近日，证监会上海监管局发布通知，决定注销民商基金销售（上海）有限公司（以下简称民商基金）公开募集证券投资基金销售业务许可证。记者注意到， 5月份以来，多达几十家基金公司陆续与其终止销售合作业务。 除了民商基金，其实这几年已有多家机构注销了公募销售牌照，在重点考量保有量的背景下，行业进入到自我淘汰的阶段，同时，牌照存续的高门槛也意味 着不是只拥有牌照就能够"待价而沽"。 民商基金注销公募销售牌照 证监会上海监管局近日发布的通知显示，近期，民商基金向中国证券监督管理委员会提交了注销公开募集证券投资基金销售业务许可证的申请。 证监会上海监管局表示，根据《行政许可法》《证券投资基金法》《公开募集证券投资基金销售机构监督管理办法》等有关规定，中国证券监督管理委员会 决定注销民商基金公开募集证券投资基金销售业务许可证。 但是不到3个月时间，6月6日时，富安达基金又公告，自2025年6月6日起终止与民商基金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。 公开资料显示，民商基金成立于2016年，并在2017年获得了公募销售牌照，是一家由银行业专业人士发起成立的基金销售公司。 根据其官网信息介绍，其 ...

Core Viewpoint - A significant number of public funds, totaling 40, have terminated their sales agreements with Minshang Fund, indicating a strategic shift in the fund's operations and a potential industry-wide restructuring [2][4][10]. Group 1: Termination of Agreements - On June 12, 40 public fund companies announced the termination of their sales agreements with Minshang Fund, which represents half of the total fund companies that previously collaborated with Minshang [4][10]. - Minshang Fund has stated that the terminations are a result of their proactive decision to adjust their business strategy, focusing on private fund sales rather than public fund sales [7][8]. - The number of fund companies collaborating with Minshang Fund has decreased from 72 to 36, and the number of funds sold has dropped from 2726 to 1629 within a short period [4][10]. Group 2: Business Focus and Strategy - Minshang Fund, established in 2016, primarily focuses on asset management and wealth management, serving small to medium financial institutions and affluent individuals [5]. - The company has paused its "Zhenhao Investment" platform for over five years, indicating a shift in its operational focus [6]. - Industry insiders suggest that the decision to terminate public fund sales may be a strategic move to concentrate resources on more profitable private fund sales [7][10]. Group 3: Industry Context and Trends - The fund distribution industry is undergoing significant changes, with many sales institutions ending partnerships with fund companies due to cost-effectiveness, compliance risks, and a shift towards larger, more capable sales organizations [10][11]. - The recent regulatory framework emphasizes long-term investor returns over short-term sales, which may lead to a consolidation of the industry, favoring institutions with strong compliance and service capabilities [11].