重磅改革！公募连夜开会研讨，多位掌门人发声！影响究竟有多大？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a significant reform plan aimed at enhancing the quality of public fund development, addressing issues such as "guaranteed returns" and "scale-centric" approaches in the industry [2][9]. Group 1: Reform Measures - The reform plan proposes a comprehensive set of actionable measures to transform public funds from mere asset management entities into wealth management partners that share risks with investors [2][9]. - Fund companies are actively organizing meetings to dissect the plan and implement specific tasks, focusing on product layout and performance assessment [3][4]. - The plan encourages the innovation of floating fee rate mechanisms and the restructuring of performance evaluation systems, emphasizing the need for long-term investor engagement [3][4][10]. Group 2: Product Development - The plan supports the development of actively managed equity funds and encourages the creation of floating fee rate products linked to fund performance and investor returns [3][6]. - Fund companies are preparing to launch floating fee rate products that align management fees with individual investor performance, enhancing the alignment of interests between fund managers and investors [6][10]. - There is a growing interest among leading fund institutions to collaborate on low-volatility products and asset allocation strategies, indicating a new competitive landscape [4][9]. Group 3: Performance Evaluation - The reform plan introduces a new performance evaluation framework that shifts focus from net asset growth to relative benchmark performance and investor returns [4][11]. - Fund evaluation agencies are expected to play a crucial role in designing metrics that reflect the performance of actively managed equity funds, enhancing transparency for investors [5][11]. - Companies are exploring ways to optimize their research and investment teams' assessment and incentive structures, aiming for a long-term performance evaluation system [7][8]. Group 4: Compliance and Risk Management - The plan emphasizes the importance of compliance and risk management, urging firms to strengthen their proactive and forward-looking risk control measures [5][11]. - Fund companies are expected to enhance their compliance frameworks to ensure stable and regulated operations, safeguarding against potential risks [5][11]. Group 5: Industry Response and Expectations - Major fund companies have expressed strong support for the reform measures, highlighting the plan's alignment with investor interests and the need for a return to fiduciary responsibilities [9][10]. - The industry anticipates the release of additional detailed regulations to support the implementation of the reform plan, particularly regarding performance benchmarks and sales fee management [12][13].