薪酬新规透视 | 广发王明旭7只产品近三年均跑输基准超30%，广发盛锦A跑输基准45.42%

Core Viewpoint - The fund industry is undergoing significant reform in its compensation system, focusing on performance-based evaluations for fund managers, which may lead to salary reductions for nearly a thousand fund managers if their products underperform [1][4]. Group 1: Regulatory Changes - 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's profit is negative, their performance-based compensation must be reduced by at least 30% [1][4]. - Fund companies are required to assess fund managers managing multiple products based on weighted performance evaluations considering fund size and management duration, excluding funds managed for less than a year from the assessment [1][4]. Group 2: Performance of Wang Mingxu's Funds - Wang Mingxu manages seven funds with a total asset size of 8.26 billion yuan, but all of them have underperformed their respective benchmarks over the past three years, with losses ranging from 30% to 45% [3][5][7]. - Specific performance metrics include: - Guangfa Shengjin A: underperformed by 45.42% - Guangfa Value Selection A: underperformed by 35.98% - Guangfa Ruiming Two-Year Holding A: underperformed by 34.24% [2][3][7]. - The combined asset size of the top three funds managed by Wang Mingxu exceeds 60% of the total assets under his management [3][7]. Group 3: Implications of the New Regulations - The new regulations fundamentally change the incentive structure for fund managers, shifting from a focus on "star product highlights" to an "overall weighted performance" approach for product lines [3][7]. - This reform aims to eliminate the "one-size-fits-all" compensation model, promoting independent accounting for each product and clear reward and penalty mechanisms [3][7].