CITIC Securities: Asset management policies support product innovation, with investor interests at the forefront.

CITIC Securities research report stated that the China Securities Regulatory Commission's "Action Plan for Promoting the High-quality Development of Public Funds" has identified product innovation with investor interests and holder experience as the core. The design innovation of new floating management fees and high-frequency dividends is focused on enhancing holder experience and sense of achievement. The innovation of combining "active + quantitative" and multi-person co-management models aims to obtain more diversified alpha, enhance market adaptability, and continuously innovate and enrich investment strategies to provide investors with lower-cost diversified allocation tools.