南方基金杨小松：积极探索浮动费率机制，共筑管理人与投资者共生共荣新生态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," which outlines 25 measures aimed at addressing industry pain points and guiding the transformation of the public fund sector towards high-quality development [1] Group 1: Key Measures and Mechanisms - The floating fee mechanism is highlighted as a core strategy for high-quality development, linking fund managers' fees to investors' actual gains and losses, thus promoting a shared value creation model [2][3] - The action plan emphasizes optimizing the fee structure for actively managed equity funds, implementing a floating management fee that varies based on fund performance relative to a benchmark [3] Group 2: Investor-Centric Approach - The floating management fee mechanism encourages long-term investment by providing fee discounts for investors who hold funds for a certain period, thereby reducing irrational trading and enhancing profit experiences [3] - The plan aims to enhance investor satisfaction by adjusting fees based on actual performance, reinforcing a value-oriented approach centered on investors [3] Group 3: Industry Development and Trends - The action plan and the exploration of the floating fee mechanism are seen as crucial steps for the sustainable development of the public fund industry, fostering a community of shared interests between fund managers and investors [4] - The public fund industry in China is expected to follow a similar trend to the U.S., where management fees have decreased by approximately 40% since 2000, indicating a gradual reduction in costs for investors [4]