Core Viewpoint - The article emphasizes the importance of protecting investor interests during the transition of brokerage public collective investment products, highlighting a successful case by Dongcai Fund as a model for the industry [1][2]. Group 1: Regulatory Context - The regulatory initiative aims to integrate public collective investment products into a unified, transparent framework to provide standardized financial services to a broader range of investors, with a core focus on "protection" [2]. - The transition should not be a passive compliance action but an active exploration to achieve smooth product transitions with minimal social costs and optimal customer experiences [2]. Group 2: Dongcai Fund's Case - Dongcai Fund's successful acquisition of two products exemplifies proactive engagement, aiming to safeguard ordinary investors' wealth and investment continuity during the transformation of the wealth management industry [2]. - The operational strategy involved a "smooth transition" by automatically converting existing shares, maintaining continuous holding periods, and preserving trading habits to avoid operational errors and additional costs [2]. - The product design retained performance benchmarks, fee structures, and rolling holding operations, ensuring continuity in risk-return characteristics and alleviating investor concerns about strategy changes [2]. Group 3: Industry Insights - Dongcai Fund's practice provides valuable insights for the ongoing transformation of public collective investment products and the broader asset management industry, demonstrating that a smooth transition is technically feasible if management is willing to invest resources and take responsibility [3]. - The case expands the definition of "professional capability" in asset management, emphasizing the importance of operational and service excellence in fulfilling investor trust, especially as the industry shifts from rapid growth to high-quality development [3]. - The article illustrates that adhering to regulatory spirit is not merely about compliance but represents a strategic opportunity for mutual benefit among investors and the industry [3][4].