Core Viewpoint - The public fund industry in China is undergoing a transformation aimed at high-quality development, with Shenzhen leading the charge through comprehensive reforms and initiatives to enhance the industry’s ecosystem and investor protection [1][2]. Group 1: Industry Reform and Development - The key to high-quality development in the public fund industry lies in reshaping the industry ecosystem and establishing a robust investor interest community among investors, fund managers, sales institutions, and evaluation agencies [2]. - Shenzhen has implemented a systematic work plan covering pre-emptive guidance, mechanism construction, and post-evaluation to promote comprehensive reforms in the industry [1][2]. - As of September, Shenzhen public fund companies have issued 14 floating fee rate products with a total scale of 148.72 billion, and the self-purchase of existing funds reached 219.81 billion, reinforcing the investor interest community [2][3]. Group 2: Fee Reduction and Investor Engagement - Since the fee rate reform in July 2023, 31 public fund companies in Shenzhen have significantly reduced management and custody fees, resulting in over 6 billion in benefits to investors [3]. - The industry is enhancing investor satisfaction through improved customer service systems and educational platforms, with 7 pilot fund advisory companies serving approximately 363,700 clients and managing assets of 15.41 billion [3]. Group 3: Long-term Investment and Research Capability - Shenzhen is focusing on enhancing long-term capital inflow and institutional research capabilities to create a new value ecosystem, with a collaborative mechanism established among various regulatory and financial bodies [4][5]. - As of September, the scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion, growing over 10% from the previous year [5]. - The equity fund scale in Shenzhen reached 2.13 trillion, with a year-to-date growth of 23%, while index funds grew by 31% this year, indicating a robust investment environment [5]. Group 4: Product Innovation and Strategic Alignment - Shenzhen public fund companies are actively innovating products to support national strategies, focusing on technology innovation, pension products, and green finance [7][8]. - By the end of September, the number of technology-themed funds reached 495, with a total scale of 506.09 billion, reflecting a 60.94% increase from the previous quarter [7]. - The scale of green-themed funds reached 112.33 billion, with a quarter-on-quarter growth of 22.33%, demonstrating a commitment to sustainable development [8]. Group 5: Future Directions and Regulatory Focus - Moving forward, Shenzhen's regulatory bodies emphasize risk prevention, strong regulation, and promoting high-quality development while enhancing institutional governance and compliance [9][10]. - The industry aims to continue contributing to the construction of a financial powerhouse by focusing on long-term investments and deepening investor protection [10].

Core Viewpoint - The public fund industry in China is undergoing a critical transformation aimed at enhancing quality and efficiency, with Shenzhen leading the charge through comprehensive reforms and initiatives to support high-quality development [1][2]. Group 1: Industry Reform and Development - Shenzhen's public fund market is characterized by strong vitality and innovation, with a leading number of institutions and management scale in the country [1]. - The China Securities Regulatory Commission (CSRC) has issued a systematic work plan to guide the industry towards high-quality development, focusing on serving the real economy and protecting investor interests [1][2]. - A comprehensive reform covering product, sales, and evaluation aspects is being implemented to align the interests of investors, fund managers, sales institutions, and evaluation agencies [2]. Group 2: Investor Interest and Performance - Industry institutions are incorporating investment performance and investor returns into core assessment indicators, promoting a shift from short-term speculation to long-term value creation [2]. - Nine fund companies in Shenzhen have launched 14 floating fee rate products, amounting to 14.87 billion, to share benefits and risks with investors [2]. - Since the fee reform in July 2023, 31 public fund companies in Shenzhen have significantly reduced management and custody fees, benefiting investors by over 6 billion [2]. Group 3: Long-term Investment and Institutional Capability - The public fund industry is transitioning from a focus on scale to prioritizing investor returns, with efforts to enhance long-term capital market participation [3][4]. - As of September, the scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion, reflecting a growth of over 10% compared to the end of last year [4]. - Institutions are investing in research capabilities and exploring differentiated development paths to improve investor returns [5]. Group 4: Product Innovation and Strategic Focus - Shenzhen's public fund industry is actively directing funds towards key areas such as technology innovation, green finance, and regional collaboration [6][7]. - The number of technology-themed funds in Shenzhen reached 495, with a total scale of 506.09 billion, marking a growth of 60.94% since the second quarter [6]. - The scale of green-themed funds in Shenzhen reached 112.33 billion, with a quarter-on-quarter growth of 22.33% [6]. Group 5: Future Outlook and Strategic Goals - Shenzhen's regulatory body emphasizes risk prevention, strong regulation, and promoting high-quality development as key work priorities [7]. - The industry aims to enhance core research capabilities and better serve national strategies and wealth management needs of residents [7]. - Shenzhen is positioned as a core engine city in the Guangdong-Hong Kong-Macao Greater Bay Area, with a vibrant capital market and deep integration of technology and finance [7].