公募重磅改革落地！这三大核心举措重塑行业格局

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," aiming to transform the public fund industry from focusing on scale to prioritizing returns, enhancing investor satisfaction, and providing a clear roadmap for future development [2] Group 1: Reform Measures - The plan addresses the long-standing issue of "guaranteed returns" in the public fund industry, where management fees are disconnected from performance, thus failing to protect investor interests [3] - A floating management fee mechanism linked to fund performance will be established for newly set up actively managed equity funds, with fee rates adjusted based on performance relative to benchmarks [4] - Regulatory requirements mandate that leading institutions must issue at least 60% of their actively managed equity funds under this new fee structure within one year [5] Group 2: Performance Evaluation Changes - The plan emphasizes long-term performance evaluation, shifting the focus from short-term metrics to a system that prioritizes fund investment returns [6] - Fund companies must ensure that the performance indicators for executives and fund managers reflect long-term investment returns, with at least 50% weight on investment returns for executives and 80% for fund managers [7] - Key performance indicators for fund companies will now include investor returns and benchmark comparisons, with a significant increase in the weight of long-term performance metrics [7] Group 3: Salary Management - The plan aims to improve salary management systems within fund companies, linking compensation to fund investment returns and enforcing stricter requirements for fund managers regarding performance [8] - Fund managers with long-term performance below benchmarks will see a significant reduction in their performance pay, while those exceeding benchmarks can receive increased compensation [8] Group 4: Focus on Equity Investment - The plan seeks to enhance the scale and proportion of equity investments within public funds, with regulatory measures to support this shift [9] - A classification evaluation mechanism for fund sales institutions will be established, prioritizing those that focus on equity fund sales and long-term investor returns [10] - The registration process for equity funds will be expedited, significantly reducing the time required to bring quality products to market [10] Conclusion - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant milestone for the public fund industry, aiming to resolve long-standing issues and drive the industry towards high-quality development, ultimately benefiting investors and contributing to the stability of the capital market [10]