Farewell to the approach of "heavy new issuance, light holding operation." Public mutual funds are increasing their investments in "secondary offerings."

Since the beginning of this year, many public offerings have increased their holdings of "secondary first issues" for advantageous products, with the management scale of some products almost doubling. Driven by policy guidance and fee reforms, the industry's previous logic of "heavy initial issue, light holding and operation" is changing, and a benign industry ecosystem focusing on existing stocks is accelerating formation.