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公募基金未来需要重视的三条路径——《推动公募基金高质量发展行动方案》点评
申万宏源金工·2025-05-14 08:22

Core Viewpoint - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at enhancing the quality of the public fund industry, marking a significant reform milestone in the asset management sector [1] Group 1: Impacts of the Action Plan on the Public Fund Industry - The introduction of a floating management fee mechanism linked to fund performance may lead to significant differences in management fees among fund companies within the same tier, with top firms expected to issue at least 60% of their actively managed equity funds under this new structure [2] - The focus on performance benchmarks will drive fund companies to explore how to outperform these benchmarks, with strict performance evaluations for fund managers tied to their ability to meet or exceed these benchmarks [3][4] - The emphasis on performance benchmarks will encourage a more objective assessment of fund managers' performance, potentially correcting investor biases in evaluating growth and value style fund managers [5] Group 2: Future Paths for Public Funds - Active equity funds will need to control tracking error effectively, with an optimal threshold identified at 8%, as exceeding this level has historically correlated with significant underperformance against benchmarks [10][11] - Fund companies should prioritize the creation of low-volatility products and those with high Sharpe ratios, as these are associated with better investor outcomes and lower loss rates [12][14] - A shift towards a more advisory-based sales model is recommended, moving away from chasing market trends to better align with investor needs and enhance trust in fund management [15][16]