富国基金：筑基固本 开启公募基金高质量发展新征程

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to enhance the public fund industry in China by focusing on investor interests, optimizing fund operations, and improving governance and research capabilities [1][4]. Group 1: Investor-Centric Reforms - The public fund market in China has surpassed 36 trillion yuan, highlighting its growing value in supporting direct financing for the real economy and meeting diverse wealth allocation needs [1]. - A floating management fee system linked to fund performance will be implemented, particularly for newly established active equity funds, to align the interests of investors and fund managers [2]. - The China Securities Regulatory Commission (CSRC) has initiated a fee rate reform that is expected to save investors over 50 billion yuan annually through a phased approach [2]. Group 2: Performance and Accountability - New guidelines will strengthen the role of performance benchmarks, linking fund manager compensation to their ability to outperform these benchmarks, thereby enhancing transparency and investor trust [2][3]. - A long-term assessment and incentive mechanism will be established, with a focus on medium to long-term returns, to ensure alignment of interests between fund managers and investors [3]. Group 3: Governance and Research Enhancement - The action plan emphasizes the need for improved corporate governance and research capabilities within public fund companies to ensure stable operations and high-quality development [4][5]. - Companies are encouraged to build a comprehensive, integrated research system and enhance the capabilities of their research teams to provide reliable long-term investment performance [5]. Group 4: Service Improvement and Compliance - The plan calls for enhanced investor services, including standardized and automated data interaction services for institutional investors, which will lower operational costs and support long-term business development [5]. - Compliance is highlighted as a fundamental operational principle, with measures to improve liquidity risk management and ensure adherence to legal and regulatory standards [6].