Chen Peng, Chairman of Morningstar China: China's fund industry has crossed the turning point of the era of buying-side investment advisory.

The 2026 Morningstar Investment Annual Conference was held in Shanghai. Chen Peng, Chairman of Morningstar China, stated that the traditional selling model in the Chinese fund industry is outdated, and the industry has reached a turning point towards a buyer advisory era, even entering an accelerated transformation phase. He believes that in the era of buyer advisory, the industry needs more than just the traditional "three parts investment, seven parts advisory" model, but also requires the fund industry to possess the ability of "ten parts investment, ten parts advisory". Asset management institutions should focus on providing investment research empowerment, while wealth management institutions should focus on providing advisory services. By integrating professional services, they can collectively serve investors.