Core Insights - The public fund sales landscape is undergoing significant changes, with the proportion of funds using the broker settlement model surpassing 50% for the first time in 2025, indicating a shift in strategy for medium and small-sized fund companies [3][6][10] - The broker settlement model is becoming the mainstream choice for new fund issuances, driven by regulatory changes and the need for efficiency in fund operations [10][14][18] Group 1: Market Dynamics - In 2025, 52.39% of newly established public funds (876 out of 1672) adopted the broker settlement model, marking a significant increase from 27% in 2024 [6][10] - The growth in the broker settlement model is attributed to the 2024 regulatory changes that exempted certain commission distribution limits, incentivizing fund companies to adopt this model [10][14] - The shift towards the broker settlement model is particularly pronounced in actively managed funds, with their adoption rate rising from 18.3% in 2021 to 51.71% in 2025 [11][14] Group 2: Broker and Fund Company Strategies - Medium and small-sized fund companies are increasingly collaborating with multiple brokers to enhance product visibility and sales networks, often utilizing all three available broker slots for their funds [15][16] - Brokers like Huaxin Securities and Huawen Securities are expanding their product lines and partnerships, focusing on innovative fund structures and deepening their roles beyond mere sales [5][17] - The collaboration between brokers and fund companies is evolving into a symbiotic relationship, with brokers providing comprehensive services that enhance fund performance and investor experience [17][18] Group 3: Future Outlook - The transformation in the public fund industry is expected to benefit the asset management sector and investors by shifting the focus from resource allocation to value creation [18] - The competitive landscape is moving towards providing deeper research insights and efficient operational solutions, which will be crucial for winning in the broker settlement model [18]

Group 1 - The core viewpoint of the article is that multiple securities firms are actively preparing for the sale of the first batch of floating fee rate funds, with a focus on investor education and product selection [1][5][7] - A total of 16 new floating fee rate funds have been launched, with 7 of them adopting the securities settlement model, indicating a significant trend towards this model in the industry [2][3] - The "券结模式" (securities settlement model) has seen substantial growth, with over 1500 funds utilizing this model, and the fund scale increasing more than tenfold since its pilot in 2017 [2] Group 2 - Securities firms are conducting extensive investor education initiatives, including face-to-face communication and online resources, to prepare for the concentrated sales period after the Dragon Boat Festival [5][6][7] - Companies like China Galaxy Securities and Guotai Junan Securities are focusing on long-term client relationships and product performance tracking as part of their strategic approach [5][7][9] - The article highlights the importance of selecting funds managed by top-performing fund managers with strong research capabilities, as firms aim to provide high-quality investment options to clients [8][9]