The fund investment pilot has been steadily expanding. The reporter learned from the industry that a number of brokerage firms, including Western Securities, Changjiang Securities, Northeast Securities, and Huafu Securities, have received relevant notices and are making every effort to prepare license applications. It is expected that they will concentrate on submitting application materials by the end of August. The fund investment pilot was launched in 2019, and now there are 60 pilot institutions. According to the data, as of the beginning of 2026, the management scale of the fund investment industry was about 450 billion yuan, and the cumulative number of customers served was nearly 10 million. Industry insiders say that behind this round of pilot expansion, an intergenerational change in profit models from “earning price difference” to “earning time value” is taking place.

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