Core Viewpoint - The reform of public fund sales fees has a significant impact on the industry, causing immediate effects on the income and profits of fund sales institutions, particularly affecting fixed-income products, but it is expected to benefit the industry in the long term by pushing sales institutions towards a buyer-oriented model [1] Group 1: Impact on Fund Sales Institutions - The short-term impact of the sales fee reduction is substantial, particularly for fund sales institutions' revenue and profits [1] - The reform has a pronounced effect on fixed-income products, indicating a shift in the sales landscape [1] Group 2: Long-term Industry Outlook - In the long run, the reform is seen as beneficial, as it will compel sales institutions to transition towards a buyer-oriented model [1] - Smaller brokerages are expected to experience a relatively minor impact from the fee reduction and should focus on differentiated business development [1] Group 3: Strategic Recommendations for Smaller Brokerages - Smaller brokerages are encouraged to pursue differentiated business strategies, including promoting bond settlement services, collaborating with public funds to create customized products, developing an ETF ecosystem, and enhancing investment advisory teams [1]