On June 6th, the Fourth Member Congress of the Asset Management Association of China was held, with China Securities Regulatory Commission Chairman Wu Qing attending and delivering a speech. Wu Qing stated that public funds and private funds are important professional institutional investors in the capital market. Starting from the first batch of "old ten" firms in 1998, after nearly 30 years of development, the fund industry has grown from nothing to something, from small to large, traversing an extraordinary and unusual journey. To date, the industry's asset management scale exceeds 85 trillion yuan, firmly securing the second position globally.

Since the period of the "14th Five-Year Plan," especially following the 2023 Central Financial Work Conference, the industry has closely focused on and deeply implemented the main tasks of risk prevention, enhanced regulation, and promoting high-quality development amidst a complex and ever-changing internal and external environment. It has achieved stable growth in scale, undergone profound structural adjustments, and continuously deepened its functions, making irreplaceable and significant contributions to improving the multi-level capital market system, serving investors' asset management needs, and supporting the development of the real economy and new quality productive forces.

First, the foundation for the industry's stable development continues to be consolidated. Public funds are continuously calibrating their development philosophy, emphasizing governance standards, strengthening alignment with investor interests. A series of reform measures, including lowering comprehensive fee rates, standardizing performance benchmarks, and optimizing performance assessments, have been successively implemented. The industry is undergoing a significant shift from focusing on "scale" to prioritizing "returns." The development trend of survival of the fittest among private funds has become clearer, with over 20,000 institutions being phased out cumulatively. Simultaneously, more than ten managers with assets under management exceeding one trillion yuan and over 400 managers with assets exceeding one hundred billion yuan have emerged. The trend of risk contraction, structural optimization, and a reduction in the number of managers with an increase in quality is accelerating.

Second, the role in supporting technological and industrial innovation is increasingly evident. Over the past five years, private equity and venture capital funds have injected 5.25 trillion yuan of innovation capital into unlisted and unquoted companies, equivalent to 90% of the equity financing scale of domestic enterprises during the same period. Public funds have invested over 6 trillion yuan in stocks within the advanced manufacturing and technology innovation sectors. This has powerfully promoted the transformation of social capital into industrial capital and effectively accelerated the concentration of factor resources towards innovative fields.

Third, the functions of value "discoverer" and market "stabilizer" are effectively performed. Over the past five years, the stock investment scale of the fund industry has grown by 41% to reach 13.4 trillion yuan, accounting for 13.7% of the A-share market's circulating market value. Rational investment, value investment, and long-term investment have become a widespread consensus. Meanwhile, the fund industry has become an important partner for long-term funds such as social security, insurance, and annuities, and a key entrusted institution for their equity investments. It has played a crucial role in optimizing the investor structure of the capital market, broadening channels for long-term capital to enter the market, increasing market liquidity, and reducing irrational market fluctuations.

Fourth, the effectiveness in serving residents' wealth management is notable. In recent years, the industry has actively adapted to residents' diversified asset allocation needs, accelerating the development of index-based, allocation-based, and absolute return products. It serves over 860 million investors, with a penetration rate of 60%. Among them, the scale of public funds has exceeded 39 trillion yuan, with cumulative dividends of 2.5 trillion yuan over five years and profits of 3.6 trillion yuan created for investors, making it an important channel for investors to share in the dividends of China's economic development. The scale of private securities investment funds exceeds 7.8 trillion yuan, nearly doubling compared to the end of the "13th Five-Year Plan" period, playing an increasingly important role in meeting differentiated asset allocation needs.

The tremendous achievements and profound changes in China's fund industry have become an important microcosm and vivid portrayal of practicing the path of financial development with Chinese characteristics. Practice has fully proven that only by clearly emphasizing politics and advancing risk prevention, enhanced regulation, and high-quality development in an integrated manner can the correct direction for industry development be firmly grasped; only by adhering to the original aspiration of serving the people and placing the protection of the interests of the vast number of fund investors in the foremost position can the fundamental foundation for the industry's development be truly solidified; only by seeking progress while maintaining stability and strengthening the foundation, consolidating and nurturing the roots through professional, compliant, and stable operations, can the industry's value and competitiveness be continuously enhanced, promoting its steady and enduring growth.