Core Insights - The public fund industry in China is experiencing a dual trend of scale expansion and structural optimization in Q2, with net asset value increasing from 31.6 trillion yuan at the end of Q1 to 32.4 trillion yuan at the end of Q2, indicating strong resilience in development [1] - The market share of equity funds has increased, with net asset value rising from 4 trillion yuan at the end of Q1 to 4.32 trillion yuan at the end of Q2, representing an increase in market share from 12.72% to 13.36% [1] Group 1: Economic and Policy Factors - The significant growth of the Chinese economy has reduced investor risk aversion, leading to increased allocation in equity assets as economic data shows steady improvement and corporate earnings recovery [1] - Policy support for the fund industry, including the issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC, has created opportunities for equity funds, with new floating fee rate funds being approved and launched [2] Group 2: Product Innovation and Market Dynamics - The public fund market has seen active product innovation, with a rapid expansion of equity funds, including new products like Sci-Tech and broad-based ETFs, and strategy upgrades such as enhanced ETFs and REITs [2] - In Q2, 375 new funds were established, raising a total of 280.37 billion units, a 12.2% increase from the previous quarter, with equity funds accounting for 221 new issues and raising 94.92 billion units, contributing approximately 130 billion yuan to the market [2] Group 3: Performance and Future Outlook - The strong performance of the A-share market in Q2 has supported the net value growth of equity funds, with over 350 equity funds achieving a net value growth rate of over 10%, particularly in QDII and ETF products [2] - The public fund industry is undergoing a profound transformation from a "scale competition" to a "value creation" model, with passive investment, fee optimization, and long-term assessment becoming the new norms [2]