volatility increases, the underlying risk-return characteristics of certain funds have changed, prompting banks to adjust ratings accordingly [4]. Group 3: Implications for the Banking and Asset Management Industry - In the short term, banks may experience fluctuations in sales revenue from high-risk products due to these adjustments, but long-term benefits include reduced legal disputes and enhanced reputation through improved compliance [5]. - The dynamic rating system is expected to encourage asset management companies to optimize product design and risk control, shifting the industry focus from "scale expansion" to "high-quality development" [5]. - Banks are advised to enhance their due diligence capabilities to better manage risks associated with asset management product sales [5].