公募基金改革方案落地，强调建立长期投资业绩为核心的考核体系

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [6]. Core Insights - The reform plan aims to innovate and restructure the quantitative assessment system, which is expected to influence institutional investment behavior, promote long-term investment, and encourage the development of equity funds, ultimately benefiting the healthy development of the capital market [4]. - The plan includes a mechanism linking management fees to fund performance, enhancing the "risk-sharing, benefit-sharing" ecosystem, which is anticipated to restore investor confidence and attract more retail funds into the market [4]. - The initiative emphasizes increasing the proportion of equity products, which, along with policies encouraging long-term capital inflows, positions public funds as a core force in institutional investment, likely improving market pricing efficiency and stability [4]. Summary by Sections Event Overview - On May 7, the China Securities Regulatory Commission released the "Action Plan for Promoting the High-Quality Development of Public Funds," outlining new regulations regarding fund operation models, assessment systems, and industry development [1]. Event Commentary - The plan optimizes fund operation models by establishing a performance-linked floating management fee mechanism, aiming for top institutions to issue at least 60% of their actively managed equity funds in this format within a year [2]. - It enhances the industry assessment system by emphasizing long-term performance metrics, with at least 50% weight on investment returns for executives and 80% for fund managers [2]. - The plan also aims to improve the compensation management system for fund managers, linking their pay to fund performance relative to benchmarks [2]. Investment Recommendations - The reform is expected to shift the industry focus from "quantity to quality," encouraging fund companies to enhance research capabilities and operational efficiency for competitive differentiation [4]. - The linkage of fees and performance is anticipated to lead fund managers to favor stocks aligned with their investment styles, potentially improving overall fund performance [4].