告别规模至上，基金行业如何真正走向高质量发展？

Core Insights - The Chinese mutual fund industry is undergoing a significant transformation towards high-quality development, shifting from a focus on scale to prioritizing investor returns [2][3] - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a new era for the industry, emphasizing investor interests as the core value [2][3] Industry Development - The mutual fund industry in China has expanded rapidly from 5 trillion to 30 trillion over the past decade, but investor experiences have not improved correspondingly [2] - The new policy aims to enhance investor trust and satisfaction through systematic reforms and service upgrades [2][3] Long-term Investment Focus - The policy emphasizes long-termism as a core practice to protect investor interests, moving away from short-term performance pressures that have historically plagued fund managers [3][4] - Fund managers are now required to have a minimum assessment period of three years, which helps mitigate the frequent style changes that have confused investors [4][6] Performance and Fee Structure - The introduction of a floating management fee structure links fund company earnings to investor performance, incentivizing fund managers to focus on delivering returns [8][9] - For example, the management fee for the Jiashi Growth Win Mixed Fund is contingent on outperforming benchmark indices, aligning the interests of fund companies with those of investors [8] Investment Strategy Recommendations - Investors are encouraged to focus on established funds with a track record of stability rather than chasing new or popular funds, which may be more volatile [11][12] - Regular investment in high-quality funds through a systematic investment plan (SIP) is recommended to mitigate market volatility and enhance long-term returns [12][16] Fund Selection Criteria - Investors should prioritize funds from companies with stable governance and low turnover rates among fund managers to ensure consistent performance [15][16] - The emergence of innovative products such as ESG funds, public REITs, and quantitative hedge funds offers diverse investment options for investors seeking to adapt to the evolving market landscape [15][16]