景顺长城基金总经理康乐：深化利益共担机制 筑牢高质量发展根基

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, addressing investor concerns and introducing targeted reform measures to further standardize the industry and support its sustainable and healthy growth [1] Group 1: Fund Operation and Management - The action plan emphasizes the need to strengthen the alignment of interests between fund managers and investors by optimizing fund operation models and establishing a mechanism that ties fund company income to investor returns [2] - A floating management fee model based on performance benchmarks will be promoted for newly established actively managed equity funds, which is a crucial step in the reform of public fund fees [2] - The plan aims to shift the focus from scale to returns, encouraging fund companies to create long-term value for investors through enhanced investment capabilities [3] Group 2: Assessment and Incentive Mechanisms - The assessment mechanism will prioritize investor interests by implementing long-term performance evaluations, with at least 80% of the assessment weight on returns over three years [2] - The action plan seeks to reduce the emphasis on operational metrics such as scale rankings and income, instead focusing on fund performance and investor gains [2] - A salary management mechanism linked to fund investment returns will be established to ensure that fund personnel are incentivized to focus on long-term performance [2] Group 3: Performance Benchmarking - The action plan highlights the importance of performance benchmarks, establishing regulatory guidelines for public fund performance comparisons [3] - The excess returns relative to performance benchmarks will be a key factor in determining the floating management fee rates, promoting better alignment between fund strategies and benchmarks [3] - Fund companies are expected to be more cautious in selecting benchmarks that accurately reflect their long-term investment philosophies and strategies [3] Group 4: Commitment to Investor Interests - The essence of public funds is to manage investments on behalf of clients, and the industry must continuously enhance investment capabilities to create wealth for clients [4] - The company will implement the spirit of the action plan, focusing on long-term investment principles and strengthening core investment research capabilities [4] - There will be an emphasis on building a corporate culture that prioritizes investor interests, aiming to improve investor experiences and promote high-quality development in public funds [4]