Group 1 - The Chinese public fund market has achieved significant milestones in 2025, with bond ETFs surpassing 300 billion yuan, public REITs exceeding 200 billion yuan in market value, and gold ETFs doubling in growth this year [1][3] - The competition in the public fund market has shifted from traditional categories like money market, bond, and equity products to non-mainstream products such as bond ETFs, gold ETFs, and public REITs, which are now driving industry growth [3] - The rapid growth of these products is attributed to fund companies exploring differentiated development paths and focusing on niche markets, leading to notable achievements in specific product lines [3] Group 2 - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to bring more innovative products and services to the market, providing investors with diverse options [4] - The public fund industry is undergoing a transformation from homogeneous competition to differentiated specialization, enhancing overall competitiveness and offering richer asset management solutions for investors [4] - The future of the public fund market is anticipated to be more prosperous and diverse due to ongoing innovation and development within the industry [4]