交银施罗德基金董事长张宏良：卸下“超能力”的包袱，共建共生方能行稳致远丨对话资管30人

Core Viewpoint - The introduction of the first batch of 26 new floating fee rate funds marks a significant shift in the fund industry, moving from a guaranteed profit model to one that aligns the interests of fund companies and investors, emphasizing the need for improved investor experience and long-term value creation [1][2]. Industry Reform Background - The new fee structure is a response to the China Securities Regulatory Commission's "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance long-term assessment and incentive mechanisms within the industry [1][2]. - The reform is driven by the need to address existing challenges in the fund industry, including the overemphasis on short-term performance and the lack of a wealth management perspective, leading to a "triple dilemma" among fund companies, investors, and sales channels [3][4]. Challenges in the Fund Industry - The industry faces a "triple dilemma" characterized by: 1. Fund companies relying on historical performance to project future returns, damaging industry credibility [3]. 2. Investors misunderstanding fund products as high-return investments, leading to irrational behavior during market fluctuations [3]. 3. Sales channels experiencing cyclical challenges, resulting in increased complaints during market downturns [3][4]. Strategic Directions for Fund Companies - Fund companies must focus on both internal and external strategies to adapt to the new regulatory environment: 1. Internally, companies should enhance their research capabilities and improve transparency in investment processes [2][6]. 2. Externally, there is a need to rebuild the wealth management ecosystem by aligning investor interests with company performance [6][7]. Product Classification and Investor Focus - A shift in product classification logic is essential, moving from a single focus on asset composition to incorporating investor risk preferences [9][12]. - The goal is to create products that cater to varying risk appetites, ensuring that offerings are aligned with investor needs and expectations [9][10]. Implementation of Floating Fee Rate Products - The floating fee rate mechanism is seen as a critical step in binding the interests of fund companies and investors, with the first batch of products already approved for issuance [1][13]. - Companies are expected to enhance their performance benchmarks to ensure that fund managers are held accountable for their investment decisions, thereby strengthening the alignment of interests with investors [13][14].