B[The scale of the new model floating rate fund has increased to 137.3 billion yuan, and nearly 80% of the products have positive returns after one year of operation] October 10th, the new model floating rate fund has been operating smoothly since its launch more than a year ago, with the number of registrations and management scale growing steadily. As of the end of June 2026, the scale of new model floating rate products in the market has increased from the first batch of 25.9 billion yuan raised to 137.3 billion yuan, and the scale of some leading products has doubled compared with the initial stage of establishment. Judging from the income situation, among the 24 new model floating rate products that have been in operation for one year, nearly 80% of the products have achieved positive income, and the cumulative return rate of some excellent products has doubled, and the annualized rate of return far exceeds the performance comparison benchmark. At present, more than 40 fund managers in the industry have issued new model floating rate products. (Reporter Wu Yuqi) B[China Securities Regulatory Commission: Mini-funds that continue to operate are no longer required to convene holders’ meetings, and managers must bear fund fixed fees] The China Securities Regulatory Commission today released the “Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment).” For situations where mini-funds are difficult to convene holders' meetings and operating costs are relatively high, the "Operation Measures" clarify that after reaching the mini-fund standard for 60 consecutive working days, if the manager chooses to continue operations, it is no longer required to convene a holders' meeting, but shall bear the fixed expenses incurred during the operation of the fund; and if it plans to change the mode of operation, merge with other funds, or terminate the fund contract early, the fund manager shall still convene a fund unit holder meeting for voting in accordance with regulations. In addition, the "Operation Measures" also mention that the fund manager should clearly stipulate in the fund contract that if the net asset value of the fund is continuously lower than a certain scale, the fund contract will be terminated, except in circumstances recognized by the China Securities Regulatory Commission. The fund manager can also stipulate the circumstances for the termination of the fund contract in terms of the number of fund unit holders, the concentration of fund unit holders, etc. (Reporter Zhou Xiaoya) B[China Securities Regulatory Commission: Plans to optimize the circumstances under which public offering holders’ meetings must be held with appropriate restrictions] On October 9, the China Securities Regulatory Commission released the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comments)" on October 9 and publicly solicited opinions from the public. The fund unit holders’ meeting mechanism has been optimized in the latest draft of the “Operation Measures” for comments. The circumstances under which a shareholders' meeting must be convened will be appropriately narrowed, and "changes in the fund's investment objectives, scope, and strategies" will be adjusted to "major changes in the fund's investment objectives, scope, and strategies, that is, relevant changes will lead to major changes in the fund's risk-return characteristics and main investment direction." In addition, it is clarified that some contract modification matters need to be reached through consultation between the manager and the custodian. After announcing the changes 30 days in advance and notifying investors in a timely manner, the holders' meeting does not need to be held. For example, the investment scope is increased to financial instruments that are not significantly different from the risk-return characteristics of the original financial instruments, the investment proportion is appropriately adjusted without causing significant changes in the risk-return characteristics, and there are reasonable reasons to change the performance comparison benchmark, etc. (Reporter Zhou Xiaoya) A[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) B[Nearly 100 new funds are scheduled for sale in October, 60% of the products focus on the equity track] October 8th, after the National Day holiday, the issuance of new funds in October set off a small peak. Nearly 100 new funds have been scheduled for sale, of which 60% of the products focus on the equity track, which is expected to bring more incremental funds to A-shares. At the same time, sub-new funds in the position-building period are also expected to bring about 30 billion yuan in incremental funds to A-shares, including technology-themed new stock ETFs with a scale of over 10 billion yuan, and active equity sub-new funds worth nearly 20 billion yuan in the position-building period. In addition, benefiting from the continued cultivation of new driving forces and the restoration of endogenous driving forces in the traditional economy, public equity institutions overall maintain optimistic judgments on A-share equity assets in the fourth quarter. (Securities Times) B[After the implementation of the new regulations, fund companies intensively announced that cooperation with third-party Internet marketing platforms and big Vs has been completely suspended] October 7th, after the "Measures for the Administration of Internet Marketing of Financial Products" was officially implemented on September 30, the fund industry acted quickly. The reporter noticed that in addition to the complete suspension of cooperation with "big V" and "small V", many fund companies have successively disclosed on their official websites information about the third-party Internet platforms they rely on to carry out Internet marketing. The reporter combed and found that so far, more than ten fund companies including E Fund, GF, Wells Fargo, Tianhong, Harvest, Penghua, China Merchants, ICBC Credit Suisse, Ping An, Dacheng, and Morgan have issued relevant announcements. There are obvious differences in the granularity and caliber of disclosure. Some companies only disclose a list of platform names, while others are detailed to specific products and codes. It is understood that in the near future, fund companies will continue to publicize information on third-party Internet platforms they cooperate with. (Daily Economic News) B[Public equity has distributed 121.6 billion in dividends this year, with debt-based funds contributing 60%] September 30th, according to statistics from the Public Equity Ranking Network, as of September 29, a total of 2,543 products under 129 public equity companies have paid dividends a total of 4,829 times this year, with a total dividend of 121.57 billion yuan. Debt funds are the main source of dividends, and pure debt funds account for the majority. During the year, the total dividend amount of 1,870 debt-based products was 76.499 billion yuan, accounting for more than 60% of the total public offering dividends. However, the number and amount of dividends distributed by debt-based funds decreased significantly year-on-year. Looking back at equity funds, the number of dividends paid out during the year increased by nearly 80% year-on-year. 462 equity funds paid out a total of 1,515 dividends during the year, with a dividend amount of 35.509 billion yuan, accounting for 29.21% of the total dividend amount of all funds, becoming the second largest dividend payer. (Reporter Feng Qijuan) B[The largest ETF manager changes hands again; E Fund’s latest scale is 622.3 billion yuan] On September 29, the largest ETF manager changes hands again. Wind data shows that as of now, E Fund has once again become the largest ETF in scale, with the scale of all ETFs under management reaching 622.343 billion yuan, surpassing the second-ranked China Asset Management by 2.008 billion yuan, whose total ETF scale is 620.335 billion yuan. Cathay Fund, Huatai-PineBridge Fund, and China Southern Fund ranked third to fifth respectively, with total ETF scales of 357.939 billion yuan, 314.655 billion yuan, and 268.058 billion yuan respectively. In terms of non-cargo ETFs, China Asset Management still maintains its lead. The scale of non-cargo ETFs under management is 620.21 billion yuan, which is only 1.47 billion yuan away from the second-ranked E Fund (618.731 billion yuan). (Reporter Zhou Xiaoya) B[The first batch of 22 publicly offered “fixed income+” products were included in the directory of personal pension products] On September 28, personal pension products were officially enriched into the “fixed income+” category. 22 fund managers including E Fund, China Southern, China Europe, China Merchants, China Asset Management, China Universal, Tianhong, Huaan, GF, Penghua, Everwin, and Orient Securities Asset Management also announced that starting from September 29, they will add Y-type fund shares to some of their partial debt hybrid products or secondary debt bases, of which 10 will be partial debt hybrid funds and 12 will be secondary debt bases. This is another important expansion of the list of personal pension funds after pension target FOF and index funds. From the perspective of product pedigree, "fixed income +" products are based on bond assets and enhanced with equity assets. The risk-return characteristics are between stable and aggressive. It just fills the gap between pension FOF and index funds. It means that pension investors who pursue stable returns have a new choice that is more suitable for their needs, and the risk-return gradient of personal pension investment is thus smoother and more complete. Previously, according to the "Notice on the Incorporation of Rights-Containing Secondary Debt Bases and Partial Debt Hybrid Funds into the Directory of Personal Pension Fund Products", rights-containing secondary debt bases and partial debt hybrid funds were officially included in the directory of personal pension fund products. (Reporter Zhou Xiaoya) B[The total scale of private equity has increased to 25.75 trillion yuan, setting a new high for 11 consecutive months] On September 23, the China Foundation Association recently disclosed that as of the end of August, the total scale of private equity had reached 25.75 trillion yuan, setting a new historical record again and climbing to a new high for 11 consecutive months. The month-end survival scale from October last year to July this year was 22.05 trillion yuan, 22.09 trillion yuan, 22.15 trillion yuan, 22.44 trillion yuan, 22.6 trillion yuan, 22.72 trillion yuan, 23.46 trillion yuan, 23.53 trillion yuan, 23.66 trillion yuan, and 25.73 trillion yuan. During this period, the total scale of private equity expanded by 3.7 trillion yuan, an increase of 16.78%. (Reporter Feng Qijuan) (Reporter Feng Qijuan) B[Autumn strategy meetings are intensively held to help public institutions take the pulse of new market trends] September 23rd, recently, many public institutions such as CCB Fund, Warburg Fund, China Universal Fund, etc. held autumn strategy meetings or mid-term client exchange meetings. Many fund managers discussed hot topics such as equity trends, technology, and fixed income. Some institutional sources said that looking forward to asset allocation in the fourth quarter of 2026, they may increase their holdings of gold and resource varieties to hedge geopolitical risks, deploy technology and high-end manufacturing to capture valuation restoration, and be wary of the chain reaction caused by the possible collapse of liquidity in the U.S. debt market. (China Securities Journal) B[Third-party institutions overtake the curve and reshape the fund agency market structure] September 16th, under the favorable conditions in the equity market in the first half of the year, public fund agency agencies seized the window period and actively expanded the scale of non-monetary funds and equity funds, and achieved remarkable results. As of the end of June, Ant (Hangzhou) Fund Sales Co., Ltd. became the first fund sales institution in the market with non-monetary fund holdings exceeding 2 trillion yuan. China Merchants Bank Co., Ltd.'s non-goods fund holdings also exceeded 1.5 trillion yuan for the first time. The two giants join hands to lead the market. In addition, a number of third-party independent fund sales institutions such as Teng'an Fund Sales (Shenzhen) Co., Ltd., Shanghai Jiyu Fund Sales Co., Ltd., and Jingdong Kentrui Fund Sales Co., Ltd. have "overtaken the curve", and their non-monetary fund retention scale rankings have significantly improved in the first half of the year; fund sales subsidiaries of public equity institutions have also begun to take shape. E Fund Sales (Guangzhou) Co., Ltd., which just launched business in December 2025, has ranked among the top 100 fund sales institutions. B[A new batch of 15 fund companies’ amortized cost method debt funds were approved] On September 14th, after one month, a new batch of amortized cost method debt funds was approved. The reporter learned that 15 amortized cost method debt funds were approved today, including 63-month closed-end debt funds under Shangzheng Fund, Guorong Fund, West China Fund, Peng'an Fund, Caixin Fund, Hongtu Innovation Fund, Baijia Fund, Zhuque Fund, AllianceBernstein Fund, Xinghe Fund, Xinghua Fund, Neuberger Berman Fund, Blackrock Fund, Allianz Fund, Yimi Fund, etc. These 15 funds were previously reported on August 14 and are one of the measures to support the standardized and healthy development of small and medium-sized fund companies. Last Friday, the second batch of 13 amortized cost method debt bases was also reported. (Reporter Zhou Xiaoya)
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