ETF规模扩大，共同基金改革计划宣布

1OVERWEIGHT(Maintain)SHENJuanshenjuan@htsc.com+(86) 755 2395 2763WANG Yuwangyu017005@htsc.com+(86) 21 2897 2228Sector performanceSource: Wind, Huatai ResearchJan-25May-25Diversified FinancialsCSI300 Monthly AnalystSAC No. S0570514040002SFC No. BPN843AnalystSAC No. S0570523010003SFC No. BRZ146(17)(2)143045May-24Sep-24(%) This report must be read with important disclosures and analyst certifications located on the end of the report.investments inmutual funds, accelerate the establishment of topnotch investmentinstitutions, andshift the industrys focus from scale to investor returns, targeting atransition to highquality development withinaroundthree years. Going forward,we expect a reshaped ecosystem for the domestic mutual fund industry, wherecompanies prioritize earnings over scale, leading players havea concentratedmarket share, and others compete in a differentiated manner, boding well forenhancing the Matthew effect.Industry risks:weakerpolicy supportthan we expect, market underperformance. This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, SHEN Juan, WANG Yu, hereby certify that the views expressedin this report accurately reflect the personal views of theanalyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directly orindirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to asHFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafterHuatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instrumentsreferred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital mayoccur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report may bemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the reports authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of thisreport or its contents. Any form of written or verbal commitment to share the proceeds or losses of any securities investmentshallbe regarded as null and void.Unless otherwise indicated, the data quoted in this report represents past performance, which should not be used as a guide offuture returns. Huatai does not promise or guarantee that any future return will be realized. The forecast made in the reportisbased on corresponding assumptions, and any change of assumptions may significantly affect the predicted return.Huatai and the reports authors have no legally prohibited interest in the securities or investment instruments referred to herein,to the best of their knowledge. Huatai may, to the extent permitted by applicable law, hold positions in or trade securities issuedby companies mentioned herein, and may also perform investment banking, financial advisory or other financial products relatedservice