公募基金迎来价值重构新周期

Core Viewpoint - The public fund industry is undergoing a profound transformation with the issuance of the "Guidelines for Performance Evaluation Management of Fund Management Companies (Draft for Comments)" aimed at standardizing performance evaluation and compensation management, promoting sustainable development and stable operations in the fund industry [1] Group 1: Industry Transformation - The guidelines will reshape the values of the fund industry, shifting from rapid growth to high-quality development [2] - The emphasis on short-term rankings has led to irregular investment behaviors among fund managers, increasing risk exposure and damaging the industry's reputation [2] - The guidelines aim to correct this unhealthy ecosystem by mandating that the weight of medium to long-term indicators in investment return metrics must not be less than 80% and requiring deferred compensation and co-investment mechanisms [2] Group 2: Focus on Active Management - The guidelines stress the importance of enhancing active management capabilities, indicating that while passive investment addresses cost issues, active management is essential for generating excess returns, which is the core competitiveness of public funds [3] - Strengthening research and investment teams, improving corporate governance, and solidifying risk control systems are fundamental for sustainable industry development [3] - The implementation of the guidelines is expected to lead to a new round of reshuffling in the public fund industry, favoring companies that focus on long-term performance and rigorous risk control [3]