[Fund managers are not allowed to deploy multiple products of the same style through the same sales channel to induce investors to make short-term subscriptions and redemptions] On October 9, the China Securities Regulatory Commission released the latest "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comments)" and publicly solicited opinions from the public. The draft for comments clarifies the requirements for product counter-cyclical layout. Fund managers should combine their own investment management capabilities, as well as market capacity, liquidity, valuation levels and other factors to strengthen the countercyclical layout management of fund products. Fund managers are not allowed to deploy multiple fund products of the same style through the same sales channel to induce investors to make short-term and frequent redemptions. This arrangement sends a clear signal: public funds cannot just "pursue hot spots" and "grab scale" when the market is busy. They should also provide products when the market is relatively low and long-term value appears, and guide investors to rationally participate in the capital market. By establishing a normalized countercyclical adjustment mechanism, it will help reduce the industry's impulse for procyclical expansion, promote fund companies to shift from short-term marketing orientation to long-term investment orientation, and better serve investors' long-term wealth management needs. (Reporter Zhou Xiaoya)