基金行业“持有人优先”原则走向制度化

Core Insights - The introduction of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" is seen as a significant step towards implementing the principle of "prioritizing the interests of investors" in practice [1][2] - Fund management companies have demonstrated their commitment to investor interests by achieving a net subscription of over 4.2 billion yuan in equity funds (stock and mixed funds) this year [1][3] Group 1: Guidelines Impact - The guidelines strengthen the binding of interests between fund companies and investors by requiring senior management and key personnel to invest a minimum of 30% of their annual performance compensation in the company's public funds, with at least 60% in equity funds [2] - Fund managers are required to invest at least 40% of their annual performance compensation in the funds they manage, with a holding period of no less than one year, ensuring that core personnel share in the profits and losses with investors [2] - The assessment mechanism emphasizes long-term investor returns, with over 80% of the assessment based on three-year or longer performance metrics [2] Group 2: Self-Purchase Actions - Public fund institutions have taken significant self-purchase actions, with a total net subscription of 4.223 billion yuan in equity funds this year, representing a 187% increase compared to 1.469 billion yuan in the same period last year [3] - The net subscription amounts for stock and mixed funds are 2.272 billion yuan and 1.951 billion yuan, respectively, with mixed funds showing a notable turnaround from a net redemption of 644 million yuan last year to substantial net subscriptions this year [3] - Leading fund companies such as ICBC Credit Suisse, Guotai Fund, Yongying Fund, and GF Fund have each exceeded 200 million yuan in self-purchases, reflecting confidence in the equity market [3] Group 3: Market Perspective - The A-share market is currently at a relatively low valuation compared to major global markets, highlighting the long-term investment value of equity assets [4] - The self-purchase actions by public funds signal recognition of the medium to long-term investment value in the market and serve as a means for fund companies to demonstrate confidence in their research capabilities and products [4] - The strengthened "follow-up investment" requirements in the guidelines encourage fund managers to focus more on the long-term performance of the funds they manage, aligning their interests with those of investors [4]