Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun Fund have already announced the suspension of real-time valuation and related ranking features, with specific timelines for these adjustments [2][3]. Group 2: Industry Response - Various platforms have begun to remove features that could negatively impact investor behavior, such as "simulated valuation" and "ranking lists" [3][4]. - Despite regulatory requirements, some platforms continue to display real-time valuations under different formats, indicating a need for further compliance [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with new regulations, including reviewing partnerships with unqualified internet influencers for fund sales activities [3][4]. Group 3: Market Implications - The removal of real-time valuation and ranking features is part of a broader effort to guide fund sales away from short-term trading and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for facilitating frequent trading and market speculation, which contradicts the fundamental purpose of public funds aimed at ordinary investors [5].

蚂蚁基金作为头部第三方平台，以15675亿元的非货规模保有 量稳居第一；招行在非货基金保有规模上，仅次于蚂蚁基金， 以10419亿元排名第二，但在股票指数基金保有规模上，却只 排第六。 作者：洪小棠 封图：图虫创意 随着公募基金四季报披露完毕，2025年公募行业规模的全景浮现在公众面前。其中，表现最为亮 眼的是ETF（交易性开放式指数基金）市场——规模一度突破6万亿元，年内增长超2万亿元。 这场资管行业的盛宴，悄然重塑着金融渠道的"权力格局"。 盛宴与分野 2025年底，中证A500指数产品在一年时间内规模跃居宽基指数基金规模排名第二，华泰柏瑞基 金、南方基金等多家公募机构旗下的中证A500指数产品迅速突破400亿元关口。 市场的狂热往往掩盖了结构的暗流。北京一名资深公募电商业务负责人在接受经济观察报记者采访 时坦言，"规模数字是大家的，但利润和影响力是分层的。ETF的爆发，实际上把渠道的优劣势放 大了十倍。" 中基协披露的2025年上半年的数据统计可见，蚂蚁基金作为头部第三方平台，以15675亿元的非 货规模保有量稳居第一；招行在非货基金保有规模上，仅次于蚂蚁基金，以10419亿元排名第 二，但在股票指数基 ...

客户服务电话：022-23297867 为维护投资者利益，金元顺安基金管理有限公司（以下简称"本公司"） 与天津市润泽基金销售有限公 司（以下简称"润泽基金"）协商一致，本公司已与润泽基金终止在基金销售业务上的合作，包括基金的 认购、申购、定期定额投资及转换等业务。特此公告 投资者可通过以下途径咨询有关详情： 1、天津市润泽基金销售有限公司 风险提示：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财产，但不保证基金一定 盈 利，也不保证最低收益。投资者做出投资决策之前，请仔细阅读基金合同、基金招募说明书和基金产品 资料概要等产品法律文件，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考虑自身的风险承受能力，在 了解产品情况及销售适当性意见的基础上，理性判断并谨慎做出投资决策。基金管理人提醒投资者基金 投资的"买者自负"原则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资者 自行负担。基金管理人、基金托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保 证。 特此公告。 金元顺安基金管理有 ...

Core Viewpoint - The competition among leading internet fund sales platforms to attract high-net-worth clients has intensified in 2026, with platforms offering various incentives and promoting "transfer custody" services to facilitate fund movement [1][4]. Group 1: Competition for High-Net-Worth Clients - Major platforms like Ant Wealth, Tencent Finance, and JD Finance are actively competing for high-net-worth clients by introducing various membership tiers and benefits [2][3]. - Ant Wealth has launched higher-tier cards targeting ultra-high-net-worth clients, while other platforms have quickly followed suit with their own offerings [2][3]. - Social media discussions have surged around the comparison of benefits and incentives offered by different platforms, highlighting the competitive landscape [3][4]. Group 2: Transfer Custody Services - Several platforms have developed detailed "transfer custody" guides to assist investors in moving their funds from one platform to another, indicating a direct effort to capture high-net-worth clients [4][5]. - The popularity of these guides reflects the growing demand from investors for easier fund management and better service experiences [6][7]. Group 3: Shift in Industry Focus - The new regulations effective from January 1, 2026, require fund sales institutions to prioritize investor interests and long-term returns, shifting the focus from merely selling products to retaining clients and ensuring profitability [5][6]. - The industry is transitioning from a rapid growth model based on traffic and scale to a more refined approach that emphasizes customer value and service quality [5][6]. Group 4: Enhanced Wealth Management Services - Platforms are increasingly offering comprehensive wealth management services, moving beyond basic transaction functionalities to meet the evolving needs of high-net-worth clients [7][8]. - Services such as wealth analysis reports, exclusive financial advisors, and personalized investment tools are being introduced to enhance user experience and build trust [8][9]. Group 5: Building Trust and Long-Term Relationships - The competition is not solely based on incentives; platforms are focusing on establishing trust and long-term relationships with clients through improved service offerings and transparency [9][10]. - The transition from "traffic operation" to "trust management" is seen as essential for sustainable growth in a low-fee environment [9][10].

Core Viewpoint - The public fund industry in China has reached a new high of 37 trillion yuan, prompting a significant transformation in fund sales strategies, with a shift from short-term performance metrics to a focus on long-term investment indicators [1][6]. Group 1: Changes in Fund Sales Platforms - Leading internet fund distribution platforms have altered their sales interfaces to emphasize metrics such as volatility, excess returns, and investor participation, moving away from short-term performance rankings [1][2]. - The new sales strategies include showcasing long-term performance indicators like "three-year returns" and "three-year positive returns," which replace previous short-term metrics [2][6]. - Platforms like Ant Fund and Tiantian Fund have introduced features that present data transparently, including performance benchmarks and investor returns, to enhance the decision-making process for investors [2][3]. Group 2: Emphasis on Investor Experience - The introduction of "buyer showcases" allows investors to see real profitability metrics, linking product value directly to investor experiences [3][5]. - Ant Fund has upgraded its tools to promote asset allocation strategies, encouraging investors to diversify their portfolios rather than focusing on single fund selections [5][6]. Group 3: Regulatory Changes and Industry Impact - The implementation of new regulations aimed at reducing fund sales costs is expected to reshape the competitive landscape of the public fund market, pushing institutions to focus on long-term client retention rather than short-term trading incentives [6][7]. - The reduction of sales commissions and fees will compel fund companies to innovate in product offerings and research, moving away from reliance on high commissions for growth [6][7]. - The industry is transitioning from a sales-driven model to a service-oriented approach, emphasizing sustainable growth and long-term returns [7].

Company Overview - Beijing Sina Cangshi Fund Distribution Co., Ltd, also known as Sina Fund, is a wholly-owned subsidiary of Sina, established on August 29, 2011, with a registered capital of 20 million RMB [1][2] - The company is located in Haidian District, Beijing, and operates as a limited liability company, fully controlled by Beijing Sina Internet Information Service Co., Ltd [1][2] - The main business of the company is fund distribution, having obtained the qualification for fund sales on March 14, 2014 [1][2] Business Operations - Sina Fund conducts its fund sales primarily through the internet, utilizing the Sina Weibo app for user engagement [1][2] - As of November 2025, the company has partnered with nearly 100 fund companies, distributing almost 10,000 products [1][2] - The company does not have an independent app; instead, it directs users from the "Fund" section on the Sina Weibo app to its H5 page for fund transactions and holdings inquiries [1][2]

■ 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]