Core Viewpoint - The implementation of the new regulations for commercial banks' agency sales business, effective from October 1, 2023, is prompting banks to adjust their sales models and strengthen compliance, indicating a shift towards self-managed channels [1][2][4]. Regulatory Changes - The new regulations restrict commercial banks to sell products only through their own channels, such as bank branches, official websites, and proprietary apps, prohibiting outsourcing or embedding sales processes in third-party platforms [4][5]. - Banks are expected to enhance their compliance and transparency in sales practices, ensuring that all sales activities are traceable and within their control [2][4]. Business Model Adjustments - A certain commercial bank has announced the termination of its fund sales cooperation with third-party platforms "Huawei Wallet" and "Yutong Life," signaling a broader trend among banks to reassess and modify their agency sales strategies [1][2]. - Other banks are likely to follow suit, especially those with strong self-channel foundations, as they adapt to the new regulatory environment [3][5]. Long-term Implications - The new regulations are anticipated to lead to a systematic restructuring of the agency sales model, compelling banks to improve their sales processes and service quality [1][4]. - In the long run, the regulations will promote a new phase of regulatory oversight that emphasizes full traceability in sales processes, enhancing the overall compliance level within the industry [4][5]. Strategic Focus - Banks are shifting their wealth management strategies to focus on self-operated platforms, which allows for better customer data management and personalized service offerings [5][6]. - The core competitive advantages for banks in the future will include leveraging their large customer bases, integrating various financial products, and enhancing professional capabilities to provide tailored wealth management solutions [6].

Core Viewpoint - The implementation of the new regulations for commercial banks' agency sales business is prompting banks to adjust their sales models, emphasizing compliance and self-managed channels [1][2][4]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to limit agency sales to their own channels, prohibiting outsourcing or embedding sales processes in third-party platforms [4]. - Banks are expected to terminate partnerships with third-party platforms, as seen with a certain commercial bank ending its fund sales cooperation with "Huawei Wallet" and "Yutong Life" [2][3]. Group 2: Business Model Adjustments - The shift towards self-managed channels is a clear signal of banks reinforcing compliance and risk management, allowing better control over sales processes [2][5]. - The transition may temporarily affect business efficiency as banks invest in system upgrades and customer training [4]. Group 3: Long-term Implications - The new regulations are anticipated to lead to a comprehensive restructuring of the agency sales model, enhancing the overall compliance level in the industry [4][6]. - Banks will focus on building robust self-operated platforms to improve customer engagement and service efficiency, aligning with the growing demand for diversified wealth management [5][6].