EBSCN(SH:601788) EBSCN·2025-05-11 07:43Group 1 - The report highlights that the "Action Plan for Promoting the High-Quality Development of Public Funds" is expected to have a profound impact on the A-share market and the fund industry allocation [2][32][34] - The plan aims to shift the focus of fund companies and sales institutions from "scale" to "returns," marking a turning point for high-quality industry development [2][32] - The plan is anticipated to drive more medium- to long-term capital into the A-share market, enhancing market resilience [3][34] Group 2 - As of April 2025, the combined share of money market and bond funds in the public fund market reached 73.4%, while equity and mixed equity funds accounted for only 13.1% and 10.1%, respectively, indicating a low current proportion of equity funds [3][34] - Historical data shows that the issuance of equity funds has led to significant capital inflows, with a notable increase in the Shanghai Composite Index by 46.2% from January 3, 2019, to February 9, 2021, following the issuance of approximately 3.14 trillion units of new equity funds [3][34] - The report suggests that technology-related broad-based indices, such as the Sci-Tech 50 Index and semiconductor-related indices, are likely to benefit significantly from the policy direction [4][41] Group 3 - The report indicates that industries with strong profitability and stable performance, such as household appliances, banking, transportation, food and beverage, and non-bank financials, are expected to attract public fund investments [4][42][43] - The plan emphasizes the need for a long-term performance evaluation mechanism, with at least 80% weight on three-year and longer-term returns, which may favor industries with strong profitability [42][43] - The report notes that the market style may rotate between defensive and growth styles, with defensive sectors focusing on stable or high-dividend industries, while growth sectors will emphasize thematic growth and independent cyclical industries [5][54][55]