强化利益绑定，让公募基金真正为投资者服务

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, which includes measures to link management fees to fund performance, addressing long-standing issues in the asset management industry [2][3]. Group 1: Management Fee Structure - The new action plan introduces a floating management fee structure that ties fees to the performance of the funds, ensuring that fund companies must reduce management fees if their performance is significantly below the benchmark [2][3]. - This change aims to align the interests of fund companies, fund managers, and investors more closely, addressing the previous model where management fees were collected regardless of fund performance [2][3]. Group 2: Enhancing Accountability - The action plan increases the proportion of fund managers' investments in their own products and sets stricter lock-up periods, promoting a compensation system linked to fund performance [3][4]. - These measures are designed to enhance the sense of responsibility among fund managers and executives, encouraging them to prioritize investor interests and fund performance [3][4]. Group 3: Addressing Industry Challenges - The action plan proposes specific solutions to improve the scale and stability of equity investments in public funds, including optimizing fund registration processes and promoting innovative fund products [4][5]. - It emphasizes the importance of long-term performance assessments, with a focus on three-year evaluation periods, to encourage value investing and provide stable long-term capital support to the market [4][5]. Group 4: Overall Industry Impact - The series of measures in the action plan aims to enhance the overall service level and competitiveness of the asset management industry, injecting new vitality into the sector [5]. - The ultimate goal is to provide investors with a better investment experience, moving away from the previous "guaranteed income" model that has been criticized for its lack of accountability [5].