公募变天，这些人的躺赚时代终结了

Core Viewpoint - The recent regulatory changes in the public fund industry signify a major shift towards performance-based fee structures and a focus on net asset value, marking the end of the "easy profit" era for actively managed equity funds [4][5][6]. Summary by Sections Regulatory Changes - The "Action Plan for Promoting High-Quality Development of Public Funds" targets the reform of floating fee rates and performance assessments for equity funds, indicating a significant overhaul of investment strategies [4][6]. - The new floating fee structure links management fees to performance against benchmarks, with penalties for underperformance and incentives for exceeding benchmarks [6][7]. Fee Structure Details - Under the new rules, management fees for funds that underperform by more than 3% compared to benchmarks will be reduced to 0.6%, while those that exceed benchmarks by 6% can increase fees to 1.5% [6][7]. - The average return of equity mixed funds was reported at 12.32%, with only 26.9% of funds outperforming their benchmarks by 6% [7]. Performance Assessment - The new regulations emphasize long-term performance, requiring that at least 80% of performance assessments for fund managers be based on returns over three years [10][11]. - The focus on benchmarks aims to correct previous issues of risk management and style drift among fund managers, enhancing accountability [11][12]. Industry Impact - The reforms are expected to lead to a significant reshaping of the fund industry, with a potential increase in the allocation towards underrepresented sectors, particularly dividend-paying assets [15][18]. - The new rules also encourage the rapid registration of index funds, which may lead to a surge in their popularity as they align with the new performance-driven focus [17][18]. Competitive Landscape - The changes are likely to benefit leading public fund companies, as the industry moves towards a more concentrated market structure, with the top firms expected to gain a larger share of the market [18][20]. - Smaller fund companies will need to develop differentiated research and investment strategies to survive in the increasingly competitive environment [20].