2025年5月7日，中国证监会正式发布《推动公募基金高质量发展行动方案》。这份方案意义重大，直击行业长期存在的 "重规模轻质量" 这一顽固问题。它的发布，就像给行业注入了一剂清醒剂，让市场开始审视以银行系为代表的公募，在过 度依赖固收 "偏科"严重的现状。 银行系公募自诞生，就与母行的资金血脉紧密相连。依托银行的渠道优势，这类机构在固收领域展现出极强的扩张能力， 然而在权益投资领域却长期处于"发育不良"状态。Wind数据统计，截至2025年1季度末，在15家银行系公募中，固收类产品 平均占比超90%，个别机构甚至突破98%的惊人比例。 困局浮出水面，银行系权益巨头咋啦？ 交银施罗德基金曾是这个群体中的"另类样本"。该机构在2021年末，规模突破5400亿元，其中权益类基金占比达近40%， 在银行系公募中堪称"权益投资标杆"。 然而截至2025年1季度末，交银施罗德基金总规模单季缩水688亿元，较三年前缩水近千亿元。其中混合型基金规模遭遇"腰 斩"，从2027亿元断崖式跌落至873亿元，缩水幅度达57%。这个曾经主动权益占比最高的银行系公募，为何现在权益类产 品规模下滑如此严重？ 据张碧璇观察，交银施罗德权益产 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

其二，参考 2024 年 11 月 7 日与 2025 年 3 月 14 日，当前强预期弱现实阶段，上证 50 单日强攻后行情持续性往往不强，短期可能需要防范市场情绪见顶回落的风险。 1） 优化基金运营模式，建立健全基金公司收入报酬与投资者回报绑定机制。如，设 立浮动管理费机制，引导管理规模居前的行业头部机构发行此类基金数量不低于 其主动管理权益类基金发行数量的 60%；降低投资者成本，调降认申购费和销售 服务费，引导下调大规模指数基金、货币市场基金的管理费率与托管费率等。 2） 完善行业考核评价制度，强化长周期考核与激励约束机制。如，要求基金公司建 立以基金投资收益为核心的考核体系，降低规模排名、收入利润等指标权重；对 高管和基金经理的考核分别设定投资收益指标权重，并实施长周期考核机制，三 年以上中长期收益考核权重不低于 80%等。 3） 大力提升公募基金权益投资规模与占比。如，在基金公司监管分类评价中显著提 升权益类基金相关指标权重，制定公募基金参与金融衍生品投资指引；大力发展 场内外指数基金，研究创设场外宽基指数基金试点产品等。 4） 推进强监管防风险促高质量发展等… 5 月 14 日，大金融板块大涨带 ...

中国证券投资基金业协会最新数据显示，截至2025年一季度末，我国公募基金管理规模32万亿元。总规模从2019年的 13万亿元增长到去年底的33万亿元。其中，以股票投资为主的权益类基金规模从2.3万亿元增长到8.2万亿元，权益类 ETF突破3万亿元。 近年来公募基金规模延续扩张，市场已经进入全新发展阶段。资金结构的变化业引发了个人与机构投资者偏好的明显 分化。 wind数据显示，截至2024年末，个人投资者持有公募基金16.7万亿份，份额占比为51.51%，机构投资者持有15.7万亿 份，占比46.11%。分类型来看，债券型基金主要由机构所持有占据多数份额。 值得一提的是，主动权益基金的个人投资者份额占比远超机构投资者，个人投资者持有普通股票基金份额占比 78.43%、持偏股混合基金份额占比86.89%、持平衡混合基金份额占比98.44%、持灵活配置基金份额占比74.29%。 2025年5月15日，是全国第七个"全国投资者保护宣传日"。 各地证监局、行业协会、金融机构联合来战投教活动，通过公益广告、短视频、案例分析等形式，向投资者普及证券 期货基础知识、防非反诈技巧及维权途径。 公募市场是一个有风险的专业化市场 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the public fund reform and investment opportunities in the non-bank sector, focusing on the implications for the A-share market and the financial industry as a whole [1][2]. Key Points and Arguments Public Fund Reform - The public fund high-quality development action plan aims to enhance industry growth through product reforms, channel development, and improved corporate governance, targeting at least a 10% annual increase in A-share market capitalization over the next three years [1][3]. - The new regulations encourage the development of passive and index-based ETF products, with leading fund companies likely to focus on passive products to increase market share and profitability, while smaller firms may pursue active management strategies [1][4]. - The reform enhances the operational governance of public fund companies, improving compliance and establishing a multi-layered liquidity risk prevention mechanism to bolster resilience against external risks [1][7]. Market Insights - Historical data from overseas markets indicates that leading fund companies have increased market share concentration primarily through passive products, which have also seen a decline in management fees [1][10]. - The non-bank sector, including banks, insurance, and brokerage firms, is currently underrepresented in the CSI 300 and A500 indices, presenting potential for price recovery in stocks like CITIC Securities, East Money, China Ping An, and China Pacific Insurance [1][11]. Investment Opportunities - In the context of an "asset shortage," consumer finance companies, particularly leaders in the used car loan sector like Lixin Group, are highlighted as valuable assets for banks [1][13]. - The capital market investment reform emphasizes supply-side reforms and encourages mergers and acquisitions, with recommendations for companies like Dazhihui and Xiangtai Co., which are currently undergoing M&A [2][14]. Future Directions - The public fund reform is expected to lead to significant impacts on fund products and industry development, with a clearer channel for institutional funds to enter the market and a more pronounced differentiation among fund companies [1][8]. - The non-bank sector's future investment directions include consumer finance companies providing quality assets, opportunities for mergers and acquisitions, and resilient non-bank stocks that may rebound after market adjustments [1][18]. Additional Important Content - The action plan's core components include enhancing expected returns, promoting floating management fees, and adjusting sales channels towards institutional clients, which will allow for more specialized operations in asset management [1][4][6]. - The reform is anticipated to increase the concentration of market share among leading fund companies, reversing the current trend of declining concentration in the Chinese public fund market [1][9][17].

丨 来源：经济日报 2025-05-12 为解决长期困扰行业的"基金赚钱，基民不赚钱"问题，《方案》提出建立与基金业绩表现挂 钩的浮动管理费收取机制、强化业绩比较基准的约束作用等举措，建立健全基金公司收入报酬与 投资者回报绑定机制。 目前我国主动权益类基金主要采用固定费率模式，按基金资产净值的一定比例收取管理费。 2023年7月，证监会启动公募基金行业费率改革工作，印发了《公募基金行业费率改革工作方 案》，提出在坚持以固定费率产品为主的基础上，研究推出更多浮动费率产品试点，完善公募基 金产品谱系，为投资者提供更多投资选择。 在浮动费率机制方面，《方案》提出，对新设立的主动管理权益类基金大力推行基于业绩比 较基准的浮动管理费收取模式，对符合一定持有期要求的投资者，根据其持有期间产品业绩表现 确定具体适用管理费率水平。如持有期间产品实际业绩表现符合同期业绩比较基准的，适用基准 档费率；明显低于同期业绩比较基准的，适用低档费率；显著超越同期业绩比较基准的，适用升 档费率。 "浮动管理费收取模式下，充分体现公募基金产品与基金持有人'同甘共苦'的特点。"嘉实基 金总经理经雷说。 强化业绩比较基准的约束作用，也备受业内关 ...

中新社北京5月14日电 (记者 陈康亮)中国A股14日(周三)放量上涨，主要股指悉数飘红收官。其中，上 证指数成功站上3400点之上。 消息面上，中国证监会近日公开印发的《推动公募基金高质量发展行动方案》(下称行动方案)提出，将 业绩比较基准对比、基金利润率等直接关乎投资者利益的指标引入考核体系；推出更多场内外指数基金 和中低波动含权型产品。 板块方面，根据金融数据服务商同花顺的统计，保险、证券、银行板块当天分别上涨6.92%、3.37%、 1.05%，涨幅居前；其中，银行板块本月已累计涨逾6%。个股方面，当天A股所有保险股(除了停牌股) 全线飘红；其中，行业头部公司中国人保股价收获涨停板(涨幅约10%)。(完) 国金证券分析师黄岑栋表示，当天午后，A股主要股指在保险等金融板块的强势带动下出现明显上涨。 其中，沪指成功突破3400点整数关口。从驱动因素来看，公募基金新规或为近期金融板块持续走强的关 键原因。 招商证券首席策略分析师张夏表示，行动方案发布后，公募基金公司可能进一步加大对指数产品的布 局，且若以沪深300指数等常用指数为比较基准，当前主动偏股型公募基金对银行、保险等行业的配置 比例仍相对较低，相关 ...

公开资料显示，马龙是经济学博士，也是业内知名固收投资专家，他拥有16年债券投研经验及11年公募基金管理 经验。其职业轨迹始于2009年7月加入泰达宏利基金，担任研究员，专注宏观经济与大类资产配置研究；2012年11 月加入招商基金，历经固定收益投资部研究员、基金经理、首席固定收益投资官等岗位，构建了从研究到实战的 完整投研体系。 作为信用债投资领域的深耕者，马龙形成了"稳健为基、策略为翼"的投资哲学：一方面，建立以信用利差挖掘为 核心的研究框架，通过严谨的信用评估体系把控风险；另一方面，构建多维度收益增强体系，灵活运用票息策 略、杠杆策略及久期管理，同步跟踪宏观经济高频数据动态调整组合配置。其投资实践彰显两大特征——极致风 控（代表作最大回撤仅2%，修复周期58天）与规模驾驭力（历史最大管理规模超876亿元），在中长期纯债与混 合债基领域均展现出卓越的大资金管理能力。 今年3月，马龙"清仓式"卸任消息引发市场关注，《华夏时报》记者撰写了《顶流基金经理马龙近乎"清仓式"卸 任，招商基金"疯狂"新聘引质疑》。彼时，市场对马龙将离职的声音议论纷纷。马龙在"前东家"招商基金的业绩 较佳，例如当时其卸任的基金产品招商产 ...

一、行情回顾 市场午后集体走强，沪指重返3400点上方。大金融板块午后爆发，中国人保、红塔证券、瑞达期货等多股涨停。航运板块延续强势，宁波海运、宁波远洋、 连云港等均2连板。化工板块反复活跃，中毅达、安纳达、尤夫股份等涨停。下跌方面，光伏板块调整，大全能源跌超5%。个股跌多涨少，沪深京三市超 2800股飘绿，今日成交1.35万亿。 二、当日热点 1.大金融 大金融板块午后集体拉升，红塔证券、瑞达期货、中国人保等多股涨停。 催化上，据央广网报道，科技部等7部门印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》。 5月7日，中国证监会印发《推动公募基金高质量发展行动方案》。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间令 | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- | --- | --- | | 青岛金王 | | | | | | | 1、公司旗下乌海 产管理、不良资产 | | 002094.SZ | 2天2板 | 8.97 | +10.06% | 14:48:03 | 52.89% | 61.93亿 | C ...

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]