Group 1 - Multiple fund companies have announced the termination of distribution agreements with Dahua Bank (China) Co., Ltd, indicating a trend in the fund sales market towards consolidation and strategic adjustments [1][4][6] - Dahua Bank (China) will cease its fund distribution business effective June 13, 2025, following a strategic decision to transfer its personal business to Fubon Bank, which includes the discontinuation of fund sales [1][4][6] - As of June 13, Dahua Bank (China) was still distributing 13 funds from five fund companies, highlighting its previous role in the fund sales market [6] Group 2 - The fund sales market is undergoing a transformation from a "sales volume-oriented" approach to an "investor profit-oriented" model, as indicated by industry analysts [5][9] - The China Securities Regulatory Commission (CSRC) has introduced a classification evaluation mechanism for fund sales institutions, which is expected to further influence the market dynamics [9] - Despite the exit of several sales institutions, new entrants are emerging, such as E Fund, which has received approval to establish a wholly-owned subsidiary for fund sales [7][8]

从权益基金保有规模角度看，中欧财富以55亿元的规模，在基金销售子公司领域排名第一，在整个基金销售领 域排名73位。在中欧财富前面，有10家机构的权益基金保有规模超过千亿元，排名第一的蚂蚁基金，保有规模 更是接近7400亿元。嘉实财富和华夏财富的权益基金保有规模，分别为48亿元和51亿元。从非货保有规模来 看，嘉实财富、华夏财富、中欧财富的规模分别为90亿元、84亿元、71亿元，在全市场销售机构中排名分别为 73位、74位、81位。 数据显示，包括本次获批的易方达财富在内，截至目前全市场的公募基金销售子公司已有9家。从获批或成立 时间来看，基金销售子公司早在2012年就开始出现。当年，嘉实基金旗下的嘉实财富管理有限公司（下称"嘉 实财富"）成立。从2014年至2016年这三年里，基金销售子公司迎来成立小高峰，9家销售子公司当中有5家于 该期间成立。 需要指出的是，在那三年里成立的基金销售子公司，既有来自华夏基金旗下的华夏财富，以及来自中欧基金旗 下的中欧财富，也有中小公募九泰基金旗下的九泰基金销售，以及国金基金旗下的国金理益。 2016年之后，基金销售子公司的成立节奏有所减缓。新成立公司的出现，要到5年后的20 ...

近日获批的易方达财富管理基金销售（广州）有限公司（下称"易方达财富"），成为全市场第九家基金销 售子公司。 从2012年至今，基金销售子公司群体发展已有13年之久。从体量上看，基金销售子公司在基金销售市场中并没 有体现出显著优势。券商中国记者从业内采访获悉，基金销售子公司最初发展思路，是借此来形成与银行等传 统渠道抗衡的话语权。但在基金产品"产销分离"趋势下，基金公司随之调整销售子公司的发展策略。 根据受访人士分析，基金销售子公司未来的差异化路径主要有三条：一是以专业基金研究做支撑，形成有别于 传统销售机构的竞争优势；二是通过投顾和资产配置的能力，弥补甚至扭转简单基金销售难以填补的交易需 求；三是整合并承接大型公募内部的多条线业务。 销售业务没形成显著优势 数据显示，包括本次获批的易方达财富在内，截至目前全市场的公募基金销售子公司已有9家。从获批或成立 时间来看，基金销售子公司早在2012年就开始出现。当年，嘉实基金旗下的嘉实财富管理有限公司（下称"嘉 实财富"）成立。从2014年至2016年这三年里，基金销售子公司迎来成立小高峰，9家销售子公司当中有5家于 该期间成立。 需要指出的是，在那三年里成立的基金销 ...

一、适用基金范围 ■ 根据上银基金管理有限公司（以下简称"本公司"）与上海国信嘉利基金销售有限公司（以下简称"国信 嘉利基金"）签署的销售协议和相关业务准备情况，自2025年6月4日起，国信嘉利基金将开始销售本公 司旗下部分基金。 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、上海国信嘉利基金销售有限公司 网站：www.gxjlcn.com 客户服务电话：021-68809999 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 ...

Macro Dynamics - The Chinese Ministry of Commerce urges the U.S. to completely eliminate unilateral tariffs, emphasizing that trade wars have no winners and protectionism leads to negative outcomes [1] - The Chinese Ministry of Foreign Affairs firmly opposes the U.S. decision to unjustly cancel Chinese student visas, stating it harms the legitimate rights of Chinese students and disrupts normal cultural exchanges between the two countries [2] Market Data - On May 29, the A-share market saw the ChiNext Index rise by 1.37%, with significant gains in digital currency and EDA concepts, as well as autonomous driving and innovative drug sectors [7] - The total market turnover reached 1.2 trillion yuan, an increase from the previous day's 1 trillion yuan, with over 4,400 stocks rising [7] - As of May 28, the total margin balance in the two markets increased by 2.95 billion yuan, with the Shanghai Stock Exchange's margin balance at 909.99 billion yuan and the Shenzhen Stock Exchange's at 883.23 billion yuan [8] Company Dynamics - Tesla's CEO Elon Musk announced that the Model Y autonomous driving vehicle will be delivered to customers in June, with successful testing on public roads in Austin [10] - Ideal Auto reported a total revenue of 25.9 billion yuan for Q1 2025, a year-on-year increase of 1.1%, and a net profit of 647 million yuan, up 9.4% year-on-year, with total vehicle deliveries of 92,900 units, reflecting a 15.5% increase [12]

Core Viewpoint - Multiple public fund companies have announced the termination of cooperation with Minshang Fund Sales (Shanghai) Co., Ltd, reflecting a broader trend of fund companies ending partnerships with various distribution agencies due to intensified competition in the fund distribution market [1][2][4]. Group 1: Termination of Cooperation - On May 27, several public fund companies announced the termination of Minshang Fund's ability to handle their fund-related business, including companies like Debon Fund, Yinhua Fund, and Dongwu Fund [1][2]. - The termination of cooperation is aimed at protecting investor interests, with funds held through Minshang Fund being transferred to direct sales channels of the respective fund companies [2][3]. - The termination dates vary, with some companies ending cooperation by the end of May and others by June [2]. Group 2: Market Competition - The fund distribution market is experiencing intensified competition, leading to many distribution agencies facing termination of cooperation, including notable firms like Yixin Puzhe and Xiamen Xinding Sheng [1][4]. - Minshang Fund, established in 2016, has a significant presence with 2,753 funds distributed and partnerships with 72 fund companies as of May 26 [3]. - The trend of fund companies terminating partnerships is not limited to smaller agencies; even mid-tier agencies like Minshang Fund are affected, indicating a shift in the competitive landscape [4][5]. Group 3: Performance and Challenges - Many distribution agencies, despite having a large number of funds and partnerships, are struggling with declining sales volumes, which is a common reason for termination of cooperation [4][5]. - Some agencies have proactively chosen to withdraw from the market by canceling their distribution qualifications, highlighting the challenges faced by smaller and mid-tier agencies in maintaining long-term partnerships [5].

中国发展网讯 近日，中国人民大学国际货币研究所发布了《中国财富管理机构公募类产品保有规模指数报告 （2024）》。 报告基于2024年末数据，分析了财富管理行业竞争格局与各类机构发展趋势，聚焦公募类财富管理产品的保有规 模，包括非现金类银行理财产品以及非货币公募基金，以指数化形式呈现。 公募财富管理产品（非现金类）保有规模=银行理财产品（非现金管理类）保有规模+公募基金（非货币类）保有 规模。 在2024年指数排名前100家机构中，包括银行62家、券商21家、第三方机构12家、公募基金4家、保险公司1家，前 15家机构中有14家为银行。银行依然是财富管理行业的中流砥柱，其他机构则起到有益补充作用。 从机构类型来看，银行方面，招商银行财富管理优势显著，国有大行和头部股份制银行的财富管理规模也位于前 列。有4家城商行和农商行在2024年上半年进入了100强行列，但是在下半年又退出了，说明在激烈竞争的市场环 境下，其核心竞争力有待进一步加强。 券商方面，2024年有21家进入财富管理规模指数前100名，比2023年末增加了2家，且总体排名显著上升，这得益 于"强强联合"的行业改革，以及2024年9月以来的经济刺激政 ...

证监会：督促基金销售机构完善内部考核激励机制 加大对保有投资者盈亏情况的考核权重 智通财经5月7日电，中国证监会印发《推动公募基金高质量发展行动方案》，建立基金销售机构分类评 价机制。将权益类基金保有规模及占比、首发产品保有规模及占比、投资者盈亏与持有期限、定投业务 规模等纳入评价指标体系。对分类评价结果靠前的基金销售机构，在产品准入、牌照申请、创新业务等 方面依法优先考虑。督促基金销售机构完善内部考核激励机制，加大对保有投资者盈亏情况的考核权 重。 ...

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed fund sales agency agreements with multiple institutions including Guotai Junan Securities, Haitong Securities, E-Hua Buy Fund Sales, and Lead Fund Sales to distribute the Morgan Dual Bond Enhanced Income Bond Fund Class D (Fund Code: 023813) [1] - Investors can conduct subscription, redemption, and regular investment through the aforementioned agencies, with specific procedures and timings determined by the agencies [1] - The announcement includes contact details for each agency for further inquiries [1] Group 2 - Morgan Fund Management (China) Co., Ltd. has added Hengtai Securities as a sales agency for the Morgan Dual Bond Enhanced Income Bond Fund (Class A Code: 000377; Class C Code: 000378; Class D Code: 023813) [3] - Investors can also perform subscription, redemption, and regular investment through Hengtai Securities, with specific procedures governed by Hengtai Securities [3][4] Group 3 - Starting from March 31, 2025, Morgan Fund Management (China) Co., Ltd. will lower the management and custody fees for certain funds and amend related legal documents [5] - The adjustments are made in accordance with relevant laws and fund contracts, and the changes will not adversely affect the interests of fund shareholders [5][6] - Updated fund contracts, custody agreements, and prospectuses will be published on the company's website and the China Securities Regulatory Commission's fund disclosure website [6]

Core Viewpoint - The article highlights the growth and recognition of Xueqiu Fund as a leading independent fund sales platform in China, emphasizing its commitment to promoting high-quality index investment and asset allocation solutions for investors [1][2]. Group 1: Company Overview - Xueqiu Fund, established in 2016, focuses on providing diversified fund products and asset allocation solutions to meet varying risk-return needs of investors [1]. - The company has experienced rapid growth in user and asset retention, with non-money market fund scale reaching 38.6 billion and stock index fund retention scale at 12.7 billion by the second half of 2024 [1]. - Xueqiu Fund ranks sixth among 100 independent fund sales institutions in terms of equity fund retention scale and stock index fund retention scale [1]. Group 2: Investment Strategy and Tools - Over the past three years, Xueqiu Fund has seen steady growth in index fund sales and scale, with an increasing proportion of index funds within non-money market funds [2]. - The platform promotes a long-term investment strategy centered around index funds and multi-asset allocation, leveraging its community influence [2]. - Xueqiu Fund collaborates with mainstream fund advisory institutions to provide specialized index advisory strategies, utilizing index funds as foundational investment tools [2]. - The company has developed unique investment tools, such as index valuation tools and systematic investment simulators, to help investors optimize costs and reduce volatility [2]. Group 3: Industry Impact - Xueqiu Fund aims to establish index funds as a significant tool for inclusive finance, contributing to the healthy development of the fund industry and index funds [2]. - The company maintains a "buy-side" perspective, continuously optimizing products and services to enhance investor experience [2].