- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market trends, fund positioning, and industry allocation changes, such as the decrease in active equity fund positions below 90% and the increase in electronic sector allocation[4][6][24] - Active equity funds showed a shift towards large-cap growth style, with large-cap growth exposure rising to 36.99% (+1.8pct), while large-cap value exposure dropped to 7.6% (-1.68pct)[5][31][33] - Industry allocation changes include increased exposure to electronics (20.50%, +1.27pct), non-bank financials (3.11%, +0.60pct), and machinery (6.06%, +0.49pct), while sectors like pharmaceuticals (10.48%, -1.12pct) and food & beverage (3.05%, -0.69pct) saw reductions[6][34][36] - ETF market trends show net inflows into broad-based indices like CSI 300 and CSI A500, while thematic ETFs experienced mixed flows, with TMT and financial sectors gaining, and cyclical manufacturing sectors losing[38][39][65] - Newly established funds this week include 62 domestic funds, with active equity funds accounting for 16, totaling 98.74 billion shares issued[44][68][69]

Core Insights - The overall asset management scale of China's public fund industry has reached 36 trillion yuan, with the top ten fund companies all surpassing one trillion yuan in management scale, indicating a trend of increasing concentration in the industry [3][5] - More than 30% of fund managers have experienced a decline in scale compared to the previous quarter, highlighting a "stronger becoming stronger, weaker becoming weaker" phenomenon [3][4] Industry Overview - The public fund industry is entering a phase of elimination, driven by stricter regulations, intensified competition, and the maturation of investors, which will squeeze the survival space for companies lacking core competitiveness [4] - The era of merely pursuing scale expansion is over, and companies must focus on sustainable excess returns, effective passive product capabilities, and enhancing investor experience to thrive [4] Competitive Landscape - As of October 29, 2025, all top ten public fund companies have crossed the one trillion yuan mark in management scale, with E Fund leading at 23,928 billion yuan, followed by Huaxia Fund at 21,508 billion yuan [5][6] - The competition among the top companies is fierce, with E Fund and Huaxia Fund forming a distinct first tier, while companies like GF Fund, Southern Fund, and Fortune Fund are vying for positions in the second tier [7] Growth Dynamics - The mid-tier companies, with management scales between 500 billion and 1 trillion yuan, are experiencing significant competition, with notable growth disparities among them [8][9] - China Universal Fund leads this tier with a growth rate of 17.32%, followed closely by Invesco Great Wall Fund at 16.35%, primarily driven by net value growth in equity funds [9] ETF Market Competition - The ETF market has become a critical battleground for medium to large fund companies, with various firms competing across multiple dimensions [10][13] - Huaxia Fund currently leads in non-monetary ETF scale at 9,037 billion yuan, but faces strong competition from E Fund, which has rapidly increased its scale [11][12] Fixed Income Opportunities - Some fund companies have seen significant growth in their fixed income plus (固收+) products, despite challenges in the traditional pure bond business [15][16] - Notably, Invesco Great Wall Fund's fixed income plus scale grew by 755 billion yuan in a single quarter, indicating a shift in investor preferences towards these products [16][17] Challenges and Risks - Companies heavily reliant on money market funds, such as China Construction Fund and Tianhong Fund, face challenges in diversifying their business and finding new growth paths [20] - Some firms are experiencing declines in traditional core business areas, particularly in the bond market, which has seen significant volatility [20][21]

Group 1: Core Views - The public fund industry in China is entering a new stage of high-quality development, characterized by profound changes in fund products, companies, sales models, and environmental patterns [1][2] - The future opportunities for different types of public fund products vary, with a focus on active equity funds, passive equity funds, fixed income funds, and innovative products like REITs [1] Group 2: Public Fund Development Trends - Active equity funds will see more standardized benchmark indices, shifting the assessment focus from relative rankings to excess returns [1] - Passive equity funds have rapidly developed over the past two years, with index replication funds reducing fees to benefit investors, while enhanced index products, though currently small in scale, show promising future growth [1] - In fixed income funds, active bond funds and fixed income plus products are thriving in a low-interest-rate environment, and bond index funds are also entering a rapid growth phase [1] - Innovative products such as REITs are accelerating issuance, and multi-asset allocation funds of funds (FOFs) remain a blue ocean market [1] Group 3: Fund Company Development Outlook - The public fund company landscape shows a clear "Matthew Effect," where larger companies can maintain their strengths while smaller firms may benefit from specialized development [2] - The trend in investment research systems is moving towards integration, with a shift from creating star fund managers to building company-wide investment research brands [2] - AI is expected to permeate various aspects of fund company management, talent development, and investment research capabilities [2] Group 4: Public Fund Sales Environment Outlook - The sales model is transitioning from a focus on short-term scale to prioritizing long-term client interests and quality service [2] - The fund sales industry is undergoing ecological restructuring centered around advisory services, with a dual focus on buyer advisory transformation and diversified asset allocation [2] - The emergence of institutional direct sales platforms is anticipated, which will test the differentiated research service capabilities of distribution agencies [2] - Potential market dynamics include a strong market concentration, a dual-driven sales environment of direct and indirect sales, a combination of diversification and digitalization, and a new landscape of high-quality development [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The development trend of public funds emphasizes equities, benchmarks, and long - term perspectives. Different types of public funds face different opportunities. For example, active equity funds will standardize benchmark indices and shift from focusing on relative rankings to excess returns; passive equity funds are experiencing the resonance of fee reduction and product innovation; fixed - income funds, especially those with "fixed - income +" products, are booming in the low - interest - rate era; and innovative products such as REITs are accelerating issuance while multi - asset allocation FOFs remain a blue ocean [2]. - The development prospect of fund companies is to return to investment research. Both large and comprehensive fund companies and small and niche ones are worth looking forward to. The industry shows a Matthew effect, and companies should choose different development strategies according to their scale. The investment research system is moving towards integration, and the back - office of fund companies may be empowered by AI [2]. - The sales environment of public funds is shifting from focusing on scale to enhancing investors' sense of gain. The sales model is changing from "emphasizing new issuance and neglecting continuous operation" to "emphasizing continuous operation and optimizing services", and the industry is undergoing ecological reshaping around investment advisory services. The establishment of institutional direct - sales platforms will test the differentiated research and service capabilities of代销 institutions [3]. Summary According to the Directory 1. Public Fund Development Trends: Emphasizing Equities, Benchmarks, and Long - Term Perspectives 1.1 Active Equity Funds: Standardization of Benchmark Indices and Transition from Relative Ranking to Excess Returns - **Benchmark Index Standardization**: The "Action Plan for Promoting the High - Quality Development of Public Funds" strengthens the binding effect of performance comparison benchmarks. Currently, the benchmark indices of active equity funds are mostly representative broad - based, industry - themed, and style indices. However, most funds do not strictly track the benchmarks, and the industry deviation is in the range of 0.35 - 0.75. This year, 177 funds have changed their performance comparison benchmarks, and the trend is to make them more in line with actual investments. Future benchmark design will be more representative, standardized, and closer to actual investment directions [8][12][21]. - **Serious Assessment**: The assessment should be long - term and focus on excess returns. Long - term assessment helps fund managers adhere to investment concepts, and funds with stable long - term performance have better cumulative returns and risk control. Emphasizing excess returns can tie fund managers' interests with investors and reduce tail risks. Funds that achieve positive excess returns in the long - term have better performance and risk control [24][25][33]. 1.2 Passive Equity Funds: Resonance of Fee Reduction and Product Innovation and Acceleration of the Improvement of the Characteristic Index System - **Replicating Index Funds**: The product spectrum is rich, with a significant leading - company effect. As of September 30, 2025, the total scale of stock ETFs reached 411.7167 billion yuan, and the average daily trading volume in 2025 was 1.24 billion yuan. The management fees of ETFs are relatively low, and many large - scale broad - based ETFs have reduced fees. In the future, differentiated indices may become a blue ocean, and fund companies can carry out forward - looking layout and differentiated competition [43][46][54]. - **Index - Enhanced Products**: These products have both discipline and the ability to obtain excess returns. As of June 30, 2025, the total scale of over - the - counter index - enhanced funds was 20.1028 billion yuan. They can achieve differentiated layout by diversifying tracking indices and developing enhanced ETFs, and are expected to become an important link between passive and active investments [56][60][65]. 1.3 Active Fixed - Income Funds: The Booming of "Fixed - Income +" Products in the Low - Interest - Rate Era and the Popularity of Long - Term Investment Products - In the low - interest - rate environment since 2024, the scale of "fixed - income +" funds has increased. In the first half of 2025, the scale of "fixed - income +" funds increased by 232.3 billion yuan, with the scale of stable products surpassing that of balanced products. Stable "fixed - income +" funds have lower returns but better risk control, and the dividend - low - volatility strategy is suitable for them. With regulatory encouragement and the low - interest - rate environment, "fixed - income +" products are expected to continue to grow [66][69][79]. 1.4 Passive Fixed - Income Funds: Accelerated Trend and Continuous Emergence of Innovative Products Supported by Policies - The development of fixed - income index funds has gone through several stages, including the budding, trial, accelerated growth, slow growth, and explosive growth stages. As of Q2 2025, there were 243 bond index funds with a total scale of 1.42 trillion yuan. In the future, the tool - oriented trend of bond funds will be strengthened, ETFs will play a more important role, and innovative products will continue to emerge under policy support [80][84][94]. 1.5 Innovative Products: Accelerated Issuance of REITs and Multi - Asset Allocation FOFs Remain a Blue Ocean - **REITs Products**: With policy support, the issuance of REITs products has accelerated. As of June 30, 2025, there were 75 products with a total scale of 16.4087 billion yuan. REITs have unique asset allocation attributes, such as combining stock, bond, and alternative investment characteristics, having a long - term maturity, and rich underlying asset types. They are important tools for institutional investors' asset allocation and have broad development prospects [98][101][104]. - **FOF**: FOFs are suitable carriers for multi - asset allocation. Multi - asset allocation FOFs and ETF - FOFs are still a blue ocean. Currently, the scale of multi - asset allocation FOFs accounts for a relatively low proportion of all FOFs, but with the growth of asset - allocation demand and policy support, their scale and number are expected to increase significantly [106][109][113]. 2. Fund Company Development Trends: Return to Investment Research, Both Large and Comprehensive and Small and Niche Are Worth Looking Forward To 2.1 Company Strategic Positioning Selection: Comprehensive vs. Characteristic - **Industry Pattern of Public Funds**: The industry pattern of public funds will continue to concentrate on the top. Although the concentration of China's public fund industry has not increased significantly in the past five years, it is expected to rise in the future. The concentration of equity funds is higher than that of fixed - income funds, and the development trends of the two are different [117][118][123]. - **Comprehensive Fund Companies**: Large fund companies should be positioned as comprehensive fund companies. By referring to the development paths of E Fund and China Asset Management, comprehensive fund companies should maintain their advantages in active equity products and strengthen other product lines, such as passive equity, active Hong Kong stocks, passive fixed - income, and FOF products [125][126][127]. - **Characteristic Fund Companies**: Small and medium - sized fund companies should combine their endowments and deeply cultivate their advantages to achieve characteristic development [2]. 2.2 Investment Research System Construction: Platformization and Branding - The investment research system is moving towards integration, and the key is to achieve "harmony with differences". The investment team is shifting from creating star fund managers to building the brand of the company's investment research [25]. 2.3 Back - Office of Fund Companies: AI Empowers to Improve Efficiency - The back - office of fund companies should pay attention to long - term assessment to ensure the construction of talent echelons, actively introduce employee stock ownership to play a long - term incentive mechanism, and use AI to empower the entire business chain system of funds [29]. 3. Outlook on the Sales Environment of Public Funds: From Scale to Sense of Gain 3.1 Shift from Emphasizing New Issuance to Emphasizing Continuous Operation and Improve the Service Ability for Individual Customers - Policy guidance promotes the transformation of public fund sales from "emphasizing new issuance" to "emphasizing continuous operation and service", and strengthens the customer holding experience [31]. 3.2 Investment Advisory Services Change the Sales Industry Ecosystem, and the Rise of Buyer - Side Investment Advisory and Multi - Asset Allocation - The industry is transforming to the buyer - side investment advisory model and promoting multi - asset allocation, which will reshape the sales industry ecosystem [34]. 3.3 The Establishment of Institutional Direct - Sales Platforms Is Expected, Testing the Differentiated Research and Service Capabilities of代销 Institutions - The development of direct - sales platforms will pose challenges to代销 channels.代销 institutions should strengthen their buyer - side capabilities, deepen cooperation with funds, and transform towards multi - asset allocation, long - term value, and personalized services when serving institutional investors [39]. 3.4 Outlook on the Pattern of the Public Fund Sales Environment - The sales environment of public funds may present a pattern of "the strong getting stronger", a dual - drive of "direct sales +代销", a combination of diversification and digitalization, and a new situation of high - quality development [3].

Core Viewpoint - The upcoming forum titled "Building First-Class Investment Institutions: High-Quality Development of Public Funds" aims to explore the future development of China's public fund industry, focusing on strategic direction, governance structure optimization, and research and investment system reform [1][2][3]. Group 1: Event Overview - The forum will take place on November 7, 2025, in Hefei, co-hosted by Caixin and Ping An Bank, gathering regulatory leaders, public fund executives, and industry experts for in-depth discussions [1][2]. - The event will feature a closed-door meeting for executives, thematic speeches from public fund leaders, and roundtable discussions to foster deep reflections on the industry [2][4]. Group 2: Industry Context - China's public fund industry has surpassed a total scale of 36 trillion yuan, marking a significant milestone and reflecting the growing demand for wealth management among residents [11]. - Despite the growth in scale, the industry faces structural challenges, including severe performance differentiation among fund products, declining management fees, intensified competition, and a lack of investor trust [12][13]. Group 3: Future Opportunities - The public fund industry is transitioning from a focus on scale expansion to a commitment to quality, aiming to become first-class investment institutions that serve the real economy and help residents preserve and increase their wealth [12][15]. - The industry is expected to benefit from China's economic transformation, with new growth drivers emerging in technology innovation, green economy, digital economy, and high-end manufacturing [15][16]. - The shift in residents' asset allocation towards financial assets presents a significant opportunity for public funds, with projections indicating that the investable asset scale could exceed 300 trillion yuan in the next five years [15].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the need for systematic transformation in operational models and investment philosophies [2][4][24]. Transition from "Scale" to "Quality" - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the focus from scale-driven growth to quality-oriented development [4][25]. - This transformation encourages a positive cycle between scale and performance, where funds with strong performance are more likely to attract investment, thus avoiding the vicious cycle of "scale expansion leading to performance decline" [4][5]. Upgrade of Research and Investment Capabilities - Enhancing core research and investment capabilities is fundamental to achieving high-quality development, with a shift from individual-driven to system-driven investment research [7][9]. - Fund companies are exploring unique paths for upgrading their research systems, with trends towards integrated and team-based approaches [8][9]. - The integration of technology, such as AI and big data, is becoming a key accelerator for enhancing research capabilities [9][10]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [11][12]. - Fee reforms have led to a decrease in management fees across various fund categories, fundamentally changing the competitive landscape of the industry [11][14]. - Fund companies are actively controlling the scale of new products to prioritize investor interests and improve the investment experience [12][14]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, shifting from supply-driven to demand-led product development [14][15]. - Fund companies are focusing on creating clear product positioning and competitive product lines, including the introduction of floating fee rate products [17][18]. - Compliance and risk management are critical to supporting the industry's transformation, with companies enhancing their compliance frameworks and risk control measures [20][22]. Challenges and Industry Restructuring - The transition to high-quality development faces internal challenges, such as entrenched performance evaluation systems and the need for deeper research capabilities [25][26]. - External challenges include the existing sales channel models that favor high-commission products, which may conflict with the industry's shift towards long-term investment strategies [26][27]. - The high-quality development wave is expected to reshape the competitive landscape, with a focus on value competition rather than scale [27][28]. Future Outlook - Over the next three to five years, the public fund industry is expected to prioritize high-quality development, with a focus on value competition and the emergence of firms with core capabilities [28][29]. - Companies that can provide comprehensive services and enhance investor engagement will likely gain a competitive edge in the evolving market [29].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the importance of investment research, investor services, and market ecology [1][2][10]. Transition from Scale to Quality - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the operational logic from scale-driven to quality-driven [2][3]. - This transformation encourages a positive cycle between scale and performance, where high-performing products attract more funds based on their merits rather than solely on marketing [3][10]. Strengthening Research and Investment Capabilities - Enhancing core investment research capabilities is fundamental to high-quality development, with a shift from individual-driven to system-driven approaches [4][5]. - Fund companies are focusing on building integrated and team-based research systems, leveraging technology to enhance research capabilities [6][9]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [7][8]. - Fee reforms have begun, with management fees across various fund types being reduced, fundamentally changing the competitive landscape towards performance-driven models [7][10]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, focusing on diverse and refined product offerings that meet investor needs [11][12]. - Compliance and risk management are critical to supporting the industry's transformation, with a focus on optimizing fee structures and enhancing operational efficiency [13][14]. Challenges in the Transition - The transition to a quality-focused model faces internal challenges, including entrenched performance metrics and external pressures from sales channels and investor behavior [15][16]. - The industry is exploring solutions that involve internal governance reforms and external ecological adjustments to align with long-term investment strategies [17][18]. Future Outlook - The next three to five years will see a continued emphasis on high-quality development, with a shift from scale competition to value competition, favoring firms with strong core capabilities [18][19]. - Companies that adapt to industrialization and digitalization trends while providing comprehensive services will likely gain a competitive edge in the evolving market landscape [19].

Core Insights - The public fund industry has experienced a significant leadership change since 2025, with 47 fund companies changing chairpersons, involving 85 individuals, which is nearly 30% of the total industry institutions [1][2] - Major institutions like Huaxia Fund, China Merchants Fund, and Bosera Fund have also undergone leadership changes, indicating a reshaping of the industry landscape [1][2] Leadership Changes in Major Institutions - In the first three quarters, 43 public fund companies changed chairpersons, a nearly 23% increase from 35 in the same period last year [2] - Bosera Fund announced the resignation of Jiang Xiangyang on October 15, with Zhang Dong taking over as chairman [2] - Huaxia Fund appointed Zou Yingguang as chairman after the departure of Zhang Youjun on September 30 [2] - China Merchants Fund's chairman Wang Xiaoqing resigned on September 24, with Zhong Wenyue temporarily assuming the role [2] Frequent Changes in Smaller Institutions - Smaller fund companies have seen more frequent leadership changes, with some like Xingyin Fund changing chairpersons twice since April 2023 [4] - Certain companies, such as Xinjiang Qianhai United Fund and Xinda Australia Fund, are currently operating with interim chairpersons due to vacancies [4] Factors Driving the Leadership Changes - The leadership changes are attributed to multiple factors, including the industry's shift from "scale competition" to "capability competition" [5][6] - Increased competition and stricter regulatory requirements have prompted shareholders to replace chairpersons to enhance governance and drive investment transformation [6] - Some changes are due to normal transitions, such as retirements, while others are influenced by regulatory policies aimed at optimizing governance structures [6] Impacts of Leadership Changes - The impact of these changes can vary significantly, potentially serving as a turning point for development or leading to setbacks [7] - Effective transitions can inject new energy into investment research and business innovation, while poor transitions may disrupt core talent retention and research momentum [7] - Companies are encouraged to clarify new leaders' responsibilities and strategic directions to ensure stability during transitions [7] Conclusion - The leadership changes in the public fund industry represent an inevitable outcome of industry transformation and a new starting point for high-quality development [8] - The future challenge for the industry will be balancing strategic continuity with innovative breakthroughs amidst these changes [8]

Group 1 - The event titled "New Era, New Fund, New Value - High-Quality Development of Public Funds in Action" aims to implement the "Action Plan for Promoting High-Quality Development of Public Funds" and enhance Beijing's role as a national financial management center [1][3] - The event included a sharing session by CICC Fund's Deputy General Manager Li Yaoguang, who discussed the development and innovative practices of public REITs, helping students connect theoretical knowledge with practical industry insights [3] - The initiative emphasizes the importance of educating future professionals in the public fund sector, with a focus on enhancing investor education and supporting the high-quality development of the industry [3] Group 2 - The collaboration involves various stakeholders, including public fund managers, sales institutions, evaluation agencies, and mainstream media, to promote high-quality development in the public fund sector [1] - The event serves as a bridge between academia and the industry, fostering discussions on public fund-related topics and encouraging student engagement [3] - CICC Fund plans to continue its efforts in investor education and industry development in alignment with the "Action Plan for Promoting High-Quality Development of Public Funds" [3]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, aiming for high-quality development to meet national strategies and public expectations [1] Group 1: Event Overview - The "New Era, New Fund, New Value" themed event took place on October 16 at Beichen Hui Shopping Mall, aimed at promoting the "Action Plan for High-Quality Development of Public Funds" [1] - The event was guided by the Beijing Securities Regulatory Bureau and organized by the Beijing Securities Association, with participation from multiple fund companies [1] Group 2: Educational Initiatives - Various financial institutions prepared educational materials, including books, brochures, and financial knowledge pamphlets, to engage attendees [3] - The event facilitated interaction between fund representatives and the public, enhancing understanding of financial concepts such as fund investment and personal pensions [3] Group 3: Public Engagement and Impact - The atmosphere of the event was lively, with all educational materials distributed, effectively promoting awareness of the high-quality development action plan [5] - The face-to-face interactions helped bridge the gap between financial institutions and the public, supporting the integration of financial knowledge dissemination with commercial resources [5] Group 4: Future Commitment - The company is committed to continuously optimizing investor service experiences and engaging in diverse educational activities to promote the long-term investment philosophy of public funds [5] - The focus on investor education is expected to yield positive outcomes, fostering rational investor behavior and transitioning the investment market towards high-quality development [5]