Xingye Securities Chief Financial Officer Xu Qingchun: Firmly turning towards buy-side consulting, calling for further relaxation of the investment scope for fund consultants.

On September 24th, at the 2025 Chinese Securities Industry Wealth Brokerage Summit hosted by Securities Times and Southern Fund, Xu Qingchun, Chief Financial Officer of Industrial Securities, stated that the "Regulations on the Management of Sales Expenses of Publicly Offered Securities Investment Funds" have prompted fund sales institutions to abandon the traditional model that mainly relies on sales commissions and actively transition to buyer-side investment advisory services. He specifically pointed out that although industry sales revenue is currently facing fee reduction pressure, the prospect of investment advisory services is broad, opening up important space for the industry's next development. Xu Qingchun pointed out that the core reasons why the fund advisory business is difficult to expand in the short term include limited scope of investment targets, etc. He called for restrictions to be relaxed as soon as possible to include on-exchange ETFs, REITs, and other assets in the investment scope, enriching underlying asset allocation tools to meet the diverse needs of investors for allocation, and avoiding the pressure of homogenization of public funds' allocations. At the same time, he suggested that industry practices such as private FOFs that have been gradually explored should also be included in the framework of fund advisory services, bridging licenses and forming a buyer-side advisory form that can cover the asset allocation needs of clients at different levels. Xu Qingchun also emphasized that, while seeking external policy support, fund sales institutions themselves must strengthen the professional capabilities of their advisory teams.