新规最大赢家：招商翟相栋近三年跑赢基准超98%，或成薪酬改革首批受益者

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1] Group 1: Regulatory Changes - The new regulations stipulate that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1] - This policy is expected to reshape the public fund industry by eliminating complacent fund managers and enhancing capital allocation efficiency [8] Group 2: Performance Analysis - Among the 111 fund managers overseeing over 10 billion yuan in equity funds, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [1] - Conversely, 66 fund managers outperformed their benchmarks, with 38 achieving excess returns exceeding 10% [1] Group 3: Notable Fund Manager Performance - Zhai Xiangdong from China Merchants Fund achieved a remarkable 98.81% return over the past three years, significantly outperforming the benchmark by 98.79 percentage points [3] - The fund managed by Zhai, China Merchants Advantage Enterprise Mixed A, has seen its scale grow from under 40 million yuan to over 100 billion yuan within a short period [3] Group 4: Market Trends and Future Outlook - Zhai expressed confidence in the domestic AI industry, noting that recent developments have invigorated the sector and fostered a more equitable growth environment [8] - The new regulatory focus on performance is anticipated to lead to a painful but necessary industry reshuffle, ultimately paving the way for high-quality development [8]