Core Insights - The public fund industry in China is facing significant challenges, particularly for medium-sized fund companies, due to the increasing "Matthew Effect" where the top 30 companies manage 77% of assets, leaving only 17% for 40 medium-sized firms [2][3] - The recent "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission provides strategic opportunities for medium-sized companies to differentiate themselves and focus on capability rather than scale [4][5] Industry Challenges - Medium-sized public funds face six main challenges: product structure and innovation bottlenecks, insufficient research and talent reserves, weak bargaining power with sales channels, difficulties in accessing institutional clients, profit growth challenges due to fee reductions, and the need to balance necessary investments with financial profitability [2][3][4] - The industry has seen a decline in the proportion of equity fund holdings in the A-share market, which presents a historical opportunity for equity investment as asset allocation shifts from real estate and bank wealth management to standardized equity assets [6][7] Strategic Opportunities - The "Action Plan" encourages the development of differentiated products, guiding the industry from "scale competition" to "capability competition," and emphasizes the use of technology to enhance operational efficiency [4][5] - Medium-sized companies are advised to focus on three dimensions for product layout: increasing equity product offerings, exploring opportunities in passive investment like ETFs, and seizing strategic opportunities in alternative assets [6][7][8] Sales and Client Services - To overcome existing challenges in sales channels, medium-sized companies should establish a customer acquisition system based on "scene embedding + ecological co-construction," focusing on digital transformation of direct sales channels and deep integration with third-party platforms [8][9] - Enhancing customized service capabilities for institutional clients is crucial, as their investment goals are evolving towards ESG integration and complex decision-making processes [9] Organizational and Talent Management - Organizational reforms are essential for ensuring strategic implementation, including maintaining stable governance structures, optimizing assessment mechanisms, and binding interests through employee investment in funds [10][11] - Financial technology plays a pivotal role in transforming business models, with a focus on upgrading front-end services, smartening back-end operations, and building a shared technology ecosystem within the industry [12][13] Unique Development Paths - Medium-sized companies should pursue a "specialized development" path, which requires careful consideration of market dynamics and the potential for head institutions to replicate successful strategies quickly [14][15] - The emphasis should be on maintaining core business capabilities while strategically participating in potential growth areas, allowing for rapid resource reallocation when opportunities arise [15]

编者按：中国证监会发布的《推动公募基金高质量发展行动方案》，为行业的发展指明了发展方向，针 对行动方案，结合公募基金行业现实情状，基金公司未来的发展面临哪些机遇与挑战，对普通投资者有 何实际的意义呢？为更好地理解勾勒这一课题，我们邀请了长盛基金管理公司相关核心管理人员，围绕 着公募行业费率改革，投资者陪伴模式的创新，平台化、一体化、多策略投研体系的建设，公募考核体 系强化与投资者利益绑定，国内公募产品类型及未来产品方向，践行信义责任、建设完善合规风控体系 等核心问题，进行了系列访谈。 随着《公募基金销售费用管理规定（征求意见稿）》日前的出台，公募基金费率改革也进入收尾阶段， 在公募基金行业高质量发展的背景下，公募基金收费改革对行业带来哪些影响？公募基金行业应该如何 应对，特别是中小型基金公司未来的发展面临哪些机遇与挑战？针对相关热点问题，我们与长盛基金总 经理汤琰女士进行了访谈，详情如下—— 记者：请您谈谈费率改革对公募基金行业的影响？ 汤琰：公募基金收费改革包括费率调降、赎回费改革及差异化安排等内涵，对公募基金公司行业，对销 售机构销售与服务行为，乃至于对投资者投资行为都会产生深远的影响。 总体上来说，将推 ...

今日（9月24日）揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格盘中涨逾1.5%，现涨 1.3%，拉长时间来看，该ETF自本轮低点（4月8日）以来，累计上涨52.82%，大幅跑赢沪指 （23.42%）、沪深300（25.92%）等主要宽基指数。 成份股方面，华钰矿业涨超7%，海亮股份、有研新材涨逾6%，华钰钴业、西藏矿业等个股跟涨。 数据来源：中证指数公司、沪深交易所等，统计区间： 2025.4.8-2025.9.23 。注：中证有色金属指数近 5 个完整年度的涨跌幅为： 2020 年， 35.84% ； 2021 年， 35.89% ； 2022 年， -19.22% ； 2023 年， -10.43% ； 2024 年， 2.96% 。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。 有色金属本轮走出了一轮强劲的多头行情，其背后是多重利好因素的共同推动： 1、美联储降息推高有色金属价格：①美联储降息相当于放水，货币贬值，投资者倾向持有更保值的实 物资产；②大多数有色金属，在国际市场上是以美元计价，美联储降息带动美元贬值，美元计价的金属 相对更便宜，进一步增加全球 ...

Group 1 - The low-altitude economy concept is gaining momentum, with significant stock price increases for companies like Lais Information (up over 7%), Zhuhai Guanyu, and Nanjing South Network Technology (both up over 6%) [1] - The General Aviation ETF Huabao (159231) has seen a price increase of 2.37%, indicating strong market interest in low-altitude economic investments [1] - The 11th Air Force Aviation Open Day and Changchun Aviation Expo took place from September 19-23, showcasing various companies targeting the eVTOL sector with developed or in-progress products [1][3] Group 2 - Open Source Securities highlights that the low-altitude economy is being implemented from macro (national planning) to micro (local subsidies and infrastructure) levels, suggesting a focus on the sector's future market performance [3] - Southwest Securities notes that national strategies are increasingly focusing on the low-altitude economy, with local governments introducing development policies and state-owned enterprises forming low-altitude companies [3] - The General Aviation ETF Huabao covers a broad index of 50 stocks related to military and civilian aviation, with over 46% of its holdings in state-owned enterprises and over 20% in major military industrial groups, emphasizing its strategic positioning in the aviation industry [3]

Group 1 - The defense and military industry sector experienced a significant rise on September 24, with the popular defense ETF (512810) increasing by over 1% in the afternoon, with a trading volume exceeding 59 million yuan [1] - Key stocks in the sector included Aopu Optoelectronics, Tunan Co., and Ruichuang Micro-Nano, which saw gains of 4.05%, 3.25%, and 2.97% respectively [1] - Conversely, Xiangdian Co., Feiliwa, and Qiyi Er experienced declines of 3.17%, 1.54%, and 1.48% respectively [1] Group 2 - The 2025 Air Force Aviation Open event took place from September 19 to 23 in Changchun, showcasing the J-20 fighter jet for the first time, highlighting China's aerospace equipment technology strength [3] - A strategic defense agreement was signed between Saudi Arabia and Pakistan, which is expected to deepen cooperation in military trade [3] - Huatai Securities noted that the worsening situation in the Middle East has raised concerns about the reliability of American equipment, potentially boosting China's military trade demand [3] - Global defense spending is increasing, with expectations for China's equipment exports to the Middle East strengthening, particularly with the upcoming Dubai Airshow in November serving as an important showcase [3] - Huafu Securities projected significant growth in both domestic and international demand for the defense industry from 2025 to 2027, driven by multiple catalysts including the 14th Five-Year Plan and rapid military trade development [3] - The defense ETF (512810) passively tracks the CSI Military Industry Index, which includes top-weighted stocks such as China Shipbuilding, Guangqi Technology, and AVIC Shenyang Aircraft [3] Group 3 - The top ten weighted stocks in the CSI Military Industry Index include China Shipbuilding, Guangqi Technology, AVIC Shenyang Aircraft, Aero Engine Corporation of China, AVIC Optoelectronics, AVIC Xi'an Aircraft, Feiliwa, China Great Wall, Aerospace Electronics, and AVIC Aircraft [4]

Group 1 - The pharmaceutical sector is experiencing a rally, with the only drug ETF (562050) rising over 2% [1] - Innovative drug concepts are leading the gains, with companies like Xinlitai and Ganli Pharmaceutical hitting the daily limit [1] - Traditional Chinese medicine stocks also performed well, with Taiji Group, Dong'e Ejiao, and Darentang all rising over 2% [1] Group 2 - Recent developments in Hengrui Medicine include its drug being included in a list of potential breakthrough therapies, and it has received priority review status for its drug application [1] - Changchun High-tech's subsidiary has partnered with Denmark's ALK-Abelló A/S for allergen-specific immunotherapy products, enhancing its innovative technology layout [1] - The innovative drug sector remains highly prosperous, with continuous recommendations for innovative drugs and medical devices [3] Group 3 - The drug ETF (562050) passively tracks the pharmaceutical index, with top ten weighted stocks including Hengrui Medicine, Pianzaihuang, and Yunnan Baiyao [3] - The market outlook for the domestic demand sector is expected to improve due to optimized collection rules and active promotion by the medical insurance bureau [3] - The recovery in the CXO and upstream pharmaceutical sectors is anticipated, with leading medical device companies likely to see a resurgence [3]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in AI-related stocks, with notable gains from Alibaba, Kuaishou, Tencent, Meituan, and Bilibili, indicating a growing interest in AI investments [1][4]. Group 1: Stock Performance - Alibaba-W shares increased by over 7%, reaching a new high since October 2021 [1]. - Kuaishou-W shares rose by over 4%, while Tencent, Meituan, and Bilibili shares saw gains of over 1% [1]. - The Hong Kong Internet ETF (513770) saw a price increase of over 2%, with a trading volume exceeding 400 million HKD [2][3]. Group 2: AI Infrastructure and Investments - Alibaba's CEO announced a significant investment of 380 billion HKD in AI infrastructure, with plans for further investments [3]. - The energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold by 2032, indicating a substantial boost in computing power [3]. - Alibaba has released over 300 open-source models under its Tongyi Qianwen initiative, with downloads surpassing 600 million [4]. Group 3: Market Trends and Capital Inflows - Southbound funds have continuously net bought Alibaba shares for 23 trading days, totaling 621.16 billion HKD, reflecting strong demand for AI core assets [4]. - The Hong Kong stock market is benefiting from a favorable liquidity environment, with ongoing inflows from southbound funds [4]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 15 percentage points this year, highlighting its strong performance [5][6]. Group 4: Index Performance - The Hong Kong Internet ETF's latest scale has surpassed 11 billion HKD, marking a historical high, with an average daily trading volume of nearly 600 million HKD [6]. - The CSI Hong Kong Internet Index has shown significant annual performance variations, with a notable increase of 49.99% this year [7].

Core Viewpoint - The financial technology sector is experiencing a significant surge, with notable stock price increases and strong ETF performance, indicating a bullish market sentiment driven by liquidity and capital inflows [1][2]. Group 1: Market Performance - Financial technology stocks, including Dazhihui, Electric Science Digital, Wealth Trend, and Advanced Communication, saw price increases of over 4% and 2% respectively [1]. - The financial technology ETF (159851) experienced a price increase of over 1%, with a real-time trading volume exceeding 7 billion CNY and net subscriptions surpassing 1 million shares [1]. - A-shares are currently in a "liquidity bull market," with trading volumes consistently exceeding 2 trillion CNY [1]. Group 2: Institutional Insights - Fangzheng Securities predicts a significant recovery in the internet brokerage sector, with net profits expected to accelerate by 70% in Q3 [2]. - The financial technology market is entering an upward trajectory due to policy support and the ongoing digital transformation of brokerages [2]. - The financial technology ETF (159851) has a scale exceeding 10 billion CNY, with an average daily trading volume of over 1.4 billion CNY in the past month, indicating strong liquidity [2].

Group 1 - The focus is on the information technology self-controllable sector, with the Xinchuang ETF fund (562030) experiencing a mid-session increase of 2.68% and currently up by 1.96% [1] - Among the constituent stocks, Neusoft Group leads with over 6% increase, followed by Chengdu Huami and Kingsoft Office with over 4% gains, and other stocks like Deepin Technology, 360 Security, and CloudWalk Technology also showing upward trends [1] Group 2 - Multiple cybersecurity listed companies are actively investing in AI technology research and development, with Deepin Technology applying large model technology to network security products, creating AI firewalls and other security products [3] - Ant Group has recently launched innovative products and solutions that integrate network security and AI technology, including the gPass framework for smart glasses, which has partnered with brands like Rokid and Xiaomi [3] - Market analysts indicate that the application of AI technology will lead to explosive growth across various industries, but security issues are limiting data circulation [3] Group 3 - Dongguan Securities notes that the Xinchuang industry is steadily advancing according to a "2+8+N" rhythm, transitioning from policy-driven to a dual drive of policy and market [4] - The market scale is expected to grow significantly, with projected growth rates of 17.84% and 26.82% for 2025 and 2026 respectively, and the market is anticipated to exceed 2.6 trillion yuan by 2026 [4] Group 4 - The Xinchuang ETF fund (562030) and its linked funds are designed to passively track the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, application software, and information security [6] - The investment logic for the Xinchuang industry includes international geopolitical disturbances, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [6]

Group 1 - The semiconductor sector has been performing strongly, attracting significant market attention, with the China-Korea Semiconductor ETF (513310) being a key investment tool due to its large scale and superior liquidity [1] - As of September 23, the China-Korea Semiconductor ETF (513310) reached a scale of 1.621 billion yuan, surpassing the 1.5 billion yuan mark, with a recent increase of 415 million yuan, representing a growth rate of 32.94% over the past five trading days [1] - The average daily trading volume of the China-Korea Semiconductor ETF (513310) has also increased significantly, reaching 5.282 billion yuan in the last five trading days, compared to 1.545 billion yuan on August 15 [1] Group 2 - The China-Korea Semiconductor ETF (513310) and its associated off-market funds are based on the China-Korea Semiconductor Index, which combines the CSI Semiconductor 15 Index and KRX Semiconductor 15 Index on an equal-weight basis, covering various segments of the semiconductor industry [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in ETF operations and is recognized for its leading index investment management capabilities, having created several benchmark ETFs [2]