财经深一度|除了浮动费率，本轮公募基金改革关键点在这

Core Viewpoint - The recent reform of public funds in China, affecting over 800 million investors, introduces new floating fee rate products and upgrades the assessment criteria for fund companies and managers, aiming to align their interests with those of investors [1][7]. Floating Fee Rate Structure - The first batch of 26 new floating fee rate products has received approval from the China Securities Regulatory Commission, with products expected to be available for sale soon [1]. - Under the new floating fee structure, management fees will be linked to the fund's performance relative to a benchmark, with fees varying based on the holding period and performance outcomes [2][4]. - For example, if a fund outperforms its benchmark by over 6%, the management fee can be as high as 1.5%, while underperformance by 3% or more can reduce the fee to 0.6% [2][3]. Assessment Criteria Upgrade - The reform includes a comprehensive upgrade of the assessment criteria for all actively managed equity funds, shifting focus from management scale and profit to investment returns [5][6]. - The new assessment framework emphasizes long-term performance, with at least 80% of the evaluation weight on returns over three years [5]. - Fund managers will face stricter penalties for underperformance, with significant reductions in performance-based compensation for those whose funds lag behind benchmarks by over 10 percentage points [5][6]. Industry Trust Restoration - The public fund industry has faced challenges, with actively managed funds underperforming compared to passive index funds, leading to a shift in investor preference [7]. - The reform aims to restore trust by ensuring that fund managers are incentivized to generate excess returns for investors, thereby justifying management fees [7][8]. - The introduction of floating fee rates is seen as a significant innovation in fee structures, allowing for a more personalized fee arrangement based on individual fund performance [8].