深度绑定投资者利益 公募新品已在路上

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes a core value of "investor-centric" principles, aiming to enhance long-term returns for investors and bind their interests with fund management [1][2]. Group 1: Key Aspects of the Action Plan - The Action Plan is viewed as one of the most systematic and forward-looking regulatory innovations in China's capital market in recent years [2]. - It focuses on optimizing the evaluation system for fund management, emphasizing investor satisfaction as a key metric [2]. - The plan encourages innovation in equity products and improves mechanisms for aligning interests between fund managers and investors [2]. Group 2: Floating Management Fee Funds - A new batch of floating management fee funds will be launched, which will deeply bind investor interests at the product establishment level [3]. - These funds will adopt a performance-based fee structure, where management fees are determined based on the fund's performance relative to a benchmark during the holding period [3]. - For example, if a fund performs significantly better than the benchmark, it may charge a fee above 1.2%, while underperformance could lead to a reduced fee of 0.6% [3]. Group 3: Market Trends and Historical Context - Since their inception in 1999, floating management fee funds have undergone several market evaluations, with 20 funds set to pilot the new fee structure in 2023 [4]. - By the end of 2024, there will be 75 products using the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked [4]. - The differentiation in management fees among floating fee products has been significant, particularly influenced by market performance from 2021 to 2024 [4]. Group 4: Future Investment Strategies - The future of public funds is expected to focus on long-term and value investing, addressing previous misalignments among stakeholders' interests [5]. - The binding of interests between fund companies and investors is seen as beneficial for product management and investor returns [5].