这新规一边定了大方向，一边扔出一堆"硬骨头"，不管是从业者还是投资者，都得重新适应节奏。咱今 天就用大白话唠唠，这新规到底藏着啥门道。 先说说最让人纠结的考核问题，简直是戳中了行业的"痛点"。新规里说要细化费用揭示，这绝对是好 事，那些三方平台藏着掖着费用、诱导人频繁交易的乱象，总算要被整治了。可问题也跟着来了，有个 个人系公募的操作，谁看了不迷糊？ 基金经理自己就是大股东，哪怕连续三年大幅跑输基准，照样能靠高额管理费和专户提成，拿走几十亿 分成。咱就想问问，这种"旱涝保收"的情况，新规到底咋管？ 还有销售端的考核，改得让人措手不及。以前卖基金看销量就行，现在KPI不聚焦这个了，那绩效咋 评？ 哈喽大家好，今天老张带大家聊聊基金圈最近真是不平静，一份《公开募集证券投资基金销售行为规范 （征求意见稿）》横空出世，直接给行业来了场"大洗牌"。 执行争议 基金赚不赚钱，又不是销售能说了算的，总不能让销售为市场行情背锅吧？更现实的是，要是新发基金 打开后，基民赎回超过一半，销售还得受罚。这让银行、券商渠道咋干？ 全做发起式基金吧，资本金不够；为了保成立故意放慢销售节奏，队伍战斗力又散了，这平衡真是难拿 捏。 不过新规 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a draft for public consultation on the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds," aiming to standardize the sales practices of fund companies and distribution agencies. Group 1: Key Regulations on Fund Sales Practices - The draft includes 37 articles covering various aspects such as fund promotion behavior, live streaming for promotion, disclosure of sales information and fees, performance evaluation of sales activities, integrity in operations, and self-regulation [1] - It addresses core issues in current fund sales practices, such as the emphasis on short-term performance rankings and excessive promotion of "star fund managers," aiming to align the interests of fund managers and sales institutions with investor returns [1] Group 2: Performance Disclosure Requirements - Fund managers and sales institutions must objectively and comprehensively present fund performance, ensuring that past performance does not guarantee future returns, and must not promise future returns in any form [2] - Performance data must cover periods longer than six months, and rankings should be based on publicly available data from fund evaluation agencies for periods of three years or more [2] - Risk indicators related to fund performance must be displayed alongside performance data, and promotional language that may downplay risks is prohibited [2] Group 3: Fund Manager Promotion Guidelines - The draft emphasizes the importance of promoting the research team and platform capabilities rather than excessively promoting individual fund managers [3] - It prohibits misleading representations that conflate fund managers' years of experience with their actual investment management experience [3] - When promoting index funds, the focus should be on their utility and asset allocation functions, while adequately disclosing risks associated with net value fluctuations in money market-like funds [3] Group 4: Sales Performance Evaluation - The draft mandates the establishment of a scientific and reasonable performance evaluation system for fund sales, including clear indicators and accountability mechanisms for short-term sales behaviors [4] - Performance evaluation indicators should encompass both sales activity and investor profit and loss situations, with a focus on long-term investment outcomes [5] - The evaluation must prioritize the retention of equity fund holdings and the long-term profitability of investors, rather than solely focusing on sales revenue and scale [5] Group 5: Fee Disclosure and Live Streaming Regulations - The draft outlines requirements for live streaming promotions, mandating that presenters hold relevant qualifications and that platforms disable tipping features [6] - Fund managers and sales institutions must fully disclose all types of fees associated with fund transactions, including subscription fees, service fees, and redemption fees, ensuring transparency in fee structures [6] - Different fee levels for various share classes must be disclosed, and investors should be informed of redemption fees at the time of transaction [6]

Group 1: Industry Transformation - The public fund sales industry is undergoing a transformation to rebuild trust with investors by focusing on long-term value and customer profitability rather than short-term sales metrics [1][2][8] - The competition landscape is shifting from product promotion to investment solution provision, emphasizing long-term customer value over short-term performance [1][9] - Regulatory changes, such as the CSRC's action plan for high-quality development, are prompting firms to adjust their assessment mechanisms to prioritize customer retention and satisfaction [8][9] Group 2: Sales and Service Model - The traditional sales model, which relied on transaction commissions, is being replaced by a model that aligns the income of institutions with the long-term interests of clients [2][9] - Firms are adopting a "three parts investment, seven parts advisory" service model to enhance client engagement and prevent impulsive trading behaviors [3][6] - Technology is being leveraged to provide personalized services and improve client understanding of their investment behaviors, fostering more rational investment habits [3][7] Group 3: Collaborative Ecosystem - The collaboration between fund managers and sales institutions is essential for enhancing investor service capabilities and creating a comprehensive financial service ecosystem [9][10] - Both parties are encouraged to develop a shared understanding of client needs and to provide proactive, tailored services using advanced technologies [11] - The focus is on creating a healthy ecosystem where investor profitability and institutional growth coexist, ensuring high-quality development in the industry [10][11]

Core Viewpoint - The public fund sales industry is undergoing a transformation to rebuild trust with investors by focusing on long-term value and aligning the interests of institutions and clients [1][6][7]. Group 1: Industry Transformation - The public fund sales sector is shifting from a product-pushing model to one focused on investment solutions and long-term client value [1][7]. - The industry is moving towards a high-quality development phase, emphasizing collaboration between fund managers and sales institutions to enhance investor service capabilities [7][8]. - The core of the transformation involves changing the revenue model from transaction commissions to advisory fees, promoting a buy-side advisory approach [1][7]. Group 2: Investor-Centric Strategies - Companies are implementing strategies to improve investor experience, such as personalized asset planning based on individual goals and risk preferences [2][5]. - The introduction of AI-driven tools for 24/7 online service aims to address investor queries and promote rational investment habits [2][5]. - A focus on long-term investment strategies is being encouraged, with firms providing clients with performance analysis and rebalancing suggestions [3][4]. Group 3: Regulatory and Competitive Landscape - The China Securities Regulatory Commission (CSRC) has introduced guidelines to promote high-quality development in the public fund sector, including reducing fees and establishing evaluation mechanisms for sales institutions [6][7]. - The competitive landscape is evolving from price competition to service capability competition, necessitating a deeper integration of technology in the sales process [7][8]. - Firms are adjusting their assessment metrics to prioritize long-term client retention and satisfaction over short-term sales figures [6][8].