全力营造“长钱长投”生态 公募基金改革新年再吹号角

Core Viewpoint - The public fund industry in China is set to deepen reforms in 2026, focusing on stabilizing the market and promoting long-term investments through various product offerings and risk management tools [1][5]. Group 1: Market Environment and Fund Role - The A-share market has shown a continuous upward trend, with the Shanghai Composite Index surpassing 4100 points and several equity funds achieving over 30% returns in just half a month [2]. - Amidst this market prosperity, irrational tendencies are emerging, particularly in sectors like commercial aerospace and AI applications, leading to inflated valuations [2]. - Public funds are urged to act as "stabilizers" in the market, maintaining professionalism and guiding rational investments rather than fueling speculative behavior [2][3]. Group 2: Reform Directions and Suggestions - The current assessment system encourages fund managers to chase hot trends for quick scale gains, which can amplify systemic risks and lead to significant market volatility [3]. - It is recommended that the public fund industry reform its evaluation metrics to focus on risk-adjusted returns, incorporating measures like the Sharpe ratio and maximum drawdown [3][6]. - Fund companies should diversify their product offerings to include stable value-oriented funds and absolute return strategies, especially during market exuberance [4][6]. Group 3: Long-term Investment Ecosystem - The China Securities Regulatory Commission emphasizes the need to broaden channels for long-term capital and develop products suitable for long-term investments [5][6]. - There is a call to enhance the inflow of long-term funds, such as pensions and insurance capital, into the market while creating products that meet their needs [6][7]. - Fund companies are encouraged to develop products that focus on absolute returns and risk management tools to cater to the lower risk appetite of long-term investors [7]. Group 4: Investor Experience and Transparency - Improving investor experience is crucial, with a shift needed from focusing solely on fund performance to also considering investor profitability [8][9]. - There is a proposal to include investor profit and loss data in fund disclosures to enhance transparency and accountability [8][9]. - Fund companies should prioritize customer-centric management, ensuring that the right products are matched with the appropriate investors and providing ongoing support [9][11]. Group 5: Sales Practices and Accountability - The sales practices within the public fund industry have been criticized for prioritizing asset management scale over responsible selling [11]. - A shift in the incentive structure is necessary, focusing on long-term client benefits rather than short-term sales metrics [11][12]. - Regulatory bodies are urged to enforce stricter penalties for misleading sales practices to protect investors and ensure ethical conduct in the industry [11][12].