继费率战后，基金代销渠道又"卷"起了赎回效率。 近日，微众银行推出了非货币基金的"快赎"服务，将资金到账效率作为提升用户体验的新突破口。这一动作的 背后，是基金代销市场激烈竞争的又一次演变，意味着行业竞争正从"价格战"演变成"效率战"，乃至"服务 战"。 传统银行渠道的基金代销份额，正面临券商和第三方互联网平台的持续挑战，单纯依靠渠道优势的时代已然过 去，一场围绕服务体验、专业能力和数字化水平的全方位较量已拉开序幕。 非货基金赎回最快T+0.5日到账 券商中国记者发现，近日，微众银行在APP首页上新了基金快赎的功能，根据其业务介绍，投资者单人单产品 每个交易日有高达500万元的快赎额度，赎回资金最快可以T+0.5日到账（T为交易日）。 这意味着如果投资者在交易日（T日）15:00前发起赎回基金的申请，资金最快可以在T+1日中午12:00前即可到 账。相较于传统赎回模式下动辄T+2甚至T+6日的等待时间，资金效率得到显著提升。 具体来看，微众银行列举了三类基金产品在银行端的赎回到账时间对比，其中，短债基金通过普通赎回的到账 时间往往是T+2，而快速赎回可以提前1.5天；混合基金通过普通赎回的到账时间往往是T+3 ...

Core Insights - The fund distribution market is shifting from a price war to an efficiency and service war, as exemplified by WeBank's launch of a fast redemption service for non-money market funds [1][3] Group 1: Fast Redemption Service - WeBank has introduced a fast redemption feature allowing investors to redeem up to 5 million yuan per day, with funds potentially available by T+0.5 days, significantly faster than traditional models which often take T+2 or longer [2][3] - The fast redemption service is aimed at enhancing user experience and capitalizing on the recent positive sentiment in the equity market, enabling investors to seize market opportunities more quickly [3] Group 2: Traditional Banks Under Pressure - Traditional banks, once dominant in fund sales, are losing market share to brokers and third-party internet platforms, with their market share dropping from over 50% to around 40% [4] - The latest data shows that commercial banks, independent fund sales institutions, and brokers hold 43.1%, 34.79%, and 20.44% of the non-money market fund market, respectively, indicating a decline in banks' share by 1.11 percentage points compared to the end of 2024 [4][5] Group 3: Competitive Landscape - Brokers are gaining ground in the non-money market fund space, with a sales scale of 2.09 trillion yuan, reflecting a 9.4% quarter-on-quarter growth, while internet platforms like Ant Group are also expanding their user base and operational efficiency [5][6] - In response to competitive pressures, traditional banks are innovating in fee structures and service offerings, such as招商银行's announcement of a significant reduction in fund sales fees [6] Group 4: Shift in Industry Dynamics - The fund distribution industry is undergoing a fundamental shift from relying on channel advantages to focusing on customer-centric service experiences, as highlighted by the recent regulatory changes aimed at reshaping profit models [7] - The future competition in the fund sales market will revolve around customer service experience, professional advisory capabilities, and digitalization, moving away from mere scale comparisons [7]

近日，积极调仓的小周逛着各家银行的App忽然发现，有家互联网银行的基金代销开始"卷"出了新花 样：除了代销费率0折，还开始"卷"清算时间，500万额度内赎回最快可以T+0.5日到账，FOF和QDII等 基金则最快T+1.5日到账（T为交易日）。 对比之下，行业多数基金产品赎回普遍需T+3，而QDII等则需要T+5的情况看，确实为投资者节约了不 少交易时间，最大程度避免了基金闲置。 但，这是怎么做到的呢？答案是，垫付。而目前采用这一做法的互联网银行，是微众。而这一动作背 后，有哪些信号与看点？ 具体怎么操作 "一般情况下，这类'快赎'业务都是垫付，有可能是自有资金垫付，也可能是找合作行做资金拆借。"一 家总部位于广东地区的公募基金相关业务负责人表示。 那么，具体如何操作的呢？ 比如，基金赎回要实现"T+0.5"，可以通过隔夜资金拆借实现，是常见的同业业务，操作起来也简单， 主要是看银行愿不愿意去为提升投资者体验付出这个成本。 周观察从多家基金公司了解到，目前能实现"快赎"操作的销售合作渠道，一般都是自己找垫资行出资， 再自行向垫资行支付该项成本。 比如，支付宝、天天基金也是如此，而与前面二者相比，微众并不是强势 ...

□本报记者 魏昭宇 此外，还有多家此前一直发力B端业务的销售公司正在积极探索能够触达C端客户的业务模 9月初，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味 着，公募基金行业第三阶段费率改革正式拉开序幕。中国证券报记者了解到，在销售费率改革文件出台 后的两个多月时间里，多家基金销售机构在战略规划、策略升级、客户开拓等方面进行了思路上的调 整。 为适应市场环境变化并构建新的增长曲线，不少领先的第三方代销机构正积极推动其业务重心与客户结 构的战略性调整。据一位业内资深人士透露，其公司已将部分资源向私募业务领域倾斜，这不仅是出于 提升业绩能力的考量，更是为打造差异化竞争壁垒所做的长期布局。与此同时，在市场波动加剧的背景 下，能够理解并承受较高风险、资金期限较长的机构客户，因其对权益类资产的配置需求更为稳定和专 业，正成为销售团队重点聚焦与服务的核心对象。 有业内人士表示，费率改革将深刻影响基金销售行业的生态格局和发展方向。在产品类型上，权益类产 品将成为代销机构发力的重点，而提升客户体验、优化服务能力、增强客户黏性等，对代销机构来说刻 不容缓。 打法有所变化 9月5日，中国证监会修 ...

Core Viewpoint - Wind Fund has demonstrated its strength in financial technology innovation by winning third place in the "Shanghai Fund Industry 2025 Annual Special Contribution Competition" with its "AI⁺ Fund Intelligent Research Platform" [1][3] Competition Overview - The competition, guided by the Shanghai Financial Workers Union and the Shanghai Securities Regulatory Bureau, featured 30 outstanding projects from various institutions, including public funds and securities asset management, highlighting the intense competition [3] - Wind Fund was the only fund distribution agency to reach the finals, showcasing the practical application value and industry recognition of its AI innovation solution [3] Core Advantages - The "AI⁺ Fund Intelligent Research Platform" is built on the Wind Alice financial large language model, providing a comprehensive service system that contributed to the award [4] - Full-process intelligent empowerment includes real-time analysis of global financial dynamics, personalized asset allocation plans, quantitative fund selection, position monitoring, and risk warnings to ensure stable investment strategies [4] - Precise and efficient asset allocation is achieved through large model-driven profit and loss analysis and performance attribution, utilizing multi-factor attribution models and NLP sentiment monitoring engines to support forward-looking decision-making [6] - Unique post-investment management features include AI portfolio diagnostics that generate customized optimization reports, along with fund manager opinion analysis and position change tracking to validate the alignment of fund managers' actions and intentions [6] Strength Accumulation and Future Outlook - The award is a high recognition of Wind Fund's financial technology innovation capabilities, ranking among the top independent fund sales institutions in China [7] - Wind Fund has collaborated with over 500 institutional clients, covering various sectors such as wealth management subsidiaries, banks, insurance, public funds, securities, trusts, private equity funds, and large enterprises [7] - The company aims to provide efficient and convenient off-market fund research and trading management services, continuously optimizing the "AI⁺ Fund Intelligent Research Platform" to promote the industry's upgrade towards intelligence and professionalism [7]

Group 1 - The technology sector experienced a significant drop last week, leading to concerns about fund managers potentially facing salary cuts due to underperformance against benchmarks, prompting further declines on Monday [1] - The market saw a V-shaped rebound after an initial decline, with the ChiNext and STAR Market indices recovering, indicating a possible shift in investor sentiment [1] - The largest ETF in the market, the CSI 300 ETF, recorded a net inflow of 5 billion, raising questions about the motivations behind such a large investment during a downturn [1] Group 2 - New tax regulations on gold purchases are expected to increase costs for consumers, which may negatively impact demand in the short term, while benefiting gold ETFs and paper gold products [4] - Major banks like ICBC and CCB temporarily suspended their paper gold businesses to align with the new regulations, although ICBC resumed operations shortly after [4] - Gold stocks and related ETFs faced significant declines, with gold stocks dropping over 4% during the trading session [4] Group 3 - The storage chip sector saw a rebound, with major South Korean companies like SK Hynix and Samsung experiencing significant stock price increases, which contributed to the overall market recovery [9] - The influx of southbound capital into Hong Kong stocks coincided with the A-share market's recovery, indicating a positive sentiment shift among investors [9] Group 4 - The new public fund performance benchmark regulations are expected to enhance transparency and accountability in fund reporting, which could lead to a more competitive environment for fund managers [14] - Ant Group's wealth management platform has been evolving, with the introduction of standardized analysis metrics for funds, enhancing the investment experience for users [17][21] - The platform's focus on transparency and tool-based investment strategies is likely to increase user engagement and retention, positioning it as a leading player in the fund distribution market [26] Group 5 - Recommendations for Ant Group include enhancing asset allocation perspectives to guide investors towards a more diversified investment approach, moving beyond single-product thinking [27] - Other fund distribution institutions are encouraged to improve user experience through a combination of online and offline services, particularly in the context of financial technology advancements [27]

Core Viewpoint - The article discusses the competitive dynamics between China Merchants Bank (CMB) and Ant Group in the fund distribution market, highlighting how Ant has surpassed CMB in various metrics and the strategies each company employs to maintain or enhance their market positions [5][10][11]. Group 1: Market Position and Performance - As of mid-2024, Ant Group has significantly outperformed CMB in fund distribution, with Ant's equity fund holdings at 8,229 billion yuan compared to CMB's 4,920 billion yuan, marking a 40% lower performance for CMB [11][14]. - CMB has historically been a leader in fund distribution but is now facing the risk of being left behind as Ant Group continues to grow its market share [10][11]. - The shift in market dynamics is attributed to Ant's larger user base and more aggressive online strategies, which have allowed it to capture a significant portion of the fund distribution market [22][48]. Group 2: Competitive Strategies - CMB has relied on its strong retail banking presence and high-net-worth clientele, but it has struggled to adapt to the rapid changes in the fund distribution landscape [22][49]. - Ant Group has leveraged its vast user base on Alipay, with over 1 billion total users and 3 billion daily active users, to enhance its fund distribution capabilities [22][48]. - CMB's strategy includes focusing on high-net-worth clients and enhancing its wealth management services, while Ant is expanding its offerings in index funds and flexible investment products [46][47]. Group 3: Challenges and Responses - CMB is facing challenges due to a decline in wealth management income and increased competition from Ant, which has led to a strategic reassessment within CMB [29][30]. - The recent regulatory changes that lower fund sales fees pose additional challenges for CMB, which relies on its high-cost sales model [49]. - CMB is attempting to strengthen its asset allocation capabilities and improve customer experience through enhanced advisory services and product offerings [37][39]. Group 4: Future Outlook - The competition between CMB and Ant Group is expected to solidify, with CMB focusing on high-net-worth clients and complex financial products, while Ant continues to dominate the mass market with its online services [50][51]. - The article suggests that CMB must leverage its strengths in personalized service and high-net-worth client management to maintain its market position amidst increasing pressure from Ant [49][50].

Core Insights - The public fund market has shown strong performance, with 99% of equity funds achieving positive returns over the past year, leading to significant profits for investors [1][3] - Ant Fund reports that 215 million investors have realized profits, with over 80% of those investing in equity funds making gains this year [1][3] Fund Performance - The average return for equity funds held by investors is approximately 12%, with the probability of positive returns for selected equity funds being 17% higher than non-selected funds [3] - The average return for equity funds over the past year is close to 35%, with many funds doubling their value [3][4] Market Conditions - The recovery of the capital market, combined with increased policy support and ongoing economic transformation, suggests that equity funds will continue to have good investment value [5] - Short-term market volatility is expected, but long-term investment opportunities are gradually emerging [5] Investor Behavior - Investor behavior significantly impacts profitability, with diversified allocation, reasonable holding periods, and product selection enhancing profit probabilities [7][9] - Investors who maintain a balanced stock-bond allocation have better overall experiences and more stable long-term returns compared to those holding single products [7] Fund Selection Strategies - Selecting funds with a robust research and management system is crucial, as these funds typically exhibit better risk control and sustained performance [10] - Investors should consider their investment goals and risk tolerance when choosing between different types of equity funds, such as stock funds, mixed funds, or index funds [9][10]

Core Insights - The A-share market has stabilized and rebounded since 2025, leading to a reshuffling in the public fund sales landscape, with significant growth in non-monetary fund holdings surpassing 10 trillion yuan [1][2] - The top fund distribution institutions, such as Ant Fund and China Merchants Bank, dominate the market, holding over 25% of the total non-monetary fund scale [1][2] - A structural change in investor preferences is evident, with a shift towards more transparent and lower-fee products, particularly passive and fixed-income funds [2][3] Growth Structure - In the first half of 2025, the non-monetary fund holdings of the top 100 distribution institutions reached 10.2 trillion yuan, a 6.95% increase, while equity fund holdings grew by 5.89% to 5.14 trillion yuan [1][2] - Stock index funds saw a remarkable growth of 14.57%, nearing 2 trillion yuan, indicating a recovery in investor confidence driven by rising core indices [1][2] - Smaller institutions are struggling to balance scale and profitability, with a continuing trend of market concentration favoring larger players [2][3] Channel Dynamics - The distribution landscape is increasingly characterized by a three-way competition among banks, brokerages, and independent sales institutions, with a clear restructuring of their market shares [3][4] - Banks still hold over 40% of equity fund holdings, but their market share is declining, as younger investors prefer digital platforms [3][4] - Brokerages and third-party platforms are gaining ground due to their product flexibility and online capabilities, with brokerages increasing their market share in equity funds to 27.41% [4][5] Index Fund Surge - Stock index funds are the hottest category in the current fund growth, with brokerages maintaining a dominant position due to their trading advantages [5][6] - Banks are rapidly increasing their index fund sales, with a year-on-year growth of 99.2% in the first half of 2025, indicating a strategic response to market trends [5][6] - Major banks like Agricultural Bank and Industrial and Commercial Bank have significantly increased their index fund sales, showcasing their adaptability [5][6] Future Outlook - Despite positive growth data, the fund distribution industry remains cautious due to impending fee reforms that will impact revenue structures and product strategies [7][8] - The upcoming fee reductions are expected to challenge traditional sales models, pushing institutions to enhance their advisory services [7][8] - Regulatory changes are likely to encourage brokerages to invest more in equity product sales, further accelerating industry transformation [7][8]

Core Viewpoint - The non-monetary fund holding scale exceeding 10 trillion yuan marks a significant milestone in the maturity of China's public fund market, indicating a transformation in channels, products, and client structures that will shape future competition [1][15]. Group 1: Market Overview - As of mid-2025, the non-monetary fund holding scale of the top 100 distribution institutions reached 10.2 trillion yuan, a quarter-on-quarter increase of 6.95%, while equity fund scale grew by 5.89% to 5.14 trillion yuan [2][5]. - The stock index fund segment saw a remarkable growth of 14.57%, nearing 2 trillion yuan, reflecting a recovery in investor confidence amid a rising A-share market [5][6]. Group 2: Structural Changes - There is a notable differentiation in growth, with leading institutions like Ant Fund and China Merchants Bank holding over 25% of the market share, while smaller institutions struggle to balance scale and profitability [6][7]. - The growth in fund scale is primarily driven by passive products and fixed-income funds, indicating a shift in investor preference towards more transparent and lower-fee products [7]. Group 3: Channel Dynamics - The distribution landscape is increasingly characterized by a tripartite structure of banks, securities firms, and independent sales agencies, with banks holding over 40% of equity fund holdings but experiencing a decline [9][10]. - Securities firms and third-party platforms are gaining market share due to their product flexibility and online capabilities, with securities firms' market share in equity funds rising to 27.41% [9][10]. Group 4: Index Fund Growth - Index funds are the hottest category in the current fund scale growth, with securities firms maintaining a dominant position due to their trading attributes and customer structure [11][12]. - Banks are rapidly increasing their index fund sales, with a year-on-year growth of 99.2% in the first half of 2025, indicating a strategic response to market trends and changing client needs [11][12]. Group 5: Future Challenges - The upcoming third phase of public fund fee reforms is expected to significantly impact the income structure and product strategies of distribution institutions, necessitating a shift from sales-driven to service-driven models [14][16]. - Institutions must adapt to fee changes, enhance advisory capabilities, and optimize product structures to remain competitive in the evolving market landscape [14][16].