公募重大改革破除基金公司“旱涝保收” 12532只公募基金仅138只实施浮动管理费

Core Viewpoint - The public fund industry in China is undergoing significant reform with the introduction of a floating fee structure linked to fund performance, aiming to shift the focus from scale to returns [1][2][3]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures to reform the industry [2][3]. - A key aspect of the plan is to link management fees to fund performance, requiring lower fees for underperforming funds, thereby addressing the "guaranteed income" issue in the industry [2][3]. - The plan mandates that at least 60% of newly issued active equity funds by leading firms must adopt a floating management fee structure within the next year [3]. Group 2: Industry Performance - As of the first quarter of 2025, public funds generated a total profit of 2,517.47 billion yuan, doubling from 1,143.23 billion yuan in the previous quarter [4]. - The top 10 public fund companies accounted for 56.9% of the total net profit, with significant contributions from mixed and equity funds [4][5]. - The number of public fund products reached 12,532, but only 138 (1.1%) currently utilize a floating management fee structure [3][4]. Group 3: Market Trends - The issuance of equity funds has increased significantly in 2025, with over 3,400 billion yuan in new products, of which equity funds accounted for 1,837.53 billion yuan, exceeding 50% of the total [5]. - The shift towards floating management fees is expected to increase performance volatility and differentiation among funds, particularly affecting the income of leading firms based on fund performance [5].