大消息！“逆周期调节”，来了

Core Viewpoint - The approval of fund products is undergoing a counter-cyclical adjustment mechanism to better protect investor interests, with a more cautious approach towards new equity fund approvals due to high valuation benchmarks [2][4][11]. Group 1: Regulatory Adjustments - Regulatory scrutiny has increased for new equity funds, requiring that the performance benchmark index's rolling valuation over the last five years be below the historical 90th percentile and the last three months below the 80th percentile [5][6]. - The approval process has been optimized, with a focus on sectors with relatively low valuations, such as healthcare, food, and consumer electronics [5][6]. Group 2: Market Behavior and Fund Management - Despite a bullish A-share market, fund companies are exercising restraint in new equity fund launches, with many setting initial fundraising caps at 2 billion to 3 billion yuan [2][9]. - A significant number of new equity funds launched this year have set fundraising limits, with 57% of these limits below 3 billion yuan [9]. Group 3: Investor Experience and Fund Performance - The industry is shifting from a focus on scale to quality, aiming to enhance investor experience and long-term returns [11]. - Fund companies are implementing measures such as subscription limits and dynamic allocation to ensure fair investment experiences for all investors [9][11]. Group 4: Long-term Investment Ecosystem - The deepening implementation of the counter-cyclical adjustment mechanism is expected to attract more long-term capital into the public fund industry, enhancing investor satisfaction [11]. - The regulatory framework is evolving to emphasize long-term performance and investor returns, moving away from traditional metrics like scale and revenue [9][11].