On April 10-11, 2025, the 3rd Council and 4th Supervisory Board Meeting of the China Securities Investment Fund Association was held in Beijing, with all directors, supervisors, and authorized representatives of the association attending the meeting. Li Ming, a member of the Party Committee and Vice Chairman of the China Securities Regulatory Commission, attended the meeting and stated that the fund industry should grasp the relationship between its own capacity building and institutional environment building. It is necessary to continuously optimize the industry's institutional environment, create a market environment conducive to fair competition and specialized, distinctive, and differentiated development, and strengthen the industry's own capacity building to further build a foundation for high-quality development. Li Ming stated that the fund industry needs to accurately grasp the situation and opportunities, not only to see the challenges brought by internal and external risk factors, but also to see the foundation and conditions for responding to risk challenges, and to strengthen the confidence and determination for high-quality development. The Central Committee of the Communist Party of China and the State Council attach great importance to the development of the capital market and the fund industry, providing fundamental guarantees and strong impetus for the high-quality development of the entire industry. Li Ming said that the fund industry needs to deeply understand the "1+N" reform deployment of the capital market, grasp the relationship between functionality and profitability, and prioritize functionality; Grasp the relationship between scale and quality, achieve effective improvement in quality and reasonable growth in quantity; Grasping the relationship between self capacity building and institutional environment building, we should not only continuously optimize the industry institutional environment, create a market environment conducive to fair competition and specialized, distinctive, and differentiated development, but also strengthen the industry's own capacity building, further laying a solid foundation for high-quality development. Li Ming requested that the association fully implement the central inspection and rectification requirements and the annual key work deployment of the party committee, accelerate the tackling of key and difficult tasks with practical actions, further optimize governance, and enhance the ability to serve high-quality development. The board of directors and supervisors should fully play their functional role, based on the overall and long-term interests of the industry, promote reform, and explore innovation. We should actively promote the construction of "service-oriented associations," "technology-based associations," and "research-oriented associations," enhance the organization, appeal, and influence of associations, and strive to build national industry associations that are trusted by the industry and respected by society. The board of directors has reviewed and approved the work report of the fourth meeting of the third board of directors of the association, the 2024 financial settlement and 2025 financial budget of the association, and the association's 2025 expense reduction plan. The supervisory board has reviewed and approved the association's 2024 work situation, financial settlement situation, and the third supervisory board's 2024 work report. During the meeting, the board of directors and supervisors held group discussions on the implementation of the spirit of the Central Financial Work Conference, the new "National Nine Articles", and the "1+N" policy system for the capital market in the fund industry. The meeting unanimously agreed that the fund industry has always adhered to rational investment, value investment, and long-term investment, firmly believed in the prospects of the Chinese capital market, fully recognized the investment value of A-shares, and resolutely contributed fund strength to the healthy and stable operation of the capital market. The meeting proposed that in 2025, the association should thoroughly implement the new "National Nine Articles" and the "1+N" policy system for the capital market, adhere to the general tone of seeking progress while maintaining stability, take the central inspection and rectification as the driving force, serve the comprehensive deepening reform of the capital market, focus on key and difficult issues around the main line of "risk prevention, strong supervision, and promoting high-quality development", strengthen party building leadership, highlight work priorities, solidly carry out the construction of the "three associations", comprehensively strengthen the association's own construction, promote the association's work and the high-quality development of the industry to achieve new results, and strive to create a new situation of service self-discipline work. (New Society)