这类产品业绩若低于比较基准10个百分点，基金经理绩效薪酬应当明显下降

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures aimed at enhancing the performance and accountability of fund managers, emphasizing the need for alignment between fund managers and investors' interests [1][2]. Group 1: Fund Manager Accountability - Fund managers with products underperforming the benchmark by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [1]. - Conversely, fund managers whose products significantly outperform the benchmark can receive reasonable increases in their performance-based compensation [1]. Group 2: Shift in Industry Focus - The action plan encourages a shift from prioritizing scale to focusing on returns, urging fund companies and sales institutions to enhance their service capabilities for investors [2][4]. - It emphasizes the need for a performance-based fee structure for actively managed equity funds, where management fees are linked to fund performance, reducing fees for underperforming funds [4]. Group 3: Strengthening Investor Interests - A comprehensive evaluation system will be established, focusing on investment returns, incorporating metrics like performance benchmarks and fund profitability, while reducing the emphasis on management scale and company profits [4]. - Fund companies are encouraged to increase the proportion of their executives and fund managers investing in their own products, with stricter lock-up periods to align their interests with those of investors [4]. Group 4: Enhancing Fund Stability and Innovation - The plan aims to optimize fund registration processes and promote the development of more index funds and low-volatility products to enhance the scale and stability of equity investments [4]. - It also seeks to strengthen the binding force of performance benchmarks and implement long-term assessments of fund performance over three years to promote stable investment behaviors [4].