基金业绩和薪酬挂钩新举措：若低于业绩比较基准10个百分点，基金经理要降薪

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, proposing 25 measures, including significant salary reductions for fund managers whose products underperform their benchmarks by more than 10 percentage points over three years [1][3]. Group 1: Fund Performance and Manager Accountability - A notable number of funds have underperformed their benchmarks over the past three to five years, with some lagging by over 50 percentage points [1][3]. - For instance, the Minsheng Jianyin Innovation Growth Mixed Fund has a three-year net value growth rate of -58.8%, compared to its benchmark's -1.38%, indicating a performance gap exceeding 50 percentage points [3]. - Similarly, the Dongwu Double Triangle Fund has a five-year net value growth rate of -52.09%, while its benchmark grew by 0.76%, also reflecting a significant underperformance [4]. Group 2: Consequences for Fund Managers - Fund managers of products that fail to meet performance standards may face salary adjustments, reassignments, or even termination [2][5]. - Funds that have been underperforming for three years may also face liquidation, especially if the current fund manager has not been in charge for the full three years [5][7]. - The Changsheng Advanced Manufacturing Fund, for example, has a three-year net value growth rate of -51.71%, with its benchmark yielding 6.03%, putting it at risk of being liquidated due to low asset value [5][6]. Group 3: Adjustments in Performance Benchmarks - The new measures may lead to fund managers being more cautious in setting performance benchmarks, as many funds have already begun to adjust their benchmarks [8][9]. - For example, the CITIC Prudential New Sharp Mixed Fund changed its benchmark from a fixed deposit rate to a combination of equity and bond indices, indicating a shift in strategy [9]. - Other funds, such as the Fuyong Value Selection Mixed Fund, have also altered their benchmarks to reflect a more conservative investment approach [9].