公募重磅改革方案落地，有哪些要点？基金公司最新解读

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to address industry pain points and shift the focus from "scale" to "returns" in the public fund sector, enhancing investor experience and binding the interests of fund companies and investors more closely [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the need to strengthen the binding of interests between fund companies and investors, particularly through the implementation of a floating management fee structure linked to fund performance [2][3]. - Fund companies are required to establish a performance-based floating management fee mechanism, where fees are adjusted based on the fund's performance relative to a benchmark [2][3]. - The China Securities Regulatory Commission (CSRC) aims for leading fund companies to issue floating fee funds that account for at least 60% of their actively managed equity fund issuance within a year [3]. Group 2: Performance Evaluation and Incentives - The plan highlights the importance of a stable investment behavior and calls for a comprehensive evaluation system that focuses on long-term performance rather than short-term metrics [5][6]. - Fund companies must implement a performance evaluation system where investment returns are the core metric, reducing the weight of operational indicators like scale and profit [6]. - The plan mandates that the performance metrics for fund managers should have a weight of at least 80% based on fund performance over a three-year period [6]. Group 3: Innovation and Market Activity - The plan encourages the innovation and development of equity funds, aiming to enhance their role as stabilizers in the A-share market [8][9]. - It proposes a rapid registration mechanism for equity funds, allowing for quicker market entry of new products, which is expected to increase market liquidity and attract long-term capital [9][10]. - The plan also emphasizes the need for fund companies to enhance their research capabilities and service levels to better meet investor needs [11][12]. Group 4: Risk Management and Compliance - The plan outlines measures to improve risk management and compliance within the industry, including the establishment of a mechanism for fund manager co-investment and stricter oversight of fund performance [12]. - It stresses the importance of maintaining a stable and compliant industry environment to attract long-term investments and ensure sustainable growth [12].