薪酬新规透视 | 广发郑澄然近三年在管7只仅1只跑赢基准，广发高端制造A跑输近82%，首尾业绩相差99%

Core Viewpoint - The fund industry is undergoing significant reform in its compensation system, emphasizing performance-based pay for fund managers, which may lead to salary reductions for nearly a thousand fund managers [1][4]. Summary by Sections Compensation Reform - New regulations from the Asset Management Association of China stipulate that if a fund manager's product returns are more than 10 percentage points below the benchmark over the past three years and the fund is unprofitable, their performance pay must be reduced by at least 30% [1][4]. - Fund companies are required to assess fund managers managing multiple products based on weighted performance metrics, considering fund size and management duration, excluding funds managed for less than a year from evaluations [1][4]. Performance Analysis - Fund manager Zheng Chengran's portfolio has gained attention, managing eight funds with a total size of 13.877 billion yuan as of December 8 [1][4]. - The best-performing fund, Guangfa Carbon Neutrality Theme A, has achieved a return of over 76% since its management began in June 2024 [2][6]. - Over the past three years, Guangfa New Energy Select A outperformed its benchmark by 17.99%, while other funds managed by Zheng Chengran significantly underperformed, with Guangfa High-end Manufacturing A lagging by 81.71% [7][9]. Structural Implications - There is a notable divergence between fund performance and size, with Guangfa High-end Manufacturing A being the largest fund at 5.272 billion yuan but having shrunk by 12.973 billion yuan over three years [9]. - The new regulations will fundamentally change the incentive structure for fund managers, shifting from a focus on standout products to an overall weighted performance approach, promoting accountability for each product [3][9].