Core Insights - The banking public funds are facing unprecedented transformation pressures despite holding approximately 20% of the total fund market share, indicating a significant reliance on fixed-income products [1][2] - The average scale of fixed-income products among banking public funds is 90%, significantly higher than the industry average of 73%, with 9 out of 15 banking public funds having over 90% in fixed-income allocation [1][2] - The most extreme case is Shangyin Fund, with a fixed-income allocation of 98.75%, while major institutions like Bank of China Fund and Jianxin Fund have less than 5% in equity allocation [1][2] Industry Challenges - The long-term reliance on parent bank channels has led to a "lying win" model, where banking clients prefer conservative fixed-income products, creating a path dependency [2] - Regulatory bodies have emphasized the need to significantly increase the scale and proportion of equity investments in public funds, indicating that the current growth model is unsustainable [2] Emerging Strategies - Some institutions are beginning to adapt, with Shangyin Fund launching equity products like Shangyin Advanced Manufacturing and Shangyin Resource Selection since 2025, indicating a shift in strategy [3] - Puyin Ansheng has achieved a 14% growth in non-cash scale in 2024 by leveraging a digital investment research system, showcasing a successful adaptation to market demands [3] - For banking public funds to truly break through, a "surgical-level" reform is necessary, establishing a dual-driven model of "fixed income for scale, equity for profit" and introducing market-oriented professional managers [3]