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) released an action plan to promote the high-quality development of public funds, addressing issues like "guaranteed returns" and "scale worship" in the industry, proposing a series of specific and actionable reform measures [1]. Group 1: Industry Response - Following the release of the action plan, major fund companies held urgent meetings to break down tasks and implement reforms, indicating a significant shift towards becoming wealth management partners that share risks with investors [1][3]. - Fund companies are focusing on product layout and performance assessment as key areas of reform, with new requirements for fund product elements and a push for innovative floating fee rate products linked to fund performance [3][4]. Group 2: Performance Assessment Changes - The action plan introduces a new performance assessment framework, shifting from a net asset value growth rate focus to include excess return rates and profit rates as core evaluation metrics [4][5]. - Fund evaluation institutions are expected to enhance their assessment criteria, providing investors with clearer performance benchmarks and fee profit rate indicators [5]. Group 3: Compliance and Risk Management - The action plan emphasizes the importance of compliance and risk management, urging companies to strengthen their proactive and forward-looking compliance measures to ensure stable operations [5][6]. - Fund companies are expected to implement measures that align their income with investor interests, thereby enhancing investor satisfaction and promoting stable market development [11][12]. Group 4: Implementation of Floating Fee Rates - Several fund companies are preparing to launch floating fee rate products that align management fees with investor returns based on holding periods and annualized returns, aiming to balance incentives for fund managers and cost control for investors [7][8]. - The introduction of floating management fees is seen as a crucial step in optimizing the fee structure for active equity funds, enhancing investor experience and promoting high-quality industry development [8][12]. Group 5: Anticipation of Further Guidelines - The action plan outlines the need for additional supporting guidelines, including regulations on performance benchmarks and sales fee management, which are anticipated to further refine industry practices [14][15]. - Fund companies are particularly interested in the development of guidelines for performance benchmarks, which are expected to provide clearer direction for fund managers and enhance the alignment of fund performance with investor expectations [14].