Group 1 - The core idea of the articles is the initiative "New Era, New Fund, New Value" aimed at promoting high-quality development of public funds in Beijing, with a focus on financial education for students [1][2] - The event "Investment has Young: Public Fund's First Class" will be held at the University of International Business and Economics, featuring interactive financial literacy sessions led by professionals from various fund companies [1][2] - The initiative aims to enhance students' financial literacy and investment awareness through direct engagement and practical learning experiences [2] Group 2 - The public fund industry is evolving its educational approach from "point-based" presentations to "accompaniment-based" services, creating a diverse ecosystem for financial education [2] - Jiashi Fund, one of China's first fund companies, emphasizes a "investor-centric" philosophy and has been actively engaging with students across various cities to provide tailored financial education [2] - The educational activities include case studies, interactive Q&A, and career planning advice, helping students understand fund investment basics and risk identification [2]

Group 1: Industry Insights - The A-share market's technology sector has shown strong growth potential and market vitality, driven by national strategies and market demand [1] - The "14th Five-Year Plan" emphasizes "innovation-driven development," and the central financial work conference prioritizes "technology finance," indicating robust policy support for technological innovation [1] - "Technology finance" is increasingly recognized as a crucial link between technological innovation and capital markets, presenting long-term investment opportunities for the public fund industry [1] Group 2: Company Strategy - Huashang Fund leverages its professional research capabilities to focus on technology innovation, strategically investing in enterprises with core technologies [2] - The company has developed a diverse range of technology investment products to cater to different risk appetites, enabling investors to share in the growth of technology [2] - Huashang Fund adheres to a value and long-term investment philosophy, prioritizing the interests of its investors and maintaining a rigorous risk control system [2] Group 3: Future Outlook - As China accelerates its technological self-reliance, Huashang Fund will continue to support national policies and deepen its focus on technology innovation, contributing to the goal of becoming a "technology powerhouse" [3]

Core Viewpoint - The third phase of public fund fee reform has been implemented, leading to the end of the "7-day exemption" for bond fund redemptions, which increases short-term redemption costs for banks' wealth management products, creating a mixed impact on the industry [1][2]. Summary by Sections Impact on Bank Wealth Management - Banks are pleased that their wealth management products do not charge redemption fees, enhancing their liquidity advantage over bond funds [1][2]. - However, banks are concerned about the increased trading costs associated with investing in bond funds, as high-frequency trading strategies become less viable [1][3]. Changes in Investment Strategy - Analysts suggest that the investment strategy for bank wealth management will shift from "short-term arbitrage and liquidity hedging" to "long-term holding and structured usage" [1][5]. - In a low-interest-rate environment, enhancing equity investments to boost returns is becoming increasingly important for banks [1][6]. Market Trends and Data - Data shows that as of September 19, the scale of bank wealth management products increased by approximately 105.9 billion yuan compared to August, indicating a shift of funds from public funds to bank wealth management products [4]. - Most bank wealth management products do not charge subscription or redemption fees, with management fees generally kept below 0.5%, making them more cost-effective than public bond funds [4][6]. Future Directions - The fee reform is expected to push bank wealth management companies to enhance their credit research and liquidity management capabilities [5][7]. - There is a structural shift anticipated in the allocation of wealth management funds from short-term bond funds to ETFs and other investment vehicles that are not affected by the new redemption fee rules [7][8].

Core Viewpoint - The rapid development of index investment in the context of deepening capital market reforms and optimizing investor structure, with the total market ETF scale exceeding 5 trillion yuan by early September this year [1] Group 1: Index Investment Growth - The ETF management scale of Yongying Fund has surpassed 19 billion yuan, launching several industry-first products such as gold stock ETF, general aviation ETF, satellite ETF, and Hong Kong medical ETF [1] - The company emphasizes that index investment requires a deep understanding of industry development trends and forward-looking layouts rather than mere product replication [1] Group 2: Differentiated Development Strategy - Yongying Fund has adopted a unique "cake-cutting" strategy since 2020, focusing on niche opportunities within large industries, such as concentrating on the medical device sector instead of the entire medical industry [2] - This differentiated approach stems from in-depth research on industry trends, aligning with government strategic directions like low-altitude economy and commercial aerospace [2] Group 3: Performance and Growth - The strategy of early positioning in promising but under-explored areas has shown initial success, with products like gold stock ETF and medical device ETF performing well, contributing to the ETF total scale growing nearly threefold from 4.7 billion yuan at the beginning of the year [3] - Specific product performance includes gold stock ETF exceeding 10 billion yuan in scale within two years, medical device ETF nearing 5 billion yuan, and both general aviation ETF and satellite ETF surpassing 1 billion yuan [3] Group 4: Product Matrix Expansion - Following the validation of its differentiated layout, Yongying Fund has accelerated the development of its product matrix, establishing 11 ETF products covering various sectors [4] - The company aims to create a comprehensive "product shelf" to provide suitable investment tools regardless of market conditions, with plans to expand into core sectors like consumption, manufacturing, technology, and finance [4] Group 5: Quantitative Investment Development - Yongying Fund is actively developing its quantitative investment sector, primarily focusing on index enhancement strategies across multiple indices [5] - The company plans to increase investment in active quantitative strategies, including fundamental quantitative, multi-factor quantitative, and machine learning approaches [5] Group 6: Risk Management and Future Outlook - Yongying Fund emphasizes that quantitative investment is a technology-driven model that requires continuous effort and cannot guarantee easy success [6] - The company has established a strict risk management system to proactively manage risks, ensuring a better investment experience for investors [6] - Future plans include further enhancing product layout and research capabilities to provide more high-quality tool-type products, aiming for a differentiated development path through continuous innovation and refined management [6]

Group 1 - The core viewpoint emphasizes the continuous deepening of capital market reforms by the China Securities Regulatory Commission (CSRC) to support the development of technology innovation enterprises [1] - The CSRC has implemented various policies, including the "National Nine Articles," to promote long-term capital inflow into the market and enhance the regulatory framework for technology innovation [1][2] - The focus is on creating a favorable capital market ecosystem that encourages long-term investments, particularly from insurance funds and pension funds, to support technology innovation [2] Group 2 - The financing side has seen reforms in issuance and listing processes, making it easier for technology innovation enterprises to go public without the requirement of sustained profitability [3] - The number of significant asset restructurings among technology innovation enterprises has increased since the introduction of the "Six Merger Articles," indicating a more active merger and acquisition environment [3] - The capital market's investment and financing reforms are gradually enhancing the support system for technology innovation, fostering a virtuous cycle among technology, industry, and finance [3] Group 3 - Public funds are recognized as a crucial force in supporting technology innovation, with the CSRC promoting the development of equity funds and guiding the industry towards a return-oriented approach [4] - As of August this year, the scale of public fund management and equity funds has significantly increased compared to the beginning of the year, contributing to a stable capital market and the growth of residents' wealth [4] - The positive cycle of capital market stability and technology innovation development is accelerating [4] Group 4 - Private equity and venture capital funds are identified as key drivers of technology innovation, providing essential funding and facilitating resource integration through mergers and acquisitions [5] - The CSRC has been actively reforming the private equity and venture capital sector to optimize the ecosystem and enhance the support for technology innovation [5] - Over 90% of companies listed on the Sci-Tech Innovation Board and more than half on the Growth Enterprise Market have received capital support from private equity and venture capital funds, indicating a strong investment trend in early-stage and hard technology [5]

作为资本市场连接实体经济与居民财富的桥梁，公募基金经过20多年的砥砺奋进，在服务实体经济与国 家战略、促进资本市场改革发展稳定、满足居民财富管理需求等方面取得了诸多历史性突破。不过在行 业高速发展过程中也日益暴露出经营理念有偏差、发展结构不均衡、投资者获得感不强等问题。 第三重塑行业评价评奖业态，指出要构建以五年以上长周期业绩为核心的评价评奖体系，杜绝以短期业 绩排名为导向的不合理评价评奖活动。 最后督促行业加大薪酬管理力度方面，对三年以上产品业绩低于业绩比较基准超过10个百分点的基金经 理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基准的基金经理，可以合理 适度提高其绩效薪酬。 行业影响：回归本源，提升投资获得感 从重规模转向重投资者回报、从重视短期收益转向中长期收益、从规模竞速转向价值深耕，《行动方 案》的出台为行业发展带来了深远影响。尤其是从上到下的各层级考核激励机制重塑，标志着公募基金 行业考核体系将迎来重大变革，有望扭转公募基金行业投资行为短期化倾向，推动建立基金管理人与投 资者利益更加一致的激励机制，回归到以投资者利益为核心的行业本源。 核心要点：投资者利益为本，全面强化长周期 ...

Group 1: Industry Overview - The public fund industry in China is entering a critical phase of deepening reform and improving quality, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2] - A series of activities titled "High-Quality Development of Public Funds in Beijing" has been launched, aiming to strengthen investor education and protection, promote industry transformation, and enhance the ability to serve the real economy [1] Group 2: Policy and Regulatory Framework - The implementation of the "Personal Pension Implementation Measures" in November 2022 marks the institutional advancement of the third pillar of China's pension system, providing a foundation for financial services in personal pension investments [2] - By September 2025, the catalog of personal pension products will include various options such as savings, insurance, wealth management, and public funds, with public fund products reaching 304, catering to diverse age groups and risk preferences [2] Group 3: Company Initiatives - Pengyang Fund has prioritized personal pension business, successfully including a target risk FOF fund and an equity index fund in the personal pension product catalog, offering differentiated choices for investors [2][3] - The company has established a professional investment team and a rigorous research and risk control system for managing pension target FOF products, ensuring long-term stability in investment structures [3] Group 4: Product Strategy - Pengyang Fund focuses on market-representative broad-based indices for its index products, providing transparent and efficient solutions for investors seeking long-term excess returns [3][4] - The index products are designed to minimize style drift risk and are positioned as reliable core components in pension accounts, aligning with the ongoing high-quality development of the financial market [4] Group 5: Investor Education and Future Outlook - Pengyang Fund actively engages in investor education through online and offline initiatives, promoting the importance of long-term investment and asset allocation for retirement savings [5] - The company aims to continue optimizing its pension product line and enhancing investment knowledge dissemination, contributing to the sustainable development of the elderly financial ecosystem in China [5]

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 导语：公募基金行业正处在深化改革和加快推动高质量发展的关键时期，坚守初心本源、坚持长期主义 是走好改革发展之路的关键。工银瑞信基金以其二十年的稳健发展，特别是卓越的长期业绩和独特的人 才、投研、考核体系，为行业提供了富有价值的实践范本。正值"北京公募基金高质量发展系列活动"进 行之际，工银瑞信的探索实践正是对"新时代·新基金·新价值"主题的生动诠释。 当前，我国公募基金行业规模已成功突破35万亿元大关，在服务实体经济直接融资需求、服务居民多元 化财富管理需求、服务资本市场稳定发展中的作用日益增强。新时代新要求下，如何更好践行金融工作 政治性、人民性，强化功能作用和增强价值贡献，是公募基金高质量发展面临的核心课题。 从业绩表现看，工银瑞信展现出长期稳健的投资实力。国泰海通证券数据显示，截至2025年上半年，工 银瑞信主动权益基金近五年和近七年的绝对收益率在13家大型权益类公司中分别位列第一和第二；近五 年和近两年超额收益均位居榜首，近七年和近三年居第二。据人社部数据，截至2025年二季度末，公司 管理的企业年金单一计划固定收益类组合和含权类组合近三年 ...

Group 1 - The core theme of the event is "New Era, New Fund, New Value," aimed at promoting high-quality development in the public fund industry in alignment with the China Securities Regulatory Commission's action plan [2] - The company recognizes the necessity of transitioning from a focus on scale to a focus on returns, enhancing its ability to serve the real economy and national strategies [2][9] Group 2 - The company is actively involved in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [1][9] - In technology finance, the investment research team focuses on hard technology sectors such as artificial intelligence and biotechnology, and has launched thematic funds on the Beijing Stock Exchange [3] - In green finance, the company has issued two public REITs in the renewable energy sector to support infrastructure development and provide long-term funding for green projects [4] - The inclusive finance strategy includes developing low-threshold, diversified public fund products to meet various investor needs, with company executives actively investing in their own products [5] - In pension finance, the company is involved in building the third pillar of pension systems and offers specialized investment solutions for retirement [6] - The digital finance initiative emphasizes increasing technological investments to enhance research capabilities and operational efficiency through AI and big data [7] Group 3 - The company is establishing a comprehensive investment research system with various departments to ensure efficient collaboration between investment and research [8] - A robust risk management framework is being developed to cover various types of risks, ensuring a comprehensive approach to risk management [8] - The company aims to continuously enhance its resource allocation in the five key financial areas to inject more financial resources into the real economy [9]

Group 1: Core Perspectives - The core focus of the public fund industry is to protect the interests of investors, as emphasized in the "Action Plan" released by the China Securities Regulatory Commission [2][6] - The "Beijing Public Fund High-Quality Development Series Activities" aims to create a new brand for high-quality financial development in Beijing, highlighting the theme "New Era, New Fund, New Value" [1][2] - The company, Zhongjia Fund, is committed to enhancing its core competitiveness and providing lifelong fund services to investors, aligning with the regulatory call for high-quality development [1][2] Group 2: Investment Strategies and Product Offerings - Zhongjia Fund has established 77 public funds covering various strategies, including active management, passive index, quantitative strategies, and FOF allocation, to meet the wealth management needs of residents [2] - The company focuses on technology finance by developing public products related to specialized and innovative sectors, supporting quality technology enterprises while creating value for investors [3] - In green finance, Zhongjia Fund is expanding its equity product line around low-carbon and renewable energy themes, and is actively researching green bond-related funds [3][4] Group 3: Risk Management and Compliance - The "Action Plan" stresses the importance of maintaining a risk bottom line and improving multi-level liquidity risk prevention mechanisms within the industry [6] - Zhongjia Fund adheres to a compliance-first and prudent management philosophy, achieving a "zero failure" record in fund investments over the years [6] - The company is enhancing its comprehensive risk management quality through digital empowerment, focusing on preemptive control and performance attribution analysis [6]