公募改革方案落地，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 "return" in the public fund industry, enhancing investor experience and safety [1] Group 1: Key Measures of the Action Plan - The plan emphasizes the need to strengthen the binding of interests between fund companies and investors, introducing a floating management fee model linked to fund performance to counteract the "guaranteed returns" phenomenon [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] - The plan mandates that leading fund management firms issue at least 60% of new active management equity funds with this floating fee structure within a year [3] Group 2: Performance Evaluation and Incentives - The plan highlights the importance of long-term performance in evaluating fund managers, with a focus on a performance evaluation system that prioritizes investment returns over operational metrics [5][6] - Fund companies must implement a long-term incentive mechanism, ensuring that the performance of fund managers is closely tied to the long-term returns of their funds [6] - The plan encourages fund companies to adopt a three to five-year evaluation cycle for their investment teams, promoting a culture of long-term performance [6] Group 3: Innovation and Market Development - The plan aims to enhance the innovation and development of equity funds, encouraging the introduction of more performance-linked products and improving the registration process for equity funds [7][8] - It supports the rapid registration of exchange-traded funds (ETFs) and other equity products, facilitating quicker market entry for new fund offerings [8] - The plan also emphasizes the need for a classification evaluation mechanism for fund sales institutions, promoting those that excel in managing equity fund sales [9] Group 4: Enhancing Investor Services - The plan requires public fund institutions to improve their investor service capabilities and strengthen core investment research capabilities [10] - It supports the development of a direct sales service platform for institutional investors and outlines regulations for investment advisory services [10][11] - The plan stresses the importance of risk control and compliance, aiming to create a stable and self-regulating industry environment [11][12]