Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, allowing domestic licensed institutions to provide investment advisory services to foreign investors [1] Group 1: Regulatory Changes - The plan includes accelerating the introduction of rules for securities and fund investment consulting services [1] - It supports domestic licensed institutions in providing securities investment consulting services to qualified foreign investors [1] - The research will explore feasible paths for domestic institutions to offer management-type investment advisory services to foreign capital [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance its attractiveness to long-term foreign capital and create a new open structure for coordinated onshore and offshore channels [1][7]. Group 1: Overall Requirements - The plan aims to implement reforms within approximately two years, focusing on optimizing access management and facilitating investment operations to attract more long-term foreign capital [7]. Group 2: Access Management Optimization - The plan includes streamlining the pre-investment access process by simplifying materials and integrating procedures for efficient handling of qualifications, licenses, foreign exchange registration, and account openings [9]. - A "green channel" will be established for sovereign funds, international organizations, and pension charity funds to simplify their entry into the Chinese market [4][9]. Group 3: Investment Operation Facilitation - The plan aims to enhance the efficiency of fund transfers and verifications, improving the quality of services provided by custodians and securities firms [10]. - It will also improve the operational efficiency of securities accounts to better meet the needs of asset management institutions [10]. Group 4: Investment Scope Expansion - The use of ETF options for risk management will be permitted, allowing foreign investors to hedge their positions effectively [3][11]. - The plan will gradually open up more commodity futures and options trading to meet the diverse asset allocation needs of foreign investors [11]. Group 5: Policy Expectations - Clear rules for short-term trading by foreign public funds will be established, ensuring equal treatment with domestic public funds [2][12]. - The plan will enhance the management of cross-border investment models, including the management of income swaps for QFII channels [12]. Group 6: Service Support Enrichment - Domestic licensed institutions will be allowed to provide investment advisory services to foreign investors, with new rules for securities and fund investment consulting being expedited [5][12].

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan Securities, emphasizing its tailored approach to assist investors in navigating the complexities of the market and enhancing their investment strategies [1][11]. Summary by Sections What is the "Combination Equity Package"? - The "Combination Equity Package" is a comprehensive investment advisory service that includes simulated trading, method teaching, stock diagnostics, market analysis, and philosophy sharing, designed to meet various investment needs [2]. Quality Over Time - The service has been operational for several years, with performance metrics such as total return, relative return, and maximum drawdown being continuously tracked to demonstrate its effectiveness [3]. Six Major Service Rights - The package offers stock selection and timing guidance through in-depth analysis across fundamental, technical, and capital dimensions, providing valuable references for both novice and experienced investors [4]. Expert Stock Diagnosis - The service includes expert stock diagnosis, where professionals provide detailed insights into specific stocks, helping investors understand the underlying investment and trading logic [5]. Exclusive Video Content - The package features exclusive videos where investment advisors simplify complex market dynamics and strategies, aiding investors in their growth [6]. Trading Insights - Continuous monitoring of market trends and events is provided, offering timely insights and analysis to help investors navigate market fluctuations [7]. Educational Courses - The service includes specialized courses covering various aspects of investing, from basic theories to practical skills, enabling investors to understand the methodologies behind the recommendations [8]. Monthly Reports and Reviews - Monthly reports summarize the performance of the "Combination Equity Package," allowing investors to review operations and adjust strategies based on past experiences [9]. Comprehensive Support - The "Combination Equity Package" aims to provide a holistic support system for investors, regardless of their experience level, ensuring they have access to necessary resources and guidance [10].

Core Viewpoint - The banking wealth management sector is experiencing significant growth opportunities due to ongoing policy support for long-term capital entering the market, despite facing challenges related to investor risk appetite and liquidity matching [2][3]. Group 1: Characteristics of Banking Wealth Management - Banking wealth management funds inherently possess "long money" characteristics, with low net value volatility and stable liability scales conducive to long-term investment [3]. - The focus is on promoting the issuance of closed-end products with a maturity of one year or more to reduce redemption pressure [3]. - There is an increasing allocation of equity assets in technology and innovative pharmaceuticals, which requires long-term holding to capture growth dividends [3]. Group 2: Challenges in Banking Wealth Management - The sector faces a challenge of "short-termization" of funds, as overall investor risk appetite is low, limiting the proportion of funds that can be allocated to equity assets [3]. - Market volatility and redemption pressures lead to a tendency for funds to favor "short-term behavior" [3]. - The banking wealth management institutions need to enhance their investment research capabilities in timing, drawdown control, and risk diversification [4]. Group 3: Strategies for Improvement - The company is adopting a "dual-driven" model of "multi-asset multi-strategy + investment advisory support" to enhance asset allocation capabilities and client service quality [4]. - The investment advisory service includes a four-stage support system covering product creation, operation, volatility response, and review [4]. - Recommendations include optimizing internal assessment mechanisms to focus on long-term risk-adjusted returns and encouraging the establishment of professional multi-strategy and equity research teams [5]. Group 4: Institutional Support and Recommendations - There is a need for collaborative efforts to promote long-term investment in banking wealth management funds [5]. - Suggestions include introducing a similar OCI account mechanism for certain banking wealth management products to mitigate the impact of short-term net value fluctuations on client behavior [6]. - Advocating for tax deferral support and integrating more banking wealth management products into personal pension accounts to create a sustainable long-term funding ecosystem [6].