天相投顾：公募基金，未来能安心地长期持有吗？

Group 1 - The core issue in the market is that while funds have achieved positive returns, many investors have not, often due to buying at high points and experiencing significant losses, particularly in equity funds [1][2] - The phenomenon of investors, referred to as "small fish," making emotional and biased decisions leads to poor investment outcomes, while "sharks" capitalize on these mistakes for excess returns [2][3] - The volatility of the CSI 300 ETF has made it challenging for investors to hold onto their investments long-term, despite the ETF's recovery of 36% since 2024 [2][3] Group 2 - The risk-return mismatch in the past decade for the CSI 300 ETF indicates that investors have not received adequate risk premiums for the high volatility they endured [3][4] - Regulatory policies are being implemented to enhance corporate governance, increase financial transparency, and encourage higher dividend payouts to improve potential returns for investors [4] - The push for public fund fee reforms aims to lower transaction and holding costs, thereby directly increasing actual investor returns [4][5]