国新国证基金：公募基金高质量发展行动方案解读之投资者的选基新视角

Core Insights - The "Action Plan for Promoting High-Quality Development of Public Funds" will transform the fee structure and assessment methods of fund companies, reshaping the competitive landscape and development direction of the industry [1] Group 1: Shift in Focus - The Action Plan emphasizes a transition from a "scale-oriented" approach to a "capability-oriented" one, highlighting the importance of the core competitiveness of fund managers [2] - Investors are encouraged to abandon the "size equals return" mentality and instead focus on the "investment research capability" of fund managers, with regulatory bodies establishing evaluation metrics for fund companies [2] Group 2: Investment Strategy Evolution - The investment strategy is shifting from "chasing stars" to establishing a "trust system," as long-term assessment mechanisms will replace the individual heroism of fund managers with a more collaborative investment research framework [3][4] - Investors should prioritize the professionalism and efficiency of the investment research systems behind fund products, viewing fund selection as choosing a comprehensive and reliable investment methodology rather than relying on a single manager's short-term market predictions [4] Group 3: Emphasis on Long-Term Investment - The reforms aim to encourage long-term investment, with fee reforms designed to lower the long-term holding costs for investors [5] - Investors are advised to avoid frequent trading due to short-term market noise and to select fund managers whose interests are aligned with theirs, focusing on long-term performance to benefit from the compounding returns of capital markets [5] - The Action Plan is guiding the public fund industry towards a more regulated, transparent environment centered on investor returns, urging fund companies to enhance their management structures and service systems while improving both investment performance and investor experience [5]