《推动公募基金高质量发展行动方案》解读：系统性监管框架，引领行业行稳致远

Core Insights - The report emphasizes the need for the public fund industry to shift from focusing on scale to prioritizing returns, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [3][5][6]. Group 1: Key Highlights of the Action Plan - The Action Plan highlights four main focuses: strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, improving investor service capabilities, and promoting the growth of equity funds [4][6]. - A floating management fee mechanism will be established, linking fund managers' income to the performance of their products, thereby addressing the issue of guaranteed income regardless of performance [6][11]. - The plan mandates a reduction in subscription and sales service fees for public funds, aiming to lower investor costs and enhance their experience [6][18][21]. Group 2: Focus Areas for Fund Companies - Fund companies are required to reform their assessment and incentive schemes, incorporating investor profit and loss into their evaluation systems, which marks a shift towards a more investor-centric approach [4][17]. - The plan encourages the development of passive equity products, with a clear distinction between active and passive strategies, promoting low-fee models for passive investments [4][24]. - The registration process for equity products will be expedited, with specific timelines set for different types of funds to enhance market responsiveness [24]. Group 3: Implications for the Industry - The report suggests that the ongoing reforms will enhance the pricing power of allocation funds and optimize the structure of active equity investments, especially in a low-interest-rate environment [41]. - The floating fee index-enhanced products are expected to become a key focus for fund companies, as they seek to improve management fee income while controlling performance deviation [45]. - The demand for investment advisory and strategy services is anticipated to rise significantly, necessitating a shift towards a more comprehensive service model for both institutional and individual investors [50][55].