基金信披新规来了！财报需增加盈利投资者占比、7-10年业绩等

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the updated disclosure standards for public funds, emphasizing a more investor-centric approach in the new regulations [1][2]. Group 1: Key Updates on Disclosure Standards - The new guidelines consist of 3 chapters and 36 articles, integrating similar disclosure items across annual, semi-annual, and quarterly reports while providing tailored requirements based on different functions [1]. - The revisions aim to simplify and adjust certain disclosure requirements based on higher-level regulations and industry practices, drawing from experiences in mature overseas markets [1][3]. - The CSRC's action plan for promoting high-quality development in public funds includes enhancing transparency and revising disclosure templates for actively managed equity funds [3][4]. Group 2: Investor-Centric Focus - The revised regulations require funds to display long-term performance metrics (7-year and 10-year) in their reports, shifting focus from short-term performance [2][6]. - Fund managers are now mandated to disclose the proportion of profitable investors in actively managed equity and mixed funds in their annual and semi-annual reports, promoting a focus on investor interests [2][6]. Group 3: Regulatory Emphasis on Stability - The new rules address high turnover rates in actively managed equity and mixed funds, which contradict the principles of value and long-term investing, by requiring disclosure of turnover rates in annual reports [7]. - This regulatory shift aims to encourage fund managers to adopt more prudent investment strategies, thereby enhancing the stability of investment behaviors [7]. Group 4: Systematic Revisions - The integration of existing disclosure requirements into a single normative document aims to streamline the disclosure process while maintaining authority and flexibility [4][5]. - The removal of redundant disclosure items is expected to alleviate the burden on industry institutions [5].