专访南方基金杨小松：探索浮动费率机制，共筑共生共荣新生态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to shift the industry focus from "scale-oriented" to "return-oriented" through 25 measures centered on "investor-centric" principles [2] Group 1: Key Measures and Mechanisms - The introduction of a floating fee rate mechanism is considered the core measure of the new regulations, aimed at binding the interests of fund managers and investors [3] - The floating fee mechanism links management fees to the actual gains and losses of investors, promoting a new ecosystem of mutual benefit between fund managers and investors [3][5] - The action plan emphasizes optimizing the fee structure for actively managed equity funds, implementing a floating management fee based on fund performance relative to a benchmark [5] Group 2: Positive Impacts on the Industry - The new fee structure encourages long-term investment by providing incentives for investors who hold funds for a certain period, thereby reducing irrational trading [5] - It aims to enhance investor satisfaction by adjusting fees based on actual performance, aligning with the principle of being investor-centric [5] - The mechanism encourages fund managers to focus on generating alpha returns rather than relying solely on market beta, thereby improving the professional research capabilities within the industry [6] Group 3: Industry Development and Future Outlook - The action plan is seen as a significant step in the reform and optimization of China's capital market, promoting healthy industry development and enhancing investor experience [2][7] - The experience from overseas markets indicates a trend of declining fees as the market matures, which is expected to be mirrored in China's public fund sector [7] - The implementation of the action plan and the floating fee mechanism is anticipated to inject new momentum into the sustainable development of the public fund industry, fostering a community of shared interests between fund managers and investors [7]