长江证券刘元瑞：公募基金要强化定价能力 助力市场降低波动

Core Viewpoint - The public fund industry in China is urged to enhance pricing capabilities and focus on long-term performance for investors, shifting from a growth-centric approach to one that prioritizes returns [1] Group 1: Industry Insights - Public funds in China have demonstrated the ability to generate excess returns over the past 20 years, but there is a trend of focusing more on initial offerings rather than ongoing management [1] - Recent reforms, including fee reductions, aim to guide public funds back to their core mission of serving the real economy and optimizing financial resource allocation [1] - The high volatility of the A-share market has led to insufficient investor satisfaction, indicating that the stabilizing role of professional institutions is not fully realized [1] Group 2: Future Outlook - The asset management industry has significant growth potential, and firms like Changjiang Securities plan to lead with research-driven services, collaborating with institutional investors to create value [1]