大消息！“逆周期调节”，来了

Core Viewpoint - The approval of fund products is initiating a counter-cyclical adjustment mechanism to better protect investor interests under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2] Group 1: Regulatory Adjustments - Regulatory scrutiny on new equity fund approvals has increased, particularly for those with high performance benchmarks, requiring recent five-year rolling valuations to be below the 90th percentile and three-month valuations below the 80th percentile [2][3] - The approval process is being optimized to maintain a rational and restrained approach during market highs while increasing counter-cyclical investments during market lows [2][6] Group 2: Fund Issuance and Management - Fund companies are exhibiting restraint in issuing new equity funds, with many setting initial fundraising caps at 2 billion to 3 billion yuan, contrasting with the past trend of launching large-scale funds [5][6] - Over 50% of the 1,045 new equity funds established this year have set fundraising limits, with 57% of these limits below 3 billion yuan [5] Group 3: Market Response and Strategy - The approval of new funds has focused on sectors with relatively low valuations, such as healthcare and consumer electronics, especially during periods of market volatility [3][4] - The industry is shifting from a focus on scale to quality, aiming to attract more long-term capital and enhance investor satisfaction through better fund management practices [7] Group 4: Performance Evaluation and Investor Experience - The regulatory framework has been restructured to emphasize fund performance over size and revenue, with new metrics introduced to evaluate fund managers based on investor service and experience [6][7] - The implementation of counter-cyclical adjustment mechanisms is expected to improve the overall investment experience for investors and stabilize the capital market [7]