Core Viewpoint - The transformation of fund distribution institutions towards a client experience-focused "buy-side advisory" model is becoming an inevitable trend in the industry [1][6]. Group 1: Industry Trends - The performance of public funds in China continues to improve, with several funds achieving significant returns, such as the Yongying Medical Innovation Mixed Fund, which has seen a net value increase of 112.7% this year [2][3]. - Fund distribution platforms are increasingly emphasizing long-term profitability over short-term performance, with many platforms showcasing funds that have consistently generated positive returns over five years [4][5]. Group 2: Institutional Changes - Fund distribution institutions are adopting a more restrained marketing approach, focusing on metrics such as investor experience and long-term performance rather than just short-term gains [5][6]. - The regulatory framework is evolving, with the introduction of a classification evaluation mechanism for fund sales institutions, which includes metrics related to investor profitability and holding periods [5].

Group 1 - The company has signed agency sales agreements with Changjiang Securities, Wind Fund Sales, and Beijing Huicheng Fund Sales to start selling certain securities investment funds from August 5, 2025 [1] - Changjiang Securities and Wind Fund will begin to act as agents for the Ruiyuan Hong Kong Stock Connect Core Value Mixed Securities Investment Fund (Fund Codes: 022700 and 022701) starting from the same date [1] - Huicheng Fund will also act as an agent for the Ruiyuan Hong Kong Stock Connect Core Value Mixed Securities Investment Fund and the Ruiyuan Stable Income Enhanced 30-Day Holding Period Bond Fund (Fund Codes: 018756 and 018757), but will only handle non-natural person client business [1] Group 2 - Investors can conduct subscription, redemption, conversion, and regular investment through the agency sales institutions as per the fund contract [2] - Specific business handling methods and procedures can be inquired through the respective sales institutions [3]

Core Viewpoint - The transformation of fund distribution institutions is an inevitable trend, focusing on long-term returns rather than short-term performance [2][8]. Group 1: Industry Trends - Fund distribution platforms are increasingly emphasizing long-term profitability, with many mainstream platforms showcasing funds with consistent positive returns over five years [3][5]. - The rise of "doubling funds" has attracted attention, with some funds, such as the Yongying Medical Innovation Mixed Fund, showing a net value increase of 112.7% this year [4]. Group 2: Changes in Fund Distribution Practices - Fund distribution institutions are adopting a more restrained marketing approach, focusing on long-term performance metrics rather than short-term gains [5][7]. - Platforms like LiCaiTong and Ant Fund are prioritizing funds that have outperformed the market over five years, indicating a shift towards a more sustainable investment strategy [6][7]. Group 3: Regulatory and Market Influences - The "Action Plan for Promoting High-Quality Development of Public Funds" aims to establish a classification evaluation mechanism for fund sales institutions, incorporating various performance metrics [7]. - The dual influence of policy and market dynamics is driving fund distribution institutions to prioritize investor experience and long-term performance over short-term results [8].

Group 1 - The company has signed a fund sales agency agreement with Suzhou Bank, effective from July 22, 2025, allowing Suzhou Bank to sell certain funds managed by the company and participate in fee discount activities [1] - Investors can perform various transactions such as account opening, subscription, redemption, and regular investment through Suzhou Bank starting from the effective date [1] - The fee discount for subscriptions through Suzhou Bank will not have a discount limit, and the specific discount rates will be determined by Suzhou Bank, ensuring that the sales price does not fall below the cost [1][2] Group 2 - The fee discount activity applies only to the front-end charge model for subscription fees of the company's funds during the normal subscription period and does not include redemption fees [3] - The interpretation rights of the fee discount activity belong to Suzhou Bank, and any changes to the specific regulations will be announced by Suzhou Bank [3] Group 3 - Investors can consult details through Suzhou Bank's official website and customer service [4]

Group 1 - The company has announced the addition of Guangzhou Jingzhuan Duoying Investment Consulting Co., Ltd. as a sales agency for certain funds starting from July 18, 2025 [1][2] - Investors are advised to follow the specific rules and procedures set by the new sales agency when conducting investment transactions such as subscriptions or regular investments [1][4] - Detailed information about the funds can be obtained by reading the fund contracts, prospectuses, and other legal documents [1][4] Group 2 - The company has also announced the addition of Shanghai Lide Fund Sales Co., Ltd. as a sales agency for certain funds effective from July 18, 2025 [3][6] - Similar to the previous announcement, investors must adhere to the rules and procedures established by the new sales agency for their investment activities [4][5] - Investors can access detailed information regarding the funds through the respective sales agency's customer service and official websites [4][5]

Group 1 - Major fund sales institutions are focusing on index-enhanced funds as a new business opportunity in response to regulatory calls to increase the scale of equity funds [1][3] - Ant Fund and Tiantian Fund have both launched dedicated sections for index-enhanced funds, with Ant Fund introducing the "Index+" section in April [2][3] - Index-enhanced funds aim to provide both Beta and Alpha returns, allowing sales channels to offer them as tool-like products to investors [1][3] Group 2 - The sales push for index-enhanced funds is a response to the cooling sales of actively managed equity funds and the rising popularity of index products like ETFs [3][4] - The China Securities Regulatory Commission (CSRC) has introduced an action plan to promote high-quality development of public funds, which includes measures that may pressure sales fees for money market funds, making index and index-enhanced funds more attractive [3][4] - The establishment of a classification evaluation mechanism for fund sales institutions will include metrics related to the scale and proportion of equity fund holdings, which may incentivize a focus on index-enhanced funds [4] Group 3 - Internet platforms are seen as suitable for selling index and index-enhanced funds, with differentiation strategies being key to capturing market share [5] - Despite the potential, index-enhanced funds remain a niche product within the public fund system, and it may take time for investors to develop a habit of allocating to these funds [5] - The success of index-enhanced funds will depend on their ability to consistently deliver excess returns and the effectiveness of operational support from sales platforms [5]

Core Viewpoint - The article emphasizes the importance of goal-based financial planning and asset allocation as a mainstream model in wealth management, highlighting the role of investment advisors in helping clients achieve their financial objectives through structured strategies and dynamic monitoring [1][4][5]. Group 1: Evolution of Investment Advisory - The investment advisory business has evolved over five years from pilot exploration to model upgrading, with significant changes in how financial products are strategized and utilized by various financial institutions [2][3]. - The introduction of regulatory frameworks, such as the draft management regulations for investment advisory services, marks a transition from exploratory practices to standardized operations, defining key characteristics of investment advisory services [3]. Group 2: Goal-Based Financial Planning - The goal-based financial planning model has gained traction in the past two decades, allowing for the breakdown of vague financial aspirations into actionable life goals, which are then matched with appropriate asset allocation strategies [4][5]. - This model has a profound impact on the wealth management industry by shifting the focus from seeking excess returns to helping clients achieve their financial life goals, thus enhancing the value proposition of investment advisory services [5]. Group 3: Local Practices in Financial Planning - Investment advisors are encouraged to help clients prioritize their life goals and create personalized asset allocation plans based on risk tolerance, expected returns, and investment timelines [8]. - A multi-tiered account management system supports the investment advisory service model, allowing for the isolation and dynamic adjustment of funds to meet various client goals [8]. Group 4: Key Insights for Investment Advisory - Four key insights have emerged from the past five years of investment advisory practice: 1. Establishing a systematic understanding of clients and their goals through robust data platforms [9]. 2. Reconstructing business processes and service systems from a buyer's perspective to enhance client service [9]. 3. Promoting agile collaboration among organizational structures, talent, values, and assessment systems to center around client returns [9]. 4. Focusing on the development and upgrade of technological systems to enhance service capabilities through data and AI [9].

Group 1 - The announcement states that multiple fund sales agencies, including JD Kenterui Fund, Shanghai Changliang Fund, and others, will start selling the AVIC Intelligent Selection Pioneer Mixed Fund from June 16, 2025 [1][2][5] - The fund has two classes: Class A (code: 024388) and Class C (code: 024389) [1] - Investors can access information and customer service through various channels provided for each fund sales agency [1][2] Group 2 - The announcement emphasizes the commitment of the fund manager to manage and utilize fund assets with integrity and diligence, although it does not guarantee profits or minimum returns [2] - The announcement clarifies that the interpretation rights belong to the company [3] - The official announcement is made by AVIC Fund Management Co., Ltd. on June 16, 2025 [5]

Group 1 - Multiple public fund institutions have announced the termination of their sales cooperation with Minshang Fund, indicating intensified competition in the fund distribution market [1][2] - The terminated partnerships include notable firms such as Changcheng Fund, Furuin Fund, and Huatai Baoxing Fund, with the cessation of sales activities taking place from June 10 to June 12 [1] - Minshang Fund, established in January 2016, has been involved in the distribution of 1,519 funds as of June 10, 2023 [1] Group 2 - Other fund distribution agencies that have previously ended partnerships include Haiyin Fund Sales Co., Ltd. and Beijing Zhongzhi Fund Sales Co., Ltd., with reasons for termination ranging from poor sales performance to regulatory penalties [2] - The market shows a clear "Matthew Effect," with Ant Group's fund distribution achieving a scale of 1,452.9 billion yuan, while the 100th ranked Guodu Securities only managed 3.6 billion yuan [2] - The China Securities Regulatory Commission has introduced a classification evaluation mechanism for fund sales institutions, which will prioritize institutions with better evaluation results in licensing applications [2] Group 3 - Analysts predict that channel optimization is imminent, emphasizing the importance of customer experience as public fund fee reforms progress [3] - The focus for sales institutions will shift towards long-term investor service, with an expected increase in revenue from service fees based on asset retention [3] - There is a call for fund distribution agencies to transition from a "seller's perspective" to a "buyer's perspective," enhancing research capabilities and diversifying into wealth management consulting [3]

Core Viewpoint - The mutual fund distribution industry is facing a critical transformation, emphasizing the need for enhanced professional services and increased information transparency to rebuild investor trust [1][2][12]. Group 1: Industry Challenges - The star fund manager sales model has faced backlash as investors express dissatisfaction, leading to significant redemptions despite strong fund performance [1][3]. - Fund distribution institutions are criticized for promoting "hot" funds, contributing to investor losses and eroding trust [1][2]. - The upcoming 2025 reforms in the mutual fund industry present a pivotal moment for fund distribution institutions to balance profitability and responsibility [1][12]. Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the establishment of a wholly-owned subsidiary by E Fund Management, focusing on buy-side investment advisory services [3][12]. - The CSRC's recent action plan aims to establish a classification evaluation mechanism for fund sales institutions, incorporating investor profit and holding period into the assessment [11][12]. Group 3: Transformation Initiatives - Fund distribution giants like China Merchants Bank are reforming their sales models, introducing risk parity strategies and comprehensive asset allocation solutions [2][6]. - The "TREE Long-term Profit Plan" by China Merchants Bank aims to enhance investor experience through dedicated advisory services and diversified asset allocation [6][7]. - Ant Group has updated its fund entry rules and launched the "Index+" platform, reflecting a shift towards more structured fund offerings [8][9]. Group 4: Performance Metrics - Data from the China Universal Wealth Management platform indicates that accounts utilizing investment advisory services have outperformed traditional fund accounts by significant margins over various time frames [4]. - E Fund's investment advisory service has achieved a 70% profitability rate among clients since its launch, with an 85% growth rate projected for 2024 [4][10]. Group 5: Future Outlook - The mutual fund advisory pilot program is seen as a crucial exploration for the transformation of China's wealth management market [5][12]. - The industry is expected to shift from a sales-driven model to a focus on long-term investor profitability, necessitating a re-evaluation of performance metrics and service offerings [11][12].