21世纪经济报道特约记者 庞华玮 近期，部分投资者发现，多只基金产品在蚂蚁、天天基金等第三方平台显示"暂停销售"，但在招商银行 渠道开放申购，且费率不打折。这一现象将招行推上了"排他性销售"的风口浪尖，引发了市场关于基金 销售渠道公平性与投资者选择权的质疑。 "排他销售在基金行业中属于常见现象，尤其在银行渠道主导的市场中。"一位渠道人士表示。 不过，随着9月5日监管层发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》（以下简 称"新规"），基金销售费率改革加码。业内人士认为，新规下，"排他性销售"的生存空间变小，可能倒 逼银行、券商、三方等渠道通过服务创新来提升自身的竞争力。 招行陷排他性销售争议 近期网上热议销售渠道的"排他性销售"问题。 比如，投资人反映较多的华泰紫金价值甄选混合A（019800）和C（019801）在蚂蚁财富平台，明确标 注"应管理人要求，为了保证基金平稳运作，维护持有人利益，该基金暂停申购"。天天基金也同样标 注"暂不销售"。但该基金A份额却在招行以1.5%的申购费率销售，费率不打折，C份额在招行以0.6%的 销售服务费率销售。 而另一只投资者反映的富国研究精选灵活配置A（00 ...

Core Viewpoint - The article discusses the recent actions of China Merchants Bank (CMB) that are perceived as detrimental to retail investors, particularly regarding the sale of mutual funds at higher fees and exclusive offerings that limit investor choice [5][19]. Group 1: CMB's Actions and Impact on Investors - CMB has pressured fund companies to sell certain mutual funds exclusively through its platform, resulting in higher purchase fees for investors [5][19]. - For example, the purchase fee for the Huatai Zijin Value Selection Mixed Fund on CMB's app is 1.5%, compared to just 0.15% on platforms like Ant Fund and Tencent Finance [10][11]. - This practice has led to a significant increase in costs for investors, with a potential difference of 1,350 yuan for a 100,000 yuan investment [11][16]. Group 2: Regulatory Context and Market Dynamics - The regulatory environment is pushing for reduced fees and improved investor experiences in the mutual fund industry, contrasting with CMB's current practices [20]. - CMB's net interest margin has been under pressure, leading to a focus on increasing non-interest income, which may explain its strategy to sell funds at higher fees [21][22]. - Despite a recent recovery in fund income due to a bullish A-share market, CMB's overall fund income has seen a decline compared to competitors like Ant Fund [22][23]. Group 3: Future Outlook and Recommendations - The article suggests that CMB needs to shift its focus from a sales-driven approach to one that prioritizes customer asset growth and loyalty [25]. - With a large potential market of 720 million retail investors and a growing mutual fund industry, the bank must adapt to remain competitive and truly serve its customers [26].