股混基金自购规模超40亿元 新规强化公募机构与投资者利益绑定

Core Viewpoint - The recent issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" by regulatory authorities aims to enhance the long-term incentive and constraint mechanisms within the fund management industry, promoting a stronger alignment of interests between fund management companies and fund shareholders [2][6]. Group 1: Guidelines and Requirements - Fund management company executives and key business department heads are required to invest at least 30% of their total performance compensation in public funds managed by their company, while fund managers must invest at least 40% of their total performance compensation in the public funds they manage [2][4]. - The guidelines emphasize the concept of "performance compensation holding base," mandating that the holding period for these investments must be no less than one year [2][3]. Group 2: Self-Purchase Trends - As of December 7, 2023, 136 public fund companies have initiated self-purchases, totaling 8,400 instances, with net subscriptions for equity funds exceeding 4 billion yuan [4][6]. - Notably, Guotai Fund has recorded the highest number of self-purchases at 782 times, followed by Invesco Great Wall Fund with 607 times [4]. Group 3: Market Implications - The self-purchase trend reflects fund companies' confidence in their investment management capabilities and the long-term value of their products, which is expected to stabilize investor expectations and enhance confidence in holding [6][7]. - The focus on equity products for self-purchases indicates a positive outlook on market valuation recovery and economic fundamentals, suggesting that fund companies will prioritize long-term performance over short-term gains [6][7].