Group 1 - The public fund issuance has significantly rebounded in the first half of the year, with 672 new funds established and a total fundraising scale exceeding 540 billion yuan [1][2] - Stock funds accounted for over half of the new fund issuance, with 387 stock funds established, raising 188.1 billion yuan, representing 57.59% of the number of funds and 34.77% of the fundraising scale [2] - The increase in stock fund issuance is attributed to policy incentives and a recovery in market confidence, with A-shares showing structural trends in sectors like humanoid robots, artificial intelligence, and innovative pharmaceuticals [2] Group 2 - Bond funds, despite a decline, still hold the largest share, with 117 new funds established and a fundraising scale of 227.1 billion yuan, accounting for 41.99% of the total [2] - Mixed funds saw 120 new establishments, raising 73.1 billion yuan, with respective shares of 17.86% and 13.52% [2] - Fund of funds (FOF) saw a significant increase, with 30 new funds established, a year-on-year growth of nearly 80%, raising 32.8 billion yuan [3] Group 3 - Innovative funds have become a significant contributor to the new fund issuance market, with over 50 innovative products launched, raising more than 70 billion yuan [4] - The first batch of floating management fee rate funds has been approved, with 24 funds established by the end of June, raising 22.7 billion yuan [5] - The focus for the second half of the year is expected to be on equity funds, particularly index products and "fixed income plus" products, driven by themes like hard technology and consumer recovery [5]

Core Viewpoint - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC) is a significant measure to implement the decisions of the Party Central Committee and serves as a guide for the high-quality development of public funds [1][2] Policy Deployment and Direction - The "Action Plan" outlines the overall thinking, basic principles, and goals for high-quality development of public funds, proposing 25 policy measures across six areas, including optimizing fund operation models and enhancing regulatory enforcement [2] - The focus of the reform is on strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, and promoting the growth of equity funds [2][3] Emphasis on Equity Investment - The key point for high-quality development of public funds is to enhance equity investment, increase its scale and stability, and better serve national strategies and the development of the real economy [3][4] Building a Platform-Based Research System - The "Action Plan" emphasizes the construction of a "platform-based, integrated, multi-strategy" research system to enhance the professional asset management capabilities of fund companies [4] - Talent development and technological advancements are crucial for improving research capabilities and ensuring sustainable competitiveness in the industry [4] Long-Term Value Investment - The "Action Plan" mandates that public funds adhere to long-term and value investment principles, prohibiting style drift and reducing turnover rates, thus addressing industry issues of prioritizing scale over returns [5] - The current valuation of the A-share market, with a rolling P/E ratio of 12.3, indicates significant long-term investment appeal [5] Encouraging Equity Fund Development - The "Action Plan" encourages innovation in equity fund products, particularly floating fee structures and index products, to enhance investor engagement and align interests [6] - Strengthening the supply of equity fund products and improving investment management are key focuses for fund companies [6] Enhancing Investor Service Capabilities - The "Action Plan" calls for improved service levels for investors, shifting the focus from scale to returns, and establishing a classification evaluation mechanism for fund sales institutions [7] - Fund companies are encouraged to enhance asset management capabilities and align product offerings with investor needs [7] Building First-Class Investment Institutions - The "Action Plan" emphasizes the need for public fund companies to build first-class investment institutions by enhancing governance, core research capabilities, and compliance management [9] - As a state-owned bank-controlled fund company, the firm aims to implement the "Action Plan" requirements and contribute to the high-quality development of the public fund industry [9]