【导读】"含权"混合型基金和二级债基审批提速，支持部分初创期管理人的"口粮"型债券基金供给 中国基金报记者 陆慧婧 方丽 公募基金产品注册机制持续优化。 最新一期《机构监管情况通报》显示，近年来，监管层持续优化公募基金产品注册机制，引导头部基金管理人积极布局偏股型基金，在推 动权益类基金发展壮大方面取得了积极成效。今年印发的《关于推动中长期资金入市工作的实施方案》《推动公募基金高质量发展行动方 案》，在继续突出权益类基金发展导向的同时，提出"大力提升公募基金权益投资规模和占比""支持各类基金产品协调发展" 等 工作要求。 监管层进一步研究完善了公募基金产品注册安排，在坚持权益类基金优先发展导向的前提下，支持其他各类"含权"产品协调发展，努力促 进提高公募基金实际权益投资规模和占比。 其中，"含权"混合型基金和二级债基审批明确提速至15个工作日内，形成按照产品"含权"仓位 高低、梯级设置审批速度。 此外，还强化了"奖优扶新"监管导向，对于分类评价A+、主动管理偏股型基金占比高且中长期业绩好的管理人，以及部分展业未满5年、 合规风控良好、公募基金管理规模尚不足100亿元的管理人，优化债券基金审批。 支持基金管理人 ...

Core Viewpoint - The early termination of structured wealth management products linked to the CSI 1000 index reflects a growing trend in the banking wealth management sector towards multi-asset and multi-strategy products, driven by a strong stock market performance and the need for enhanced yield in a low-interest-rate environment [1][2][8]. Group 1: Product Characteristics - The terminated product, "Fengli Xingdong Multi-Strategy Closed-End 112 Enhanced Fixed Income Wealth Management Product," utilized a knockout mechanism linked to the CSI 1000 index, benefiting from recent stock market gains [1][2]. - The performance benchmark for the product was set at over 4% upon triggering the knockout event, while the expected return without such an event was only between 0.01% and 0.25% [2]. - The "Fengli" series includes various strategies, with the "Xingdong" strategy focusing on equity indices or other underlying assets [3]. Group 2: Market Trends - There has been a notable increase in the issuance of "fixed income plus" wealth management products that are linked to low-volatility assets and incorporate options structures [1][8]. - The trend of early terminations due to knockout conditions has been observed across multiple wealth management companies, including Xingyin Wealth Management, ICBC Wealth Management, and Ningyin Wealth Management [2][3]. - The low-interest-rate environment has pressured fixed income asset yields, prompting wealth management firms to innovate and diversify their product offerings [1][8]. Group 3: Risk and Return Dynamics - Structured wealth management products typically allocate over 90% of funds to low-risk assets like bonds, with a small portion used to purchase options, allowing for potential enhanced returns while protecting the principal [5][6]. - The inclusion of knockout clauses in options makes them cheaper and provides greater design flexibility, allowing for higher potential returns compared to traditional wealth management products [6][7]. - The risk-return profile of these products is influenced by the distance between the entry point and the knockout price, which determines the likelihood of triggering the knockout condition [7]. Group 4: Industry Insights - The shift from primarily fixed income investments to a balanced approach that includes equity assets is seen as a gradual process, with multi-asset strategies being key to this transition [9]. - Wealth management firms are focusing on enhancing their research and risk control capabilities to better manage the complexities of these new products [10]. - There is a need for investor education regarding the characteristics of these products to improve market acceptance and ensure alignment with investors' risk profiles [10].

Core Viewpoint - The article discusses the recent market fluctuations, attributing the drop to concentrated selling by certain institutions rather than the actions of the "national team" or political factors [1][2]. Market Dynamics - After 2 PM, there was a notable sell-off in the market, particularly in the CSI 300 ETF, which saw increased trading volume, suggesting institutional selling activity [1]. - The article highlights that the selling pressure was likely due to high positions held by private equity funds, with over 60% of them being fully invested [4]. News Impact - The article mentions that news regarding G7 countries discussing tariffs on low-value Chinese products began to affect the market only after it was reported by mainstream media, indicating a lag in market reaction to news [4]. - The rise of the stock "Sailis" is attributed to the announcement of its humanoid robot demo, which was initially reported earlier but only gained traction after media coverage [6]. Investment Trends - The article discusses the potential for funds to flow into the stock market as deposit rates decline, suggesting a timeline of 1 to 1.5 years for clearer effects [10][12]. - It notes that the dual-track interest rate system in China, influenced by bank wealth management products, complicates the flow of funds between deposits and investments [12][13]. Bond Market Insights - The bond market experienced fluctuations due to poor demand for long-term bonds, with a significant loss reported by Japan's largest life insurance company due to its bond holdings [17][19]. - The article suggests that the current situation in Japan could serve as a cautionary tale regarding long-term interest rate risks [19]. Recommendations - The article concludes with a suggestion for further adjustments in the market to create better opportunities for investment [7][20].