Core Viewpoint - The public fund industry in Guangdong is entering a new development stage focused on deepening reforms and enhancing quality, with a series of impactful reforms aimed at promoting high-quality development and improving investor satisfaction [1][2]. Group 1: Industry Development and Reform - The public fund industry is transitioning from "scale expansion" to "return leadership," making high-quality development a new imperative [1][2]. - Guangdong's public fund management companies account for 3% of the national total but manage 12% of the total assets, showcasing a "small but strong" regional development characteristic [2]. - A three-tiered mechanism of "provincial coordination + regulatory implementation + institutional response" has been established to ensure effective reform measures [2][3]. Group 2: Regulatory and Institutional Actions - The Guangdong Securities Regulatory Bureau is actively promoting the implementation of the "Action Plan" by organizing discussions and guiding institutions to optimize their investment research and compliance systems [3][4]. - Guangdong fund companies are responding positively to reform initiatives, focusing on enhancing their investment research capabilities and long-term return levels [3][4]. Group 3: Fund Performance and Investor Benefits - As of the end of November, the scale of equity funds managed by Guangdong fund companies reached 1.76 trillion yuan, a year-on-year increase of 27.81%, accounting for 41.41% of the total [4]. - The introduction of performance benchmarks has been emphasized to protect investor rights, with 16 public products optimizing their benchmarks this year [4]. - Since July 2023, Guangdong public funds have returned approximately 4.6 billion yuan to investors through fee reductions, enhancing investor satisfaction [4]. Group 4: Long-term Investment and Pension System - Efforts are being made to facilitate the entry of long-term funds into the market, with 41 funds included in the personal pension product catalog, totaling 3.088 billion yuan, a 33% increase year-on-year [5][6]. - Guangdong fund companies have established 34 technology-themed funds with a total scale of 57.916 billion yuan, supporting the development of the technology sector [6]. Group 5: Institutional Transformation and Wealth Management - The industry is shifting from a focus on scale to a focus on returns, with internal governance optimization being a primary task for fund companies [7][8]. - Wealth management transformation is being promoted, with significant progress in Guangzhou, where three pilot institutions have achieved a business scale of 62.272 billion yuan, representing 17% of the market [8]. Group 6: Future Directions and Goals - The Guangdong Securities Regulatory Bureau aims to continue deepening policy coordination and promoting industry transformation, focusing on investor-centric services and stringent risk management [9].