[Public Offering Operation Measures Revised for the First Time in 12 Years to Promote Improvement of Product Structure and Attract More Medium and Long-term Capital into the Market] In order to implement the "Action Plan for Promoting the High-Quality Development of Public Offering Funds", standardize the investment operations of public offering funds, support the development of equity funds, and improve the operational flexibility of public offering funds, the China Securities Regulatory Commission revised the Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment) (hereinafter referred to as the "Operation Measures") for the first time in 12 years. Specifically, the main contents of this revision of the rules are: First, adhere to a problem orientation, improve the regulatory requirements for fund investment operations, and consolidate the responsibilities of fund managers, including requiring fund managers to strengthen the countercyclical layout management of fund products, requiring industry theme funds to clearly define the investment direction indicated by the fund name, etc. The second is to support the development of equity funds, improve the investment and operation arrangements of equity funds, provide space for product innovation, and help introduce more medium and long-term funds, involving regulations such as lowering the threshold for the establishment of equity funds and optimizing the regulatory requirements for index funds. The third is to optimize some regulatory indicators and mechanisms and improve the flexibility of fund operations, including adjustments to the liquidation conditions of "mini funds". The "Operation Measures" set a one-year transition period. If the original fund contract does not comply with the supporting rules, the fund manager and fund custodian are allowed to modify the fund contract and make an announcement after consensus in accordance with the fund contract during the transition period. (Reporter Zhou Xiaoya)