随着公募基金行业规模创下37万亿元新高，基金销售也走到了关键的转型路口。 上线"买家秀" 在基金销售过程中，渠道惯用的方式是对产品亮点进行包装，单方面展示基金"卖家秀"。记者注意到， 近期，投资者的"买家秀"也被呈现出来。 例如，天天基金上线了超额专区，基于基准占比、指数相关性、超额收益、运作稳定性、投研支持这五 大维度，筛选具备持续超额收益潜力的产品。并且，这一专区突出了投资者的真实盈利情况，直观呈现 持仓用户盈利占比与平均收益率，将产品的价值与投资者获得感直接挂钩。 近期，记者注意到，头部互联网基金代销平台的销售界面变了：突出展示波动率、强调超额收益、跟投 情况、从单一"卖家秀"转向呈现"买家秀"、强调资产配置……与此同时，近三年、近一年等中长期业绩 展示代替了过去的短期业绩排名。新年伊始，基金代销机构正亮出新打法。 基金销售界面变了 基金销售页面对数据呈现维度的选择，直观地影响投资者对基金产品的第一印象，影响其决策行为。过 去，炒短线、追爆款是一些基民的投资惯性，也催生了销售端的短视行为。在代销平台上，类似于"近 半年同类涨幅第一""近三个月涨超30%"等宣传术语层出不穷。 记者注意到，近期，在蚂蚁基金 ...

北京新浪仓石基金销售有限公司（简称新浪基金、仓石基金、新浪仓石基金，外文名Beijing Sina CangshiFund Distribution Co．，Ltd）是新浪旗下全资子公司，成立于2011年8月29日，注册于北京市海 淀区东北旺西路中关村软件园二期（西扩）N-1、N-2地块新浪总部科研楼5层518室，注册资本2000万 元人民币，属有限责任公司（法人独资），由北京新浪互联信息服务有限公司100%控股，主营业务为 基金销售。 该公司于2014年3月14日取得基金销售业务资格（即"经营证券期货业务许可证（基金销售）"），并通 过互联网（新浪微博APP）开展基金销售业务。截至2025年11月底，已与近百家基金公司合作，代销产 品近万支。 公司无独立APP，主要通过新浪微博客户端获取用户。用户点击公司在新浪微博APP上部署的"基金"版 块（微博→我→我的钱包→基金）链接后即跳转至公司H5页面，用户通过此页面进行基金交易和持仓 查询。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：常福强 北京新浪仓石基金销售有限公司（简称新浪基金、仓石基金、新浪仓石基金，外文名Beijing Sina Cangshi ...

■ 根据金元顺安基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司（以下简称"广发证 券"）签署的销售服务协议，自2025年12月19日起，广发证券将销售本公司旗下部分基金。具体公告如 下： 一、适用基金 3、投资者可通过以下途径咨询有关详情： （1）广发证券股份有限公司 公司网站：www.gf.com.cn 客户服务电话：95575 重要提示： 1、基金定期定额投资业务是指投资者通过本公司指定的基金销售机构提交申请，约定每期扣款时间和 扣款金额，由销售机构于每期约定扣款日在投资者指定资金账户内自动完成扣款和基金申购申请的一种 投资方式。 2、投资者可到广发证券销售网点申请开办基金定投业务并约定每期固定的申购金额，每期申购金额限 制如下：基金的定期定额投资最低限额为10元，具体办理事宜请以广发证券的安排为准。 三、费率优惠 二、业务范围 自2025年12月19日起，投资者可在广发证券办理上述基金的开户、认购、申购、赎回、定期定额投资及 基金转换等业务。今后本公司发行的其它开放式基金均适用于上述业务，本公司不再另行公告，具体业 务的办理请参照本公司及广发证券的相关业务规则和流程。 经与广发证券协商一致 ...

21世纪经济报道记者 黎雨辰 基金销售，是衔接产品与投资者的核心环节。当监管焦点转入对销售侧的实质性约束，高质量发展的公 募基金业，也正迎来规范化的"最后一公里"。 近期，基金业协会向机构下发了《公开募集证券投资基金销售行为规范（征求意见稿）》（下称"征求 意见稿"）。文件共九章37条，涵盖一般宣传推介、直播营销、销售业务绩效考核等多个维度。 此前，证监会曾发布《公开募集证券投资基金销售机构监督管理办法》（下称《管理办法》）等相关规 定来规范基金销售活动。相比之下，最新出台的征求意见稿沿袭了《管理办法》中的核心理念，并做出 了细化和延伸，也对近年来基金销售生态中涌现的新模式提出了新要求。 在多位受访公募人士看来，尽管新规的部分要求此前已在公司内部得到实施，新规将一些行业中"司空 见惯"的做法明确划入合规红线，仍令人感到超出预期。 全面从严的监管导向下，哪些卖基金的"常见操作"不再合规了？ 1. 业绩展示需"半年起步"，参与公开排名需三年以上 对宣传用语的进一步收紧，是此次征求意见稿呈现的一大特征。 征求意见稿指出，基金管理人、基金销售机构在宣传推介过程中，应当按照法律法规要求客观、全面展 示基金业绩。其中，基 ...

Core Points - The Shanghai Second Intermediate People's Court will publicly hear a case involving the "Hehe" companies and several individuals accused of fundraising fraud, illegal public deposit acceptance, and money laundering on November 19-20, 2025 [1] - The public prosecution alleges that from January 2019 to August 2023, the defendants, led by Lin Qiang, engaged in illegal fundraising activities amounting to over 100 billion RMB, with over 30 billion RMB in unpaid principal [4][7] - The defendants are accused of using fraudulent methods to attract investments by promising annual returns of 6% to 10.5%, while most of the raised funds were used to pay back previous investors [4][7] Summary by Sections Legal Allegations - The defendants violated multiple laws, including the Securities Investment Fund Law and regulations on private asset management, by promoting unapproved investment products [4] - They employed tactics such as splitting private investment products into multiple offerings and misleadingly using previously registered but liquidated products to attract investors [4] Financial Impact - The total amount of illegally raised funds is reported to exceed 100 billion RMB, with a significant portion used for repaying investors rather than legitimate business operations [4][7] - The defendants are accused of transferring over 800 million RMB of the illegally raised funds to conceal their origins [7] Court Proceedings - The court proceedings have attracted significant public interest, with over 130 attendees, including representatives from the Shanghai People's Congress, political advisors, and affected investors [7] - The court will announce its verdict at a later date [8]

Core Insights - The investment landscape is shifting from "single product selection" to "platform selection," emphasizing the importance of asset allocation efficiency and long-term wealth preservation [1] - Regulatory changes are reshaping the industry, with the China Securities Regulatory Commission's 2025 action plan promoting a transition from a "fast" to a "deep cultivation" approach in public fund development [1] - Major distribution platforms are adjusting their strategies to focus on long-term returns and user experience rather than short-term gains, leading to a more diversified competitive landscape [1] Group 1: Platform Positioning and User Satisfaction - The KANO model is utilized to analyze user needs in fund sales apps, categorizing them into five levels: basic, expected, attractive, indifferent, and reverse needs [2] - Ant Financial's wealth management platform excels in attractive features, while Tencent's wealth management service offers limited advisory services [3][4] - Among third-party platforms, Ant Financial meets basic user expectations for "anytime, anywhere investment," while Tiantian Fund offers the most comprehensive product range [4] Group 2: Bank Platforms - Bank platforms excel in basic and expected needs, leveraging strong offline networks and comprehensive financial services, but are relatively conservative in innovation [5] - China Merchants Bank stands out in expected needs by providing asset allocation reports, while Industrial and Commercial Bank of China (ICBC) relies on a combination of online and offline services [5] - Ping An Bank utilizes intelligent risk assessment systems to recommend products, catering to different user segments with tailored services [5] Group 3: Brokerage Platforms - Brokerage platforms like Huatai Securities' Zhangle Wealth and GF Securities' Easy to Invest leverage deep market understanding and research capabilities, targeting stock investors and professional clients [6] - Zhangle Wealth integrates professional research to offer in-depth market analysis, while Easy to Invest excels in live video content and short video updates, enhancing user engagement [6] - The future challenge for brokerages lies in transitioning from a fee-based sales model to a service-oriented advisory model, which will determine their competitiveness in attracting the next generation of investors [6]

Core Insights - The article highlights the struggles of a fund sales professional in Shanghai, revealing the harsh realities behind the glamorous facade of the financial industry [3][6][13] - The "crowdfunding resignation" initiated by the sales professional has garnered significant support, reflecting a collective sentiment among peers regarding the pressures faced in the industry [6][15] Group 1: Industry Challenges - The sales professional's experiences illustrate the demanding nature of the job, including long hours, complicated reimbursement processes, and the pressure to please superiors [3][8] - There is a prevalent culture of competition and hierarchy within the financial sector, where different roles look down on each other, contributing to a toxic work environment [12][8] Group 2: Collective Response - The crowdfunding resignation event has sparked widespread discussion among industry peers, indicating a shared recognition of the oppressive work conditions faced by grassroots sales staff [15][13] - The actions of the sales professional signify a growing movement among employees to reclaim their agency and address the mental strain caused by their work environment [17][15]

Core Viewpoint - The public fund sales industry in China is experiencing a strong growth trend, with the top 100 institutions holding a total of 10.2 trillion yuan in non-monetary fund assets as of the first half of 2025, reflecting a 7% increase from the previous half-year. The growth is primarily driven by bond funds and a robust performance in stock index funds [1][4]. Group 1: Fund Sales Performance - The top three institutions in non-monetary fund assets are Ant Group, China Merchants Bank, and Tian Tian Fund, maintaining a stronghold in the market [1]. - The bond fund segment contributed significantly to the growth, with a total of 5.06 trillion yuan, marking an 8.05% increase, accounting for 57% of the non-monetary fund growth [4]. - The equity fund segment reached 5.14 trillion yuan, with a growth rate of 5.89%, while stock index funds saw a notable increase of 14.57% [4]. Group 2: Channel Performance - Securities firms are leading the growth in non-monetary fund sales, with a 9.4% increase in their sales, reaching 2.09 trillion yuan [4][5]. - The ETF market is a key driver for securities firms, with stock index funds surpassing 1.08 trillion yuan, reflecting a 9.9% growth and capturing over 55% of the market share [5]. - Third-party institutions also showed growth, with a total of 3.56 trillion yuan in non-monetary fund assets, an 8.9% increase, primarily driven by bond funds [8]. Group 3: Future Outlook - The non-bank financial team anticipates that equity fund holdings will become a focal point for sales development, with a potential rise in ETF popularity [2]. - The upcoming regulatory changes in fund sales fees are expected to reshape the competitive landscape and business models within the public fund sales industry [9][10]. - Institutions are likely to focus on aligning their interests with investors, emphasizing service-driven approaches and professional differentiation in their offerings [10].

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has released the top 100 public fund sales institutions for the first half of 2025, showing a total non-monetary fund holding scale of 10.2 trillion yuan, reflecting a 7% quarter-on-quarter growth, primarily driven by bond funds and strong performance in stock index funds [1][6]. Group 1: Fund Sales Performance - The top 100 institutions' non-monetary fund holding scale reached 10.2 trillion yuan, with a 7% increase compared to the second half of 2024 [1][6]. - Bond funds contributed significantly to the growth, with a holding scale of 5.06 trillion yuan, up 8.05%, accounting for 57% of the non-monetary fund growth [6][13]. - Stock index funds also showed robust growth, with a holding scale of 1.95 trillion yuan, reflecting a 14.57% increase [6][8]. Group 2: Distribution Channel Dynamics - The fund distribution landscape is characterized by a "stronger gets stronger" trend, with Ant Group, China Merchants Bank, and Tiantian Fund leading the non-monetary fund holding scale [1][6]. - Securities firms, represented by CITIC Securities and Huatai Securities, have become the fastest-growing institutions in non-monetary fund holdings, driven by their advantages in the ETF market [1][8]. - The sales holding scale of securities firms reached 2.09 trillion yuan, with a 9.4% quarter-on-quarter growth, primarily fueled by stock index funds [8][9]. Group 3: Future Outlook and Trends - The future focus for fund distribution may shift towards equity holdings, with ETFs expected to see further development [2][16]. - Third-party distribution channels have reached a non-monetary fund holding scale of 3.56 trillion yuan, growing by 8.9%, with bond funds contributing significantly [15][16]. - The upcoming regulatory changes may reshape the competitive landscape and business models within the fund distribution industry, emphasizing investor interests and service-driven approaches [17][18].

Core Viewpoint - The article emphasizes the importance of standardization in the securities and futures industry as a foundation for regulatory operations, risk prevention, and investor protection [2][3]. Group 1: Importance of Standardization - Standardization serves as a "yardstick" for the securities and futures industry, ensuring market order and enhancing service quality through a series of important standards covering fund sales, product operations, risk management, and information disclosure [2][3]. - The implementation of standardized service processes and information disclosure requirements allows investors to better understand the risk-return characteristics of fund products, effectively avoiding sales misguidance and protecting investors' right to know [3]. - Risk management standards provide robust support for fund companies to build comprehensive risk prevention systems, helping the industry withstand various market risks and maintain financial market stability [3]. Group 2: Promotion of Standardization - The company actively explores diverse promotional methods to ensure that standard knowledge reaches every industry practitioner and investor, utilizing online platforms such as the company website and WeChat official account for dissemination [3]. - The vitality of standards lies in their implementation, and the company integrates standardization concepts into all aspects of production, operation, and management, recognizing it as a fundamental requirement for compliance and a pathway to enhance core competitiveness and achieve sustainable development [3][4]. Group 3: Future Directions - The company has compiled a list of standards published in the past two years to facilitate industry institutions in their benchmarking and compliance efforts, aiming to promote steady progress in the fund industry along the path of standardization [4]. - Future efforts will focus on increasing the promotion and implementation of standards, innovating promotional methods, and improving benchmarking mechanisms to make standards a powerful engine driving high-quality development in the fund industry [4].