Core Viewpoint - The revised "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to significantly reduce investment costs for investors and promote high-quality development in the public fund industry, effective from January 1, 2026 [1][4]. Summary by Sections Key Measures - The regulations include six chapters and 29 articles, focusing on six major measures to benefit investors, such as lowering subscription fees, optimizing redemption arrangements, and encouraging long-term holding [2][3]. Investor Benefits - The reform is expected to reduce overall sales expenses by 34%, saving investors approximately 30 billion yuan annually. For example, the annual cost for holding 10,000 yuan in a money market fund will decrease by 10 yuan, and for an actively managed equity fund, it will decrease by 70 yuan [5]. Long-term Investment Encouragement - The new rules aim to shift the focus from short-term trading to long-term holding by ensuring that redemption fees are fully allocated to fund assets and exempting sales service fees for non-money market funds held for over a year [6][14]. Focus on Equity Funds - The regulations emphasize the development of equity funds, setting a cap on customer maintenance fees for individual investors and promoting the competitiveness of equity funds [7][10]. Direct Sales Platform - A new industry direct sales service platform (FISP) will be established to enhance the efficiency and safety of direct sales operations for fund managers, thereby improving service capabilities [8]. Regulatory Precision - The regulations reflect a comprehensive consideration of market feedback, enhancing regulatory precision and effectiveness to maintain a healthy sales market for public funds [9]. Product Classification and Fee Structure - The regulations detail product classification standards and fee caps, such as a maximum subscription fee of 0.8% for actively managed equity funds and 0.15% for money market funds, ensuring a clear benefit direction for investors [10]. Redemption Fee Optimization - The redemption fee arrangements for bond and index funds have been optimized, allowing personal investors to avoid redemption fees after holding for 7 days, while institutional investors must hold for 30 days [12][13]. Commitment to Investor Rights - The reform explicitly prioritizes the protection of fund shareholders' rights, aiming to shift the industry focus from scale to returns and encouraging a long-term investment philosophy [14][15]. Cumulative Benefits - The phased fee reform is projected to save investors over 50 billion yuan annually, significantly reducing their overall financial burden and enhancing the competitiveness of the public fund industry [16].

Core Viewpoint - The article highlights the commitment of Nuon Fund to support rural elderly care in China, particularly in the Ewenki Autonomous Banner, through the "Great Love Old District (Ewenki) Public Welfare Program," which involves a donation of 1.2 million yuan to enhance local elderly care services [1][2]. Group 1: Program Overview - The "Great Love Old District (Ewenki) Public Welfare Program" is the third initiative in a series aimed at improving elderly care in rural areas, following similar programs in Anhui and Yunnan [1][3]. - The program focuses on addressing the significant gaps in rural elderly care services, including facilities, support for vulnerable elderly individuals, and cultural needs [1][2]. Group 2: Demographics and Needs - As of the end of 2024, there are approximately 62,942 individuals aged 60 and above in the Ewenki Autonomous Banner, representing 28.1% of the total registered population, with 10,178 individuals aged 80 and above [1]. - The region faces challenges due to its geographical conditions, including rugged roads and harsh winters, which complicate the provision of centralized elderly care [1]. Group 3: Social Responsibility and Cultural Values - Nuon Fund emphasizes its commitment to social responsibility by aligning its public welfare initiatives with national strategies, focusing on the well-being of the elderly [2]. - The program aims to enhance not only the material needs of the elderly but also their spiritual and cultural well-being through various activities and services [2]. Group 4: Historical Commitment - Since 2017, Nuon Fund has invested over 8 million yuan in various public welfare areas, including disaster relief, education, and elderly care, demonstrating a long-term commitment to addressing the needs of underprivileged communities [3].

Core Viewpoint - The company emphasizes its commitment to investor-centric practices and inclusive finance, aiming to build a comprehensive investment education service system that integrates online and offline channels by 2025 [1][7]. Online Education Initiatives - The company is enhancing its online investment education formats through short videos, comics, and live broadcasts, making complex investment concepts more accessible and engaging [2][8]. - The original IP "Chengbao" will debut in 2025, providing a friendly companion for investors on their financial journey [2]. - New video series and comic stories are designed to convey long-term investment principles and market insights, with a focus on technology and other key sectors [2][8]. - A collaboration with Weiquan has resulted in the "Technology + Fund Allocation Guide," which outlines investment opportunities in various sectors, including solid-state batteries and AI healthcare, to assist investors in planning for 2026 [2][8]. Live Broadcasts - The "Investment Xiaohongshu" series has aired 22 sessions, attracting nearly 3 million viewers, serving as a vital resource for investors to understand market trends [3][9]. - The newly launched "Index Growth Season" will provide regular live broadcasts to help investors grasp index characteristics and market rotation opportunities [3][9]. - The company collaborates with major media outlets to conduct themed live broadcasts focusing on hot topics like AI and new consumption, featuring in-depth industry analyses by fund managers [3][9]. Offline Education Efforts - The company is committed to bringing investment education to various community settings, targeting specific demographics such as the elderly and students, to promote inclusive finance [4][10]. - During the 3.15 Investor Protection event, the company set up interactive booths to disseminate financial knowledge through engaging activities, attracting over 4,000 participants [4][11]. - The company has conducted educational sessions in senior universities, addressing scams and providing practical fraud prevention tips [4][11]. Campus Engagement - In response to industry initiatives, the company has organized lectures on AI investment and fraud awareness at universities, including Peking University and vocational schools [5][11]. - The company donated educational materials to schools in underprivileged areas, aiming to instill financial safety awareness among young students [5][11]. Community Outreach - The "Wealth Great Wall Journey" initiative continues to facilitate face-to-face interactions with investors across the country, enhancing professional service levels for financial advisors [6][12]. - The company organizes community events, such as hiking activities, to foster deeper connections between investors and fund managers, encouraging discussions on investment strategies [6][12]. - The company is dedicated to long-term investor education and protection, continuously exploring innovative educational formats and expanding the reach of inclusive finance [6][12].

Group 1 - The public fund industry in China plays a crucial role in promoting inclusive finance and supporting the real economy [1] - Zhongyin Fund was awarded the "Outstanding Contribution Enterprise for Rural Revitalization" at the 2025 Financial Industry Awards, highlighting its commitment to social responsibility [1] - Financial support for rural revitalization has been elevated to a national strategic level, as outlined in the 2025 Central No. 1 Document [2] Group 2 - Zhongyin Fund actively engages in rural revitalization efforts, focusing on the development and inheritance of intangible cultural heritage (ICH) such as Xianyang's paper-cutting and cloth art [2] - The company combines ICH support with educational initiatives, allowing students to learn traditional paper-cutting techniques, thereby fostering a sense of achievement and cultural awareness [2][3] - Zhongyin Fund's approach has evolved from mere financial input to a model that integrates industry empowerment, educational support, and cultural transmission [3] Group 3 - The company has increased its support for local handicrafts like Xianyang paper-cutting, Longwu cloth art, and Chunhua cloth paste, leveraging its management expertise to attract social resources [3] - Zhongyin Fund promotes transparent and compliant poverty alleviation transactions through its "Public Welfare Bank" platform, facilitating a complete procurement process [3] - The company also addresses educational needs by launching initiatives like the "Colorful Break Time Growth Plan," which provides sports equipment to local schools [3]

在与全球投资者持续沟通的过程中，徐荔蓉发现，当前无论是从国际资金流向以及市场情绪，还是从中 国资产自身的基本面与结构优化来看，包括A股与港股在内的中国资产正处在系统性、深层次的价值重 估进程中。中国作为全球核心增长极与创新策源地的地位无可替代，无论是巨大的经济体量、发展的韧 性，还是培育新质生产力的潜力，都决定了配置中国资产正从"可选项"变为"必选项"。 在科技革命、产业变革与全球格局演进的背景下，徐荔蓉认为，全球投资组合中，中国权益资产的配置 权重与中国经济占全球的比重严重不匹配。展望未来，外资"增配"将呈现以下关键趋势：一是配置比例 将向合理水平系统性回归；二是资金结构将呈现"基石稳固、活水长流"的新态势；三是人民币国际化将 提升中国资产的战略配置价值。 随着国内经济持续回升向好、宏观政策协同发力、资本市场深化改革稳步推进、上市公司质量和投资价 值日益凸显，徐荔蓉认为，中国资产的估值修复之路仍在延续，并有望在高质量发展与新质生产力的牵 引下逐步迈入更加稳健、可持续的新阶段。 ● 本报记者 王鹤静 12月30日，由中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金 牛奖颁奖典 ...

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Group 1 - The core viewpoint emphasizes the importance of high-quality development in the public fund industry, with a focus on enhancing investor experience and optimizing product structures to meet diverse investor needs [3] - The company is committed to building a "platform-based, team-oriented, integrated" investment research ecosystem, enhancing asset pricing capabilities, and applying advanced technologies like AI in investment research [2] - The company aims to strengthen risk management and compliance through intelligent and information-based approaches, focusing on liquidity and credit risk prevention [2] Group 2 - The company actively participates in the construction of pension pillars and aims to help preserve and increase the value of pension assets [1] - The company has been involved in various public welfare activities, donating approximately 600,000 yuan in materials and funds over the past five years, reflecting its commitment to corporate social responsibility [3] - The company plans to continue deepening its asset management business and enhancing investor satisfaction, contributing to the high-quality development of the industry [3]

于道各努力，千里自同风——在2025公募基金高质量发展大会上的发言 徐寿松 （中国证券报党委书记、董事长、总编辑） 为了今天的会议，我们等待了732天。上一次同题会议的举办是在2023年12月28日。时隔两年，公募基 金金牛奖再次与大家相见。 一是构建以长周期业绩为核心的评价新框架。取消了"三年期"奖项，将评价核心锚定在五年期和七年期 业绩表现上，引导行业从"短期业绩竞赛"转向"长期价值深耕"。在技术上，首次采用"考察期内每日滚 动一年的收益率"进行计算，并通过规模加权机制引导逆向销售行为，鼓励机构在市场低位时积极布 局，切实与投资者利益保持一致。这一变革是对短期排名与规模冲动的彻底纠偏，也是对监管长周期考 核要求的具体实践。 二是创新三维评价体系，突出投资者获得感导向。杜绝"重规模轻回报"的倾向，构建了"投资者简单收 益率、加权平均净值利润率、投资者盈亏比"的三维评价体系，全面衡量投资者实际盈利体验。并将"综 合费率"纳入公司奖评价，推动费率结构优化，以期降低投资者持有成本，真正"让利于民"。 三是倡导"行为稳定"与"功能发挥"。我们关注产品运作是否保持风格稳定，是否恪守业绩比较基准，力 求"投资者所见即所 ...

Core Viewpoint - The public fund industry is embarking on a new journey of high-quality development, emphasizing the importance of industry culture and responsibility in achieving this goal [1][9]. Group 1: Industry Culture and Development - The public fund industry is guided by the "Five Musts and Five Must Nots" of Chinese financial culture to foster a positive industry ecosystem [1]. - The company is actively exploring a cultural construction model that reflects its banking background, focusing on areas such as party building, compliance, talent development, and corporate social responsibility [1]. Group 2: Party Building and Governance - The company prioritizes party building as a key element of its development strategy, aligning with the spirit of the 20th National Congress and promoting high-quality development [2]. - Various educational activities are conducted to deepen understanding of red history and enhance party discipline among employees [2][3]. Group 3: Compliance and Risk Management - Compliance is viewed as a fundamental principle for the company's sustainable development, with a focus on establishing a robust compliance and risk control system [4]. - The company has implemented a three-tier internal control system and developed various regulations to ensure compliance and risk management are integral to its culture [4]. Group 4: Digitalization and Risk Management - The company is enhancing its risk management capabilities through digitalization, developing an information platform for effective risk identification and analysis [5]. - The "Puyin Ansheng Smart Space" project, recognized with the 2024 Financial Technology Development Award, exemplifies the company's innovative approach to risk management [5]. Group 5: Talent Development - The company adheres to a "long-termism" approach in talent development, establishing a professional talent selection and training system to enhance employee capabilities [7]. - In 2025, the company plans to conduct nearly 100 training sessions, covering various topics to improve employee skills and align with regulatory requirements [7]. Group 6: Corporate Social Responsibility - The company is committed to social responsibility, focusing on investor education and community support initiatives [8]. - Notable projects include the "Zero Carbon Home" initiative and various educational and agricultural support programs aimed at benefiting local communities [8]. Group 7: Future Directions - The company aims to continue innovating in cultural construction and contribute to the high-quality development of the industry and the Shanghai International Financial Center [9].

Group 1: Core Perspectives - The public fund industry is embarking on a new journey of high-quality development, with industry culture construction being a crucial element [2] - The company emphasizes the integration of party building into its development strategy, aiming for high-quality development through strong governance [3][4] Group 2: Compliance and Risk Management - The company regards compliance as a fundamental principle for sustainable development, establishing a robust internal compliance and risk management system [5] - A three-tier internal control system has been developed to enhance compliance awareness and risk prevention capabilities among employees [5] Group 3: Talent Development - The company adheres to a "long-termism" approach in talent development, focusing on professional training and creating a culture that emphasizes sustainable value creation [7] - In 2025, the company plans to conduct nearly 100 training sessions, with 3,400 participants covering various fields including risk compliance and investment education [7] Group 4: Social Responsibility - The company is committed to social responsibility, prioritizing investor education and engaging in various charitable initiatives [8] - Recent projects include the "Zero Carbon Home" initiative and the "Community Restaurant" project, aimed at supporting local communities and enhancing awareness of fraud among the elderly [8] Group 5: Future Directions - The company plans to continue innovating in corporate culture construction, contributing to the high-quality development of the industry and the Shanghai International Financial Center [9]