证监会《推动公募基金高质量发展行动方案》点评：建设百年投资机构需要经历的调整期

Core Insights - The report emphasizes the importance of adapting public fund structures to enhance investor alignment and stability in investment behavior, highlighting the need for floating management fees and clear performance benchmarks [6][8][35] - It discusses the trend towards passive equity products driven by investor demand and policy encouragement, indicating a shift in the market dynamics towards lower fees and larger scales [35][36] - The report notes that the current environment presents significant opportunities for public funds to focus on long-term investment strategies, particularly in undervalued sectors of the A-share market [36][37] Policy Impact Discussion - The report identifies three resonances driving the development of passive equity products: (1) investor demand combined with policy encouragement, (2) diminishing incentives and increased constraints on achieving excess returns, and (3) lower fees coupled with larger scales [35] - It highlights the significance of public funds acting counter-cyclically, particularly through institutional investor behavior, which may provide a source of "low-level scale" [36] - The report suggests that the future focus for public funds should be on expanding product scales at low levels, strategically positioning for industry trends, and optimizing asset allocations to value ranges [36][37] Fund Performance and Manager Insights - The report indicates that as of April 30, 2025, only 16% of equity fund managers achieved a three-year compound return exceeding 10%, marking a low point since 2012 [13][18] - It notes that the proportion of profitable clients in active equity funds is currently at 19%, which is historically low, suggesting challenges in the current market environment [18][20] - The report also mentions that the issuance scale of active equity products is at a historical low, with only 6.1% of total public fund issuance in the first quarter of 2025 being attributed to ordinary stock and mixed equity funds [26][35] Long-term Trends and Structural Adjustments - The report asserts that the structural adjustments needed for public fund products are improving, with A-share companies enhancing governance and shareholder returns, thus providing a better foundation for passive product expansion [36][37] - It discusses the cyclical nature of public fund management, where the expansion of management scales may be limited but the overall direction remains unchanged [37] - The report concludes that the pursuit of excess returns will continue to be a central theme in the active management industry, with a tendency for skilled managers to gravitate towards less resistant environments [37]