Core Insights - The year-end scale sprint in the public fund industry is a routine practice, driven by shareholder assessments and competitive pressures, with a notable shift from quantity to quality in fund management strategies [1][5][6] - The overall performance of public funds has been good this year, but many institutions are facing net redemptions, increasing the pressure for year-end scale growth [2][3] - The role of "helper funds" is crucial, as some funds attract significant retail and institutional investments at year-end, only to see substantial withdrawals in the following quarter [3][4] Group 1: Industry Dynamics - The year-end scale sprint is a common practice among fund companies, primarily due to shareholder assessments that focus on management scale as a key performance indicator [5][6] - The new performance assessment guidelines emphasize investment returns over scale, indicating a potential reduction in the pressure to chase size in the future [6][7] - Fund companies are increasingly focusing on long-term performance and investor satisfaction rather than short-term scale growth [7][8] Group 2: Fund Issuance Trends - In December, a total of 144 new funds were launched, with equity funds, particularly index funds, making up over 60% of the new issuances [4][8] - The trend indicates a shift towards more stable funding sources, as new fund issuance is seen as equally important as attracting "helper funds" [4][6] Group 3: Future Strategies - Major fund companies are adopting a dual strategy of focusing on both equity index products and "fixed income plus" offerings to cater to diverse investor needs [8][9] - There is a consensus among fund companies to prioritize the development of passive products, particularly in technology growth and high-dividend sectors, to align with market trends [9] - Innovation in product offerings, such as floating rate funds and multi-asset FOFs, is becoming a key focus for fund companies seeking differentiated growth paths [9]