在产品体系建设中，我们始终锚定投资者需求与利益核心：一方面通过深度调研投资者风险偏好、投资 目标及持有期限，定制适配不同群体的产品；另一方面坚持长期性与持续性原则，力求为投资者提升长 期获得感。同时，持续丰富产品线以满足多样化需求，推动产品创新升级以提升核心竞争力，并强化使 命担当，充分对接国家战略、实体经济与社会发展需求，在履行社会责任中为投资者提供多元投资选择 与专业高效的资产管理服务。 2025年5月，《推动公募基金高质量发展行动方案》（以下简称《行动方案》）的印发，为行业从"规模 扩张"向"质量提升"转型划定了清晰路径。其中"大力提升公募基金权益投资规模与占比，促进行业功能 发挥"的要求，既是服务资本市场改革的战略部署，更是基金公司夯实核心竞争力的关键抓手。中信建 投基金立足自身优势，以丰富产品体系为突破点，持续强化权益类产品布局，切实践行高质量发展使 命。 在绿色金融方面，公司已布局低碳主题基金，投资绿色产业，并发行两只新能源行业公募REITs，助力 新能源基础设施建设。后续将继续开展对绿色金融相关产品的研究与创新，打造完善的绿色金融产品 线：如在可持续发展、绿色低碳等更多绿色投资细分领域探索创新产 ...

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 2025年是"十五五"规划开局之年，金融行业迎来深化供给侧结构性改革、服务中国式现代化的关键时 期。中信建投基金积极践行国有金融机构使命担当，全面布局科技金融、绿色金融、普惠金融、养老金 融、数字金融五大领域，以专业投资能力和创新金融服务助力经济高质量发展。 （一）立足新时代，把握发展新机遇 在北京证监局指导下，北京证券业协会近日携手四十余家公募基金管理人、销售机构、评价机构及主流 媒体，共同启动"北京公募基金高质量发展系列活动"。活动以"新时代·新基金·新价值"为主题，旨在贯 彻落实证监会《推动公募基金高质量发展行动方案》，推动行业转型升级，提升服务实体经济能力。 中信建投基金深刻认识到，推动高质量发展不仅是行业共识，更是服务国家战略、回应百姓期待的必然 使命。公司积极响应证监会《推动公募基金高质量发展行动方案》25条改革措施，全面推进从"重规 模"到"重回报"的经营理念转变，不断提升服务实体经济和国家战略的能力。 （二）全面布局"五篇大文章" （1）科技金融激活创新动能 投研团队深度覆盖人工智能、半导体、生物医药等硬科技领域，发行北交所主题基金 ...

Core Viewpoint - The public fund industry in China is entering a critical stage of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Understanding the Importance of High-Quality Development - Reform is necessary for the public fund industry, which has grown to manage over 30 trillion yuan and serve over 800 million investors, but still faces challenges in operational philosophy and governance [4]. - The industry must address issues arising from rapid growth, which hinder its development and service quality, necessitating reforms that focus on core business and diverse financial products [4][5]. - The action plan emphasizes a problem-oriented approach, aiming to align the industry's development with the interests of investors and enhance service quality [5]. Group 2: Creating a New Fund Ecosystem - The Beijing Securities Regulatory Bureau is guiding the industry to innovate and optimize its business structure to align with high-quality development requirements [6][7]. - Business innovation is being promoted, including the introduction of floating fee rate products and an increase in equity fund offerings, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [7]. - The industry is shifting towards an investor-centric service model, enhancing personal pension product offerings and improving investor engagement through digital transformation [8]. Group 3: Enhancing Service to the Real Economy - The public fund industry in Beijing is actively supporting national strategies, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [10]. - The industry is also promoting green development through ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [10]. - The development of REITs is being encouraged, with 3 new products launched in the first half of 2025, raising 3.803 billion yuan [10]. Group 4: Strengthening Investor Protection - The industry is prioritizing investor rights, with ongoing fee reforms leading to a savings of 7.2 billion yuan for investors in 2024 [12]. - Innovative investor education initiatives are being implemented to ensure that product risks align with investor risk tolerance [12]. - A robust complaint handling mechanism is being established to ensure efficient resolution of investor disputes [12]. Group 5: Risk Prevention and Control - The industry is enhancing its risk management capabilities through a comprehensive regulatory framework and proactive monitoring of operational risks [12]. - A zero-tolerance policy is in place for illegal activities, ensuring strict penalties for violations [12]. - Key risks such as governance, liquidity, and credit risks are being closely monitored to prevent systemic risks [12].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality, focusing on improving investment capabilities, optimizing customer experience, and increasing investor trust [1][3][4]. Group 1: Industry Development - The public fund industry has grown to manage over 30 trillion yuan, with more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3]. - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry [1][2]. - Beijing aims to create a "Beijing model" for high-quality public fund development, leveraging its financial resource advantages [2]. Group 2: Reform and Innovation - The action plan emphasizes the need for reforms to address issues such as the focus on scale over returns and to enhance investor satisfaction [4]. - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products [6][7]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds managing a total of 1.66 trillion yuan [6]. Group 3: Service Enhancement - The public fund industry is shifting towards an "investor-centered" service model, enhancing the supply of personal pension products and improving investor engagement [7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for retirement investment [7]. - The industry is also focusing on digital transformation to improve service efficiency and investor experience [7]. Group 4: Contribution to the Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8]. - As of the first half of 2025, there are 37 ESG-themed funds with a total scale of 24.809 billion yuan [8]. - The industry is also involved in the development of REITs, with 37 products issued, totaling 103.395 billion yuan [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive complaint handling mechanism has been established to ensure efficient resolution of investor disputes [10]. - The regulatory framework is being strengthened to enhance risk prevention and control, focusing on governance, liquidity, and credit risks [11].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Development and Reform - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry, emphasizing high-quality development [2]. - Beijing, as a national financial management center, is expected to leverage its financial resource advantages to create a "Beijing model" for high-quality public fund development [2][4]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. Group 2: Key Initiatives and Innovations - The action plan aims to address issues such as the focus on scale over returns and to enhance investor satisfaction through various policy measures [4]. - The Beijing Securities Regulatory Bureau is guiding local fund management institutions to innovate and optimize their business structures, including the introduction of floating fee rate products and the development of equity products [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, with a total scale of 41.5 billion yuan [6]. Group 3: Enhancing Investor Services - The industry is shifting towards an "investor-centered" service model, with an increase in personal pension product offerings and a focus on long-term investment education [6][7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for investors [6]. - The industry is also advancing digital transformation to improve service efficiency and enhance investor experience [7]. Group 4: Supporting National Strategies - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation board funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also promoting the development of ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [8]. - The issuance of REITs products has reached a cumulative scale of 103.395 billion yuan, supporting infrastructure development [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive regulatory framework is being established to enhance risk management, focusing on early identification and resolution of operational risks [10]. - The industry is committed to a "zero tolerance" policy for illegal activities, ensuring strict enforcement against violations [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2][3] Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new development stage for the industry [2] - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3] - The industry faces challenges in operational philosophy, functionality, and governance, necessitating reforms to better align with national strategies [3] Group 2: Reform Initiatives - The action plan aims to address market and social concerns, encouraging institutions to focus on core business, optimize supply, and enhance value creation capabilities [3][4] - Beijing is positioned to lead by example in high-quality development due to its concentration of financial resources and institutions [4] Group 3: Business Innovation - The industry is encouraged to innovate and optimize business structures, including the introduction of floating fee rate products and the development of equity products [5][6] - In the first half of 2025, 73 new equity fund products were launched, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [6] Group 4: Investor Services - The focus is on enhancing the service system centered around investors, including the introduction of personal pension products and a comprehensive investor support system [6][7] - Digital transformation is being promoted to improve service efficiency and enhance investor experience [7] Group 5: Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7] - Strengthening talent development and optimizing investment decision-making processes are key priorities [7] Group 6: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8][9] - The industry is also involved in urban modernization projects through REITs, with 37 REITs issued, amounting to 1.03995 trillion yuan [9] Group 7: Investor Protection and Risk Management - Investor protection is prioritized, with ongoing fee reforms leading to significant savings for investors, totaling 7.2 billion yuan in 2024 [10] - A comprehensive risk management framework is being established to enhance regulatory oversight and prevent systemic risks [10]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, with a focus on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Importance of High-Quality Development - The public fund industry has become a significant institutional investor in the capital market, managing over 30 trillion yuan and serving more than 800 million investors, playing a crucial role in supporting the real economy and maintaining financial stability [2][3]. - There is a pressing need for reform to address existing deficiencies in operational philosophy, functionality, and governance within the industry, aiming to better serve national strategies [2][3]. Group 2: Reform Initiatives - The action plan aims to address market and societal concerns by encouraging institutions to focus on their core business, optimize supply, and enhance value creation capabilities [2][3]. - The plan emphasizes the importance of aligning the interests of fund managers with those of investors, reducing costs, and improving services to strengthen the industry's commitment to the public [3]. Group 3: Business Innovation and Service Optimization - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [4]. - There is a focus on enhancing the investor service system, including the introduction of personal pension products and a comprehensive investor support mechanism [4][5]. Group 4: Enhancing Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and a team-based investment decision-making process [5]. - Strengthening talent development and creating a robust talent management system is also a priority to cultivate skilled investment management professionals [5]. Group 5: Contribution to the Real Economy - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [6]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [6][7]. Group 6: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan in 2024, and enhancing investor education to ensure product risk levels match investor capabilities [8]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the prevention of systemic risks [9].

Core Viewpoint - The Beijing Stock Exchange (BSE) has established itself as a key platform for serving innovative small and medium-sized enterprises (SMEs) over the past four years, demonstrating significant improvements in functionality, market quality, and investor structure [1][2][5]. Functionality Enhancement - The BSE has effectively supported the development of specialized and innovative SMEs, contributing to the innovation of the real economy through successful IPOs and refinancing [2][3]. - The exchange has nurtured high-quality enterprises in sectors such as specialized equipment, high-end manufacturing, and medical services, thereby promoting economic transformation and high-quality development [2][3]. Market Complementarity - The establishment of the BSE has filled gaps between the main board, STAR Market, ChiNext, and the New Third Board, providing multi-tiered financing support for various types of enterprises [3]. - The BSE has optimized the market ecosystem and enhanced market vitality, becoming a core platform for serving innovative SMEs [3][5]. Growth and Expansion - The number of listed companies on the BSE has reached 274, with a total market capitalization exceeding 900 billion, and nearly 80% of these companies are SMEs [3][4]. - The BSE has seen a significant increase in market liquidity, with daily trading volumes rising substantially, attracting leading companies from niche sectors [4][6]. Investor Structure Improvement - The investor base has expanded significantly, with over 9 million qualified investors now participating, including a growing proportion of long-term funds such as social security and insurance funds [7][8]. - The BSE has transitioned from a predominantly retail investor base to a more professional one, with institutional investors playing a leading role [6][7]. Performance of Themed Funds - The average net asset value growth rate of BSE-themed funds has reached nearly 60% this year, with some funds achieving over 123% growth [9][10]. - The strong performance of these funds is attributed to policy support, market confidence recovery, and a focus on high-growth sectors [10][11]. Future Outlook - The BSE is entering a "dual-index" era with the launch of the North Certificate 50 Index and the North Certificate Specialized and Innovative Index, which is expected to enhance market liquidity and provide new investment opportunities [15][16]. - Continuous improvements in market structure and investor education are essential for the BSE to maintain its growth trajectory and attract high-quality enterprises [19].

Core Viewpoint - The Beijing Stock Exchange (BSE) has become a crucial force in supporting the development of new productivity over its four years of establishment, serving as a primary platform for innovative small and medium-sized enterprises (SMEs) [3][5]. Group 1: Achievements in Supporting Innovative SMEs - The BSE has successfully nurtured high-quality "specialized, refined, unique, and innovative" enterprises across various sectors, significantly contributing to the innovation and development of the real economy [5][6]. - The number of listed companies on the BSE has reached 274, with a total market capitalization exceeding 900 billion, and nearly 80% of these companies are SMEs [6][7]. - The BSE has filled the gaps between other major boards, providing multi-tiered capital market financing support for enterprises at different stages and with varying financing needs [5][6]. Group 2: Market Liquidity and Investor Structure - The average daily trading volume on the BSE has significantly increased, with daily turnover reaching nearly 30 billion in the first eight months of the year, far exceeding the previous year's average of less than 10 billion [10][7]. - The investor base has expanded, with over 9 million qualified investors now participating, including a growing proportion of institutional investors such as social security funds and insurance capital [10][11]. - The BSE has transitioned to a diversified investor group, with institutional investors leading and professional individual investors actively participating [11][10]. Group 3: Performance of Themed Funds - The average net value growth rate of BSE-themed funds has approached 60% this year, with some funds achieving over 123% growth [13][15]. - The strong performance of these funds is attributed to ongoing policy support, market confidence recovery, and a rise in risk appetite [18][19]. - Thematic funds have benefited from the valuation recovery of listed companies and their performance growth, indicating a favorable investment environment [19][18]. Group 4: Future Development and Challenges - The BSE is entering a "dual-index" era with the launch of the North Certificate Specialized and New Index alongside the North Certificate 50 Index, enhancing investment tools and opportunities [25][24]. - Despite significant progress, challenges remain, including the need for improved institutional frameworks, investor education, and the introduction of more high-quality enterprises to sustain growth [29][30]. - The BSE aims to enhance its attractiveness and service capabilities by optimizing listing mechanisms and increasing the participation of long-term funds [30][29].

Group 1: A-Share Market Activity - A-share market has seen increased trading activity, with a total daily turnover of 25,884 billion yuan, marking the sixth highest single-day turnover in history [3] - New account openings in August have increased significantly, primarily among younger investors from the 80s, 90s, and 00s generations [1][3] - Public funds have shown strong performance, with over 130 funds achieving returns exceeding 100% in the past year, particularly in themes like Hong Kong securities and innovative pharmaceuticals [1][3] Group 2: Gold and Jewelry Industry - Gold industry companies have reported strong performance due to high gold prices, with the upcoming "Qixi" festival expected to boost traditional consumption [2] - Various brands are launching promotional activities, with some prices returning to the "80" range [2] Group 3: PCB Industry - The PCB industry is experiencing rapid growth driven by AI demand, leading to increased revenues and profits for related companies [4] - Supply shortages in upstream materials like copper foil and fiberglass are causing price increases in the PCB sector, with expectations of continued price support until the end of Q4 [4] Group 4: Solar Industry Regulation - A meeting was held to regulate the solar industry, focusing on investment management, curbing low-price competition, ensuring product quality, and supporting industry self-regulation [5] Group 5: Smart Glasses Market - The smart glasses market is projected to see a retail volume of 468,000 units in the first half of 2025, reflecting a 148% year-on-year growth [9] - The growth is attributed to continuous product innovation and strong demand from younger consumers [9] Group 6: Coking Industry - Coking plants in Shandong and Hebei have initiated the seventh round of price increases for coke, with prices rising by 50 to 75 yuan per ton [9] - Since July, the price of coking coal has been on the rise, indicating a recovery in the coal market after reaching a five-year low [9] Group 7: Social Security Fund Investments - As of June 30, the social security fund was a top ten shareholder in 89 stocks, with a total market value of 25.342 billion yuan [7] - The fund's investments are concentrated in the basic chemical industry, followed by pharmaceuticals, electronics, and power equipment [7] Group 8: Fiscal Revenue Data - In July, the national public budget revenue reached 20,273 billion yuan, marking a year-on-year increase of 2.6%, the highest monthly growth this year [8] - The securities transaction stamp duty for July was 151 billion yuan, a 125% increase compared to the same month last year [8]