杨德龙：《推动公募基金高质量发展行动方案》高屋建瓴 对公募基金行业发展具有重要指导意义

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing a shift from scale-oriented growth to investor return-focused strategies, addressing current industry issues [1][2]. Group 1: Key Mechanisms and Changes - The plan introduces significant changes in fund manager compensation, company revenue, and performance evaluation, prioritizing performance over scale [1][2]. - Fund companies are encouraged to focus on long-term investor returns to enhance investor retention [1][2]. - The action plan aims to create a turning point for high-quality industry development within approximately three years, addressing operational philosophy deviations and improving investor satisfaction [1][2]. Group 2: Specific Measures for Implementation - New products will incorporate floating management fee mechanisms, and performance evaluations will emphasize long-term results rather than short-term metrics [2]. - Fund companies must shift their operational philosophy from scale-driven to performance-driven, requiring significant changes in management practices [2]. - The plan calls for establishing reasonable performance benchmarks to prevent distortion and ensure alignment with investor interests [2]. Group 3: Performance Evaluation and Incentives - Fund performance evaluations should focus on investment returns, reducing the weight of scale rankings, and restructuring assessment systems to favor long-term performance [3]. - The current compensation mechanisms, including mandatory co-investment and deferred payments, should be aligned with performance metrics [3]. - Long-term performance rankings (e.g., three to five years) should be prioritized to enhance comparability among different fund types [3]. Group 4: Equity Investment and Product Innovation - The plan aims to significantly increase the weight of equity fund indicators and support the rapid registration of floating fee products [4]. - Fund companies should have clear strategies for equity investment, focusing on product types that meet market demands [4]. - Governance improvements are necessary to prevent undue influence from major shareholders and ensure independent oversight [4]. Group 5: Managerial Constraints and Industry Dynamics - The plan suggests limiting the number of products managed by individual fund managers to enhance focus and effectiveness [5]. - For high-performing funds, size should be controlled to avoid operational difficulties, particularly for funds exceeding 100 billion [5]. - Smaller institutions are encouraged to develop unique products to compete effectively in a market increasingly dominated by larger firms [6].