公募重磅改革方案落地！权威解读来了！

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 industry, enhancing investor experience and safety [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, 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, promoting long-term investment strategies among investors [2][3]. - The plan mandates that leading fund management institutions issue floating fee funds, with a target of at least 60% of new active management equity fund issuances [3]. Group 2: Performance Evaluation and Incentives - The plan calls for a comprehensive overhaul of the performance evaluation system, focusing on long-term investment returns rather than short-term metrics, with a minimum of 50% weight on investment returns for company executives and 80% for fund managers [5][6]. - Fund companies must implement a salary management mechanism linked to investment returns, ensuring that fund managers' compensation reflects their performance over a longer period [6][7]. - The emphasis on long-term performance aims to stabilize fund products and encourage the inflow of long-term capital into the market [6][7]. Group 3: Innovation and Market Vitality - The plan encourages the innovation and development of equity funds, proposing a rapid registration mechanism for equity fund products to enhance market liquidity and attract long-term investments [8][9]. - It supports the development of various index funds and thematic investment products, aiming to diversify investment options and improve market stability [8][9]. - The plan also introduces a classification evaluation mechanism for fund sales institutions, prioritizing those with strong performance metrics in product approvals and licensing [10]. Group 4: Enhancing Investor Services - The plan requires public fund institutions to improve their investor service capabilities and strengthen core research and investment capabilities [11][12]. - It supports the development of a direct sales service platform for institutional investors and outlines regulations for investment advisory services [12]. - The focus on enhancing investor services aims to build trust and confidence in public funds, ultimately benefiting the capital market [12][13]. Group 5: Risk Control and Compliance - The plan emphasizes the importance of risk control and compliance, proposing measures to enhance internal management and accountability within fund companies [13]. - It aims to create a stable and self-regulating industry environment by improving governance structures and addressing violations [13]. - The overall goal is to establish a robust ecosystem that attracts long-term capital and supports the healthy development of the capital market [13].