金融监管系列研究（二）：探寻本轮公募基金监管改革的深层逻辑

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The focus of this round of supervision is to reconstruct the development paradigm of the public - offering fund industry, guiding it to shift from "emphasizing scale" to "emphasizing returns." The "Action Plan for Promoting the High - quality Development of Public - Offering Funds" issued in May 2025 is the guiding document for this reform, aiming to achieve industry transformation in about three years [101]. - The reshaping of the public - offering fund industry may optimize the residents' income structure. By attracting long - term funds such as pensions and residents' deposits into the market, it can enhance the wealth effect of residents' balance sheets and release consumption potential [101]. - Accelerating the development of the capital market and highlighting the attractiveness of equity assets are important for promoting industry transformation. Equity financing is more in line with the current industrial structure, and the public - offering fund industry needs to clear up past problems [102]. 3. Summaries Based on Related Catalogs 3.1 Regulatory Context: Remodeling the Ecosystem and Promoting Change - Top - level Design: Shifting from "Emphasizing Scale" to "Emphasizing Returns" - The regulatory reform of the public - offering fund industry started in 2022 and accelerated after the Politburo meeting on September 26, 2024. The focus is to reconstruct the development paradigm, guiding the industry to shift from "emphasizing scale" to "emphasizing returns" and strengthening the importance of equity asset allocation [15]. - In April 2022, the CSRC issued the "Opinions on Accelerating the High - quality Development of the Public - Offering Fund Industry," setting the tone for "high - quality development." In May 2025, the "Action Plan for Promoting the High - quality Development of Public - Offering Funds" was introduced, further refining the top - level design into an executable roadmap [15][20]. - Detailed Implementation: Reducing Fees and Emphasizing Benchmarks - The optimization of public - offering fund fees started in July 2023 and has now reached the third stage, following the path of "management fees - transaction fees - sales fees" [23]. - In October 2025, the CSRC and the Asset Management Association of China jointly issued relevant documents to standardize the selection and use of public - offering performance comparison benchmarks, strengthening their guiding role in fund investment [26]. 3.2 Regulatory Background: Re - highlighting the Importance and Attractiveness of Equity Assets - Although the scale of China's equity funds has been growing with the market, its proportion is still relatively low both domestically and globally. As of the end of October 2025, equity funds accounted for only 13.34% of the total public - offering fund shares in the market, while the global proportion reached 48.17% as of the end of June 2025 [31]. - After the "9·26" Politburo meeting in 2024, the reform of the public - offering fund industry accelerated. The "Action Plan for Promoting the High - quality Development of Public - Offering Funds" emphasizes the importance of equity assets, and recent approved funds are mainly ETFs, linked funds, and equity - type funds [40][42]. 3.3 Regulatory Objectives: Meeting Wealth Management Needs and Optimizing Residents' Income Structure - The main problem with China's residents' income structure is the low proportion of property income, mainly in the form of interest income, making it difficult to share the dividends of enterprise growth. Participating in the equity market through public - offering funds can optimize the income structure and promote consumption [46]. - This path depends on two key prerequisites: the equity market providing long - term and stable value returns, and public - offering funds meeting residents' wealth management needs. The latter can be achieved through systematic industry reform [46]. - The current industry has some problems, such as over - emphasis on scale expansion rather than investment quality, and the long - standing contradiction of "funds make money, but investors don't." A good investment environment centered on investors' interests needs to be established to attract long - term funds [94]. 3.4 Summary and Outlook - The reconstruction of the public - offering fund industry may optimize residents' income structure by attracting long - term funds, enhancing the wealth effect of residents' balance sheets and releasing consumption potential [101]. - Globally, developing the capital market and highlighting the attractiveness of equity assets are important for industry transformation. Equity financing is more suitable for the current industrial structure, and the public - offering fund industry needs to address past issues [102].