（来源：深圳市投资基金同业公会）
机构研究|外资公募（Institutional Research | Foreign-Invested Public Funds）
未来3-5年，外资公募有望在中国多元化的资管格局中占据更独特的位置。
In the next 3-5 years, foreign-funded public fund managers are expected to occupy a more distinctive position within China’s diversified asset management landscape.
全球资管巨头不再高高在上，放下身段搞起银行路演、直播破圈、自建平台，三招“中国方法”改写中国公募市场游戏规则。不靠“洋招牌”卖基金的外资公募，正掀起一场中国“本土化”渠道革命。
Global asset management giants are no longer keeping a lofty posture. Instead, they are stepping down to engage in bank roadshows, live streaming to break through audience barriers, and building their own platforms—three “Chinese methods” that are rewriting the rules of China’s public fund market. Foreign-funded public fund managers, who do not rely solely on their “foreign branding” to sell funds, are now driving a “localized” channel revolution in China.
2025年，外资公募在获取中国公募牌照的基础上，通过差异化战略聚焦与数字化深耕等方式，逐步建设自主渠道。这个过程，本身就是其“国际化经验”与“本土化战略”的核心体现。
In 2025, based on obtaining Chinese public fund licenses, foreign-funded public fund managers have gradually built their own channels through differentiated strategic focus and digitalization efforts. This process itself reflects the core of their “international experience” and “localization strategy.”
01 新设与独资并举，获取中国牌照
01. Establishing New Entities and Going Wholly-Owned to Obtain Chinese Licenses
截至2025年年末，多家外资机构已通过新设或合资转独资的方式获得了中国的公募基金业务牌照。
By the end of 2025, several foreign institutions had obtained Chinese public fund business licenses by establishing new entities or converting joint ventures into wholly-owned operations.
分析上表可知，外资机构获取中国公募基金牌照的两条路径与三个特点。
An analysis of the table above reveals two pathways and three characteristics of foreign institutions obtaining Chinese public fund licenses.
两条路径（Two Pathways）:
①新设纯外资公募。如贝莱德、富达、路博迈等全球资管巨头直接在中国设立独资公募基金管理公司。
① Establish wholly foreign-owned public fund companies. Global asset management giants such as BlackRock, Fidelity, and Neuberger Berman have directly set up wholly-owned public fund management companies in China.
②合资转独资。原有合资公募的外方股东通过股权收购实现独资化，如施罗德、联博等。
② Convert joint ventures into wholly-owned entities. Foreign shareholders of existing joint-venture public fund companies have acquired full ownership through equity purchases, such as Schroders and AllianceBernstein.
三个特点（Three Characteristics）:
① 持续增资，深耕中国市场。贝莱德基金于2025年完成新一轮增资，注册资本增至12.5亿元人民币。汇丰集团也进一步增加了对中国内地的资本投入，持续看好中国市场长期发展。
① Continued Capital Infusion, Deepening Commitment to the Chinese Market. BlackRock Fund completed a new round of capital increase in 2025, raising its registered capital to 1.25 billion yuan. HSBC Group also further increased its capital commitment in China, demonstrating continued confidence in the long-term growth prospects of the Chinese market.
②融入本土化。外资机构积极招募本土人才，建立本土投研团队。
② Integration into localization. Foreign institutions actively recruit local talent and establish local investment and research teams.
③跨境优势凸显。凭借全球网络，在跨境投资、ESG、养老金融等领域引入创新理念。
③ Cross-border advantages stand out. Leveraging global networks, they introduce innovative concepts in areas such as cross-border investment, ESG, and pension finance.
02 渠道建设融合创新，融入本土化
02. Channel Development Integrates Innovation and Localization
外资公募的渠道建设呈现出“传统借力、线上突破、自建深耕”的三层策略。
The channel development of foreign-funded public fund managers exhibits a three-tier strategy: “leveraging traditional channels, breaking through online, and deepening self-built channels.”
①传统渠道：银证为基（Traditional Channels: Banking and Securities as the Foundation）：
银行渠道：中国银行、建设银行、招商银行等是主力代销方。例如，路博迈首只公募产品募集40亿元，主要依托中国银行渠道。
Banking channels: Bank of China, China Construction Bank, and China Merchants Bank are among the main distributors. For example, Neuberger Berman’s first public fund product raised 4 billion yuan, primarily relying on Bank of China’s channels.
券商渠道：中信证券、国泰君安等券商在财富管理转型中，引入外资产品以丰富产品线。
Securities channels: Brokerages such as CITIC Securities and Guotai Junan Securities are introducing foreign products to enrich their offerings amid their wealth management transformation.
②线上第三方平台：触达长尾（Online Third-Party Platforms: Reaching the Long Tail）：
平台合作：蚂蚁财富、天天基金、腾讯理财通成为触达个人投资者的关键。
Platform partnerships: Ant Fortune, Tian Tian Fund, and Tencent Licaitong have become key platforms for reaching individual investors.
互动方式：通过财富号、直播、投教内容直接与投资者互动。富达基金在2025年累计直播观看超400万人次。
Interaction methods: Direct engagement with investors through wealth accounts, live streaming, and investor education content. Fidelity Fund’s live streams accumulated over 4 million views in 2025.
③自建渠道：长期布局（Self-Built Channels: Long-Term Planning）
部分外资机构通过获取基金销售牌照，构建自主销售能力。Some foreign institutions are building their own sales capabilities by obtaining fund sales licenses.
03 外资公募面临的挑战与应对策略
03. Challenges and Response Strategies for Foreign-Funded Public Fund Managers
外资公募主要面临4个挑战（Foreign-funded public fund managers face four main challenges）:
①渠道成本高企：尾随佣金、销售激励等费用侵蚀初期利润。 High channel costs: Fees such as trailing commissions and sales incentives erode initial profits.）
②品牌认知度低：超过60%的国内投资者对外资公募品牌缺乏了解。 Low brand recognition: Over 60% of domestic investors are unfamiliar with foreign-funded public fund brands.
③本土化适应需要一个过程：全球投资理念与中国散户短期化决策行为之间存在一定差异。Localization adaptation takes time: There is a gap between global investment philosophies and the short-term decision-making behavior of Chinese retail investors.
④总部与本土权责平衡：战略决策需兼顾总部要求与本土市场灵活性。 Balancing headquarters and local responsibilities: Strategic decisions must consider both headquarters’ requirements and the flexibility of the local market.
外资公募相应采取4个应对策略（In response, foreign-funded public fund managers are adopting four strategies）:
①深度路演与沟通：富达基金在进入市场初期开展了超过400场银行渠道路演。Deep roadshows and communication: Fidelity Fund conducted over 400 bank roadshows during its initial market entry.
②差异化定位：瑞富众主打“全球资产配置”，抓住高净值客户跨境投资需求。Differentiated positioning: For example,瑞富众 focuses on “global asset allocation” to capture the cross-border investment needs of high-net-worth clients.
③数字化赋能：通过APP、智能投顾、直播等提升直销能力与投资者陪伴。Digital empowerment: Enhancing direct sales capabilities and investor engagement through apps, robo-advisors, and live streaming.
④聚焦细分领域：如养老FOF、绿色金融等，发挥全球经验优势。Focusing on niche areas: Leveraging global expertise in areas such as pension FOFs and green finance.
04 外资机构的全球经验与本土洞察
04. Global Experience and Local Insights of Foreign Institutions
中国公募市场呈现5大趋势（China’s public fund market shows five major trends）:
①渠道融合化：传统银证渠道、线上平台与自建渠道的边界将逐渐模糊，形成“线下触达、线上运营、自主深耕”的融合模式。
① Channel integration: The boundaries between traditional banking and securities channels, online platforms, and self-built channels will gradually blur, forming an integrated model of “offline reach, online operation, and self-built deepening.”
②数字化深度渗透。金融科技将用于提升客户画像、智能投顾、陪伴式服务，改善投资体验。
② Deep digital penetration: Fintech will be used to enhance customer profiling, robo-advisory services, and companion-style services, improving the investment experience.
③B2B2C模式兴起。通过与银行、券商财富平台的系统级对接，提供嵌入式产品与服务。
③ Rise of the B2B2C model: Providing embedded products and services through system-level integration with bank and securities wealth platforms.
④养老与ESG成为突破点。外资机构将凭借全球经验，在养老目标基金、绿色金融产品上建立差异化优势。
④ Pension and ESG as breakthrough points: Foreign institutions will leverage their global experience to build differentiated advantages in pension target funds and green finance products.
⑤自主渠道建设加速。随着品牌积淀和客户积累，更多外资公募将申请销售牌照，构建自主可控的销售网络。
⑤ Accelerated self-built channel development: With brand accumulation and client growth, more foreign-funded public fund managers will apply for sales licenses to build self-controlled sales networks.
外资公募在2025年已基本完成在中国市场的“牌照布局”，进入“渠道深耕”与“本土化运营”的关键阶段。其渠道策略呈现出明显的动态演进特征：短期依赖传统银证渠道快速落地，中期借力线上平台扩大触达，长期则通过自建渠道与数字化能力构建护城河。
Foreign-funded public fund managers had largely completed their “license layout” in the Chinese market by 2025, entering a critical phase of “channel deepening” and “localized operations.” Their channel strategies exhibit clear dynamic evolution: short-term reliance on traditional banking and securities channels for rapid market entry, medium-term leverage of online platforms to expand reach, and long-term construction of moats through self-built channels and digital capabilities.
外资公募在中国市场的成功关键在于平衡“全球经验”与“本土洞察”，在充分尊重中国市场竞争规律与客户行为习惯的基础上，将独特的跨境投资能力、严谨的投研体系与长期投资理念，转化为切实的产品竞争力和渠道信任度。
The key to the success of foreign-funded public fund managers in China lies in balancing “global experience” with “local insights.” By fully respecting the competitive dynamics of the Chinese market and client behavior habits, they can translate their unique cross-border investment capabilities, rigorous investment research systems, and long-term investment philosophies into tangible product competitiveness and channel trust.
未来3-5年，随着业绩的沉淀和品牌认知的提升，外资公募有望在中国多元化的资管格局中占据更独特的位置，其渠道建设路径也将为中国财富管理市场带来新的理念与活力。
In the next 3-5 years, as performance solidifies and brand recognition improves, foreign-funded public fund managers are expected to occupy a more distinctive position within China’s diversified asset management landscape. Their channel development path will also bring new ideas and vitality to China’s wealth management market.
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