Core Viewpoint - The fundamental principles of "value investing, long-term investing, rational investing, and striving to return to investors" will remain relevant even after Warren Buffett's retirement, as emphasized by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1]. Group 1: Public Fund Reform - The public fund reform aims to strengthen the alignment of interests with investors, focusing on reforming fund operation models and optimizing fee structures, ensuring that poorly performing funds charge lower management fees [3][4]. - The reform will also enhance the stability of fund investment behaviors by requiring clear performance benchmarks for each fund product to prevent deviations from their stated investment objectives [4]. - There will be an emphasis on improving the ability to serve investors, guiding fund companies to optimize resources for investment research, product design, and risk management [5]. Group 2: Long-term Investment Focus - The reform will establish a comprehensive incentive and constraint mechanism to promote long-term investment, with a focus on long-term performance evaluations, where assessments over three years will account for at least 80% of the evaluation [4]. - The CSRC will promote the growth of equity funds, enhancing regulatory guidance and encouraging innovation in fund products that align with national development goals and provide long-term returns for investors [5]. Group 3: Market Openness - The CSRC will continue to promote high-level opening of the capital market, optimizing services for qualified foreign institutional investors and expanding their investment scope [6][7]. - There will be efforts to enrich product offerings by opening futures and options to qualified foreign investors and deepening the bond market's openness [7]. - The CSRC aims to support the return of quality Chinese concept stocks to the domestic and Hong Kong markets while ensuring the protection of investors' legitimate rights [7].

Core Viewpoint - The retirement of Warren Buffett is imminent, but the fundamental principles of long-term value investing, rational investing, and striving to return value to investors will remain relevant and influential in the market [1] Group 1 - The market is expected to witness the emergence of new great investors following Buffett's retirement [1] - There are many excellent companies and entrepreneurs in the market, which will likely lead to the development of outstanding investors and investment institutions [1] - The future may not see one or two "stock gods," but rather a number of century-old firms and investment teams will emerge in the market [1]