银华基金王立新：加强核心投研能力建设 切实提升投资者回报

Core Views - The article discusses the significant systemic transformation in China's public fund industry following the release of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][9] - The plan aims to enhance the core investment research capabilities of public funds, which is essential for serving investors and creating sustainable returns [2][9] Group 1: Investment Research Capability - Strengthening core investment research capabilities is crucial for fund companies to serve investors and generate long-term returns [2] - The plan proposes establishing a performance evaluation system for investment research capabilities and promoting a collaborative team approach rather than individual-driven models [2] - Silver华基金 has been exploring an "industrialized" approach to active equity investment, moving away from the traditional star fund manager model [2] Group 2: Floating Management Fee Funds - The plan encourages the development of floating management fee funds that align the interests of fund managers with those of investors [3] - This fee structure adjusts management fees based on actual fund performance, promoting a focus on generating returns rather than merely managing assets [3][4] - The floating fee mechanism aims to foster a culture of long-term investment and improve investor experience [3] Group 3: Performance Benchmarking - The plan emphasizes the need for a regulatory framework for performance benchmarks, ensuring that fund companies adhere to strict guidelines for setting and disclosing benchmarks [5] - Silver华基金 aims to create a benchmark system that reflects the investment style of fund managers, enhancing investor confidence and market health [5] Group 4: Long-Term Evaluation and Incentives - The plan calls for a reform of performance evaluation mechanisms, focusing on long-term investment returns rather than short-term metrics [6] - Silver华基金 implements a long-term evaluation system, with a significant weight on three to five-year performance metrics [6] Group 5: Innovation in Equity Funds - The plan promotes the innovation of equity fund products, particularly in developing various index funds that align with national strategies [7][8] - Silver华基金 has established a diverse product matrix covering core indices and has focused on creating a range of ETFs to meet evolving market demands [8] Group 6: Overall Industry Direction - The plan underscores the importance of prioritizing investor interests and shifting the industry's focus from asset management scale to improving investor returns [9] - The public fund industry is expected to play a crucial role in connecting resident wealth growth with high-quality development of the real economy [9]