Jin Rong Shi Bao·2025-05-14 01:41Group 1 - The core viewpoint of the news is the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which aims to shift the focus of the industry from "scale" to "returns" and create a virtuous cycle of "increased returns - inflow of funds - market stability" [1] - The plan emphasizes the need to attract long-term capital into the market, enhancing the scale and proportion of various types of medium- and long-term funds [1][6] - The A-share market is expected to enter a more mature development phase, driven by the implementation of the action plan and related details, which will enhance the motivation for long-term capital allocation in A-shares [1][7] Group 2 - The recent press conference by the State Council Information Office introduced a series of financial policies aimed at stabilizing the market and boosting investor confidence, including interest rate cuts and support for various sectors such as consumption and real estate [2][3] - Analysts noted that the intervention of the Central Huijin Investment Ltd. in the A-share market is expected to become a regular occurrence, providing additional support to the market [2][4] - The combination of monetary policy tools, including a total of 800 billion yuan for stock repurchase and insurance company swaps, is designed to enhance market stability and meet the needs of different institutional investors [3][6] Group 3 - The concept of "three reliables" was highlighted, referring to reliable economic development, macro policies, and institutional guarantees, which are seen as key to injecting certainty into the economy and capital markets [5][6] - The CSRC's action plan aims to strengthen the alignment of interests between public funds and investors, optimize fee structures, and enhance the stability of fund investment behaviors [7] - The plan also includes measures to improve investor services, promote the growth of equity funds, and enhance regulatory guidance to foster innovation and support the transformation of China's economic structure [7]