《推动公募基金高质量发展行动方案》点评：直击痛点对症下药，推动行业良性发展为市场保驾护航

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [5] Core Insights - The report highlights the issuance of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission on May 7, 2025, addressing key industry issues such as operational philosophy deviations, insufficient functionality, unbalanced development structure, and weak investor satisfaction [1][2] - The report identifies four major problems in the industry: a focus on scale rather than performance, inadequate market stabilization functions, underdeveloped index fund offerings, and challenges for investors in achieving positive returns [1] Summary by Sections Policy Content - The establishment of a floating management fee mechanism is proposed, allowing active equity fund management fees to be adjusted based on relative performance benchmarks. A one-year transition period is expected, with over 60% of new fund issuances from leading institutions adopting this mechanism [2] - Performance evaluation indicators and long-term assessments are clarified, aligning the interests of investors and fund managers. Fund performance metrics will account for at least 80% of manager evaluations, with a similar weight for long-term returns [2] - A series of supporting policies are introduced to address industry bottlenecks, including regulations on fund sales expenses and governance standards for fund management companies [3] Policy Impact - The report anticipates that the identified industry issues will be addressed, leading to high-quality development and improved investor satisfaction, which may enhance the industry's image and trustworthiness. This is expected to increase the share and scale of equity public funds, further promoting the high-quality development of the capital market [4] - Investment opportunities are highlighted in leading fund companies and specific segments such as ETF funds and target-date funds, which are expected to thrive under the new regulatory environment [4]