★从"重规模"向"重回报"转变 公募基金行业迎来系统性改革

Core Viewpoint - The public fund industry in China is undergoing systematic reform aimed at promoting high-quality development through 25 specific measures that shift the focus from "scale" to "returns" for fund companies and sales institutions [1][2]. Group 1: Fee Structure and Performance Linkage - The reform plan introduces a floating management fee model for actively managed equity funds, linking fees to fund performance and allowing differentiated rates based on performance during the holding period [1]. - Fund companies are required to reduce management fees for underperforming funds that fall significantly below benchmark performance, addressing the issue of guaranteed income for fund companies regardless of performance [1]. - The plan mandates a reduction in subscription and sales service fees for public funds, encouraging timely fee adjustments for large index funds and money market funds [1]. Group 2: Performance Evaluation and Compensation - Fund company executives will have at least 50% of their performance evaluation based on fund investment returns, while fund managers will have at least 80% of their evaluation based on fund performance metrics [2]. - A long-term performance evaluation mechanism will be implemented, with a minimum of 80% weight on three-year performance metrics [2]. - Fund companies must establish a compensation management system linked to fund performance, with significant salary reductions for managers of funds underperforming by over 10 percentage points compared to benchmarks over three years [2]. Group 3: Enhancing Investor Services - The reform emphasizes optimizing resources for investment research, product design, risk management, and marketing to better serve investors' best interests [2]. - New regulations for fund investment advisory services will be introduced to ensure that services are tailored to meet the specific needs of investors [2]. - The establishment of a direct sales platform for institutional investors is planned to facilitate their participation in fund investments [2]. Group 4: Fund Product Development and Regulation - The plan aims to enhance the scale and stability of equity investments by optimizing fund registration processes and promoting the development of more index funds and low-volatility products [3]. - Performance benchmarks for fund products will be strengthened, with a focus on long-term performance evaluation over three years [3]. - The evaluation system will include metrics such as the retention scale and proportion of equity funds, investor gains and holding periods, and the scale of systematic investment plans [3]. Group 5: Regulatory Oversight - The reform includes stricter entry requirements for fund companies and sales institutions, with enhanced scrutiny of shareholder qualifications and funding sources [3]. - Measures will be taken to combat illegal practices such as shareholding by proxy and unauthorized transfer of shares [3]. - The China Securities Regulatory Commission will ensure the smooth implementation of these policies to enhance the industry's ability to serve wealth management, capital market stability, and national strategies [3].