机构解读绩效考核新规：破解“重规模、轻收益”顽疾，培育资本市场“长钱、稳钱”

Core Viewpoint - The article discusses the significance of the "Guidelines for Performance Assessment of Fund Management Companies (Draft for Comments)" issued by the China Securities Investment Fund Industry Association, emphasizing the shift from a focus on scale to a focus on returns, aiming to cultivate long-term and stable capital in the capital market [1][3][25]. Summary by Sections Performance Assessment Guidelines - The guidelines propose specific requirements for the fund industry's compensation structure, performance assessment, and internal control management, aiming to promote high-quality development in the public fund industry [3][4]. - The guidelines emphasize long-term assessments, mandatory co-investment, and deferred compensation to strengthen interest alignment and risk constraints, guiding the industry towards long-term investment and enhancing active management capabilities [3][4]. Investor-Centric Approach - The guidelines prioritize the interests of fund shareholders, establishing a performance assessment system centered on fund investment returns, which is expected to fundamentally change the industry's focus from "scale" to "returns" [6][8]. - The assessment system requires that long-term performance indicators account for no less than 80% of the evaluation, with investor gains and losses comprising over 50% of the sales staff's assessment, thereby reducing the emphasis on scale metrics [6][7]. Long-Term Market Development - From a macro perspective, the guidelines are expected to promote the long-term healthy development of the capital market, cultivate rational long-term funds, and enhance the holding experience and satisfaction of ordinary investors [9][10]. - The guidelines aim to guide fund managers to reduce short-term speculation and style drift, leading to more stable and long-term investment behaviors, which will help form a more rational pricing mechanism [9][10]. Industry Transformation - The implementation of the guidelines is seen as a profound transformation from "scale-driven" to "performance-driven," requiring fund companies to make strategic choices that will reshape the industry landscape, talent ecology, and development logic [13][19]. - The guidelines are expected to accelerate the differentiation of the industry, with large, medium, and small fund companies facing different paths and challenges [19][20]. Talent Development and Stability - The guidelines may initially increase personnel turnover in the public fund industry, but in the long term, they are expected to stabilize the talent pool and make talent movement more rational [21][22]. - Fund managers who rely on short-term performance or aggressive styles may face salary reductions or elimination, leading to a more stable and capable workforce in the industry [22][23]. Customer-Centric Ecosystem - The guidelines aim to shift the focus from a "product-driven" to a "service-driven" model, enhancing the comprehensive capabilities of fund companies in asset allocation, investment advisory, and investor engagement [32][30]. - The new assessment requirements are expected to break down departmental barriers, fostering collaboration between investment and sales teams to better align with customer needs and enhance overall service quality [31][32].