On October 31, CM BANK held its Q3 2025 earnings conference. Regarding fund agency income, the bank's management noted strong growth in public fund distribution during the quarter, driven by improved capital market conditions, shifting investor risk appetite, and structural optimization of its fund offerings—particularly equity and equity-linked products.

Looking ahead, the bank expects continued positive impacts from market recovery and investor sentiment adjustments, though the effect may diminish marginally due to high year-on-year comparables.

Addressing the third phase of fee reductions in China's mutual fund industry, CM BANK acknowledged significant exposure given its large market share. While the policy remains in the consultation phase with limited 2025 impact, 2026 is projected to face substantial pressure on distribution income, affecting subscription fees, service charges, and redemption fees.

To counter the fee compression, the bank outlined a dual approach: maintaining a high-win-rate diversified allocation strategy to expand its fund custody base, while adapting to market dynamics and client risk preferences. This includes optimizing business structures to enhance resilience, selectively raising fee rates, and pursuing sustainable growth.