从“明星基金经理”到“基金代销”：这场改革正在淘汰谁？

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 evidenced by a series of regulatory policies aimed at enhancing the industry's quality and integrity [1][10]. Policy Overview - The China Securities Regulatory Commission (CSRC) has released several key policy documents in 2025, including: - "Action Plan for Promoting High-Quality Development of Public Funds" in May, aimed at establishing a framework for high-quality industry development [1][10]. - "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds (Draft for Comments)" in September, designed to reduce investor costs and standardize sales practices [1][10]. - "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" in October, addressing issues of investment style drift and standardizing investment behavior [1][10]. - "Investor Suitability Management Rules for Publicly Raised Securities Investment Funds (Draft for Comments)" in November, focusing on enhancing sales suitability and protecting investors [1][10]. - "Sales Behavior Norms for Publicly Raised Securities Investment Funds" in December, aimed at strengthening sales behavior regulation and promoting long-term investment [1][10]. 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, which have eroded trust and investor satisfaction [2][10]. - The reforms represent a comprehensive restructuring of the regulatory framework, moving towards a system that emphasizes investor returns [2][10]. Top-Level Design Shift - The CSRC's "Action Plan" sets a "return-oriented" tone for the industry, introducing a floating management fee model for newly established actively managed equity funds, linking fees to fund performance [3][11]. - New requirements mandate that at least 60% of new actively managed equity funds launched by leading public fund companies must adopt floating fee rates within a year [3][11]. - The assessment system for fund managers is being overhauled, with a minimum of 50% weight on investment returns for company executives and 80% for fund managers, emphasizing long-term performance [3][11]. Specific Measures - The "Guidelines for Performance Comparison Benchmarks" aim to strictly align performance benchmarks with fund strategies, preventing arbitrary changes and enhancing compliance through independent monitoring [4][12]. - Fund managers' compensation will be closely tied to long-term performance relative to benchmarks, addressing the issue of style drift [4][12]. Sales Reform - The "Sales Expense Management Regulations" propose significant reductions in subscription fees and sales service fees, potentially saving investors hundreds of billions annually [5][13]. - The new sales behavior norms prohibit misleading short-term performance promotions and require sales personnel's performance evaluations to be linked to investors' long-term outcomes, transforming their role from sales agents to investment advisors [5][13]. Talent Demand Shift - The reforms are reshaping talent requirements in the public fund industry, moving away from the "star manager" model towards a focus on disciplined, process-oriented investment strategies [7][15]. - Sales personnel are expected to evolve into asset allocation consultants, requiring skills in financial planning and client relationship management [7][15]. - There will be a surge in demand for compliance, risk management, and financial technology professionals to ensure adherence to new regulations and enhance operational efficiency [8][16].