【导读】银行代销逻辑从"卖产品"到"拼服务"，项目制合作渐成主流 中国基金报记者 曹雯璟 方丽 今年以来，银行与基金公司之间的合作模式正在悄然发生变化。相比以往以规模和销量为核心的合作逻 辑，银行端在产品准入、合作方式以及营销打法上，都呈现出更加精细化、体系化的趋势，其背后既有 公募基金行业改革的推动，也有存量时代客户经营压力加大的现实因素。 业内人士表示，整体来看，银行与基金公司的合作正在从"通道型代销"迈向"深度协同"，从"卖产品"转 向"共建客户长期价值"。在这一过程中，基金公司的投研实力、服务能力和组织协同水平，正成为能否 进入核心合作池的关键指标。 银行代销逻辑从"卖产品"到"拼服务" 项目制合作渐成主流 趋势一：合作逻辑重塑：从销量导向到综合能力评估 创金合信基金表示，随着公募基金行业改革的持续推进，银行与基金公司的合作逻辑正在发生明显变 化。相比以往更强调规模和销量，今年银行端更加聚焦客户体验与存量经营，合作模式也正从"单一产 品销售"向"综合服务与能力协同"转变。 比如合作评价维度更加多元。部分银行已引入"项目制"或"招标制"合作模式，不再仅以短期业绩作为核 心标准，而是从产品表现、投研能力、 ...

【导读】银行代销逻辑从"卖产品"到"拼服务"，项目制合作渐成主流 今年以来，银行与基金公司之间的合作模式正在悄然发生变化。相比以往以规模和销量为核心的合作逻 辑，银行端在产品准入、合作方式以及营销打法上，都呈现出更加精细化、体系化的趋势，其背后既有 公募基金行业改革的推动，也有存量时代客户经营压力加大的现实因素。 业内人士表示，整体来看，银行与基金公司的合作正在从"通道型代销"迈向"深度协同"，从"卖产品"转 向"共建客户长期价值"。在这一过程中，基金公司的投研实力、服务能力和组织协同水平，正成为能否 进入核心合作池的关键指标。 银行代销逻辑从"卖产品"到"拼服务" 项目制合作渐成主流 趋势一：合作逻辑重塑：从销量导向到综合能力评估 创金合信基金表示，随着公募基金行业改革的持续推进，银行与基金公司的合作逻辑正在发生明显变 化。相比以往更强调规模和销量，今年银行端更加聚焦客户体验与存量经营，合作模式也正从"单一产 品销售"向"综合服务与能力协同"转变。 比如合作评价维度更加多元。部分银行已引入"项目制"或"招标制"合作模式，不再仅以短期业绩作为核 心标准，而是从产品表现、投研能力、客户服务体系、投后陪伴等多个维 ...

Core Insights - The public fund of funds (FOF) has reached a historical high, with a total scale exceeding 240 billion yuan, marking a 26% increase compared to the previous quarter [2][3] - The demand for low-volatility, multi-asset products has surged due to low interest rates and asset rotation, leading to a significant increase in the issuance of new FOF products [1][4] Group 1: Market Overview - As of the end of 2025, there are 545 public FOFs in the market, reflecting an 8.3% quarter-on-quarter increase [2] - The total scale of public FOFs has reached 244 billion yuan, which is a record high [2] - The proportion of mixed bond FOFs has expanded significantly, now accounting for 61% of the total public FOF scale [2] Group 2: Drivers of Growth - The low interest rate environment has created a strong demand for stable value-added products, particularly among low-risk preference investors [2][3] - The diversification benefits of FOFs have become more pronounced, incorporating low-correlation assets such as gold, QDII, REITs, and commodities into their portfolios [2][3] - The transformation of bank wealth management has provided crucial support for FOFs, allowing for better alignment with varying risk preferences and investment needs [2][3] Group 3: Product Trends - Over 20 new FOF products are currently being issued or awaiting issuance, with 15 additional products having their application materials accepted [4] - Low-volatility FOFs are particularly appealing to investors seeking stable returns, aligning with the trend of "deposit migration" [4] - The focus on low-volatility FOFs is driven by their ability to leverage multi-asset and multi-strategy advantages, aiming for long-term stable growth while managing overall risk [4]