BOCIC(SH:601696) Sou Hu Cai Jing·2025-05-07 19:27Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the need for improved compensation management linked to fund performance [1] Summary by Category Compensation Management - The action plan requires fund companies to establish a sound compensation management system that ties compensation to fund investment returns [1] - Fund managers with performance below the benchmark by more than 10% over three years will see a significant decrease in their performance-based compensation [1] - Fund managers who significantly exceed the benchmark can receive reasonable increases in their performance-based compensation [1] Fund Performance Analysis - Among mixed funds established for over three years, 1,635 out of 3,741 funds underperformed the benchmark by over 10%, accounting for more than half of the total [2] - Specific funds, such as Morgan Small Cap A, have shown significant underperformance, with a three-year return of -10.40% compared to the benchmark's 104.29% [2] - The worst-performing fund, Jin Ying Multi-Strategy A, has a three-year return of -71%, ranking last in its category [3][4] Salary Adjustments - Fund managers with strong performance, such as Zhai Xiangdong from the招商优势企业 fund, achieved a cumulative return of 104% over three years, leading to salary increases [8][9] - Conversely, managers of poorly performing funds, such as 嘉实智能汽车, which saw a return of -79.94%, are subject to salary reductions [13][14] Market Context - The overall market, represented by the CSI 300 index, has declined by 2.57% over the past three years, highlighting the challenging investment environment [13] - The action plan aims to enhance accountability among fund managers and improve overall fund performance in a difficult market [1][13]