注重长期投资与投资者陪伴：公募基金的服务模式应从"重销售"转向"重陪伴"，通过投资者教育、提高 信息披露可读性等方式，提升投资者持有体验和获得感。同时，公募基金应提高服务各类中长期资金的 能力。 登录新浪财经APP 搜索【信披】查看更多考评等级 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 近日，惠升基金开展了公募高质量发展专题内部培训会。本次会议旨在深入探讨关于《推动公募基金高 质量发展行动方案》的核心要求，公司高管及各部门负责人、员工均参与了此次研讨。 一、深度解读：何为公募基金高质量发展？ 合规风控的全面化与主动化：合规经营是高质量发展的生命线。公募基金公司应构建全覆盖、穿透式的 合规风控体系，不仅严格遵守法律法规，更要将风险意识嵌入投资决策、运营管理、创新发展等每一个 环节，实现从"被动合规"到"主动管理风险"的跃升，牢牢守住不发生系统性风险的底线。 二、凝聚共识：会议研讨与展望 公募基金高质量发展是从重规模向重投资者回报转型，主要体现在以下几个维度： 重视投资能力与产品业绩：高质量发展要求基金公司回归投资本源，摒弃规模导向与追逐热点的行为， 通过浮动管理费机制、业绩基准约束、改善绩效 ...

21世纪经济报道记者 黎雨辰 9月22日，在国务院新闻办公室"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴 清回顾了资本市场的五年"成绩单"。五年来，证监会认真落实"十四五"规划和二十届三中全会部署，推 出了一批牵引性强、含金量高的标志性改革开放举措。 其中围绕投资端改革，吴清提及了公募基金领域的诸多重大突破："坚持投资者利益优先，制定实施公 募基金高质量发展行动方案，建立完善投资收益为核心的考核评价体系，三阶段降费改革全面落地。" 此外，公募REITs等创新产品发展，养老第三支柱建设提速等诸多"关键词"也都与公募基金息息相关。 总体来看，"十四五"以来，我国公募市场呈现出规模扩张、产品生态持续完善、服务国家战略取得新质 效，行业治理不断完善的发展态势。 公募高质量发展取得阶段性成效 公募基金行业的高质量发展，是"十四五"时期我国金融业发展的重要成就之一。近年来，证监会先后发 布了《加快推进建设一流投资银行和投资机构的意见》《推动公募基金高质量发展行动方案》等文件。 "文件的发布通过制度重构和机制创新，着力引导行业机构端正经营理念，校正发展定位，实现功能性 和盈利性的有机统一。"有业内人士 ...

21世纪经济报道记者 黎雨辰 9月22日，在国务院新闻办公室"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴 清回顾了资本市场的五年"成绩单"。五年来，证监会认真落实"十四五"规划和二十届三中全会部署，推 出了一批牵引性强、含金量高的标志性改革开放举措。 其中围绕投资端改革，吴清提及了公募基金领域的诸多重大突破："坚持投资者利益优先，制定实施公 募基金高质量发展行动方案，建立完善投资收益为核心的考核评价体系，三阶段降费改革全面落地。" 此外，公募REITs等创新产品发展，养老第三支柱建设提速等诸多"关键词"也都与公募基金息息相关。 总体来看，"十四五"以来，我国公募市场呈现出规模扩张、产品生态持续完善、服务国家战略取得新质 效，行业治理不断完善的发展态势。 公募基金行业的高质量发展，是"十四五"时期我国金融业发展的重要成就之一。近年来，证监会先后发 布了《加快推进建设一流投资银行和投资机构的意见》《推动公募基金高质量发展行动方案》等文件。 "文件的发布通过制度重构和机制创新，着力引导行业机构端正经营理念，校正发展定位，实现功能性 和盈利性的有机统一。"有业内人士评价认为。 过去五年来，规模的 ...

Group 1 - The core idea emphasizes the importance of cultivating a distinctive Chinese financial culture, which includes principles such as honesty, risk awareness, and compliance, as a guiding framework for the public fund industry [1] - The "Five Musts and Five Must Nots" of the Chinese financial culture is highlighted as a lifeline for the industry to ensure steady progress towards high-quality development [1] - The public fund industry is at a critical stage of transformation, focusing on integrating compliance culture and risk management into its operations to fulfill fiduciary duties and achieve a balance between functionality and profitability [1] Group 2 - The China Securities Regulatory Commission issued an action plan for the high-quality development of public funds, emphasizing the need to maintain risk management and shift focus from scale to investor returns [2] - Yimin Fund is committed to adhering to regulatory requirements and enhancing its industry image by implementing comprehensive risk identification and monitoring mechanisms [2] - The company aims to uphold its mission of strong regulation, risk prevention, and promoting high-quality development while maintaining loyalty and responsibility towards investors [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance the public fund industry by focusing on investor interests and transitioning from a scale-driven approach to one that emphasizes investor returns [1][2]. Group 1: Action Plan Highlights - The Action Plan emphasizes strong regulation, risk prevention, and promoting high-quality development, aiming to shift the industry's focus towards investor returns [1][2]. - It is expected to serve as a significant turning point in the history of the public fund industry, with over 20 supporting regulations to follow, impacting the development of actively managed equity funds [1][2]. Group 2: Investor-Centric Initiatives - The plan proposes a binding mechanism between fund company income and investor returns, including a floating management fee linked to performance, which aims to lower costs for investors [2]. - It also calls for reforms in performance evaluation mechanisms, increasing the weight of investment return metrics for fund managers, and implementing long-term performance assessments [2][3]. Group 3: Enhancing Investor Services - The CSRC aims to improve the service capabilities of the public fund industry by optimizing investment research, product design, and risk management [3]. - There is a focus on developing low-volatility and asset allocation products to cater to various investor risk preferences [3]. Group 4: Technological Integration - The Action Plan encourages the use of emerging technologies like AI and big data to enhance service levels and improve investor interaction experiences [5]. - It highlights the importance of developing equity public funds to better connect investors with quality enterprises, thereby improving capital market efficiency [5]. Group 5: Long-Term Value Focus - The plan sets higher expectations for fund companies regarding proactive investment strategies and industry trend analysis to meet residents' wealth management needs [6]. - The initiative aims to strengthen the financial system's stability and accelerate the high-quality development of the industry [6].

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 责任编辑：石秀珍 SF183 据了解，本次活动嘉实将邀请投研讲师团代表现身说法，从日常投资实践角度为在校生介绍A股全貌， 并分享当下公募基金的投资逻辑。值得一提的是，为了充分提升在校生的财商素养，嘉实基金还将专门 组织现场财商小练习互动体验。 公募基金深入校园，不仅为青年学子搭建起了接触专业金融知识的桥梁，更能在潜移默化中引导其建立 理性投资思维与风险意识。通过面对面的互动交流，学生们得以直观了解基金运作机制、市场风险特征 及长期投资逻辑。这既是助力高校金融素养提升的实践，也是行业践行普惠金融理念、推动全民金融教 育的重要举措。近年来，公募基金行业持续深化投教工作，从"单点式"宣讲升级为"陪伴式"服务，通 过"基金投教进校园""金融知识进社区"等系列行动，构建起覆盖广泛、形式多元的投教生态，切实提升 社会公众的金融风险防范能力与投资决策水平。 风险提示：基金有风险，投资须谨慎。投资人应当阅读《基金合同》《招募说明书》《产品资料概要》 等法律文件，了解基金的风险收益特征，特别是特有风险，并根据自身投资目的、投资经验、资产状况 等判断是否和自身风险承受 ...

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]

伴随公募基金费率改革第三阶段正式落地，公募债基"7日免赎"成为历史，短期赎回成本将提升，这对 于大量配置债券的银行理财而言，可谓"喜忧参半"。 上海证券报记者采访获悉，银行理财公司"喜"的是相比于债基，理财产品不收赎回费，流动性优势凸 显；"忧"的则是自身投资债基交易成本提高，原来高频申赎债基的操作行不通了。 银行业分析师认为，银行理财配置公募基金的模式，将从"短期套利，流动性对冲"转向"长期持有，工 具化使用"。叠加低利率环境，加强权益投资以增厚收益对于银行理财公司而言愈发重要。银行理财公 司应加强自身权益投资能力或与公募机构合作，增强产品的收益稳定性和满足投资者多元化需求。 债基赎回费调整银行理财公司有喜有忧 公募基金行业费率改革第三阶段正式落地，银行理财公司"喜忧参半"：一边为短期固收类理财产品因不 收赎回费、性价比高于债基而高兴，另一边也担心自身通过短债基金投资进行波段交易的成本陡增。 根据公募基金销售费率改革方案（征求意见稿），债券型基金等赎回费率拟调整为：持续持有期少于7 日的不低于1.5%；满7日至少于30日的不低于1%；满30日至少于6个月的不低于0.5%。 记者了解到，以往部分债基持有超过7 ...

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]