Source: China Fund Daily

Li Shuchao, a reporter from China Fund News.

Recently, the State Council issued several opinions on strengthening supervision and preventing risks to promote the high-quality development of the capital market (hereinafter referred to as "some opinions"). The opinions promulgated this time are a total of nine parts, which is the third "National Nine articles" of the capital market. After the two "National Nine articles" in 2004 and 2014, the State Council issued the capital market guidance document again 10 years later.

Interviewed public offering institutions and people said that the new "National Nine articles" will further strengthen the supervision of securities fund institutions and promote the industry to return to its origin and become better and stronger.

From the perspective of public offering funds, the interviewed institutions and people believe that the new "National Nine articles" guides industry institutions to establish correct business concepts, insists on being guided by investor returns, and requires the vigorous development of equity public offering funds and the development of indexed investments. this will play a positive role in cultivating and improving the market ecology of long-term investment and further promoting the high-quality development of the capital market.

Emphasis on investor return-oriented

A number of public offering funds said that according to the spirit of "some opinions", fund companies should shift to investor return-oriented, effectively reduce investor costs and better solve the problem of "funds make money, investors do not make money".

Boshi Fund Macro Strategy Department believes that promoting the industry to return to its origin, establish a correct business philosophy, and properly handle the relationship between functionality and profitability is not only the key consideration of strengthening supervision, but also the concrete embodiment of grasping the political and popular nature of financial work. At the same time, to cultivate a good industry culture and investment culture, based on effective supervision, will help to reduce regulatory costs, enhance investors' trust in the asset management industry, and ultimately enhance the return of investors.

Haifutong Fund also said that public offering funds, as important institutional investors in China's capital market, should always focus on the interests of investors and put investors' sense of acquisition in the first place.

Wanjia funds also believe that fund companies should further optimize the service system, attach importance to the diversified and personalized needs of investors, establish a long-term communication mechanism, and actively respond to investors through a variety of channels and forms. In different market environments, we should continue to explore and optimize the investment mode, solve the pain points in the investment of the basic people, and do a good job of accompanying investors. Effectively improve investors' sense of achievement and satisfaction.

In addition, from the perspective of the rule of law, Hu Hao and Sun Kexin of Beijing Pacific Century Law firm believe that the introduction of the new "National Nine articles" means that the subjects of the capital market must further enhance their awareness of the rule of law, always maintain their concern and awe of laws and regulations, and firmly frame their own actions within the framework of the law "from beginning to end," greatly strengthening the effective protection of small and medium-sized investors.

Equity public offering products will usher in development opportunities

"several opinions" pointed out that great efforts should be made to develop equity public offering funds and greatly increase the proportion of equity funds. A number of public offerings believe that equity public offering products will usher in good opportunities for development.

Cathay Pacific Fund said that the new "National Nine articles" proposed to vigorously promote medium-and long-term funds to enter the market, vigorously develop equity public offering funds, equity public offering products are about to usher in the development opportunity. Under this guidance, public offering funds should actively give full play to the value discovery role of professional institutional investors and the function of finance to support the innovation and development of the real economy, grasp the needs of the market and investors in a timely manner, and continue to launch innovative products. guide medium-and long-term funds to enter the market and flow into national strategic industries, serve the national strategy of scientific and technological self-improvement, and promoteSlammer310500Contribution to the construction of China's modern industrial system.

Boshi Fund Macro Strategy Department also said that promoting the high-quality development of equity public offering funds is the primary starting point for "opinions" to promote medium-and long-term funds to enter the market and continue to grow long-term investment strength.

Haifutong Fund also said that as a public offering manager, we should focus on developing equity funds, increase product innovation, and promote the high-quality development of the public offering fund industry.

Specifically, on the one hand, public offering funds should give full play to the exemplary role of institutional investors, attach importance to equity funds and increase product innovation, and actively practice "reverse sales". In terms of products, we should further promote pension investment products and managers' reasonable profit-making products; on the other hand, actively promote value-based investment and focus on listed companies that really pay attention to shareholder returns, build a robust fund with sustainable dividends and moderate risk-return ratio, and enhance investors' holding experience by promoting value investment.

Indexed investment will usher in better development

It is also mentioned that a quick examination and approval channel for exchange-traded index funds (ETF) should be established to promote the development of indexed investment.

Wanjia Fund said that the State Council's move to "establish a rapid examination and approval channel for ETF and promote the development of indexed investment" can effectively promote the long-term, stable and healthy development of the capital market, and is an important measure to promote the high-quality development of the capital market.

The agency believes that by establishing a rapid approval channel for ETF, on the one hand, it can speed up the listing process of new products, enable the capital market to respond more quickly to market needs and changes, and improve market vitality and efficiency. On the other hand, it may also promote the innovation and launch of more ETF products to better meet the needs of investors for diversified investment vehicles.

Haifutong Fund also believes that public funds should continue to develop indexed investment, especially to accelerate the innovative development of ETF products to help medium-and long-term funds enter the market. The regulatory authorities have gradually reformed the registration conditions of index funds, relaxed the registration conditions of index funds, and improved the efficiency of index fund development. Indexed product investment will usher in better development opportunities, which is also in line with the investment needs of medium-and long-term funds.

Cathay Pacific Fund also stressed that the new "National Nine articles" proposes to promote the development of indexed investment, comprehensively strengthen the building of investment and research capacity of fund companies, and enrich the investable asset classes and investment portfolios of public offering funds. all these put forward higher requirements for the investment and research ability and product innovation services of asset management institutions. Public offering funds should always pay attention to the needs of the market and investors, focus on market changes, keep up with regulatory policies and market trends, constantly innovate products, improve the ability to invest in research, and lay a product and business foundation for the high-quality and sustainable development of the capital market.