基金业绩分化：年内收益收尾差距超90个百分点

Group 1 - The core viewpoint of the news is the release of the "Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which aims to optimize fund fee structures and reduce investor costs [1][3] - Specific measures proposed by CSRC Chairman Wu Qing include optimizing the fee structure for actively managed equity funds, linking performance assessments to investor gains or losses, and establishing clear performance benchmarks [3] - The average management fee for actively managed equity funds has decreased from 1.5% to 1.2%, and the custody fee has dropped to 0.2%, resulting in significant cost savings for investors [3] Group 2 - The top-performing funds since 2025 are primarily equity mixed funds focused on new energy and advanced manufacturing, with a notable performance gap of 90.39% between the best and worst performing products [4] - The top fund, Penghua Carbon Neutrality Theme Mixed A, achieved a 67.67% annual return but also experienced a maximum drawdown of -30.94%, highlighting the coexistence of high returns and high risks [4] - The underperforming funds, particularly those managed by Caitong Fund, have shown significant losses, with all top ten underperformers returning below -17% [5][6] Group 3 - The underperforming funds exhibit a concentration risk, particularly in sectors like semiconductors and pharmaceuticals, which have faced challenges due to policy changes and market conditions [7] - The CSRC's high-quality development policies and market performance signal the need for investors to focus more on long-term risk management capabilities rather than short-term performance rankings [7] - As fee reforms progress, low-fee and tool-based products such as index funds and sector ETFs may become more popular due to their cost-effectiveness and transparency [7]