新规重塑基金经理价值标尺：百亿权益基金经理24人降薪预警，38人或成赢家，业绩为王时代开启

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which marks a shift from the previous focus on scale to performance-based metrics [1][11]. Summary by Category Fund Manager Compensation Changes - The new policy stipulates that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1][11]. - This change highlights a significant performance disparity among fund managers, with 24 managers potentially facing substantial pay cuts and 38 outperformers likely to benefit from the new rules [1][3]. Performance Data - Among the 111 fund managers with over 10 billion yuan in assets under management, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [3]. - Notable fund managers facing pay cuts include Zheng Chengran from GF Fund, who had a return of -45.12%, and others like Feng Bo and Ge Lan, who also significantly underperformed [5][6]. High Performers - In contrast, fund managers such as Zhai Xiangdong from China Merchants Fund achieved a remarkable return of 98.81%, significantly outperforming their benchmarks [9]. - Other high performers include Bao Wuke and Chen Zhezhong, with returns of 44.47% and 42.04%, respectively, showcasing the potential for smaller funds to excel [9]. Industry Implications - The new regulations are expected to accelerate industry reshuffling, moving from a "star-making" era to one focused on genuine performance and adaptability [10]. - The performance of fund managers does not necessarily correlate with their years of experience, indicating that market adaptability and strategy evolution may become more critical for success [10][11]. - The new rules may encourage fund companies to strengthen their research and investment teams, reducing reliance on individual star managers [10].