重塑资管机构与投资者的共生关系！公募基金大刀阔斧改革，剑指市场痼疾

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a comprehensive action plan aimed at promoting the high-quality development of public funds, which includes 25 reform measures focusing on optimizing fund operation models, enhancing performance evaluation systems, and strengthening regulatory enforcement to ensure investor interests are prioritized [1][2]. Group 1: Reform Measures - The action plan emphasizes the importance of binding investor returns to fund performance, introducing measures such as strengthening the constraints of performance benchmarks and establishing a floating management fee mechanism linked to fund performance [2][3]. - A significant highlight is the introduction of a regulatory guideline for performance benchmarks, which will clarify the setting, modification, disclosure, and evaluation of these benchmarks, thereby stabilizing market expectations and improving investor confidence [2][3]. - The plan aims to optimize the fee structure for funds, including reducing subscription fees and management fees, to lower investor costs and enhance industry competitiveness [3][4]. Group 2: Performance Evaluation and Incentives - The action plan seeks to reform the performance evaluation system of fund companies, shifting the focus from scale and short-term performance to long-term investment returns and investor profitability [5][7]. - Fund managers will be evaluated based on a long-term performance mechanism, with a minimum of 80% weight on three-year performance metrics, ensuring that their compensation is directly linked to investor returns [7][8]. - The plan encourages fund companies to increase the issuance and management of equity funds, which are crucial for providing long-term capital support to the real economy [7][9]. Group 3: Focus on Equity Funds - The action plan addresses the declining scale of actively managed equity funds, which have decreased by approximately 36.59% over the past three years, and aims to enhance the proportion of equity investments in public funds [10][13]. - It proposes various measures, including optimizing the registration process for equity funds and enhancing the evaluation criteria for fund sales institutions to promote equity fund growth [14][15]. - The emphasis on equity funds is intended to improve market stability and effectiveness, as well as to align with international financial market standards [15].