金融工作的人民性，本质在于以增进人民福祉、推进共同富裕为出发点，将提升投资者获得感作为核心 目标。公募基金所募集的资金来源于广大投资者的托付，服务人民是其天然属性与根本宗旨。 从市场实践看，行业正经历从"重规模"向"重回报"的深刻转型。2025年5月发布的《推动公募基金高质 量发展行动方案》明确提出"坚持以投资者为本"，要求公募基金"实现从重规模向重投资者回报转型"。 2025年9月，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）》，标志着公募费 率改革第三阶段销售费率改革落地，据测算每年可为投资者节省约300亿元。近日，《基金管理公司绩 效考核管理指引（征求意见稿）》下发，强调基金管理公司应当全面建立以基金投资收益为核心的绩效 考核体系，涵盖基金产品业绩、投资者盈亏情况等基金投资收益指标，将基金管理人切身利益与投资者 实际回报深度绑定。 这些改革举措背后，是对公募基金人民性本质的深刻认知——资产管理行业的价值创造必须体现为投资 者实际收益的增长，公募基金应始终"牢固树立以投资者最佳利益为核心的经营理念"。 践行人民性需紧扣服务新质生产力的时代命题 □ 富国基金 党的二十届四中全会指出，"十五 ...

Report Industry Investment Rating Not provided in the given content Core View On October 27, 2025, at the Financial Street Forum Annual Conference, the CSRC Chairman Wu Qing's speech centered on the "Three Arrows" framework, elaborating on the in - depth direction and practical path of capital market reform. These policies are a continuous deepening of the "12 Key Tasks for Comprehensive Deepening of Capital Market Reform", aiming at serving the real economy, activating market vitality, and筑牢ing risk bottom - lines. Through institutional innovation, ecological optimization, and stability mechanism construction, they drive the strategic transformation of the capital market from "scale expansion" to "quality improvement", providing clear policy guidance for the development of new - quality productivity and the entry of long - term funds [1]. Summary by Related Catalogs 1. Institutional Upgrade: Consolidating the Market Foundation with "Precise Adaptation + Strict Supervision" - **Deepening Sector Reform**: Policy may promote the deep adaptation of sector systems to industrial development. For the Sci - tech Innovation Board, it may break through the traditional listing standard's reliance on profit indicators and set up a diversified listing indicator system. For the Beijing Stock Exchange, it may optimize the connection with the New Third Board, simplify the transfer process, and form a full - chain service system [2]. - **Strengthening Investor Protection**: 23 practical measures will be released to form a full - chain protection mechanism of "pre - event prevention, in - event supervision, and post - event relief". This includes requirements for real, accurate, and complete information disclosure, cracking down on illegal activities, and improving relief measures for small and medium - sized investors [3]. 2. Opening - up and Ecosystem Construction: Activating Market Vitality with "Two - way Opening + Long - term Fund Cultivation" - **Deepening Institutional Opening - up**: The "Qualified Overseas Investor System Optimization Plan" is launched. It optimizes the access process, investment scope, and operation convenience, aiming to create a "convenient channel" for cross - border capital flow [6]. - **Cultivating Long - term Funds**: Policy promotes the transformation of public fund managers from "scale - oriented" to "performance - oriented", encourages the launch of long - term investment products, implements long - cycle assessment for basic endowment insurance funds and annuity funds, and promotes the expansion of the proportion of equity - type asset allocation for insurance funds and enterprise annuities [6]. 3. Market Stability Mechanism: Guarding the Safety Bottom - line with "Risk Prevention + Interconnectivity" - **Improving Cross - market Risk Monitoring**: A risk monitoring and early - warning mechanism is established, including a multi - market risk monitoring platform and strengthened cross - departmental coordinated supervision to prevent the spread of local risks to systemic risks [7]. - **Optimizing Interconnectivity Mechanisms**: The optimization of interconnectivity mechanisms such as the Shanghai - Hong Kong Stock Connect and Bond Connect is a key measure. It may expand the scope of underlying assets, optimize trading mechanisms, and improve risk management, promoting the two - way flow of funds between the mainland and Hong Kong markets and enhancing the international allocation value of the Chinese capital market [8]. 4. Investment Suggestion The current reform framework is driven by "marketization + legalization". From the marketization dimension, it respects market laws and stimulates market vitality. From the legalization dimension, it highlights the concept of "governing the market by law". These policies mark that the Chinese capital market reform has entered a new stage of "systematic promotion", aiming to transform the market from "scale expansion" to "quality improvement" [9].

Core Insights - The event series "High-Quality Development of Public Funds" in Beijing aims to connect the industry with the public, promoting the theme of "New Era, New Funds, New Value" [1] Group 1: Online Initiatives - A dedicated webpage titled "NewEraNewFundsNewValue" was launched, aggregating authoritative content from over 40 institutions, including investment logic analysis and long-term investment insights from fund managers [2] - The webpage attracted over 5 million user views within a month, indicating strong public interest [2] - A user discussion activity on public fund reforms involved 60 experienced investors discussing topics such as long-term investment strategies and digital transformation, generating high-quality content with over 10,000 reads [2] Group 2: Offline Education Efforts - On October 15, a campus event at Central University of Finance and Economics featured expert sharing and interactive Q&A sessions, focusing on themes like technology-driven investment [3] - The event utilized case studies and visual aids to help students understand concepts like cost averaging and risk diversification [3] - The approach of combining online outreach with offline education aims to create a new path for investor education, closely aligned with user needs and real-world scenarios [3]

Group 1 - The core viewpoint of the article emphasizes the importance of transforming the public fund industry from focusing on scale to prioritizing investor returns, as outlined in the "Action Plan" issued by the China Securities Regulatory Commission [1][11] - The "Action Plan" aims to enhance the role of public funds in serving the real economy, optimizing resource allocation, and meeting residents' wealth management needs, contributing to sustainable and healthy industry development [1][11] - Companies are encouraged to strengthen their core investment research capabilities and align their services with long-term value creation and national strategic directions [2][11] Group 2 - The company has established a "1+3+5" decision-making system to enhance investment research performance, breaking traditional departmental barriers and fostering collaboration across various asset classes [3] - A comprehensive strategy management system has been developed, integrating asset allocation, style, and trading strategies to better meet diverse investor needs [3][4] - The company has implemented a clear growth path for investment professionals, promoting a culture of teamwork and knowledge transfer among fund managers [4] Group 3 - The company has proactively developed equity products in response to the "Action Plan," focusing on low-volatility and asset allocation products to support inclusive finance [5][6] - A robust product matrix has been created to cater to different risk preferences and life cycles, allowing investors to capitalize on market opportunities [6][7] - The company has accelerated its investment in technology-focused funds, providing investors with access to high-growth sectors and comprehensive research on the technology industry [6][7] Group 4 - The company emphasizes the importance of long-term performance in its evaluation mechanisms, shifting focus from short-term fluctuations to sustainable returns for investors [4][8] - A significant portion of the company's products has been designed to align with investor interests, including floating fee rate products that enhance investor satisfaction [8] - The company has established a risk management framework that adheres to national policies, ensuring a balanced approach to risk and return [9] Group 5 - The company has prioritized investor education and support, creating a comprehensive investment education platform and innovative advisory solutions tailored to client needs [10] - The company aims to enhance the quality of investor engagement through various educational initiatives and personalized investment strategies [10] - The commitment to long-term value and sustainable development is reflected in the company's operational strategies and product offerings [11]

Group 1: Core Perspectives - The China Securities Regulatory Commission issued the "Action Plan for Promoting High-Quality Development of Public Funds" to shift the industry focus from "scale" to "investor returns," enhancing the role of public funds in serving the real economy and optimizing resource allocation [1] - Companies in the public fund sector are tasked with anchoring long-term value and building core competitiveness to meet investor demands and align with national strategic directions [1][3] Group 2: Investment Research and Development - The "Action Plan" emphasizes the need to strengthen core investment research capabilities, particularly during the industry's transitional phase, to meet long-term demands for public fund services [3][4] - 建信基金 has restructured its investment research system, establishing a "1+3+5" decision-making framework to enhance asset allocation and investment performance assessment [4][5] Group 3: Team Capability and Performance - 建信基金 has accelerated the development of a "platform-based, integrated, multi-strategy" system, providing clear career paths for research personnel and fostering a collaborative environment among experienced and new fund managers [5][10] - The company has shifted its performance evaluation focus towards long-term results, increasing the weight of medium to long-term performance metrics and incorporating investor experience indicators [5][11] Group 4: Product Development and Market Positioning - The "Action Plan" calls for increasing the scale and proportion of equity investments in public funds, promoting the development of various fund products [7][8] - 建信基金 has proactively developed technology-focused funds and diversified its product offerings to cater to different investor risk preferences and lifecycle stages [8][9] Group 5: Investor-Centric Approach - The "Action Plan" highlights the importance of enhancing investor service levels and ensuring a strong alignment of interests between fund companies and investors [11][13] - 建信基金 has committed to sustainable long-term performance and comprehensive risk management, achieving significant returns for its investors, with a reported 97% of clients experiencing positive returns in 2024 [11][12]

Core Viewpoint - The article emphasizes the importance of transforming the public fund industry from focusing on scale to prioritizing investor returns, aligning with national strategic directions and enhancing the role of public funds in supporting the real economy and wealth management needs of residents [1][9]. Investment Research and Development - The company is committed to enhancing its core investment research capabilities, focusing on long-term value creation through professional asset allocation and counter-cyclical strategies, as outlined in the regulatory action plan [1][2]. - A new decision-making framework, "1+3+5," has been established to improve investment research efficiency, integrating various asset classes and strategies to enhance collaborative efforts [2]. - The investment team is categorized by distinct styles and strategies, ensuring alignment between personnel, strategies, and products to meet diverse investor needs [2]. Performance Assessment - The company has shifted its performance evaluation focus towards long-term results, emphasizing three-year performance metrics and incorporating investor experience indicators to enhance the alignment of interests with investors [3]. - The introduction of floating fee rate products aims to strengthen the connection between the company and its investors, enhancing their overall experience [6]. Strategic Positioning - The company is actively expanding its equity investment offerings, particularly in sectors aligned with new production capabilities, to create value for clients during market fluctuations [4][5]. - A comprehensive product matrix has been developed to cater to various risk preferences and life cycles, ensuring timely investment opportunities for clients [4]. Investor-Centric Approach - The company prioritizes investor service and risk management, implementing a robust risk control framework and enhancing investor education initiatives to improve overall investor experience [7][8]. - The company has achieved significant milestones, including serving 92.9 million individual and institutional investors and distributing a total of 169 billion yuan in dividends to investors [6]. Commitment to Sustainable Development - The company remains dedicated to long-termism and sustainable development, aligning its operations with the regulatory action plan to enhance the public fund industry's quality and stability [9].