CGWS(SZ:002939) Xin Lang Cai Jing·2025-12-11 08:23Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" introduces significant reforms in the public fund industry, emphasizing performance-based dividend distribution and potentially leading to salary reductions for nearly a thousand fund managers [1][7]. Group 1: Guidelines and Reforms - The guidelines require fund companies to prudently determine dividend frequency and ratio based on long-term performance and investor returns, especially for funds with poor performance over the past three years [1][7]. - The guidelines aim to enhance capital accumulation, research and investment, risk prevention, and social responsibility within fund companies [1][7]. Group 2: Dividend Distribution of Invesco Great Wall Fund - Invesco Great Wall Fund reported a total revenue of 3.373 billion yuan and a net profit of 951 million yuan for 2024, with a dividend payout of 775 million yuan, resulting in a dividend rate of 81.48% [8]. - From 2018 to 2024, Invesco Great Wall Fund accumulated a net profit of 6.395 billion yuan and distributed a total of 3.615 billion yuan in dividends to shareholders [9][10]. Group 3: Performance Metrics - Between 2022 and 2024, 66 out of 123 funds (53%) under Invesco Great Wall had negative returns, and 68 funds (55%) underperformed their benchmarks [10][11]. - The total loss across all fund products during this three-year period amounted to 36.9 billion yuan [11]. Group 4: Industry Position - Invesco Great Wall Fund's dividend rate of 81.48% in 2024 ranked it first among leading fund companies, with an average dividend rate of 56.53% over the years [10]. - As of the end of Q3 2025, Invesco Great Wall Fund's non-monetary scale reached 569 billion yuan, placing it tenth in the industry [12].