Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice aimed at promoting the high-quality development of the Real Estate Investment Trusts (REITs) market, emphasizing the need for enhanced secondary market construction and diversified investment options for investors [1] Group 1: Market Development - The notice calls for strengthening the construction of the secondary market for REITs [1] - It proposes to enrich the index system covering REITs and supports fund managers in developing funds linked to relevant indices [1] - The CSRC encourages qualified public funds to include REITs in their investment scope [1] Group 2: Innovative Products - The notice suggests exploring innovative products such as exchange-traded funds (ETFs) that track REITs indices [1] - This initiative aims to further diversify asset allocation choices for investors [1] Group 3: Investment Encouragement - There is an emphasis on increasing efforts to guide various long-term funds, including insurance funds, social security funds, and pension funds, to enter the market [1] - The role of these funds is highlighted as stabilizers and ballast for the market [1] Group 4: Market Openness - The notice advocates for including REITs in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs to enhance high-level market openness [1] Group 5: Research and Investment Focus - The CSRC encourages professional investment institutions to strengthen their research capabilities related to REITs [1] - It also promotes the idea that investors should focus on the fundamental value of assets and long-term investment [1]

Core Viewpoint - The report from Huaxi Securities expresses optimism about the securities industry serving as a financing intermediary for new productive forces and long-term capital allocation, recommending attention to securities firms with expected industry mergers, well-established overseas business layouts, and those with strong retail brokerage and effective wealth management transformations [1] Group 1: Industry Performance - From the beginning of 2025 to December 28, the non-bank financial sector increased by 12.12%, ranking 19th among 31 Shenwan primary industries, underperforming the Shanghai Composite Index by 6.13 percentage points [1] - The non-bank financial sector's price-to-earnings ratio stands at 11.62 times, ranking 23rd among primary industries, while the weighted price-to-book ratio is 1.79 times, marking the lowest 37th percentile in the past decade [1] Group 2: Earnings Outlook - In the first three quarters of 2025, 46 comparable listed securities firms achieved adjusted revenue of 432.6 billion yuan and net profit attributable to shareholders of 179 billion yuan, representing year-on-year increases of 45% and 62% respectively [2] - The high growth in brokerage net income and proprietary net income supports the industry's performance in 2025 [2] - In the same period, five A-share listed insurance companies reported a total net profit attributable to shareholders of 426 billion yuan, a year-on-year increase of 33.5% from a high base last year [2] - The expectation for the fourth quarter of 2025 is that the equity market will perform better than the same period last year, leading to a continued double-digit growth in net profit for listed insurance companies throughout 2025 [2] Group 3: Policy Overview - On April 25, 2025, the Central Committee of the Communist Party of China emphasized the need to "maintain a stable and active capital market," signaling positive developments [3] - In 2026, the "14th Five-Year" plans from various regulatory bodies and local financial sectors will gradually clarify and implement policies for the securities industry [3] - Multiple initiatives from various departments aim to promote the entry of long-term funds into the market, addressing barriers for social security, insurance, and wealth management funds to facilitate "long money, long investment" [3]

Group 1 - The non-bank financial sector increased by 12.12% from early 2025 to December 28, 2025, ranking 19th among 31 primary industries, underperforming the Shanghai Composite Index by 6.13 percentage points [4][12] - The price-to-earnings ratio for the non-bank financial sector is 11.62 times, ranking 23rd among primary industries, while the weighted price-to-book ratio is 1.79 times, the lowest 37th percentile in the past decade [4][12] - The adjusted revenue for 46 comparable listed brokerages reached 432.6 billion yuan, with a net profit attributable to shareholders of 179 billion yuan in the first three quarters of 2025, representing year-on-year increases of 45% and 62% respectively [4][62] Group 2 - The insurance sector's net profit for five A-share listed insurance companies totaled 426 billion yuan in the first three quarters of 2025, a year-on-year increase of 33.5% [4] - The report anticipates that the net profit of listed insurance companies will continue to maintain double-digit growth for the entire year of 2025, supported by better performance in the equity market in the fourth quarter compared to the same period last year [4] - The report highlights that the insurance sector's valuation may see continuous recovery due to synchronized improvement in assets and liabilities, along with potential overperformance in the "opening red" period [5] Group 3 - The report emphasizes the importance of the securities industry as a financing intermediary for new productive forces and long-term capital allocation, recommending attention to brokerages with expected industry mergers, strong overseas business layouts, and effective wealth management transformations [5] - Specific beneficiaries include China Galaxy, GF Securities, Huatai Securities, and Dongfang Wealth, as well as the Hong Kong Stock Exchange, which stands to benefit from active equity financing [5] - The report also identifies venture capital companies focusing on AI, robotics, and solid-state batteries as beneficiaries of accelerated IPOs in technology sectors [5] Group 4 - The report notes that the capital market in 2025 has shown a resilient upward trend, with daily trading volume in the A-share market averaging 17.23 billion yuan, an increase of 97% and 62% compared to 2023 and 2024 respectively [29][30] - The number of new A-share accounts opened in the Shanghai Stock Exchange reached 24.84 million in the first 11 months of 2025, a year-on-year increase of 8% [30] - The report indicates that the average daily turnover rate for A-shares in 2025 was 3.83%, significantly higher than the rates in 2023 and 2024 [38]

Macro Policy Updates - The Central Commission for Discipline Inspection's fifth plenary session will be held from January 12 to 14, 2026[2] - The National People's Congress will convene its fourth session on March 5, 2026[2] Fiscal Policy - The national fiscal work conference on December 27 emphasized expanding fiscal spending and optimizing government bond tools[3] - New special bond quotas will be allocated to regions with high investment efficiency and project readiness[3] - The Ministry of Finance will enforce strict accountability for local government debt and prohibit the creation of new hidden debts[3] Monetary and Capital Markets - The People's Bank of China suggested integrating incremental and stock policies to enhance financial support for key sectors[4] - The 2025 Financial Stability Report aims to improve the investment scale and proportion of long-term funds in A-shares[4] Industrial Development - The National Development and Reform Commission is focusing on optimizing traditional industries and regulating competition in emerging sectors[5] - The industrial and information technology conference highlighted the need for technological innovation and the development of new industries[5] Risk Management - There is a risk of delayed policy updates affecting economic stability[5]

Group 1 - The core viewpoint of the articles emphasizes the importance of enhancing the capital market's structure and stability through various reforms and initiatives aimed at attracting long-term funds and promoting innovation [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17]. Group 2 - In January, a plan was introduced to promote long-term capital market investments, focusing on increasing the investment ratio and stability of commercial insurance funds in A-shares, optimizing the management mechanisms of national social security and basic pension funds, and increasing the scale and proportion of equity funds [1]. - The 2025 government work report highlighted the need to develop new productive forces and accelerate the construction of a modern industrial system, with a focus on integrating technological and industrial innovation [2][3]. - The Central Huijin Company plays a crucial role in maintaining market stability, acting as a "national team" and supporting the stock market through index fund purchases and potential re-lending from the People's Bank of China [6]. - The China Securities Regulatory Commission (CSRC) issued an action plan to promote the high-quality development of public funds, proposing 25 specific measures to shift the industry focus from scale to returns [7]. - Mergers and acquisitions (M&A) have significantly increased, with the number of major restructurings in A-shares reaching 279, nearly doubling from the previous year, and the total disclosed transaction amount soaring to 1.87 trillion yuan, over ten times last year's figure [9]. - The CSRC implemented reforms to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, including the introduction of a growth tier and a pre-review mechanism for IPOs [10][11]. - By August, the total market value of A-shares surpassed 100 trillion yuan, with long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the 13th Five-Year Plan [12]. - The CSRC optimized the Qualified Foreign Institutional Investor (QFII) system, proposing 11 measures to improve access and investment operations [14]. - The Shanghai Composite Index broke the 4000-point mark for the first time in over a decade, driven by factors such as technological narratives and a low-interest-rate environment [15][16]. - Domestic AI chip and GPU companies are actively pursuing IPOs, with several firms entering the Sci-Tech Innovation Board and others preparing for listings [17].

Core Viewpoint - The brokerage sector is experiencing a resurgence, with the top-performing brokerage ETF (512000) showing a price increase and significant trading volume, indicating renewed investor interest despite a lackluster performance throughout the year [1][9]. Group 1: Market Performance - The brokerage ETF (512000) has seen a year-to-date increase of only 3.96%, significantly lagging behind the broader market indices, which have shown much higher gains [3][11]. - The sector's price-to-book ratio (PB) stands at 1.5 times, which is at a low level compared to the historical average over the past decade [3][11]. - Individual stocks within the sector have shown positive movements, with notable gains from companies like China Merchants Securities and Industrial Securities [1][9]. Group 2: Future Growth Drivers - The brokerage industry is entering a new growth cycle driven by three core factors: the service of new productive forces, the influx of long-term capital, and opportunities for internationalization [5][13]. - By 2026, the sector is expected to benefit from four catalysts: increased market activity due to the relocation of household savings, enhanced market resilience leading to improved profitability, opportunities in direct financing for tech enterprises, and ongoing mergers and acquisitions among brokerages [14][15]. - Regulatory support for the development of first-class investment banks is anticipated to further enhance the sector's valuation and growth potential [15]. Group 3: Investment Tools - The brokerage ETF (512000) is a highly efficient investment tool that passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks [7][15]. - The ETF has a fund size exceeding 400 billion yuan and has maintained a daily trading volume of over 10 billion yuan, making it one of the most liquid ETFs in the A-share market [7][15].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term stock index may fluctuate, but the trend remains unchanged, and it is expected to attack the previous high. The shock digestion since November has entered the end, and from December to January of the next year, it is likely to enter the window period of cross - year layout. The market is expected to show a shock climb again. The mid - term view of being bullish on the stock index remains unchanged. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] Summary by Directory 1. Weekly Views and Strategies Fundamental Views - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [8][36] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [8][47] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market; the State Council issued the new Nine - Article Guidelines to strongly support investor returns; the central bank created two new types of monetary policy tools; the implementation plan for promoting the entry of medium - and long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually. [8][55] - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [8][73][77] - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%. As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. The net inflow of index funds in 2025 was 104.9 billion yuan, while the net outflow of active equity funds was 444.9 billion yuan. From April 7 to December 19, 2025, the ETF scale increased by 176.3 billion yuan, and last week it increased by 47.3 billion yuan. As of December 19, the net inflow of ETF funds this year was 79.3 billion yuan. [11][97][101] Strategy Views and Outlook - The broader market fluctuated and rose for eight consecutive days last Friday, with a dive during the session and the trading volume increased to more than 2 trillion yuan, remaining above the 60 - day moving average. The market sentiment declined, and there may be short - term fluctuations, but the trend remains unchanged, and it is expected to attack the previous high. It is recommended to layout and go long on the spring market of the stock index. In terms of operation, hold mid - term long positions and continue to add positions opportunistically; hold call options. [13] 2. Index Industry Trend Review - Last week, the broader market continued to rebound and continuously stood above the 60 - day moving average. The four major indexes all rose, with the small - and medium - cap indexes leading the gains. Most of the style indexes rose, with the growth and cyclical style indexes leading the gains, and only the consumer style index falling. Most of the Shenwan industries rose, with the non - ferrous metals, military, electrical equipment, and electronics sectors leading the gains, while the tourism, banking, coal, and food and beverage sectors led the losses. [8][18][21] 3. Main Contract and Basis Trend - The four major indexes continued to rebound. In terms of the basis, it started from the quarterly main contract and is at a relatively high level. In terms of the arbitrage of each main contract, IC/IF and IC/IH fluctuated and stabilized, IH/IF stabilized; IM/IF and IM/IH fluctuated weakly; IM/IC fluctuated and declined. [25][30] 4. Policy and Economy Economy - In November 2025, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.7 percentage points from the previous month. The supply and demand sides of the manufacturing PMI rebounded slightly in November, with the new export orders rebounding by a relatively large 1.7%, which is related to the mitigation of Sino - US tariffs; the ex - factory price and the purchase price of raw materials rebounded again after two months of decline. [36] - Generally, PPI leads the inventory cycle. PPI bottomed out and rebounded in June 2023, weakened after two months, and the decline has been narrowing continuously since March 2024. The decline of PPI has been narrowing again since November 2025. In October, the operating revenue of industrial enterprises fell to 1.8%, the inventory continued to rise to 3.7%, demand declined, and there was passive inventory replenishment. [39] - China's social financing scale in November was 2488.5 billion yuan, an increase of 152.8 billion yuan compared with the same period last year. Among them, new RMB loans were 405.3 billion yuan, a decrease of 117 billion yuan compared with the same period last year, mainly due to a decrease of 206.3 billion yuan in household loans. Government bonds were 1204.1 billion yuan, a decrease of 106 billion yuan compared with the same period last year. [42] - The growth rate of medium - and long - term credit has been falling continuously for 30 months to 5.89% as of November 2025, and continues to decline. [47] Policy - New Nine - Article Guidelines: It aims to improve the overall quality of listed companies from the source and promote listed companies to pay more attention to rewarding shareholders. [51] - Implementation Plan for Promoting the Entry of Medium - and Long - Term Funds into the Market: It includes measures such as increasing the actual investment ratio, extending the assessment period, and forming a joint force to implement incremental policies, which is expected to bring a large amount of long - term funds into the A - share market. [54] - The Politburo set the tone for the real estate market to stop falling and stabilize, and boost the capital market, including measures to boost the capital market, promote the entry of medium - and long - term funds, support mergers and acquisitions of listed companies, and promote the stable development of the real estate market. [55] - The central bank created new monetary policy tools, including a swap facility for securities, funds, and insurance companies and a stock repurchase and increase re - loan, and carried out MLF operations and reverse repurchase operations, and adjusted relevant interest rates. [58] - A large - scale debt - resolution measure was announced, which will directly increase 10 trillion yuan of local debt - resolution funds and significantly reduce the local debt - resolution pressure. [59] - Accelerate the construction of first - class investment banks and investment institutions to better promote the high - quality development of the capital market, including implementing differentiated supervision for different types of securities companies. [60] - The 14th Five - Year Plan: It is a crucial five - year period with multiple strategic goals to be achieved. It involves aspects such as the international trade pattern, Sino - US relations, supply - chain reconstruction, and domestic economic development. [63] - The US mid - term elections: The policy environment in the next year will be more favorable for risk assets. The mid - term election schedule and expected fiscal support are also mentioned. [64][66] 5. Revenue and Net Profit of Each Index - The A - share performance showed signs of stabilization in the first quarter, declined in the second quarter, and continued to stabilize and rebound in the third quarter. The performance of the four major indexes rebounded again in the third quarter of 2025. [73][77] 6. Valuation - The Shanghai Composite Index's valuation is 16.5341, with an upper - limit value of 15.66, and it is at the 87.09th percentile since 2010, at a relatively high level since 2010. However, as performance rises, the valuation will decline. The ChiNext valuation is at a relatively low level. [10][90][92] 7. Federal Reserve Interest Rate - Not provided in the given content 8. Capital Flow - In terms of margin trading, the net inflow in 2024 was 274.8 billion yuan; as of December 25, 2025, the net inflow in 2025 was 674.3 billion yuan, and the net inflow in the first five trading days was 45.9 billion yuan. [97] - The scale of private securities investment funds increased by 1.7946 trillion yuan this year, and the total scale is currently 7.0076 trillion yuan. The newly registered scale this year is 386 billion yuan. [101] - The market value of A - shares held by insurance funds increased by 552.4 billion yuan in the third quarter of 2025, with a month - on - month increase of 18.00%, and the market value of A - shares held by insurance funds increased by 1.193 trillion yuan in the first three quarters of 2025, with an increase of 758.4 billion yuan after deducting the scale growth. [103][104] - The market value of the national team increased by 4 billion in the third quarter, with little change, while the CSI 300 index rose by 17.9%. The mid - and long - term A - share market value increased by nearly 90 billion in the third quarter, and the market value of A - shares held by mid - and long - term A - share investment entities increased by 1.8145 trillion in the first three quarters of 2025. [106][108] - From April 7 to December 19, 2025, the ETF scale increased by 204 billion yuan; last week, the ETF scale continued to increase by 27.7 billion yuan. As of December 26, the net inflow of ETF funds this year was 107 billion yuan. [111] - As of September 30, 2025, the newly established share of stock - type funds was 323.3 billion, and that of hybrid funds was 103.6 billion. [117] - In October 2025, the deposits of non - bank financial institutions increased by 1.8574 trillion yuan again, and the total deposits of non - bank financial institutions increased by 6.6688 trillion yuan this year. Overall, funds are flowing from the banking system to non - bank channels such as the capital market and wealth management products. [121] - As of last weekend, the IPO financing in 2023 was 356.5 billion yuan; in 2024, it was 67.3 billion yuan; in 2025, it was 125.3 billion yuan. [129] - Last week, the net reduction of major shareholders in the secondary market was 14.2 billion yuan, at a relatively high level. [134] - The unlocking volume in the first half of 2026 is relatively small. [138] 9. Technical Analysis - The daily - line trend charts of the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index are provided, showing the price trends of these indexes from December 26, 2024, to December 23, 2025. [142][144][146][148]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction exceeding 1.9 billion yuan [1] - The Shanghai Stock Exchange anticipates a fee reduction of approximately 1.113 billion yuan, while the Shenzhen Stock Exchange expects over 800 million yuan in reductions [1] - The fee reductions will cover various financial instruments including stocks, funds, and bonds, benefiting retail investors [1] Group 2 - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment [2] - These funds aim to guide financial capital towards early-stage, small, long-term investments in hard technology [2] Group 3 - The ETF market in China has reached a total scale of 6.03 trillion yuan, marking a significant milestone [5] - The ETF market has seen an increase of approximately 2.3 trillion yuan this year, the first time annual growth has surpassed 2 trillion yuan since the inception of ETFs in 2004 [5] Group 4 - The public fund industry in China has reached a total scale of 36.96 trillion yuan, with equity products showing a significant increase [6] - The growth in public funds is attributed to ongoing optimization of the industry ecosystem and increased demand for wealth management [6] - Equity products, including stock and mixed funds, have seen a combined scale increase of 22.21 billion yuan compared to the end of last year [6] Group 5 - The People's Bank of China released the "China Financial Stability Report (2025)," indicating a generally stable financial system with controllable risks [7] - The report emphasizes the need for continued reform in interest rate markets and the promotion of long-term investment policies [7] Group 6 - A new chairman has been appointed at Xinda Australia Fund, with the previous vice president of business review taking over the role [8] - Xinda Australia Fund has surpassed 110 billion yuan in managed public fund assets [8] Group 7 - The People's Bank of China announced the nationwide promotion of the integrated currency pool business for multinational corporations [9] Group 8 - A significant loss was reported by Shengyuan Environmental Protection due to a private equity fund investment, with a net value decline of 81.54% [14] - The company has initiated a redemption process and reported the case to law enforcement [14]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction of over 19 billion yuan, benefiting investors across various financial products [1] - The Shanghai Stock Exchange will waive listing fees for companies, reduce transaction unit usage fees, and exempt certain bond transaction fees, while also reducing fees for its subsidiaries [1] - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment in technology and long-term projects [1] Group 2 - The National Investment UBS Silver Futures Fund announced a limit on regular investment amounts for its A-class fund shares, effective December 29, 2025, due to high premium rates [2] - The China Securities REITs Total Return Index increased by 1.56% from December 22 to 26, with over 80% of products rising, although some experienced significant declines due to accounting treatment concerns [2] - The first water power REIT in Xinjiang successfully concluded its issuance, attracting over 160 billion yuan in subscription funds [3] Group 3 - The total scale of the ETF market reached 6.03 trillion yuan as of December 26, marking a significant growth of nearly 2.3 trillion yuan in 2023, the first time the annual increase surpassed 2 trillion yuan since the inception of ETFs in China [5] - The public fund industry in China reached a record high of 36.96 trillion yuan by the end of October 2023, driven by continuous optimization of the industry ecosystem and increased demand for wealth management [6] - The report from the People's Bank of China indicated that the financial system remains stable, with overall financial risks under control, and highlighted the need for continued reforms and improvements in the financial sector [7] Group 4 - Recent leadership changes occurred in several fund companies, including the appointment of new executives at Xinda Australia Fund and Nord Fund, indicating ongoing shifts in management within the industry [9][10] - The establishment of specialized subsidiaries by fund companies aims to enhance their core public fund business while promoting differentiated development [10] - The investment outlook for 2026 remains positive, with expectations for growth in both A-shares and Hong Kong stocks, particularly in sectors like AI, consumption, and manufacturing [11]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction of over 19 billion yuan, benefiting investors across various financial products [2] - The National Venture Capital Guidance Fund has officially launched, with regional funds established in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The public fund industry in China reached a total scale of 36.96 trillion yuan by the end of October 2025, marking a continuous increase and reflecting a shift towards high-quality development [10] Group 2 - The ETF market in China has surpassed 6.03 trillion yuan as of December 26, 2025, with a significant growth of nearly 2.3 trillion yuan in 2025 alone, indicating strong investor interest and market expansion [8][9] - The central bank's financial stability report indicates that the financial system in China is generally stable, with a focus on deepening interest rate marketization and improving the investment environment for long-term capital [11] - The establishment of specialized subsidiaries by major fund companies, such as E Fund and GF Fund, aims to enhance their competitive edge and promote diversified development in wealth management [16][17]