专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近期，"新时代·新基金·新价值"——北京公募基金高质量发展系列活动持续开展。9月25日中午，为普及 基金理财基础知识、宣导《推动公募基金高质量发展行动方案》核心纲要、满足商圈大众金融学习需 求，国联基金联合嘉实基金、泰康基金、中邮基金、人保资产、度小满等 6 家在京金融机构，共同举 办"财智启航"基金投教集市。活动融合政策解读、知识普及与多元互动相结合，打破传统投教单向传递 模式，在帮助投资者了解金融政策、掌握金融知识的同时，让金融投教更接地气、更贴近市民日常。 值得一提的是，本次投教活动汇聚公募基金、保险资管、金融科技平台等多类型机构，依托多方投教平 台，让政策宣导和金融普及更加广泛。作为牵头方，国联基金践行"联心同行"投教理念，将专业内容转 化为大众易懂的语言，打造"政策解读 + 实践指导"的沉浸式投教场景。 未来，国联基金将继续秉承"合规、诚信、专业、稳健"的行业文化理念，依托多元化投教形式，持续走 进商圈、社区等场景，既做好基金知识普及，让金融服务更贴近民生，切实承担基金管理人的社会责 任，助力北京公募基金高质量发展系列活动持续扩大影响力。 ...

Group 1 - The article discusses the "Five Persistences" outlined in the "Action Plan for Promoting High-Quality Development of Public Funds," which serve as guiding principles for the public fund industry [1][2][3] - The first persistence emphasizes the comprehensive leadership of the Party in financial work, ensuring that the public fund industry aligns with national strategies and supports the real economy and people's livelihoods [1] - The second persistence focuses on strong regulation and risk prevention, aiming to maintain industry standards and protect investors from potential pitfalls while allowing the industry to function effectively [2] - The third persistence is problem-oriented and goal-oriented, addressing real concerns of investors and implementing tangible solutions to improve transparency and reduce costs [2][3] - The fourth persistence prioritizes investor interests, requiring fund companies to focus on profitability for investors rather than merely expanding scale or profits [3] - The fifth persistence advocates for a market-oriented and rule-of-law approach, learning from mature markets while adapting to China's specific context, with a goal to create a more regulated and professional environment for investors [3] Group 2 - Overall, the "Five Persistences" act as pillars supporting the public fund industry towards high-quality development, enhancing industry stability and investor protection [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the binding of interests between fund companies and investors, addressing issues such as the "guaranteed returns" of funds and promoting high-quality development in the public fund sector [1] Group 1: Regulatory Initiatives - The CSRC has released an action plan to promote high-quality development in public funds, which has received positive market feedback [1] - The focus will be on implementing measures that strengthen the alignment of interests between fund companies and investors [1] Group 2: Investor Protection - There is an emphasis on developing products that match the risk tolerance of small and medium investors, catering to the needs of wealth management for residents [1] - The CSRC plans to hold securities companies and sales institutions accountable, urging them to improve governance and compliance risk control capabilities [1] Group 3: Investor Education and Engagement - Continuous optimization of investor services is a priority, with strict enforcement of investor suitability regulations to ensure that investors fully understand product risks [1] - The initiative promotes rational and long-term investment strategies among investors [1]

Group 1: Company Overview - The company, Guoxuan High-Tech, reported a revenue of 35.392 billion yuan for 2024, a year-on-year increase of 12.0%, and a net profit of 1.207 billion yuan, up 28.6% year-on-year [2] - In Q1 2025, the company achieved a revenue of 9.055 billion yuan, representing a 20.6% year-on-year growth, with a net profit of 101 million yuan, up 45.6% year-on-year [2] Group 2: Battery Sales and Market Share - The company maintained a high growth trend in the sales of power and energy storage batteries, with a total shipment of approximately 63 GWh in 2024, a year-on-year increase of 40% [3] - In the power battery segment, the company generated a revenue of 25.648 billion yuan in 2024, with a gross margin of 15.1%, and increased its domestic market share to 4.6%, ranking fourth [3] - The energy storage battery segment saw a revenue of 7.832 billion yuan in 2024, with a gross margin of 21.8%, benefiting from the introduction of new products [3] Group 3: Cost Management and Profitability - The company demonstrated excellent cost control, with a total expense ratio of 14.8% for 2024, down 1.1 percentage points year-on-year, and a net profit margin of 3.4% [4] - Return on equity (ROE) was reported at 4.1% for 2024, reflecting continuous improvement in profitability despite increasing industry competition [4] Group 4: Global Expansion and Competitive Advantage - The company is advancing its global strategy, with a production base in Vietnam and ongoing projects in Slovakia and Morocco, aiming for a total capacity of 40 GWh [5] - The establishment of local production capabilities is expected to enhance cost competitiveness in overseas markets, allowing the company to navigate geopolitical and trade challenges more effectively [5] Group 5: Future Outlook and Investment Rating - The company is expected to see continued profit growth driven by product upgrades and successful overseas expansion, with a positive long-term growth outlook [5] - The forecast for 2025-2027 indicates potential revenue growth, supported by the company's advancements in solid-state battery technology [5]

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations amid external economic pressures, particularly from U.S. tariff policies [3][4][6]. Group 1: Market Stability Measures - The Central Political Bureau emphasized the importance of maintaining a stable and active capital market, reflecting the government's commitment to market stability and vitality [4]. - The China Securities Regulatory Commission (CSRC) is actively monitoring market conditions and enhancing risk assessment to support market stability, including the role of the Central Huijin Investment Ltd. as a stabilizing force [4][6]. - A significant number of listed companies are engaging in stock buybacks and other measures to maintain stock price stability, demonstrating confidence in their value and future prospects [3][8]. Group 2: Support for Companies - The CSRC is focused on helping companies adapt to the impacts of U.S. tariffs, with measures including increased regulatory flexibility for affected firms and support for mergers and acquisitions [9][11]. - The commission has conducted extensive outreach to listed companies to address challenges, having visited 2,352 companies and resolved over 3,300 issues [9]. - The CSRC is revising regulations to facilitate corporate restructuring and enhance the ability of companies to navigate external pressures [9][12]. Group 3: Long-term Investment Strategies - The CSRC is promoting the entry of long-term capital into the market, with initiatives aimed at increasing the scale and proportion of long-term funds [5][14]. - The newly released action plan for public fund development aims to align fund management with investor interests, emphasizing long-term performance and stability [14][16]. - The growth of equity funds has been significant, with the scale increasing from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, indicating a strong focus on equity investment [16][17]. Group 4: External Market Engagement - The CSRC is committed to enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign confidence in the Chinese capital market [12]. - The commission plans to expand institutional openness and product offerings, including futures and options for qualified foreign investors, to further integrate with global markets [12].