On June 6, the China Securities Regulatory Commission (CSRC) released Wu Qing's speech at the Fourth Member Representative Conference of the China Securities Investment Fund Industry Association. Wu Qing pointed out that over the past five years, the scale of stock investments in the fund industry has grown by 41%, reaching 13.4 trillion yuan, with the proportion of A-share circulating market value held reaching 13.7%. Rational investment, value investment, and long-term investment have become widely accepted concepts. At the same time, the fund industry has become an important partner for medium- and long-term funds such as social security, insurance, and annuities, and a key trustee for equity investments, playing a crucial role in optimizing the investor structure of the capital market, broadening the channels for medium- and long-term funds to enter the market, increasing market liquidity, and reducing irrational market fluctuations.