Hua Xia Shi Bao·2025-05-08 13:12Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to implementing the "Two Strengths and Two Stricts" principle, aiming to stabilize market operations while enhancing market vitality and functionality [2] Group 1: Fund Fee Structure Reform - The newly issued "Action Plan for Promoting High-Quality Development of Public Funds" introduces a floating fee rate mechanism, breaking away from the traditional fixed fee model, which is expected to reduce investors' costs by approximately 45 billion yuan annually [3][4] - The floating fee structure links management fees to fund performance, encouraging fund managers to focus on long-term investment returns rather than short-term gains, thus improving market resource allocation efficiency [3][4] - The reform aims to restore the fiduciary duty of fund managers, ensuring that their interests align more closely with those of investors [3][4] Group 2: Long-Term Assessment Mechanism - The plan emphasizes a long-term assessment mechanism, requiring that at least 80% of the evaluation weight be based on performance over three years, which is intended to shift the focus from short-term speculation to long-term investment [5] - This approach is expected to attract long-term capital into the market, supporting innovation and economic transformation [5][6] Group 3: Expansion of Equity Funds - The plan sets a target for equity funds to achieve an average annual growth of at least 10% in their holdings of A-share market capitalization over the next three years [7] - Measures to enhance compliance, risk control, and corporate governance are included to create a safer investment environment and curb industry irregularities [7] - The release of the plan signifies a shift in the public fund industry from scale expansion to quality improvement, with reforms expected to have a profound impact on the industry ecosystem [7]