北京辖区各公募基金管理人、基金销售机构、基金托管人、基金评价机构及相关行业机构： 中央金融工作会议为新时代金融发展指明方向，吹响了加快建设金融强国的奋进号角。《推动公募基金 高质量发展行动方案》作为资本市场"1+N"政策体系的重要组成部分，为行业深化改革、提质增效提供 了行动指南。为深入贯彻落实党中央决策部署和证监会工作要求，推动北京辖区公募基金业在新时代展 现新作为，现向全行业发出如下倡议： 二、践行金融为民，提升服务质效 牢固树立"以投资者为本"理念，加快从"重规模"向"重回报"转型。大力推进"平台式、一体化、多策 略"投研体系建设，夯实投研核心能力。严格落实费率改革要求，完善浮动管理费率产品布局，强化与 投资者利益绑定。加强投资者全程陪伴，健全长周期考核机制，切实提升投资者获得感。 三、加大权益投资，深化行业功能 全面提升权益投资能力，构建科学完善的权益资产配置体系。坚持长期投资、价值投资理念，加大权益 类基金产品布局与创新，重点发展符合国家战略导向的行业主题基金、指数基金等产品。充分发挥机构 投资者作用，积极参与上市公司治理，引导更多中长期资金入市。把握市场机遇，勇于逆周期布局，为 资本市场健康发展注 ...

一、胸怀"国之大者"，强化使命担当 坚持和加强党对金融工作的全面领导，深刻把握金融工作的政治性、人民性。各机构要主动融入国家发 展大局，将服务实体经济作为根本宗旨，把功能性摆在首要位置。聚焦科技金融、绿色金融、普惠金 融、养老金融、数字金融五篇大文章，优化资源配置，完善产品布局。加强行业协同配合，构建良性互 动、错位发展的市场格局，在服务国家战略中实现自身高质量发展。 二、践行金融为民，提升服务质效 牢固树立"以投资者为本"理念，加快从"重规模"向"重回报"转型。大力推进"平台式、一体化、多策 略"投研体系建设，夯实投研核心能力。严格落实费率改革要求，完善浮动管理费率产品布局，强化与 投资者利益绑定。加强投资者全程陪伴，健全长周期考核机制，切实提升投资者获得感。 北京辖区各公募基金管理人、基金销售机构、基金托管人、基金评价机构及相关行业机构： 中央金融工作会议为新时代金融发展指明方向，吹响了加快建设金融强国的奋进号角。《推动公募基金 高质量发展行动方案》作为资本市场"1+N"政策体系的重要组成部分，为行业深化改革、提质增效提供 了行动指南。为深入贯彻落实党中央决策部署和证监会工作要求，推动北京辖区公募基金业在 ...

Investment Rating - The report maintains a "Positive" outlook for the banking sector [7] Core Viewpoints - The net interest margin is expected to stabilize, supporting stable interest income performance. Loan growth is projected to decline slightly, while financial investments remain a key driver for asset expansion [2][13] - The report highlights a potential divergence in performance among different banking segments, with state-owned banks showing relative strength compared to city and rural commercial banks [3][4] Summary by Sections 1. Net Interest Margin Stabilization - The net interest margin is anticipated to remain stable, with interest income growth expected to improve slightly. The projected year-on-year growth rate for interest income in Q3 2025 is -0.8%, with a quarter-on-quarter increase of 0.5 percentage points [19][21] - Loan growth is expected to face downward pressure, with a slight decline in growth rate to 7.93% by the end of September 2025 [16][13] 2. Non-Interest Income Performance - There is an expected divergence in non-interest income performance, with state-owned banks likely to outperform. The projected year-on-year growth rate for non-interest income in Q3 2025 is 7.1%, despite a quarter-on-quarter decline of 3.7 percentage points [26][33] - The report notes a trend of deposit migration from general deposits to interbank deposits, benefiting state-owned banks due to their traditional custodial roles [24][22] 3. Asset Quality and Credit Costs - Asset quality is expected to remain stable, with a projected year-on-year decline in the growth rate of impairment losses by 1.2% in Q3 2025. The report anticipates a slight decrease in credit costs as banks manage their loan portfolios effectively [39][37] - The report indicates that the overall credit cost for listed banks is expected to show a downward trend, providing a positive contribution to profit performance [34][39] 4. Investment Recommendations - The report suggests focusing on two main investment lines: high-quality small and medium-sized banks and state-owned banks with solid fundamentals. Recommended stocks include Chongqing Rural Commercial Bank (601077, Buy), Nanjing Bank (601009, Buy), and Industrial and Commercial Bank of China (601398, Not Rated) [5][41][42]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Securities Company Classification Evaluation Regulations" to enhance the regulatory framework for the industry, emphasizing the importance of evaluating and guiding the development of securities companies towards high-quality growth [1][2]. Group 1: Regulatory Changes - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations," reflecting a shift from pure regulation to a combination of evaluation and regulation [1]. - The revised regulations aim to promote the functional capabilities of securities companies, guiding them to focus on high-quality development and addressing significant issues within the industry [2]. Group 2: Evaluation Framework - The evaluation framework has been adjusted to include "risk management capability, ongoing compliance status, business development, and functional performance," with a new special evaluation for functional performance organized by the Securities Association [2][3]. - The regulations encourage differentiated development and specialized operations for smaller institutions, expanding the scoring criteria for major business income from the top 20 to the top 30 [3]. Group 3: Investor Protection and Compliance - The regulations enhance comprehensive penalties to protect the rights of small investors, allowing for direct downgrading of evaluation results for companies with significant legal violations [4]. - The CSRC aims to utilize various regulatory measures, including self-regulation and administrative penalties, to effectively combat illegal activities in the securities market and ensure that evaluation results accurately reflect compliance and functional performance [4]. Group 4: Industry Impact - The revised regulations are expected to accelerate the differentiation of the industry landscape, shifting the focus of securities companies from scale expansion to improving operational efficiency [5]. - Companies with comprehensive strengths and balanced business layouts, as well as smaller firms with distinctive competitive advantages, are likely to benefit in the high-quality development environment of the industry [5].

Core Insights - The recent surge in public fund self-purchases reflects confidence in market prospects and investment capabilities, driven by policy guidance and market valuation recovery [1][2][3] - Over 130 public fund companies have initiated self-purchases totaling over 5 billion yuan, with equity funds, particularly stock and mixed funds, making up a significant portion [1][2] Policy Influence - The China Securities Regulatory Commission (CSRC) issued a plan on May 7 to encourage self-purchases of equity funds, enhancing the scoring criteria for long-term performance and self-purchase scale by 50% [1] Market Confidence - The A-share market has shown signs of recovery, with the Shanghai Composite Index experiencing a steady upward trend, leading fund institutions to express confidence in the long-term stability of the Chinese capital market [2] - Current valuation metrics indicate that China's stock market offers significant investment value compared to major mature markets, with the CSI 300 and Hang Seng Index trading at price-to-earnings ratios of 13.73 and 11.46, respectively [2] Industry Transformation - The self-purchase trend is seen as a necessary choice for industry transformation, aligning the interests of investors and fund managers, and injecting long-term stability into the capital market [3] - Self-purchases are expected to enhance fund companies' focus on research capabilities and long-term trust with investors, facilitating a shift from "valuation repair" to "value discovery" in the A-share market [3]