Core Viewpoint - The announcement details a collaboration between Dongfang Fund Management Co., Ltd. and Shanghai Lead Fund Sales Co., Ltd. to commence sales of certain funds starting January 19, 2026, under a front-end fee model [1][2]. Group 1: New Fund Sales and Business Scope - The newly added funds include the Dongfang Pension Target Date 2040 Fund, which has a minimum holding period of 3 years, after which it will be renamed Dongfang Taijia Mixed Fund [1]. - The Dongfang Pension Target Date 2050 Fund will have a minimum holding period of 5 years and will be renamed Dongfang Taicheng Mixed Fund after the target date [2]. - The Dongfang Zhen Cui 3-Month Regular Open Pure Bond Fund is currently in a closed period, and further announcements will be made once it is open [2]. Group 2: Important Notes - The funds' fee rates can be found in the respective fund contracts, prospectuses, and product summaries [2]. - Regular investment plans will not incur additional handling fees, and the subscription fee rates will align with the standard rates of the respective funds [3]. - Fund conversion allows investors to switch their holdings from one open-end fund to another managed by the company, with specific rules applying to front-end and back-end fee models [3]. Group 3: Investor Consultation - Investors can contact Shanghai Lead Fund Sales Co., Ltd. for inquiries at 400-032-5885 or visit their website [3]. - Dongfang Fund Management Co., Ltd. can be reached at 400-628-5888 or through their website [4].

根据建信基金管理有限责任公司与申万宏源证券有限公司、申万宏源西部证券有限公司签署的销售协 议，自2026年1月13日起，以上证券公司将销售本公司旗下基金如下： ■ 自2026年1月13日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参 照本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金 产品的基金合同、招募说明书、基金产品资料概要等法律文件。 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 1.申万宏源证券有限公司 地址：上海市徐汇区长乐路989号45层 客服电话：95523 网址：https://www.swhysc.com/ 2.申万宏源西部证券有限公司 地址：新疆乌鲁木齐市高新区（新市区）北京南路358号大成国际大厦20楼2005室 客服电话：95523 网址：https://www.swhysc.com/ 二、建信基金管理有限责任公司联系方式 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚 ...

Core Viewpoint - The announcement details the addition of new sales agencies for fund products managed by Jianxin Fund Management Co., Ltd., effective January 13, 2026, including Changliang Fund Sales Co., Ltd. and Shenwan Hongyuan Securities Co., Ltd. [1][2] Group 1: New Sales Agencies - Changliang Fund Sales Co., Ltd. will begin selling Jianxin's fund products starting January 13, 2026 [1] - Shenwan Hongyuan Securities Co., Ltd. and Shenwan Hongyuan West Securities Co., Ltd. will also be authorized to sell Jianxin's funds from the same date [2] - Investors can process transactions at the sales outlets of these agencies, following specific rules and procedures [2] Group 2: Contact Information - Customer service for Changliang Fund Sales Co., Ltd. can be reached at 400-820-2899, with a website at http://www.erichfund.com/ [3] - Jianxin Fund Management Co., Ltd. can be contacted at 400-81-95533 or 010-66228000, with a website at http://www.ccbfund.cn [5] - Shenwan Hongyuan Securities Co., Ltd. has a customer service number of 95523 and is located at 989 Chang Le Road, 45th Floor, Xuhui District, Shanghai [4]

■ 2 其他需要提示的事项 （1）2026年1月12日起，本基金管理人将对本基金的非个人投资者的大额申购、定期定额投资及转换转 入业务进行限制，单日每个基金账户累计申购（含定期定额投资和转换转入）本基金份额的最高金额为 10万元（含），即如单日每个基金账户累计申购（含定期定额投资和转换转入）本基金的合计金额超过 10万元，本基金管理人有权拒绝。 公告送出日期：2026年1月12日 1 公告基本信息 （2）在本基金限制非个人投资者的大额申购、定期定额投资及转换转入业务期间，其他业务正常办 理。基金管理人将于2026年1月16日起取消本基金上述大额申购、定期定额投资及转换转入业务限制,届 时将不再另行公告。 （3）投资者可访问前海开源基金管理有限公司网站（www.qhkyfund.com）或拨打客户服务电话（4001- 666-998)咨询相关情况。 风险提示：投资者应充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投 资者进行长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资 所固有的风险，不能保证投资者获得收益，也不是替代储蓄的等效理财方式。 为维护投资者 ...

Group 1 - The company, Yimi Fund Management Co., Ltd., is collaborating with Yifeng Fund Sales Co., Ltd. to offer a fee discount activity for certain funds as a gesture of appreciation to investors [1] - The funds participating in the fee discount activity include: Yimi Kaixin Value Selected Mixed A (015663), Yimi Kaitai Mixed A (015703), Yimi Research Selected Mixed Initiation A (016390), Yimi Low Carbon Economy Stock Initiation A (017165), Yimi Xinxuan Quality Mixed A (019435), and Yimi Hefeng Bond A (016376) [2] - The fee discount activity will commence on January 12, 2026, allowing investors to subscribe to the participating funds without discount limitations (excluding fixed fees) [2] Group 2 - The interpretation rights of the discount activity belong to Yifeng Fund, and the specific time and process for business handling will be determined by Yifeng Fund [3] - The fee discount applies only to subscription fees for the participating funds and does not include redemption, conversion, or other business fees [3] - Investors are encouraged to read the fund contracts, prospectuses, and other legal documents for detailed information about each fund [3]

Core Insights - The public fund industry in China is experiencing a significant transformation, driven by regulatory changes aimed at reducing fees and promoting long-term investment strategies [1][4][6] - Internet distribution channels are becoming crucial in connecting investors with public fund products, emphasizing the need for transparency and improved investor experience [1][2] Regulatory Changes - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" has led to a reduction in subscription fees and sales service fees, aiming to lower investor costs and enhance market order [4] - New regulations are expected to shift the competitive landscape among institutions, encouraging a focus on long-term client retention rather than short-term trading incentives [4] Sales Strategy Evolution - Fund sales platforms are shifting their focus from short-term performance metrics to long-term investment indicators, such as three-year performance and risk-adjusted returns [2][3] - Major platforms like Ant Fund and Tiantian Fund are introducing new data presentation methods to enhance transparency and assist investors in making informed decisions [2][3] Risk Management - There is a growing emphasis on aligning fund products with investors' risk tolerance, with platforms showcasing historical volatility and performance metrics to better inform potential buyers [3] - The introduction of features that highlight real investor experiences and returns aims to create a more realistic understanding of fund performance [3] Market Trends - Sales institutions are expected to increase their focus on equity funds, aligning with policy directions that encourage long-term capital market support [5] - The shift from a sales-driven model to a service and performance-driven approach is anticipated to reduce reliance on low-risk, high-volume sales strategies [5] Long-term Investment Focus - The fund sales ecosystem is transitioning towards a long-term investment philosophy, with a focus on investor satisfaction and sustainable growth in fund holdings [6] - Companies are adopting new metrics for evaluating success, prioritizing user retention and profitability over sales volume [6] - Data indicates that users of certain fund products have experienced significantly higher returns compared to non-participants, reinforcing the benefits of a long-term investment approach [6]

Core Insights - The public fund industry in China is undergoing a significant transformation, focusing on long-term investment and enhancing investor experience through regulatory changes and new sales strategies [1][4][6] Group 1: Regulatory Changes - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to lower subscription fees and sales service fees, guiding the industry back to long-term investment [1][4] - The new regulations restrict the proportion of client maintenance fees, which is expected to shift the competitive logic among institutions towards retaining clients for the long term [4] Group 2: Changes in Sales Strategies - Internet platforms for fund distribution are shifting their focus from short-term performance metrics to long-term indicators, such as "three-year returns" and "positive returns over three years" [2][6] - Major platforms like Ant Fund and Tiantian Fund are introducing new data presentation dimensions to enhance transparency and assist investors in making informed decisions [2][3] Group 3: Emphasis on Investor Experience - The sales process is evolving to highlight real investor experiences, with platforms showcasing metrics like user profitability and average returns to connect product value with investor satisfaction [3][4] - The focus is shifting from merely selling products to providing comprehensive services that enhance the overall investment experience [6] Group 4: Future Outlook - The industry is expected to prioritize sustainable growth in asset retention, with a shift towards a sales ecosystem centered on long-term investment principles [6] - By 2026, platforms aim to enhance user retention and profitability metrics while reducing the emphasis on sales volume, creating a new assessment framework focused on investor satisfaction [6]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights the comprehensive implementation of the public fund fee reform, which is expected to significantly lower investment costs for investors and promote long-term investment behavior. The annual savings for investors are projected to exceed 50 billion yuan, with approximately 30 billion yuan coming from reduced sales fees [4][5]. - The new regulations will enhance the stability of fund operations and protect investor interests by ensuring that all redemption fees are included in the fund's assets, thus discouraging short-term trading [5]. - The report anticipates a shift in the competitive landscape, with smaller sales institutions facing greater pressure to adapt, while larger institutions may benefit from increased market concentration and improved service capabilities [5]. Summary by Sections Regulatory Changes - The China Securities Regulatory Commission revised the public fund sales fee management regulations, effective January 1, 2026, marking the full implementation of the three-phase fee reform [4]. - Key changes include more detailed classifications of subscription fees, flexible redemption fee rules, clearer exemptions for sales service fees, and extended adjustment periods for existing fund fee structures [4][5]. Impact on Investors - The new fee structure is expected to lower investment costs significantly, with subscription fees for stock and mixed funds reduced to 1.2% and 1.5%, respectively, while bond and index funds will have a maximum subscription fee of 0.3% [4][6]. - The report emphasizes that the reforms will encourage long-term investment habits and improve the overall investment experience for individuals [5]. Impact on Sales Institutions - Sales institutions may face profitability challenges due to reduced subscription fees and expanded exemptions for sales service fees, particularly affecting smaller firms reliant on trailing commissions [5]. - The report suggests that institutions will need to shift their focus from volume-based sales to providing comprehensive asset allocation and advisory services to remain competitive [5]. Industry Outlook - The reforms are expected to drive the public fund industry towards high-quality development, leading to further industry consolidation and a focus on performance-based competition [5]. - The report recommends capitalizing on opportunities in mergers and acquisitions, wealth management transformation, and innovative licensing, particularly for large, financially robust brokerage firms [5].

Core Viewpoint - The new public fund sales regulations, effective from January 1, 2026, aim to benefit investors and encourage long-term holding, featuring significant changes in fee structures and redemption policies [1][2]. Summary by Sections Changes in Fee Structures - The maximum subscription and redemption fee rates for actively managed equity funds are reduced from 1.2% and 1.5% to 0.8%. For other mixed funds, the rates drop from 1.2% and 1.5% to 0.5%. Bond funds see a reduction from 0.6% and 0.8% to 0.3%. Index funds have a maximum fee rate of 0.3% [2]. - The annual sales service fee for equity and mixed funds decreases from 0.6% to 0.4%, while for index and bond funds, it drops from 0.4% to 0.2%. Money market funds see a reduction from 0.25% to 0.15% [2]. - The maintenance fee for individual clients remains at 50%, while for institutional clients, it is 30% for equity and drops from 30% to 15% for non-equity [2]. Redemption Policy Adjustments - The redemption policy for bond funds is relaxed, allowing individual investors to redeem without fees after holding for 7 days, while institutional investors can do so after 30 days [3]. - The rectification period for existing funds not compliant with the new fee structures is set to 12 months, providing more time compared to the previous 6-month or 12-month adjustments [3]. Impact on Distribution Channels - The new regulations significantly affect distribution channels, particularly for agents, as fee reductions will impact their income. Subscription and redemption fees for equity funds are reduced by one-third to one-half, and similar reductions apply to bond funds [4]. - Direct sales channels benefit from the elimination of subscription and sales service fees, potentially reducing the market share of distribution agencies [4]. Influence on Bond Fund Demand - The demand for bond funds may be more adversely affected than for equity funds due to the larger fee reductions and the nature of institutional investors. However, the risk of concentrated redemptions is considered manageable [6]. - The flexibility and cost-effectiveness of bond funds may diminish, leading to a slight decrease in demand, particularly from institutions with high liquidity requirements [6].

Group 1 - Guangzhou Futures Exchange's international influence is increasing, with a complete factor aggregation system. The exchange will list platinum and palladium futures and options on November 27, 2025, filling a gap in domestic risk management tools. By the end of 2025, the cumulative trading volume of futures and options reached 796 million contracts, with a total transaction value of 48.6 trillion yuan. The "Guangzhou price" for lithium carbonate and industrial silicon has become an important pricing reference for major resource countries like Brazil and Zimbabwe, further enhancing the exchange's international influence [3][4][6] - The number of futures companies and branches in Guangzhou reached 96 by the end of 2025, with a gradually improving futures ecosystem that integrates spot and futures trading [3][4] Group 2 - The "Nansha Financial 30 Measures" were launched, accelerating the construction of an international financial hub in the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative includes the establishment of various financial innovation institutions and the expansion of pilot banks for FT accounts [2][4] - The establishment of the CITIC AIC headquarters marks a strategic breakthrough in Guangzhou's financial precision招商, with several licensed financial institutions approved to operate [4] Group 3 - Guangzhou is solidifying its position as the "National Investment Advisor First City" by developing the investment advisory industry, supported by national policy documents. The city has introduced the first policy measures to support AI investment advisory [5] - The Guangzhou Investment Advisor Conference attracted over 300 institutions and more than 1,000 industry representatives, showcasing the city's growing influence [5] Group 4 - The "Win-Win Plan" was launched to promote a virtuous cycle of "technology-industry-finance," with over 1,050 enterprises signing agreements worth over 40 billion yuan to support strategic industries [6][7] - In 2025, Guangzhou added 12 new domestic and foreign listed companies, raising nearly 20 billion yuan, and actively pursued merger and acquisition opportunities [7] Group 5 - Guangzhou's financial resources are deeply integrated with the "12218" modern industrial system, with a total loan balance of 8.67 trillion yuan by the end of 2025, a nearly 60% increase from the end of the 13th Five-Year Plan [8] - The city has established a capital market financing service platform, gathering over 1,000 key industry enterprises [8] Group 6 - Financial elements are accelerating their penetration into rural areas, with agricultural loans exceeding 420 billion yuan, ranking first in the province [9] - The "Guangxin Pre" consumption prepayment fund supervision platform was launched to address livelihood issues, covering seven major livelihood areas and significantly reducing consumer complaints [10] Group 7 - The introduction of a real estate trust property registration pilot program aims to provide institutional support for revitalizing existing assets, with the issuance of the first real estate trust pre-registration certificate in the country [11][12]