Securities Times: Public funds should serve as stabilizers of the capital market.

The dividing line for determining whether an institution possesses genuine professional investment capability lies not in the scale of its capital or the strength of its research team, but in whether it can maintain independent judgment and investment composure when faced with market euphoria and panic. Public funds are expected to serve as a "stabilizer" for the capital market not only because they manage vast amounts of capital, but also because they possess the capabilities of professional research, value discovery, and long-term investment. The vast number of fund investors entrust their money to professional institutions in the hope that fund managers can rely on professional in-depth research and risk management capabilities to rise above short-term market noise and make independent judgments based on the intrinsic value of enterprises, rather than chasing rallies and dumping on dips like individual investors. The market never lacks capital chasing trends; what is truly scarce is rational judgment in the face of volatility. Public funds must not have only the scale of institutions while lacking institutional composure; they must not advocate long-term investment while being led by short-term scale and performance rankings. Only when professional institutions truly return to professionalism and long-term capital truly focuses on the long term can public funds reduce the amplifying effect of their own procyclical behavior on market volatility and better fulfill their role as a "stabilizer" of the A-share market.