Do not roll fees to compete in services, the logic of competition in securities management has changed.

According to Securities Times, as the reform of public fund fees continues to advance, the wave of fee reduction has spread to the securities asset management industry. The industry is facing a key choice: competing on fees or competing on services? When price no longer becomes the core competitiveness, only institutions that truly solve customer pain points and create sustainable value can stand firm in the future competition of asset management. Securities Times reporters found that the securities asset management industry is forming a dual-track development pattern of "reducing fees for public funds and improving quality for private funds", with reasonable premiums mainly coming from customized services and excess return capabilities. With the continuous deepening of investor education and the increasing bargaining power of distribution channels, the narrative on the liability side is forcing the restructuring of the industry ecosystem.