具体来看，对于第一个改革点，吴清介绍，改革突出强化公募基金与投资者的利益绑定，将优化主动权 益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的 现象。同时，把业绩是否跑赢基准、投资者盈亏情况等直接关乎投资者切身利益的指标，纳入基金公司 和基金经理的考核体系，督促基金公司从"重规模"向"重回报"转变。 中国证监会主席吴清5月7日在国新办新闻发布会上表示，今年以来，资本市场运行总体稳中有进、稳中 有好。证监会将坚持两强两严，坚定不移办好自己的事，既努力在市场运行上体现"稳"，同时也在激发 市场活力、强化市场功能上体现"进"，主要提及三点： 一是全力巩固市场回稳向好势头。二是突出服务新质生产力发展这个重要着力点。三是大力推动中长期 资金入市。 其中在第三点提及抓紧印发和落实《推动公募基金高质量发展行动方案》，今天就发布，表示这将更好 体现基金管理人与投资者同甘共苦、共同发展、相互成就，努力形成"回报增—资金进—市场稳"的良性 循环。 他介绍，即将发布的公募基金改革将有四个改革重点： 一、改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业绩差的必须少收 ...

21世纪经济报道记者 边万莉 杭州报道 5月7日，国新办就"一揽子金融政策支持稳市场稳预期"有关情况 举行新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、中国证券监督管理委 员会主席吴清出席并回答记者提问。 就货币政策工具调整、降准降息、优化两项支持资本市场的工具、稳楼市稳股市、应对关税冲击、科技 金融发展、公募基金改革等热点话题，三部委在发布会上作了回应。 要点速览： 会上，央行宣布推出包括降准降息在内的三大类共十项举措；金融监管总局将推出八项增量政策，包括 完善房地产系列融资制度、扩大险资长期投资试点范围等；证监会提出将突出服务新质生产力发展的重 要着力点，大力推动中长期资金入市等。 5、优化两项支持资本市场的工具：总额度8000亿元合并使用，参与机构扩围至40家，贷款最长期限延 长到3年。 6、稳楼市稳股市：完善房地产系列融资制度、鼓励保险公司加大入市力度。 7、应对美国加征关税冲击：应贷尽贷、应续尽续，对受影响上市公司增强监管包容度。 8、支持科技金融发展：债券市场"科技板"相关政策和准备工作已经基本就绪，创设科技创新债券风险 分担工具。 9、今日将发布《推动公募基金高质量发展行动 ...

Core Viewpoint - The fundamental principles of "value investing, long-term investing, rational investing, and striving to return to investors" will remain relevant even after Warren Buffett's retirement, as emphasized by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1]. Group 1: Public Fund Reform - The public fund reform aims to strengthen the alignment of interests with investors, focusing on reforming fund operation models and optimizing fee structures, ensuring that poorly performing funds charge lower management fees [3][4]. - The reform will also enhance the stability of fund investment behaviors by requiring clear performance benchmarks for each fund product to prevent deviations from their stated investment objectives [4]. - There will be an emphasis on improving the ability to serve investors, guiding fund companies to optimize resources for investment research, product design, and risk management [5]. Group 2: Long-term Investment Focus - The reform will establish a comprehensive incentive and constraint mechanism to promote long-term investment, with a focus on long-term performance evaluations, where assessments over three years will account for at least 80% of the evaluation [4]. - The CSRC will promote the growth of equity funds, enhancing regulatory guidance and encouraging innovation in fund products that align with national development goals and provide long-term returns for investors [5]. Group 3: Market Openness - The CSRC will continue to promote high-level opening of the capital market, optimizing services for qualified foreign institutional investors and expanding their investment scope [6][7]. - There will be efforts to enrich product offerings by opening futures and options to qualified foreign investors and deepening the bond market's openness [7]. - The CSRC aims to support the return of quality Chinese concept stocks to the domestic and Hong Kong markets while ensuring the protection of investors' legitimate rights [7].

Monetary Policy Measures - The People's Bank of China (PBOC) will implement a package of monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [10][12][14] - The policy interest rate will be lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [10][14][35] - Structural monetary policy tool rates will be reduced by 0.25%, including rates for various special structural tools and re-lending rates for agriculture and small enterprises, from 1.75% to 1.5% [10][14][45] Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [20][21] - There will be an expansion of the pilot scope for long-term investment by insurance funds to introduce more incremental capital into the market [20][22] - Policies will be adjusted to lower the investment risk factors for insurance companies in the stock market, supporting a stable and active capital market [20][23] Support for Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, enhancing the financing coordination mechanism to stabilize businesses and the economy [20][24] - Specific measures will be implemented to assist foreign trade development, providing precise services to market entities significantly affected by tariffs [20][25] Capital Market Development - The China Securities Regulatory Commission (CSRC) will promote high-level opening of the capital market, including expanding institutional access and optimizing the Qualified Foreign Institutional Investor (QFII) system [20][26][51] - The CSRC will enhance product supply by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [20][26][52] - Measures will be taken to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, while protecting investors' legal rights [20][26][52] Fund Management Reforms - The upcoming public fund reforms will focus on strengthening the alignment of interests between fund managers and investors, optimizing the fee structure, and enhancing the stability of fund investment behavior [20][26][37] - The reforms will also emphasize improving investor service capabilities and promoting the growth of equity funds [20][26][39]

吴清表示，自今年以来，证监会深入贯彻党中央、国务院的决策部署，持续推动新"国九条"及系列政策文件落地。面对复杂的市场环境，证监会会同相关部 门迅速行动，打出稳市组合拳。 吴清透露，本次改革重点主要包括以下四个方面： 一是强化与投资者利益绑定。改革基金运营模式，督促行业回归 "受人之托，代人理财" 的本源。优化主动权益基金收费模式，业绩差的产品少收管理费， 通过浮动管理费机制扭转基金公司 "旱涝保收" 的现象。同时，将业绩是否跑赢基准、投资者盈亏情况等指标纳入基金公司和基金经理的考核体系，推动基 金公司从 "重规模" 向 "重回报" 转变。此外，提高基金公司高管和基金经理用奖金跟投自己产品的比例要求，并适度延长锁定期，使投资决策关键人与投资 者利益更为一致。 5月7日上午，在国务院新闻办公室举行的新闻发布会上，中国证券监督管理委员会主席吴清透露，证监会就贯彻落实关于稳步推进公募基金改革的决策部 署，先后开了30多次专题调研，其中包括听取了投资机构、上市公司等各方意见，聚焦广大投资者关心的堵点、难点、痛点问题，研究制定形成了推动公募 基金高质量发展的行动方案，今日将会发布实施。 二是增强基金投资行为稳定性。针对基 ...

Group 1 - The core viewpoint of the news is the announcement of a comprehensive reform plan for public funds in China, aimed at enhancing the quality and stability of fund management while aligning the interests of fund managers with those of investors [2][3][4]. Group 2 - The reform emphasizes strengthening the binding of interests with investors by optimizing the fund operation model, including a performance-based fee structure that reduces management fees for underperforming funds [2]. - It aims to enhance the stability of fund investment behavior by setting clear performance benchmarks for each fund product, ensuring that investment actions align with the fund's name and positioning [3]. - The initiative seeks to improve the service capabilities of fund companies, encouraging better resource allocation for investment research, product design, and risk management to better serve investors [3]. - The focus is on developing and expanding equity funds, which are crucial for creating unique value for investors, with equity fund scale increasing from 7 trillion to 8.3 trillion yuan since September last year [4]. - The registration efficiency for actively managed equity funds will be significantly improved, building on the existing fast registration mechanism for stock ETFs [5].

Group 1 - The core viewpoint of the articles highlights the strong performance of Dongfang Caifu in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating a recovery in the public fund issuance market [1][2] - In Q1 2025, the company achieved total operating revenue and net profit attributable to shareholders of 3.486 billion and 2.715 billion yuan, respectively, representing year-on-year increases of 41.9% and 39.0% [1] - The company's operating income growth turned positive, with public fund issuance rebounding significantly, leading to a strong performance in sales [1] Group 2 - The A-share market maintained high trading volumes, with an average daily trading volume (ADT) of 1.5246 trillion yuan in Q1 2025, a year-on-year increase of 70.3%, which positively impacted the company's commission income [2] - The company’s financing interest income increased due to a slight growth in the scale of funds lent out, while self-operated investment income decreased by 13.6% year-on-year to 702 million yuan, attributed to fluctuations in the bond market [2] - The company is expected to see net profits attributable to shareholders of 11.554 billion, 12.329 billion, and 13.220 billion yuan for 2025-2027, reflecting year-on-year growth rates of 20.2%, 6.7%, and 7.2% respectively [2]

非银金融 2025 年 03 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-03 2024-07 2024-11 非银金融 沪深300 相关研究报告 《资本市场支持科技创新组合拳，利 好 券 商 全 方 位 业 务 — 行 业 周 报 》 -2025.3.9 《交易量和两融回升明显，继续推荐 券商和金融科技 — 行 业 周 报 》 -2025.3.2 《金融机构 DS 部署利于降本增效，交 易量创年内新高 — 行 业 周 报 》 -2025.2.23 市场热点扩散，重视非银板块机会 ——行业周报 | 高超（分析师） 卢崑（分析师） | 唐关勇（联系人） | | --- | --- | | gaochao1@kysec.cn lukun@kysec.cn | tangguanyong@kysec.cn | | 证书编号：S0790520050001 证书编号：S0790524040002 | 证书编号：S0790123070030 | |  周观点：市场热点扩散，重视非银板块机会 | | （1）3月13日央行党委召开扩大会议强调，要 ...

作 者丨黎雨辰 编 辑丨姜诗蔷 图 源丨IC p h o t o 公募业推动中长期资金入市的工作方案，正呼之欲出。 2 1世纪经济报道记者注意到，此次即将落地的公募基金改革方案初步细节有几大关注点。 一是基金考核指标上新，强调客户盈利与业绩基准 。 方案显示，未来的基金公司及从业人员考核，将会以业绩与投资者服务类指标作为重点。 其中在公募基金高级管理人员考核方面，方案提到要降低规模、排名、收入、利润等指标在考 核中的权重，而公司业绩指标权重的占比要保持过半。 在基金经理考核方面， 新增"投资者获得感"的相关指标 ，则是此次方案的一大亮点。方案指 出，要将净值增长率、基金利润率、盈利客户占比、业绩与基准偏离度、基金利润率等指标加 入基金经理考核，并占据相对较高的权重比例。在基金公司分类评价指标中，盈利客户占比、 业绩比较基准对比等指标也将在未来占据一席之地。 二是进一步推动费率与薪酬改革，强化业绩比较基准的约束作用。 方案初稿进一步强调推动公募基金产品业绩表现与费率挂钩，对于超越业绩比较基准的产品适 当提高费率，对低于业绩比较基准的产品要降低费率。不过据了解，现阶段的方案中暂未提及 费率降低的具体比例。同时， ...

Core Viewpoint - The press conference during the 14th National People's Congress highlighted the government's commitment to enhancing long-term capital investment in the financial markets, with significant measures being taken to stabilize and grow the economy. Group 1: Long-term Capital Investment - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing stated that long-term capital is crucial for the healthy operation of capital markets, with over 1 trillion yuan in swap operations conducted by the People's Bank of China [2] - Insurance funds and various pension funds have net purchased approximately 290 billion yuan in the A-share market since September last year, significantly supporting market stabilization [2] - The second batch of insurance funds for long-term stock investment has been approved, with 520 billion yuan approved before the Spring Festival and an additional 600 billion yuan recently [2] Group 2: Fund Management and Performance - The development of equity funds has accelerated, with 459 equity funds registered since September, accounting for 70% of total fund registrations during the same period [5] - The scale of equity funds has increased from 6.3 trillion yuan to 7.7 trillion yuan, raising their proportion of total public fund assets from 20% to 24% [5] - The CSRC plans to enhance the long-term assessment system for public funds with a focus on three-year performance, promoting long-term value investment [4] Group 3: Market Stability and Economic Growth - The market capitalization of A-shares held by various long-term funds has grown from 14.6 trillion yuan to 17.8 trillion yuan, reflecting a 22% increase [6][7] - The People's Bank of China reported a significant reduction in the risk premium for financing platforms, with the average interest rate for newly issued bonds dropping to 2.67% [9] - The National Development and Reform Commission (NDRC) anticipates that the economic increment over the 14th Five-Year Plan period will exceed 30 trillion yuan, equivalent to recreating the Yangtze River Delta region [11]