Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a crackdown on the dissemination of false information in the capital market, particularly targeting the phenomenon of "small essays" that distort market information and mislead investors [1][2][3]. Group 1: Impact of "Small Essays" - "Small essays" directly distort asset pricing and mislead investment decisions, contaminating the price discovery mechanism in the capital market [1][2]. - They erode the foundational trust in the market, as institutions that should be reliable sources of information become sources of misinformation [2]. - These false narratives provide a breeding ground for illegal activities such as insider trading and market manipulation, harming individual investors and undermining market integrity [2][3]. Group 2: Regulatory Response - The CSRC's recent announcements reflect a shift towards more detailed and penetrating regulatory practices, holding not only individual offenders accountable but also the institutions and their management [3][4]. - The CSRC has introduced 23 systematic measures aimed at creating a fairer, more transparent, and safer investment environment for small investors, emphasizing the importance of a healthy information environment for a healthy capital market [3][4]. - The regulatory approach includes enhancing institutional responsibility and leveraging technology, such as big data and artificial intelligence, to monitor and analyze market information effectively [4].

Core Viewpoint - The launch and promotion of new floating fee rate products in the public fund industry represent a significant innovation in fee structures, embodying the core value of "investor-centric" and driving high-quality development in the industry [1][2]. Group 1: New Floating Fee Rate Products - The new floating fee rate products initiated by 26 institutions, including Harvest Fund, mark an important step towards a performance-based management fee model, optimizing fund operation [2]. - These products feature a tiered management fee structure of 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), linking management fees directly to investors' actual returns [2]. - The mechanism ensures that fund managers can only earn higher fees if investors achieve returns exceeding market benchmarks, thereby tightly aligning the interests of fund managers and investors [2][3]. Group 2: Impact on the Fund Industry - The introduction of floating fee rate products reshapes the public fund industry ecosystem, breaking the traditional fixed fee model and dynamically matching management costs with investment returns [3]. - This model encourages fund companies to focus on building robust research and investment systems, talent development, and risk control, enhancing their competitive edge [3]. - The shift from a "scale-driven" to a "trust-driven" and "capability-driven" development paradigm is a critical step towards creating sustainable and widely recognized "new value" in the industry [3][4]. Group 3: Future Outlook - The company plans to further leverage its platform-based, team-oriented, and integrated multi-strategy research and investment capabilities to systematically reshape product design, investment management, and client service logic [4]. - The maturation and popularization of these products are expected to foster a more resilient, responsible, and valuable public fund industry ecosystem [4].

汇安基金管理有限责任公司董事长 何斌 作为资本市场重要的机构投资者，公募基金在服务居民财富管理和支持实体经济发展方面的重要性日益 提升。中国证券投资基金业协会最新数据显示，截至2025年8月底，公募基金资产净值合计达36.25万亿 元，首次突破36万亿元大关，再创历史新高。 规模迭创新高之际，公募基金也面临提升投资能力、优化客户体验、增强投资者信任等重要课题。2025 年5月中国证监会发布的《推动公募基金高质量发展行动方案》，旨在解决经营理念有偏差、功能发挥 不充分、发展结构不均衡、投资者获得感不强等问题，推动行业加快实现高质量发展，也为行业从规模 导向转向回报导向提供了路线图。站在"36万亿"的新起点，越来越多的基金公司已行动起来，为行业高 质量发展贡献应有之力。 汇安基金作为公募基金行业的一员，秉承"以投资者为本"的理念，积极响应并付诸实践，致力于"汇聚 理性之光，照亮投资之路"。 投资者是市场之本，保护投资者特别是中小投资者的合法权益，是资本市场的永恒主题，也是践行"以 人民为中心"、金融为民的集中体现。但投资者教育与保护工作并非一时之功，不能"毕其功于一役"， 需要从长计议。汇安基金自成立以来就高度重 ...

Core Viewpoint - The Chinese public fund industry is at a new historical starting point, focusing on high-quality development as the core theme, driven by the implementation of the new "National Nine Articles" and the accelerated formation of the capital market "1+N" policy system [1][2] Group 1: High-Quality Development Consensus - High-quality development has become a consensus within the industry, with a solid institutional foundation established over the past year [2] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" provides a concrete action guide, emphasizing a return to investor-centric values [2] Group 2: Trust as the Foundation - The core of high-quality development is to win and maintain investor trust, which is derived from sustained investment returns and deep demand insights [3] - The public fund industry is evolving from providing single products to offering comprehensive wealth management solutions driven by customer needs [3][4] Group 3: Tailored Investment Strategies - Public funds have categorized different types of funds based on attributes like "active money," "surplus money," and "long-term money," creating tailored investment strategies and products [4] - The integrated model of "customer needs deconstruction - strategy formation - product supply - research and investment matching - quality management" is becoming a key practice for enhancing investor satisfaction [4] Group 4: Serving the Real Economy and Diverse Wealth Management Needs - The high-quality development of public funds is reflected not only in investment returns but also in their dual empowerment of the real economy and residents' wealth [5] - Public funds play a crucial role in promoting inclusive finance and pension finance, providing a variety of transparent public products to lower the barriers for public participation in the capital market [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies to enhance the scale and proportion of equity funds while aligning with investor interests [1] Group 1: Industry Development - The action plan aims to foster a more professional and diversified asset management industry, with a focus on clear positioning of public fund products such as passive indices and actively managed equity funds [1] - Fund managers are encouraged to create a "specialized" product system that provides long-term value and research-added value, addressing the wealth management needs of the public [1][3] Group 2: Product Strategy - Fund managers should optimize product layouts in response to regulatory calls, exemplified by CICC Fund's launch of active equity and quantitative index fund products that align with national development strategies [2] - The industry is expected to shift towards products that are benchmarked, stable in style, and capable of generating excess returns, which will require new demands on research teams, investment frameworks, and risk management [2] Group 3: Investor Engagement - There is a strong emphasis on long-term and value investing within the public fund research culture, with a commitment to understanding customer needs and responding to the new requirements for high-quality development [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies and sales institutions to enhance the scale and proportion of equity funds, strengthen alignment with investor interests, and emphasize the role of performance benchmarks in product design and portfolio management [1] Group 1: Industry Development - The public fund industry is accelerating towards professional division of labor, with a richer supply of products and a deeper understanding of investment returns among investors [1] - The action plan aims to create a product system with long-term allocation value and research-added value, making public products more understandable and accessible to investors [1][3] Group 2: Fund Management Strategies - Fund managers are encouraged to optimize product layout and respond to regulatory calls by launching active equity and quantitative index fund products that align with national development strategies [2] - The focus on benchmark anchoring, stable styles, and steady excess returns is expected to become a significant development direction for the industry, presenting new strategic opportunities [2] Group 3: Investor Engagement - Fund managers should actively practice long-term and value investment cultures, deeply understand market demands, and respond to the new requirements for high-quality development in the industry [3]

Core Insights - The Chinese public fund industry has experienced rapid growth over the past decade, with total management scale increasing from approximately 8 trillion to over 30 trillion [1] - The recent action plan by the China Securities Regulatory Commission aims to guide the industry towards high-quality development, emphasizing the importance of prioritizing investor interests [1] Industry Overview - The public fund industry is facing new challenges due to intensified market competition, scale orientation of fund companies, and pressure from fund performance rankings [1] - The action plan highlights the need for a shift from focusing on scale to prioritizing investor returns, encapsulated in the principle of "serving the entrusted and loyal to the matter" [1] Investor-Centric Approach - Understanding diverse investor needs is crucial, as different investors have varying risk tolerances, investment goals, and time horizons [2] - Young investors may seek higher long-term returns and can tolerate some risk, while those nearing retirement prioritize asset stability and lower risk tolerance [2] Strategic Initiatives - To enhance investor satisfaction and trust, the industry must implement actionable measures that embody the "investor-centric" philosophy throughout the management chain [2][3] - Specific initiatives include: - Designing differentiated product offerings tailored to various risk profiles, such as pure bond funds and equity funds [2] - Improving performance evaluation and research culture to support the investor-centric transition, fostering a "long-termism" mindset among researchers and fund managers [2] - Strengthening information disclosure and communication to build transparent and trustworthy relationships with investors [3] Conclusion - The industry aims to translate the "investor-centric" concept into tangible actions, enhancing investor satisfaction and trust, and ultimately achieving sustainable wealth growth alongside investors [3]

Core Viewpoint - The event organized by Shanghai Securities News and China Europe Fund emphasizes the importance of investor-centric services in the mutual fund industry, highlighting the launch of the "Service Charter" with four key service principles aimed at enhancing investor satisfaction and promoting high-quality industry development [1][3]. Group 1: Service Principles - The "Service Charter" outlines four main principles: frequent engagement with investors, sharing market insights, maintaining open communication, and continuous innovation in products [1][6]. - The principle of frequent engagement includes hosting over 3,000 offline events since 2006 to understand and address investors' needs [6]. - The sharing principle involves providing diverse market insights through various formats, with a total of 450 million words written in market reports and 2.6 billion views on video content [6][7]. Group 2: Commitment to Investors - The company aims to create value for clients by prioritizing their interests through optimized product design and transparent fee structures [3][5]. - The focus on professional support includes providing educational content and services to guide investors through market cycles [3][6]. - The establishment of a transparent communication mechanism is crucial for safeguarding investors' rights and building trust [3][6]. Group 3: Product Innovation - The company emphasizes product innovation centered around investor needs, having launched the first floating management fee fund in 2013 and participating in various product innovation trials [7]. - The introduction of Smartbeta multi-strategy products aims to provide investors with clear positioning and stable styles, addressing their core needs for reliable investment tools [8]. Group 4: Long-term Commitment - The company adheres to a long-term performance philosophy, ensuring that services withstand the test of time and continuously enhance investor satisfaction [9]. - The "Service Charter" is intended to integrate long-term investor interests into every service aspect, fostering a culture of long-term value creation for clients and society [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance the public fund industry by focusing on investor interests and transitioning from a scale-driven approach to one that emphasizes investor returns [1][2]. Group 1: Action Plan Highlights - The Action Plan emphasizes strong regulation, risk prevention, and promoting high-quality development, aiming to shift the industry's focus towards investor returns [1][2]. - It is expected to serve as a significant turning point in the history of the public fund industry, with over 20 supporting regulations to follow, impacting the development of actively managed equity funds [1][2]. Group 2: Investor-Centric Initiatives - The plan proposes a binding mechanism between fund company income and investor returns, including a floating management fee linked to performance, which aims to lower costs for investors [2]. - It also calls for reforms in performance evaluation mechanisms, increasing the weight of investment return metrics for fund managers, and implementing long-term performance assessments [2][3]. Group 3: Enhancing Investor Services - The CSRC aims to improve the service capabilities of the public fund industry by optimizing investment research, product design, and risk management [3]. - There is a focus on developing low-volatility and asset allocation products to cater to various investor risk preferences [3]. Group 4: Technological Integration - The Action Plan encourages the use of emerging technologies like AI and big data to enhance service levels and improve investor interaction experiences [5]. - It highlights the importance of developing equity public funds to better connect investors with quality enterprises, thereby improving capital market efficiency [5]. Group 5: Long-Term Value Focus - The plan sets higher expectations for fund companies regarding proactive investment strategies and industry trend analysis to meet residents' wealth management needs [6]. - The initiative aims to strengthen the financial system's stability and accelerate the high-quality development of the industry [6].

Group 1 - Several securities firms have announced progress on their "quality improvement and efficiency enhancement" initiatives for the first half of the year, focusing on serving national strategies, sustainable development, and investor rights protection [1] - Southwest Securities reported that it served over 13 billion yuan in the Sichuan-Chongqing region in the first half of 2025, a nearly 30% year-on-year increase, and established a strategic investment fund for the Chengdu-Chongqing economic circle [2] - Guotai Junan Capital's action plan for 2025 emphasizes resource integration and risk management to support the development of manufacturing, strategic emerging industries, and technology innovation [2] Group 2 - The principle of prioritizing investors is a key focus for various securities firms, with Xinyu Securities planning to establish a stable and scientific return mechanism for investors every three years [3] - Southwest Securities is enhancing investor education and protection efforts to improve financial knowledge and risk prevention capabilities among investors [3] - Guotai Securities aims to maintain a stable and continuous profit distribution policy to enhance shareholder returns and create a positive cycle between operational quality improvement and shareholder return growth [3]