非银金融：《关于推动中长期资金入市的指导意见》点评-纲领性文件落地，券商业务空间打开

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The release of the "Guiding Opinions on Promoting Long-term Funds to Enter the Market" marks a significant step in encouraging long-term investments and optimizing the capital market structure [4][5] - The ETF market is experiencing rapid growth, with a total scale of 3.12 trillion yuan as of September 29, 2024, reflecting a year-on-year increase of 55.40% [6] - The report emphasizes the importance of developing public and private equity funds to enhance the participation of various long-term funds in the capital market [4][5] Summary by Relevant Sections Public Funds - Establish a fast approval channel for ETF index funds - Reduce the overall fee rates in the public fund industry - Transition the public fund investment advisory pilot to a regular practice [5] Private Funds - Enrich product types and investment strategies - Increase the proportion of equity private asset management business [5] Insurance Funds - Improve assessment mechanisms - Diversify long-term investment models for commercial insurance - Enhance regulatory systems for equity investments [5] Social Security and Pension Funds - Support qualified employers in allowing personal investment choices in enterprise annuities - Encourage fund managers to explore differentiated investments [5] Bank Wealth Management and Trust Funds - Optimize incentive assessment mechanisms - Streamline market entry channels - Increase the scale of equity investments [5]