[FOF investable ETF connection, the proportion of non-FOF funds investing in other funds is raised to 30%] On October 9, the China Securities Regulatory Commission today released the "Operation and Management Measures for Publicly Offered Securities Investment Funds (Draft for Comment)". A number of measures have been taken to support the development of equity funds and optimize product supply. In addition to reducing the size of funds of funds (FOF) from 200 million yuan and 200 million shares to 50 million yuan and 50 million shares, the "Operation Measures" draft also mentioned that FOF is allowed to invest in ETF feeder funds to better utilize the asset allocation function of FOF; in addition, In addition, the upper limit for the proportion of non-FOF funds investing in other funds has been increased from 10% to 30%, supporting "fixed income +" and other equity-containing medium and low-volatility products to achieve more value-added through funds such as stock ETFs; it has also been clarified that fund investments in REITs will be managed according to securities investments. According to industry insiders, these arrangements will help broaden the investment tools and strategic space of public funds, enhance product asset allocation capabilities, and better meet the diverse needs of pensions, insurance funds, and residents’ long-term financial management. (Reporter Zhou Xiaoya)