“假主动”产品震惊公募行业，基金经理躺平花样百出

Core Viewpoint - The "lying flat" mentality among fund managers is a result of multiple intertwined industry challenges, leading to a passive approach in investment management [5][19]. Group 1: Fund Manager Behavior - Fund managers are increasingly adopting a "lying flat" attitude, with some abandoning active management, resulting in historically low turnover rates in their portfolios [9][10]. - Many fund managers are not responding to market dynamics, missing structural opportunities due to a lack of timely adjustments in their holdings [10][11]. - The rise of index investing has led to a significant overlap between active and index funds, with many active funds effectively becoming index products [11][12]. Group 2: Market Environment - The A-share market has seen fleeting structural opportunities, making it increasingly difficult for fund managers to capture excess returns [20][21]. - The sentiment among fund managers is that efforts in research and active management may not yield proportional returns, leading to a preference for minimizing mistakes rather than seeking breakthroughs [22]. Group 3: Regulatory and Compliance Pressures - Stricter regulations and compliance pressures have limited the space for active management, with a prevailing industry culture favoring safety over risk-taking [23][25]. - The crackdown on insider trading and other malpractices has made "not doing anything wrong" a common survival strategy among fund managers [24]. Group 4: Industry Dynamics - The fixed management fee model has shifted the focus of fund companies towards maintaining scale rather than performance, leading to a lack of motivation among fund managers [27][28]. - Recent salary cap rumors in the public fund industry have further dampened the enthusiasm of fund managers, with reported caps ranging from 120 million to 500 million [29][30][35]. Group 5: Responses to "Lying Flat" - Some fund companies are implementing performance-based measures, including a "last in, first out" policy to address the "lying flat" issue [38]. - Regulatory bodies are also taking steps to link fund manager compensation to performance, with new guidelines introduced to ensure that underperforming managers face salary reductions [41][43].