证监会发布《推动公募基金高质量发展行动方案》点评：以投资者为本的转型之路

Group 1: Key Points on Investor-Centric Transformation - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" on May 7, 2025, emphasizing an investor-centric approach[3]. - The plan outlines four key focuses: strengthening the alignment of interests with investors, expanding equity funds, enhancing investor service capabilities, and increasing industry stability[9]. - The introduction of a floating management fee mechanism aims to align fund managers' compensation with investor returns, with a target for leading firms to issue at least 60% of new equity funds under this model[10]. Group 2: Focus on Equity Fund Development - The plan continues the emphasis on the growth of equity funds, which has been a consistent theme since the 2022 guidelines[13]. - Public funds will have expanded access to financial derivatives, allowing for better risk management and absolute return strategies[13]. - The registration process for equity funds will be expedited, with a commitment to complete registrations for ETFs within 5 working days and for actively managed equity funds within 10 working days[14]. Group 3: Enhancing Investor Services - Fund companies are required to improve their research and investment capabilities, moving towards a team-based investment approach to enhance performance stability[15]. - The establishment of a centralized data platform for institutional investors aims to streamline investment processes and improve service quality[16]. - The plan encourages the development of low-volatility and asset allocation products to cater to conservative investors, alongside the introduction of new fund types like "fixed income plus" products[16]. Group 4: Strengthening Industry Stability - The plan introduces measures for liquidity management and long-term investment strategies to enhance the stability of public funds[17]. - Regulatory frameworks will be established to ensure compliance and protect the reputation of fund companies, addressing issues like dual roles of fund managers and conflicts of interest[18]. - The overall goal is to shift the industry focus from scale-driven growth to prioritizing investor interests, fostering a sustainable investment environment[18].