银华基金：《推动公募基金高质量发展行动方案》核心要点速览！

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" aims to shift the focus of the public fund industry from "scale" to "return" for sustainable growth [2][19]. Group 1: Key Measures - The plan proposes 25 measures to enhance the industry's development [3]. - It includes optimizing the fee structure for actively managed equity funds, introducing performance-based floating management fees [3][4]. - Funds that significantly underperform compared to benchmarks will have reduced management fees [5]. Group 2: Strengthening Investor Relations - The plan emphasizes aligning the interests of fund companies with investors by establishing a performance-based evaluation system [6]. - It suggests increasing the proportion of fund managers' investments in their own funds and implementing stricter lock-up periods [7]. - A compensation management system linked to investment returns will be established, with significant penalties for underperformance [7]. Group 3: Enhancing Investor Services - The industry is encouraged to optimize resources for investment research, product design, risk management, and marketing to promote long-term and value investing [8]. - Regulations for public fund investment advisory services will be introduced to standardize the development of advisory businesses [9]. - A direct sales platform for institutional investors will be launched to facilitate their participation in fund investments [10]. Group 4: Increasing Investment Scale and Stability - The plan aims to optimize fund registration processes and introduce more index funds and low-volatility products [11]. - It will strengthen the constraints of performance benchmarks and implement long-term assessments of fund performance [12]. Group 5: Regulatory Enhancements - The plan includes improving regulatory frameworks and enforcement mechanisms to ensure high-quality development [13]. - It calls for enhancing the governance of fund companies and ensuring accountability among major shareholders and management [14]. - Liquidity risk management mechanisms will be improved to elevate compliance standards [15]. - The industry is encouraged to enhance its reputation management capabilities and promote a positive economic outlook [16]. - The initiative aims to foster a unique financial culture and accelerate the establishment of top-tier investment institutions [17].