益民基金《推动公募基金高质量发展行动方案》解读：政策东风至，投顾启新程

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which sets a new direction for the public fund industry in China, emphasizing "quality improvement and efficiency enhancement" [2] Group 1: Policy Framework - The Action Plan establishes a clear regulatory framework for fund advisory services, indicating that service standards, entry thresholds, and regulatory requirements will be detailed, leading to standardized management of advisory services [3] - This standardization aims to enhance service professionalism and ensure that investors understand the service content, return logic, and risk boundaries [3] Group 2: Investor-Centric Approach - The Action Plan emphasizes that investor returns should be the primary focus, requiring fund companies to create a performance evaluation system centered on fund investment returns [4] - This shift from a scale-focused approach to one that prioritizes long-term returns will align the compensation of fund managers and advisors with actual fund performance [4] Group 3: Long-Term Investment Focus - The Action Plan mandates that fund companies adopt a long-term investment philosophy, with at least 80% of the evaluation weight on medium to long-term returns over three years [5][6] - This requirement is expected to shift advisory services away from short-term speculation towards long-term asset allocation [5] Group 4: Tailored Wealth Management - The Action Plan encourages fund companies to develop products and services that cater to diverse resident wealth management needs, particularly supporting the creation of index funds and low-volatility products [7] - Advisory services will be able to offer personalized investment plans based on precise demand profiles, ensuring that every investment aligns with individual needs [7] Group 5: Technological Empowerment - The Action Plan signals a push for digital transformation in the industry, including the launch of a direct sales platform for institutional investors, which will enhance service accessibility and reduce costs [8] - The policy also aims to lower fund sales fees, making financial services more affordable for investors [8] Group 6: Risk Management - The Action Plan emphasizes the importance of risk control, requiring that risk management be integrated throughout the advisory service process [9] - This includes preemptive risk diversification, real-time monitoring, and dynamic adjustments based on market changes [9] Group 7: Collaboration with Long-Term Funds - The Action Plan supports the entry of long-term funds into the market, enhancing the service capabilities of fund companies towards various long-term capital sources [10] - The expertise gained in managing long-term funds will benefit personal investors, optimizing retirement planning and improving portfolio resilience [10]