Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, encouraging fund companies to enhance the scale and proportion of equity funds while aligning with investor interests [1] Group 1: Industry Development - The action plan aims to foster a more professional and diversified asset management industry, with a focus on clear positioning of public fund products such as passive indices and actively managed equity funds [1] - Fund managers are encouraged to create a "specialized" product system that provides long-term value and research-added value, addressing the wealth management needs of the public [1][3] Group 2: Product Strategy - Fund managers should optimize product layouts in response to regulatory calls, exemplified by CICC Fund's launch of active equity and quantitative index fund products that align with national development strategies [2] - The industry is expected to shift towards products that are benchmarked, stable in style, and capable of generating excess returns, which will require new demands on research teams, investment frameworks, and risk management [2] Group 3: Investor Engagement - There is a strong emphasis on long-term and value investing within the public fund research culture, with a commitment to understanding customer needs and responding to the new requirements for high-quality development [3]

Core Viewpoint - The China Securities Regulatory Commission has launched an action plan to promote the high-quality development of public funds, encouraging fund companies to enhance the scale and proportion of equity funds while aligning with investor interests [1][2]. Group 1: Industry Development - The action plan aims to improve the public fund industry by emphasizing the importance of performance benchmarks in product design and portfolio management [1]. - The asset management industry in China is evolving towards professional specialization, with a focus on clear positioning of public fund products such as passive indices and actively managed equity funds [1][2]. - Fund managers are encouraged to create a product system that offers long-term value and research-added value, catering to the wealth management needs of the public [1][3]. Group 2: Product Strategy - Fund managers should optimize product layouts in response to regulatory guidance, launching a series of active equity and quantitative index fund products that align with national development strategies [2]. - The industry is expected to see a shift towards products that are benchmarked, stable in style, and capable of generating excess returns, which will require new demands on research and risk management [2]. - Emphasizing long-term and value investing, fund managers are urged to conduct market research to better understand customer needs and contribute to the high-quality development of the public fund industry [3].