Core Viewpoint - The article emphasizes the commitment of Pengyang Fund to high-quality development in the public fund industry, aligning with the principles outlined by General Secretary Xi Jinping regarding the cultivation of a distinctive Chinese financial culture. Group 1: Integrity and Trust - Pengyang Fund regards "integrity and trust" as its lifeline, implementing measures such as signing the "Industry Culture Self-Discipline Commitment," enhancing employee ethics training, and establishing a corporate culture assessment mechanism to promote integrity as a collective action [2]. - The company ensures the authenticity and completeness of information disclosure processes, safeguarding investor rights by preventing false statements [2]. Group 2: Customer-Centric Approach - The company prioritizes customer interests, opposing profit-driven motives, and offers tailored products and services based on investors' risk preferences and goals [3]. - Pengyang Fund actively fulfills social responsibilities, contributing to pandemic relief, poverty alleviation, and educational support, while also engaging in community financial literacy initiatives [3]. Group 3: Risk Management - The company adopts a "professional and prudent" operational philosophy, establishing a rigorous risk management and investment research system [4]. - Pengyang Fund focuses on long-term value in equity investments and adheres to a high-grade credit bond strategy in fixed income investments, maintaining a record of "zero defaults" since its inception [4]. Group 4: Innovation and Economic Support - The company aligns product innovation with the needs of the real economy, engaging in various financial sectors such as technology finance, green finance, and inclusive finance [5]. - Pengyang Fund has developed an ESG investment system and launched products aimed at supporting energy transition and retirement planning, thereby driving development through innovation [5]. Group 5: Compliance and Governance - The company views compliance as essential for survival, establishing comprehensive institutional processes and assessment mechanisms across all business lines [6]. - Pengyang Fund promotes a "zero tolerance" attitude towards violations and actively cooperates with industry supervision to maintain governance and uphold market trust [6].

上周市场整体上行。截止周五收盘，沪指收于3870.60点，周涨1.52%；科创50收于1338.02点，周涨 5.48%。 | 中信板块方面：房地产、电子、农林牧渔涨幅居前；银行、综合金融、医药跌幅居前。 | | --- | | 品类 | 12.00 | 估值水平 | 周涨跌幅 | 近一季度 | 下来 | | --- | --- | --- | --- | --- | --- | | | | (PE TTM) | | 涨跌幅 | | | 科创50 | | 184 15 | 5. 48% | 37. 52% | 35. 30% | | 中证500 | | 34. 27 | 3. 38% | 24. 52% | 24. 84% | | 科创创业50 | | 59. 85 | 3. 33% | 59. 46% | 49. 82% | | 深止成指 | | 30. 68 | 2.65% | 27.68% | 24. 10% | | A股主要 | 中计1000 | 47. 28 | 2. 45% | 21. 57% | 24. 59% | | 证券指数 | 创业板指 | 42. 93 | 2. 10% | 47.78% ...

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 公募基金费率改革又迎来重磅里程碑事件。日前证监会发布《公开募集证券投资基金销售费用管理规定 （征求意见稿）》，并向全社会公开征求意见。这也意味着公募基金按照"基金管理人—证券公司—基 金销售机构"分阶段推进费率改革进入"收官之战"。 在汇安基金看来，此次销售费用改革影响深远，意义不仅仅在于多维度降费让利，更关键在于正本清 源，切实以投资者利益为核心，回归"受人之托、代客理财"本源，引导行业商业模式的重构、投资行为 的变革、服务能力的升级与行业生态的优化，真正从规模导向转向客户导向。同时，费率改革收官并不 意味着资管服务的结束，公募基金高质量发展征程仍在路上。 对于基金公司而言，需要从根本上转变思想提高认知、推动组织内部改革，调整业务发力点和部门工作 流程，切实地将客户利益与公司及行业高质量发展有机结合，形成正向且可持续的"投资者获益、机构 稳健经营、市场健康运行"良性循环，由个体改善辐射到行业共赢，与各方合力书写高质量发展全新答 卷。 汇安基金分析认为，本次销售费率规定有六大亮点值得关注。首先，此次新规核心要点之一在于"降费 让利"。股票型、混合型 ...

Core Viewpoint - The article discusses the high-quality development of public funds in Beijing, emphasizing the new era, new funds, and new values in the investment landscape [1] Group 1: Industry Insights - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

Group 1 - The core viewpoint emphasizes the importance of public funds adhering to political and people-oriented financial work while enhancing investment and risk management capabilities to create substantial long-term returns for investors [1] - The company is committed to serving the real economy, improving the quality and efficiency of financial services, and focusing on major national strategic needs [1][2] - The company aims to strengthen investment research and management capabilities while ensuring investor long-term returns through a core philosophy of fiduciary responsibility [1] Group 2 - In the field of technology finance, the company has developed a big data-based intelligent investment research and risk control platform to enhance decision-making and risk management efficiency [2] - The company has established an ESG investment research system to incorporate environmental risks and corporate governance into investment decision-making [2] - The company has launched smart beta index strategy products to identify high-quality investment opportunities aligned with the green transition [2] Group 3 - In the area of pension finance, the company has developed pension fund of funds (FOF) products and organized educational initiatives to enhance pension investment awareness [3] - The company is focusing on the silver economy by investing in the domestic innovative pharmaceutical industry and has two products included in the personal pension product catalog [3] - The company emphasizes investor protection and long-term asset allocation to enhance the experience of pension investors [3] Group 4 - In the realm of inclusive finance, the company has created a diverse fixed-income product line to connect government bonds with residents, promoting inclusive financial services [3] - The company actively conducts online and offline educational activities to improve investor knowledge and satisfaction [3] - The company supports rural revitalization strategies through initiatives like educational donations in revolutionary areas [3] Group 5 - In digital finance, the company leads investment opportunities through technological innovation and has launched the first domestic digital economy-themed ETF product [3] - The company is promoting digital transformation across its governance and operations to enhance service quality [3] - The company plans to focus on long-term strategic perspectives and comprehensive planning for high-quality development [4]

Group 1: Core Insights - The article emphasizes the importance of high-quality development in the public fund industry, particularly in addressing the urgent challenges of pension finance as highlighted by the Central Financial Work Conference [1][2] - The focus on "pension finance" indicates a strategic direction for public funds to align with the needs of the aging population and to enhance the pension security system [1][3] Group 2: Financial Functions in Pension Investment - The article outlines two main financial functions necessary for addressing aging challenges: the cross-period allocation of funds to preserve and increase value, and the financing support for the pension industry through various financial institutions [2][3] - It highlights that the public fund industry in China has developed a robust ecosystem over 20 years, becoming a key player in managing pension investments, with 嘉实基金 being a significant contributor [3] Group 3: Engagement with Younger Generations - The introduction of the personal pension system in November 2022 marks the beginning of a new era in pension investment, particularly among younger individuals who are increasingly recognizing the importance of retirement savings [4] - 嘉实基金 has launched various educational initiatives to raise awareness about pension planning among young investors, utilizing multiple platforms to provide comprehensive information on pension systems and investment strategies [4][5] Group 4: Future Outlook - 嘉实基金 aims to continue its commitment to product innovation and research to meet the diverse pension asset allocation needs of different customer groups, focusing on long-term and stable pension investment services [5]

责任编辑：石秀珍 SF183 作为公募基金行业高质量发展的生动实践，"正钱方" 迷宫展蕴含着深刻的行业期待与金融守护初 心。"正" 代表正直合规，呼应反洗钱工作 "打击非法资金流动" 的目标；"钱"谐音"前"， 既指代金融资 产，也象征行业积极向前的发展方向；"方" 则寓意方法与规则，强调了规范获得财富方法的重要性。 这三个维度共同构成公募基金行业高质量发展的核心要素，通过展览形式转化为公众可感知的价值理 念。 展台创新融合沉浸式剧情闯关、智能交互体验和趣味小游戏，实现了三重价值转化：将法律条文转化为 沉浸体验，让技术创新服务于合规教育，使展会流量沉淀为普惠投教资源，为观众提供了可感知、可操 作、易记忆的知识和体验。这种"合规 +科技 + 民生"的三位一体模式，不仅成为工银瑞信践行金融 "五 篇大文章" 中数字金融与普惠金融的鲜活注脚， 更通过服贸会国际化平台，向全球展示中国公募基金行业在高质量发展进程中的探索实践。 MACD金叉信号形成，这些股涨势不错！ 专题：北京公募基金高质量发展系列活动启动 新时代、新基金、新价值 2025年9月10日至14日，第十二届中国国际服务贸易交易会在北京盛大启幕，作为全球服务 ...

Core Viewpoint - The recent public fund fee reform aims to lower investors' overall costs and promote a shift from scale-driven to value-driven approaches in the industry, encouraging long-term investment and benefiting both investors and the industry [1][3]. Group 1: Fee Reduction Measures - The new regulations lower the maximum subscription fees for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, while also encouraging sales institutions to offer further discounts [2]. - The sales service fee rates for equity funds, mixed funds, index funds, bond funds, and money market funds have been reduced to 0.4% per year, 0.2% per year, and 0.15% per year respectively [2]. - The overall fee reduction is estimated to save investors approximately 30 billion yuan, representing a 34% decrease based on average data from the past three years [2]. Group 2: Long-term Investment Encouragement - The regulations simplify the redemption fee structure and eliminate sales service fees for fund shares held for over one year, promoting long-term investment and reducing transaction costs for investors [4][5]. - The reform aims to shift investor behavior from short-term trading to long-term holding, enhancing the investment experience and returns [4][5]. Group 3: Industry Transformation - This fee reform is the third phase of a broader initiative to transform the public fund industry from a focus on scale to one centered on investor returns, addressing long-standing issues in the industry [3][6]. - The regulations are expected to reshape the industry value chain, encouraging sales institutions to prioritize investor interests and improve service capabilities [6][7]. - The shift towards a performance-driven model will enhance investor protection and improve overall investment experiences, while larger firms may benefit from economies of scale during this transition [7][8].

在聊行情之前，先来说说市场迎来的几大利好。 一是公募基金降费改革第三阶段落地。 9月5日，证监会发布修订后的《公开募集证券投资基金销售费用管理规定》，并向社会公开征求意 见。其中提到，合理调降公募基金认购费、申购费、销售服务费率水平。这意味着，公募基金行业第三 阶段费率改革落地，费率改革顺利收官。 据媒体报道，以近三年平均数据测算，第三阶段费率改革将每年为投资者让利约300亿元。三个阶 段累计每年将向投资者让利超500亿元。 明天，新一周的行情将开启，大盘还会再接再厉吗？当前哪些板块值得关注？今天，牛博士和达哥 就大家关心的问题展开讨论。 道达：确实，周五的大反攻太振奋人心了。在周四市场大幅调整的时候，有一些投资者发出了"牛 还在吗"的疑问，但这种声音在周五就销声匿迹了。 创业板指数在大跌超4%后第二天实现"反包"，是近十年来的首次，让达哥这个老股民也看呆了。 周四，市场情绪一片低迷，然而周五迎来了大反攻。创业板指数不仅实现了阳包阴，而且几乎收出 本轮行情以来的最高收盘点位；上证指数、国证2000指数、深证成指、沪深300指数、中证500指数均收 复了周四的失地。 牛博士：你好，达哥，又到我们聊行情的时间。本 ...

Group 1 - The core theme of the event is to promote high-quality development of public funds in Beijing, aligning with national financial management goals and enhancing the city's role as a financial center [1][2] - The initiative emphasizes the importance of developing new productive forces through innovation, as highlighted by Xi Jinping, and aims to integrate long-term capital with the development of new productive forces [1][2] Group 2 - Public funds are seen as crucial institutional investors in the capital market, playing a significant role in economic reform and high-quality development [3][4] - The action plan encourages public funds to invest in emerging technologies such as artificial intelligence and big data, facilitating a positive cycle between technology, industry, and finance [2][4] Group 3 - Public funds should enhance their adaptability to support the development of new productive forces, acting as stabilizers in the capital market [4][5] - The focus is on direct investments in sectors aligned with national strategies, ensuring that financial resources flow to key industries and innovative companies [4][6] Group 4 - The action plan stresses the need for long-term capital to support strategic emerging industries, which often require substantial investment and have longer return cycles [6][7] - Historical context shows that every technological revolution has relied on capital participation to transform innovations into productive forces [6][11] Group 5 - The importance of an investor-centric approach is highlighted, aiming to balance the previous focus on financing with tangible benefits for investors [7][8] - Public funds are encouraged to issue technology-themed products to channel social funds into strategic emerging industries effectively [7][10] Group 6 - 华夏基金 (Huaxia Fund) is actively enhancing its talent base to support the development of new productive forces, focusing on identifying high-potential technology companies [8][9] - The fund is committed to long-term and value investment principles, adjusting performance metrics to prioritize long-term results over short-term gains [9][10] Group 7 - Huaxia Fund is expanding its product offerings related to new productive forces, including thematic funds and ETFs, to attract investment in key technology sectors [10][11] - The fund has already allocated over 200 billion yuan to investments in technology companies, emphasizing the need for long-term capital in high-risk, high-reward sectors [11]