中航基金|《行动方案》落地进行时：以制度创新守护投资者未来

Core Viewpoint - The article discusses the launch of the "Beijing Public Fund High-Quality Development Series Activities," emphasizing the importance of aligning the interests of investors and fund companies to enhance investor protection and promote sustainable development in the public fund industry [1] Group 1: Constructing Investor and Fund Company Interest Binding Mechanism - The "Action Plan" introduces a floating management fee mechanism that links fund management fees directly to fund performance, aiming to reform the operational model of fund management [2] - When fund performance is below the benchmark, management fees will automatically decrease, and conversely, they will increase when performance exceeds expectations, promoting a win-win value-sharing concept [2] - The policy emphasizes long-term performance assessments, linking fund manager compensation to three-year investment performance, which is expected to curb short-term speculative behavior [2] Group 2: Optimizing Investor Fund Advisory Service Supply - The traditional fund sales model relies heavily on transaction commission sharing, leading to issues such as excessive marketing during bull markets and a lack of ongoing investor education during bear markets [3] - The "Action Plan" aims to establish regulations for securities fund investment consulting, promoting the transformation of fund sales institutions into advisory service providers [3] - Tools like AI financial assistants are being developed to provide personalized services, helping investors make rational investment decisions and avoid market volatility [3] Group 3: Directly Reducing Fund Investor Holding Costs - The "Action Plan" guides the industry to steadily lower investor costs by regulating subscription fees and sales service fees for public funds [4] - It encourages the reduction of management and custody fees for large-scale index funds and money market funds, benefiting investors directly [4] - These measures aim to strengthen investor protection and reshape the industry ecosystem around long-term value creation, contributing to the high-quality development of the public fund sector [4]