杭州基民四年亏了47%，管理费照交不误？公募基金管理新规能破局吗？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to address long-standing issues in the public fund industry, such as the focus on scale over returns and the "guaranteed income" phenomenon [1][11]. Group 1: Key Measures of the Action Plan - The Action Plan outlines 25 reform measures across six areas, including optimizing fund operation models, improving assessment and evaluation systems, promoting equity funds, ensuring risk management, strengthening regulatory enforcement, and facilitating high-quality development [1][11]. - A significant focus is on aligning the interests of fund managers with those of investors, particularly through the introduction of a performance-based floating management fee model for actively managed equity funds [11][12]. Group 2: Industry Impact - The implementation of the Action Plan is expected to shift the industry from a focus on scale to a focus on returns, enhancing the quality of public funds and investor satisfaction [1][12]. - The plan mandates that at least 60% of newly registered actively managed equity funds adopt the floating fee structure within a year, which is anticipated to improve the performance accountability of fund managers [11][12]. Group 3: Addressing Fund Management Issues - The Action Plan aims to tackle issues such as "style drift" and misalignment of fund investments with their stated objectives, requiring clear performance benchmarks for each fund to ensure transparency and accountability [14]. - It emphasizes long-term performance assessments, with at least 80% of the evaluation weight given to three-year performance metrics, thereby discouraging short-term speculative trading by fund managers [12][14].