Group 1 - Recent announcements from various wealth management companies, including Zhaoyin Wealth Management and Xinyin Wealth Management, indicate a rapid expansion of agency sales partnerships with city commercial banks, rural commercial banks, and rural credit cooperatives, highlighting a trend towards deeper market penetration [1][3] - The addition of new agency sales institutions, such as Guilin Bank and Rizhao Bank, reflects a strategic shift to enhance distribution channels and reach long-tail customers at lower costs, driven by the urgent need for wealth management business expansion [1][2] - The trend of channel diversification is evident, with the proportion of agency sales from parent banks decreasing to 65%, indicating progress in expanding external sales channels [3] Group 2 - The shift towards agency sales is characterized by a "downward" trend, where wealth management companies collaborate with rural banks to create integrated financial solutions, enhancing customer engagement through tailored product recommendations [3] - The competitive landscape in the wealth management market is intensifying, as banks seek to increase intermediary income and diversify revenue sources amid pressure on net interest margins [4] - A report from Guosheng Securities predicts that the scale of bank wealth management products will reach 30.67 trillion yuan by mid-2025, with a year-on-year growth of 7.53%, underscoring the growing importance of agency sales in the industry [3]