政策解读 |国新国证基金：公募基金实施长周期考核，行业生态迎深刻变革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced an action plan to promote the high-quality development of public funds, emphasizing a long-term performance evaluation mechanism for fund companies [1][2]. Policy Background - The public fund industry in China has rapidly developed, with a management scale exceeding 34 trillion yuan and over 12,000 products as of June 2025. However, issues such as misaligned operational philosophies and insufficient investor satisfaction have emerged, hindering high-quality growth [2]. - The long-term evaluation policy aims to reverse the short-term investment behavior in the public fund industry and establish a more aligned incentive mechanism between fund managers and investors [2]. Core Policy Content - The long-term performance evaluation mechanism includes requirements such as: - A minimum of 80% weight on medium to long-term returns over three years - Long-term performance over five years becoming the core of evaluations and awards - At least 50% weight on fund performance metrics in executive evaluations - Introduction of comprehensive indicators like investor profit and fund profitability - Reduction of weight on short-term operational metrics like scale and ranking [3]. - Fund managers are required to establish incentive and restraint mechanisms that align with long-term evaluations, including deferred performance compensation and clawback provisions [3]. Industry Impact - Fund managers will experience a significant shift in investment decision-making, allowing them to focus on long-term growth rather than quarterly rankings [4]. - Fund companies are adjusting their product lines to emphasize long-term hold products, with a focus on index-enhanced funds and retirement target funds, as well as industry theme funds aligned with national strategic directions [4]. - There will be an increased emphasis on investor engagement and service to foster a long-term investment mindset among investors [4]. Future Outlook - The implementation of the long-term evaluation policy is expected to lead to profound changes in the public fund industry, refocusing on investment management capabilities and enhancing the role of institutional investors in supporting high-quality economic development [5]. - As policies are gradually implemented, the public fund industry is anticipated to enter a new phase of high-quality development, creating more value for investors and improving their satisfaction [5].