天相投顾|长周期考核重塑基金业：告别短期追逐，投资者获得感成为核心价值

Core Viewpoint - The core initiative of the "Action Plan for Promoting High-Quality Development of Public Funds" is to shift the focus of the fund industry from "scale-oriented" to "investor return-oriented," addressing the long-standing issue where funds profit while investors do not [1][2]. Group 1: Action Plan Details - The Action Plan requires fund managers to establish a performance-based assessment system, reducing the weight of operational indicators like scale and profit [1]. - Long-term performance assessments must account for at least 80% of the evaluation, particularly for periods exceeding three years [1]. - Higher governance standards are mandated, with at least 50% of executive assessments based on investment returns and 80% for fund managers based on product performance [1]. Group 2: Industry Impact - The new regulations aim to reshape a healthier ecosystem in the fund industry, moving away from the "short-term scale curse" that has led to detrimental practices [2]. - By changing the assessment focus, the plan seeks to create a win-win situation for fund managers and investors, reducing the pressure to chase short-term sales [2]. - The establishment of long-term assessment mechanisms is expected to stabilize fund operations and reduce short-term volatility, enhancing investor satisfaction [2]. Group 3: Future Outlook - As policies deepen, the public fund industry is expected to return to its core mission of fiduciary responsibility, gaining market recognition through management capabilities and creating sustainable value for investors [3].