Core Viewpoint - The article emphasizes the need for the public fund industry in China to enhance investor experience and satisfaction through the development of low-volatility and asset allocation products, as highlighted in the recent regulatory action plan by the China Securities Regulatory Commission [1][4]. Group 1: Current Challenges in the Fund Industry - The public fund industry faces a contradiction between rapid growth and poor investor experience, with many funds focusing on high-volatility strategies that ultimately lead to significant losses for investors [2][3]. - Since 2021, the CSI Equity Fund Index has experienced a maximum drawdown exceeding 40%, indicating the risks associated with high-volatility equity products [2]. - Investors are increasingly seeking stable returns and manageable volatility, as traditional fixed-income products fail to meet their wealth growth needs [3]. Group 2: Regulatory Response and Strategic Direction - The regulatory action plan aims to address investor demands for stable returns and better holding experiences, positioning "enhancing investor satisfaction" as a core measure of high-quality development [4]. - The plan includes increasing the creation of low-volatility products and asset allocation products as key initiatives to optimize product supply [4][6]. Group 3: Product Types and Market Potential - Low-volatility products include fixed income plus funds, convertible bond funds, and absolute return strategy funds, while asset allocation products encompass fund of funds (FOF), manager of managers (MOM), and target date funds [5][6]. - The market for low-volatility and asset allocation products is expected to recover, with FOF total scale surpassing 150 billion yuan by the end of Q1 2025 [5]. Group 4: Innovation and Development Strategies - To meet market demands, the industry must innovate in product design, utilizing artificial intelligence, introducing derivatives, and expanding cross-border asset allocation [1][11]. - Proposed innovations include AI-driven dynamic asset allocation strategies, quantitative fixed income products, and ESG-focused stable return products [12][13][14]. Group 5: Challenges in Product Creation - The industry faces challenges such as mismatched product design with market needs, severe product homogeneity, and insufficient research capabilities among fund companies [8][9]. - Investor education is crucial, as many investors lack understanding of the characteristics and risk-return profiles of low-volatility and asset allocation products, leading to poor investment decisions [10].

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which emphasizes enhancing the service capabilities of public funds to better meet the diverse needs of investors [1][2] - The action plan aims to optimize fund product supply, addressing the issue of product homogeneity in the expanding public fund market, and encourages fund companies to improve product design for better asset allocation [2][3] - The plan highlights the need for fund companies to shift focus from scale to returns, creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4] Group 2 - The action plan proposes the establishment of a direct sales service platform for institutional investors, providing centralized, standardized, and automated data interaction services, which is expected to lower costs and enhance service efficiency [4][5] - The plan encourages the development of innovative products tailored for personal pensions, addressing the current lack of low-volatility, long-term stable products in the market [3][4] - The action plan promotes the standardization of investment advisory services through the introduction of new regulations, which is anticipated to expand the market and enhance the quality of asset allocation services for investors [6][5] Group 3 - The action plan emphasizes the importance of financial technology in enhancing service capabilities, encouraging fund companies to leverage AI and big data to improve operational efficiency and customer service [5][6] - The initiative aims to foster a collaborative ecosystem among various financial institutions, enhancing the overall service model and promoting a more diversified fund advisory industry [6][5] - The expected outcome is a more professional and personalized investment advisory service for investors, leading to better long-term investment strategies and improved investor satisfaction [6][5]

Group 1 - The core concept of the article emphasizes the importance of foundational knowledge in investing, particularly in mutual funds, to facilitate easier entry into investment activities [2] - The article introduces pension target funds, which are specifically designed for retirement financial planning and are characterized by the inclusion of "pension target" in their names [3] - Pension target funds operate in a fund-of-funds (FOF) format, with over 80% of their assets invested in other funds, catering to retirement needs [3]

中国证监会印发《推动公募基金高质量发展行动方案》，支持各类基金产品协调发展。修订《公募基金 运作管理办法》，完善优化公募基金成立标准、存续条件及退出机制，进一步细化产品分类标准，有序 拓展公募基金投资范围和投资策略，提升公募基金运作灵活度。加大含权中低波动型产品、 资产配置 型产品创设力度，修订完善基金中基金（英文简称 FOF）、 养老目标基金等产品规则，适配不同风险 偏好投资者需求，促进权益投资、固定收益投资协调发展。 ...