CITIC Construction Investment: Public offering operation methods revise “broad supply” and “strict restrictions” and shift the industry from “large-scale” to “heavy return”

The Zhitong Finance App learned that CITIC Construction Investment released a research report saying that the Securities Regulatory Commission's “Operation Measures” is the first systematic revision of public fund operation rules since implementation in 2014. The revisions go hand in hand with “broad supply” and “strict restrictions” with the intention of driving the industry from “heavy scale” to “heavy return.” China's wealth management industry is in the process of changing from “selling products” to “managing accounts,” and debt-side management will become an old problem and a new opportunity for the industry.

CITIC Construction Investment's main views are as follows:

Incidents

On October 9, 2026, the Securities Regulatory Commission issued the “Administrative Measures on the Operation of Publicly Raised Securities Investment Funds (Draft for Comments)” (hereinafter “Draft for Comments”), “Provisions on Issues Related to the Implementation of the 'Administrative Measures on the Operation of Publicly Raised Securities Investment Funds' (Draft for Comments)” (hereinafter referred to as “Supporting Provisions”), and “Securities Investment Fund Information Disclosure Content and Format Guidelines No. 6 'Content and Format of Fund Contracts' (Draft for Comments)” to solicit comments from the public.

This time, the “Operation Measures” are being publicly solicited for comments. This is the first systematic revision of the public fund operation rules since they were implemented in 2014

In 2024, the new “National Nine Rules” established the main line. Guidance and implementation plans for medium- to long-term capital entry were followed up, and the “Action Plan to Promote the High-Quality Development of Public Funds” deployed and revised “Operation Measures”, and sales expenses management regulations and performance assessment guidelines were implemented one after another. This revision is an acceptance of the above policies in the investment and operation process, responding to long-term issues such as “easy to do, not easy to do”, style drift, the impact of large redemptions, and the low cost of non-compliance.

The revision of “broad supply” goes hand in hand with “strict restrictions”, with the intention of driving the industry from “large-scale” to “heavy return”

On the supply side, lower the threshold for establishing non-fixed income funds and broaden investment instruments and product forms; on the behavioral side, strengthen performance comparison benchmarks and investment style stability requirements, establish monitoring mechanisms for large capital claims and reduce position opening periods; on the exit side, improve mini fund arrangements and raise penalties to push for final clearance.

If the “New Asset Management Regulations” restructure the regulatory logic of asset management business, then this round of policies focusing on the high-quality development of public funds is improving the regulatory framework for personal wealth management business and will profoundly influence the industry's business model and evaluation system. The purpose of supervision is not to promote an overall shift in charging methods, but rather to separately supervise the two types of business: seller sales and buyer investment with different economic characteristics. This shift is reflected in three aspects: first, the shift in charging methods from earning sales expenses to earning account management revenue; second, the shift in business focus from product performance to investor account income; and third, in terms of liability, the difference between the bottom line of appropriateness and fiduciary obligations has been clarified.

China's wealth management industry is in the process of transforming from “selling products” to “managing accounts”

For asset management and wealth management institutions such as public fund managers, fund sales agencies, investment advisory agencies, etc., the stock competition surrounding single product marketing is already very intense, and there is still plenty of room for incremental growth for account management. Debt-side behavior is a constraint on asset-side decisions, and debt-side management will become an old problem and new opportunity for the industry.

Risk warning: Uncertainty of market price fluctuations, uncertainty in corporate profit forecasting, technological updates and iterations.