Recently, the China Securities Investment Fund Industry Association issued the "Guidelines for the Content and Format of Investment Advisory Services Agreement for Publicly Offered Securities Investment Funds" and the "Guidelines for the Content and Format of Risk Disclosure Statement for Investment Advisory Services for Publicly Offered Securities Investment Funds". The China Securities Association stated that in order to guide the standardized development of the investment advisory business of publicly offered securities investment funds and effectively safeguard the legitimate rights and interests of investors, it has organized the formulation of a Service Agreement and a Risk Disclosure Statement. After 20 working days from the date of issuance, those who provide fund investment advisory services to new clients or provide new fund investment portfolio strategies to old clients should conduct business in accordance with the Service Agreement and the Risk Disclosure Statement. If there are changes in the relevant rules involved, the corresponding content should be adjusted in a timely manner. Industry insiders generally believe that the release of the "Service Agreement" and "Risk Disclosure Statement" will further standardize the fund investment advisory business, help solve the "confusion" in fees and unclear responsibilities of the fund investment advisory business, and provide better protection to investors while promoting the high-quality development of the fund investment advisory business. Liu Jia, a partner and lawyer of Yuantai Law Firm, believes that the "Service Agreement" further improves the content of the fund investment advisory agreement, further clarifies the content of the service agreement, improves the obligations of the fund investment advisory agency, and clarifies the rights of investors. From the perspective of the specific terms of the guidance, further refining the fund investment advisory business has the significance of guiding the development of this business, "On the one hand, it can further clarify the responsibilities of institutions and play a guiding role in the standardized implementation of this business by institutions. On the other hand, this guidance is also formulated in combination with the characteristics of the fund investment advisory business, fully reflecting the protection of investors, enabling investors to fully understand their rights in the future, and better safeguarding the rights and interests of investors.". "The issuance of the two documents has further improved the 'superstructure' of the investment advisory industry, laying a better foundation for the steady development of the fund investment advisory business." Zhang Shuai, an analyst at CICC, said that the Service Agreement involves many links and key elements of the investment advisory industry, emphasizing the two major themes of customer rights protection and in-depth understanding of customers, reflecting the industry's origin of customer focus; The Risk Disclosure Statement provides a paradigm for institutions, highlighting that investment advisory institutions should follow the principle of giving priority to the interests of clients, but should not commit to earnings performance or breakeven. It has certain investor education effects and is conducive to the formation of a benign advisory relationship between institutions and clients. (Liao Xinshe)