壹快评｜以持续改革破解“基金公司赚钱，基民不赚钱”怪圈

Core Viewpoint - The recent regulatory changes aim to address the disparity between fund managers' earnings and investors' returns, emphasizing the need for a performance-based compensation system for fund managers [1][3][4] Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has introduced a plan to enhance the quality of public funds, which includes establishing a mechanism that links fund company income to investor returns [1][2] - A draft guideline has been released for public consultation, focusing on strengthening the constraints of performance benchmarks and requiring fund managers to develop a comprehensive management mechanism for benchmark selection, disclosure, monitoring, correction, and accountability [1][3] Group 2: Industry Issues - The fund industry faces criticism for issues such as style drift and poor investor experience, where fund companies profit while investors incur losses, leading to a significant gap in expectations [1][2] - The disparity in earnings during market downturns has led to widespread dissatisfaction among investors, who feel that fund managers are insulated from the risks faced by their clients [2][3] Group 3: Performance and Compensation - The draft guidelines propose that fund managers' performance compensation should decrease significantly if their long-term performance is notably below the established benchmarks [3] - There is a growing consensus that the fund industry must reform its fee structures and compensation mechanisms to align with market realities and investor expectations [2][4] Group 4: Future Outlook - The implementation of these regulatory measures is expected to lead to a more standardized and reasonable income and compensation system within the fund industry, fostering a culture of accountability and long-term investor trust [4]