工银瑞信基金董事长赵桂才：提高权益投资规模及稳定性，为投资者创造更优长期回报

Core Viewpoint - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC) is a significant measure to implement the decisions of the Party Central Committee and serves as a guide for the high-quality development of public funds [1][2] Policy Deployment and Direction - The "Action Plan" outlines the overall thinking, basic principles, and goals for high-quality development of public funds, proposing 25 policy measures across six areas, including optimizing fund operation models and enhancing regulatory enforcement [2] - The focus of the reform is on strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, and promoting the growth of equity funds [2][3] Emphasis on Equity Investment - The key point for high-quality development of public funds is to enhance equity investment, increase its scale and stability, and better serve national strategies and the development of the real economy [3][4] Building a Platform-Based Research System - The "Action Plan" emphasizes the construction of a "platform-based, integrated, multi-strategy" research system to enhance the professional asset management capabilities of fund companies [4] - Talent development and technological advancements are crucial for improving research capabilities and ensuring sustainable competitiveness in the industry [4] Long-Term Value Investment - The "Action Plan" mandates that public funds adhere to long-term and value investment principles, prohibiting style drift and reducing turnover rates, thus addressing industry issues of prioritizing scale over returns [5] - The current valuation of the A-share market, with a rolling P/E ratio of 12.3, indicates significant long-term investment appeal [5] Encouraging Equity Fund Development - The "Action Plan" encourages innovation in equity fund products, particularly floating fee structures and index products, to enhance investor engagement and align interests [6] - Strengthening the supply of equity fund products and improving investment management are key focuses for fund companies [6] Enhancing Investor Service Capabilities - The "Action Plan" calls for improved service levels for investors, shifting the focus from scale to returns, and establishing a classification evaluation mechanism for fund sales institutions [7] - Fund companies are encouraged to enhance asset management capabilities and align product offerings with investor needs [7] Building First-Class Investment Institutions - The "Action Plan" emphasizes the need for public fund companies to build first-class investment institutions by enhancing governance, core research capabilities, and compliance management [9] - As a state-owned bank-controlled fund company, the firm aims to implement the "Action Plan" requirements and contribute to the high-quality development of the public fund industry [9]