银华基金：积极创新发展权益类基金 始终坚持投资者利益优先

Core Viewpoint - The "Action Plan for Promoting the High-Quality Development of Public Funds" was officially released on May 7, outlining 25 specific measures to guide the future high-quality development of the public fund industry, in line with the directives from the Central Political Bureau and the new "National Nine Articles" [1] Group 1: Development of Public Funds - The plan emphasizes increasing the scale and stability of equity investments in public funds, promoting various onshore and offshore index funds, and developing theme-based stock index funds aligned with national strategies [3] - The public fund industry is encouraged to enhance its asset management capabilities to drive innovation in equity funds, with standardized products like ETFs being central to future development [3] - As of April 2025, the company has strategically laid out 46 ETF products, creating a comprehensive toolbox for all-weather asset allocation [3] Group 2: Investment Research and Management - The plan calls for strengthening core investment research capabilities by establishing an evaluation index system for fund companies, encouraging resource investment, and supporting a multi-strategy research system [5] - The company is implementing a "Small Giant Plan" to stabilize fund managers' investment styles and enhance their core competitiveness within their capability circles [5][6] - The company is moving towards an "industrialized" investment system, focusing on modular capabilities and integrating individual expertise into replicable company-wide capabilities [6] Group 3: Performance Evaluation and Fee Structures - The plan highlights the importance of performance benchmarks for fund products, aiming to create a decision-making mechanism that reflects fund managers' investment styles [8] - A long-term performance evaluation system of three to five years is mandated to enhance the stability of public fund investment behaviors and promote balanced capital market financing [9] - The introduction of floating fee rate products linked to fund performance is encouraged to align the interests of fund managers and investors, enhancing investor satisfaction [6]