The CSRC stipulates that Public Offering of Fund's position shall not be less than 65%. The main purpose is to stabilize the stock market. Prevent ups and downs.

According to international practice, there are three reasons for the CSRC to modify the minimum position of the above-mentioned equity funds.

First, from the international practice, the fund assets that are adjusted flexibly between stocks and bonds should belong to mixed products.

Second, the existing Operating Measures stipulate that 80% of the non-cash assets of the fund should be invested in the direction indicated by the fund name, and the lower limit of the bond fund's position is also 80%. If the position of equity funds is only 60%, it conflicts with the above provisions.

Third, from the perspective of investment practice, the income source of equity funds should mainly be to dig deep into valuable stocks. Frequent and substantial positions adjustment can easily lead to chasing up and down, easily lead to fund style drift and aggravate capital market volatility. In recent years, the society has also criticized this.