Core Insights - The article highlights a significant shift in the public fund sales landscape in 2025, with the broker settlement model becoming the mainstream choice for fund issuance, surpassing 50% for the first time [3][7][14] Group 1: Industry Changes - By the end of 2025, 52.39% of newly established public funds utilized the broker settlement model, marking a dramatic increase from 27% in 2024 [7][9] - The number of newly established equity mixed funds using the broker settlement model rose from 18.3% in 2021 to 51.71% in 2025, indicating a structural shift towards this model [9][10] - The broker settlement model is seen as a key driver for small and medium-sized brokerages to enhance their visibility and influence in the market [6][14] Group 2: Brokerages' Strategic Adaptations - Small and medium-sized brokerages are increasingly forming partnerships with multiple fund companies to expand their distribution networks and enhance product visibility [12][13] - Brokerages like Huaxin Securities and Huawen Securities are actively developing new broker settlement products and expanding their cooperation with fund managers, reflecting a strategic shift towards comprehensive wealth management services [5][6][14] - The broker settlement model allows brokerages to transition from a transactional role to a more integrated service provider, enhancing their competitive edge [8][14] Group 3: Market Dynamics - The 2024 regulatory changes regarding fund fees have incentivized fund companies to adopt the broker settlement model, as it allows for more flexible commission structures [8][9] - The market environment in 2025 is favorable for actively managed funds, which are more attractive to brokerages due to their potential for higher returns compared to passive index funds [10][11] - The collaboration between fund companies and brokerages is evolving from a one-sided selection process to a more nuanced, mutually beneficial partnership model [13][14]

Core Insights - The public fund sales landscape is undergoing significant changes, with the proportion of funds using the broker settlement model surpassing 50% for the first time in 2025, indicating a shift in strategy for medium and small-sized fund companies [3][6][10] - The broker settlement model is becoming the mainstream choice for new fund issuances, driven by regulatory changes and the need for efficiency in fund operations [10][14][18] Group 1: Market Dynamics - In 2025, 52.39% of newly established public funds (876 out of 1672) adopted the broker settlement model, marking a significant increase from 27% in 2024 [6][10] - The growth in the broker settlement model is attributed to the 2024 regulatory changes that exempted certain commission distribution limits, incentivizing fund companies to adopt this model [10][14] - The shift towards the broker settlement model is particularly pronounced in actively managed funds, with their adoption rate rising from 18.3% in 2021 to 51.71% in 2025 [11][14] Group 2: Broker and Fund Company Strategies - Medium and small-sized fund companies are increasingly collaborating with multiple brokers to enhance product visibility and sales networks, often utilizing all three available broker slots for their funds [15][16] - Brokers like Huaxin Securities and Huawen Securities are expanding their product lines and partnerships, focusing on innovative fund structures and deepening their roles beyond mere sales [5][17] - The collaboration between brokers and fund companies is evolving into a symbiotic relationship, with brokers providing comprehensive services that enhance fund performance and investor experience [17][18] Group 3: Future Outlook - The transformation in the public fund industry is expected to benefit the asset management sector and investors by shifting the focus from resource allocation to value creation [18] - The competitive landscape is moving towards providing deeper research insights and efficient operational solutions, which will be crucial for winning in the broker settlement model [18]