天相投顾：以长周期之“稳”，促高质量之“进”

Core Viewpoint - The "Action Plan for Promoting the High-Quality Development of Public Funds" serves as a guiding framework for the transformation and upgrading of the industry, emphasizing the implementation of a long-term assessment mechanism for fund investment returns, which is crucial for fostering sustainable development and returning to the essence of value [1] Group 1: Multi-faceted Approach to Long-term Assessment - The "Action Plan" proposes multiple measures to enhance the industry's high-quality development, including the establishment of a comprehensive long-term assessment and incentive mechanism, focusing on performance assessment, classification evaluation, industry awards, and compensation management [2] - Fund companies are required to establish a performance assessment system centered on fund investment returns, with a weight of no less than 50% for management and 80% for fund managers, while long-term performance assessments for funds should have a weight of no less than 80% for periods exceeding three years [2] - The classification evaluation will increase the scoring weight for long-term performance, self-purchase of equity funds, investment behavior stability, and growth in equity investments by 50%, with a total weight of no less than 80% for "service to investors" [2] - The industry evaluation and awards system will be revised to focus on long-term performance over five years, optimizing indicator weights to eliminate unreasonable short-term performance rankings [2] Group 2: Quality Improvement and Efficiency - The implementation of long-term assessment policies is expected to lead to profound changes in the public fund industry, enhancing its ability to serve the real economy and support high-quality economic development [4] - The shift towards long-term investment principles will allow fund managers to focus more on the fundamentals and long-term growth potential of companies, rather than being influenced by short-term market fluctuations [4] - Improved evaluation systems and media focus on long-term performance will help investors reduce frequent trading due to market volatility, thereby lowering liquidity risks and enhancing fund management efficiency [4] - The long-term orientation will encourage fund managers to invest in research and talent development, transitioning the industry from a "scale-driven" to a "capability-driven" model, thereby enhancing research depth and investment stability [4] Group 3: Collaborative Pathway for Long-term Assessment Implementation - The successful implementation of long-term assessments requires collaborative efforts from all market participants to transition from "policy guidance" to "grounded execution" [5] - Fund managers need to restructure internal governance and incentive mechanisms, de-emphasizing short-term rankings while enhancing research capabilities [5] - Sales institutions should focus on investor education to cultivate long-term and value investment philosophies, improving customer holding experiences and guiding rational asset allocation [5] - Third-party evaluation agencies are working to develop a comprehensive evaluation system that reflects long-term returns, risk control, and strategy stability, aiming to better represent the true management capabilities of funds [5] Conclusion - The long-term assessment mechanism represents not only a shift in evaluation methods but also an upgrade in industry development philosophy, serving as a solid institutional support for the high-quality development of the public fund industry [6]