★系统性改革拉开帷幕 头部公募响应落实

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks the beginning of systematic reforms in the public fund industry, focusing on investor returns and long-term development [1][2] Group 1: Focus on Investor Returns - The Action Plan emphasizes the importance of investor returns and long-term development, indicating a new phase for the public fund industry that prioritizes high-quality transformation [1][2] - The introduction of a floating management fee structure linked to fund performance aims to align the interests of fund managers with those of investors, enhancing the investor experience [2][3] Group 2: Long-Term Investment and Value Orientation - The Action Plan encourages long-term investment and discourages short-term behaviors, promoting a culture of value investment among fund managers [3][4] - Fund companies are adjusting their evaluation systems to focus on long-term performance, with assessment periods extending to 3-5 years [4][5] Group 3: Expansion of Equity Investment - The Action Plan aims to significantly increase the scale and proportion of equity investments in public funds, which is expected to inject fresh capital into the market [5] - Measures such as a rapid registration mechanism and encouragement of index-based investments are being implemented to empower equity investments [5]