从“明星基金经理”到“基金代销”：这场改革正在淘汰谁？｜2025中国经济年报

Core Viewpoint - The Chinese public fund industry is undergoing a significant transformation in 2025, shifting from a focus on scale expansion to prioritizing investor returns, as indicated by a series of regulatory policies aimed at enhancing the quality of development in the sector [1][2]. Policy Overview - The China Securities Regulatory Commission (CSRC) has released several key policy documents for 2025, including the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to establish a framework for high-quality industry development [1]. - Other notable documents include regulations on sales expense management, performance comparison benchmarks, and investor suitability management, all designed to lower costs for investors and standardize sales practices [1]. Systemic Reform - The 2025 reforms address deep-rooted issues in the industry, such as the disconnect between fund managers and investors, short-term sales behaviors, and style drift in investments [2]. - The reforms are characterized as a comprehensive restructuring of the system, aiming to align the interests of fund managers with those of investors [2]. Investor-Centric Focus - The "Action Plan" emphasizes a "return-based" approach, introducing a floating management fee model for newly established actively managed equity funds, linking fees to fund performance [3]. - New requirements mandate that at least 60% of new actively managed equity funds must adopt floating fee rates within a year, disrupting the traditional fixed management fee model [3]. Performance Assessment Changes - The new regulations stipulate that the assessment of fund company executives must prioritize investment return metrics, with at least 50% weight on fund performance for executives and 80% for fund managers [3]. - Long-term performance metrics are emphasized, with a minimum of 80% weight on assessments over three years, discouraging short-term performance chasing [3]. Investment and Sales Regulations - The "Performance Comparison Benchmark Guidelines" aim to ensure that each fund's performance benchmark aligns strictly with its investment strategy, preventing arbitrary changes [4]. - Sales expense management regulations propose significant reductions in subscription and service fees, potentially saving investors hundreds of millions annually [6]. - The sales behavior regulations prohibit misleading short-term performance promotions and require sales personnel's performance assessments to be linked to investors' long-term outcomes [6]. Talent Demand and Industry Evolution - The reforms are expected to reshape talent requirements in the public fund industry, moving away from the "star manager" model towards a focus on disciplined, process-oriented investment strategies [8]. - Sales personnel are transitioning from product sales roles to asset allocation advisors, necessitating a broader skill set that includes financial planning and client relationship management [8]. - There is an anticipated surge in demand for compliance, risk management, and financial technology professionals to support the new regulatory environment [9]. Conclusion - The ongoing reforms in the public fund industry are part of a broader effort to enhance investor satisfaction and align the industry's operational framework with long-term growth and stability [9].