Core Viewpoint - The recent adjustments to the public bond fund registration rules aim to enhance the quality of development in the public fund sector, promoting a greater allocation towards equity investments and increasing the inflow of capital into the market [1][2][3]. Group 1: New Registration Rules - New requirements specify that secondary bond funds with a minimum stock holding ratio will undergo a rapid registration process within 15 working days from acceptance [3][4]. - Each fund company is limited to submitting a maximum of two products for review, which includes pure bond funds, secondary bond funds without a minimum stock holding requirement, and retail bond funds [3][5]. Group 2: Market Impact - The new rules are expected to encourage fund companies to actively develop secondary bond funds with a minimum holding of 5%, known as "fixed income plus" products, which are gaining popularity in the current low-interest-rate environment [5][6]. - There has been a noticeable increase in the establishment of secondary bond funds this year, with 42 funds launched and a total fundraising amount exceeding 54.483 billion [5][6]. Group 3: Regulatory Context - The adjustments align with the previously issued plan to promote long-term capital market participation, emphasizing the need to optimize product registration mechanisms and increase the scale and proportion of equity funds [6].