以信筑梁 公募改革回应“获得感”之问

Core Insights - The Chinese public fund management scale reached 36.96 trillion yuan by October 2025, highlighting the industry's global influence and the importance of investor trust as a foundation for development [1] - The China Securities Regulatory Commission (CSRC) introduced a comprehensive reform plan in May 2025 aimed at enhancing the quality of public funds, focusing on fee structures, performance benchmarks, long-term assessments, and sales ecosystems [1][2] - The industry is undergoing a transformation to ensure that investor trust translates into predictable and sustainable returns, with a focus on collaborative efforts across product, research, sales, and customer service [1][3] Investment Research Innovation - The reform emphasizes the need for stable performance metrics, with the CSRC's guidelines on performance benchmarks aiming to enhance the reliability of historical performance as a reference for future investments [2] - Fund managers are encouraged to anchor their strategies to performance benchmarks, ensuring style stability and clear product positioning to improve investor confidence [2][3] Research Methodology Transformation - The investment research approach is shifting from individualistic strategies to a more integrated, systematic framework, promoting a platform-based, multi-strategy research system [3] - The focus is on clarifying sources of returns and defining risk boundaries, which helps in rationalizing investor expectations and building long-term trust [3] Sales Transformation - The sales model is evolving from a traditional agent role to a guardian role, emphasizing the importance of investor experience and aligning sales practices with long-term investor interests [4][6] - The industry is adopting a floating fee structure linked to fund performance, which has led to a significant increase in the issuance of floating fee funds since the reform plan was announced [5][6] Assessment Mechanism Overhaul - The reform plan mandates the establishment of a performance-centric assessment system for fund companies, reducing the emphasis on scale and short-term metrics [6][7] - Long-term performance assessments are prioritized, with a requirement that at least 80% of the evaluation weight be based on three-year performance, promoting stability and precision in fund management [6][7] Investor Experience Focus - Companies are increasingly incorporating investor experience metrics into their assessment frameworks, aiming to enhance long-term investor engagement and satisfaction [7] - The industry recognizes the importance of creating value for clients, as the management of public funds directly impacts the financial well-being of countless households [7]