Investment Rating - The investment rating for the construction and engineering sector is "Positive" and maintained [7]. Core Insights - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, which emphasizes the importance of performance benchmarks and strict regulation of fund companies' selection of benchmarks [2][6]. - The Action Plan aims to optimize fund operation models and establish a mechanism that binds fund company income to investor returns, addressing market concerns about fund companies profiting while investors do not [10]. - The plan encourages the issuance of actively managed equity funds with performance-based management fees, aiming for at least 60% of the top fund management institutions to issue such funds within a year [10]. - The Action Plan also stresses the need for long-term performance assessments and incentives for fund managers, with a significant weight on performance metrics [10]. - The focus on performance benchmarks is expected to reduce the tendency of funds to concentrate on single sectors or styles, promoting a more stable investment approach [10]. - The construction sector, particularly stocks with significant weight in the CSI 300 index, is highlighted as a key area for investment, with major state-owned enterprises included [10]. - Recommended stocks for weight allocation include Sichuan Road & Bridge, China State Construction, and others that align with high dividend characteristics and stable growth expectations [10]. Summary by Sections - **Event Description**: The CSRC's release of the "Action Plan" on May 7 [6]. - **Event Commentary**: The Action Plan's implications for fund management and investment strategies in the construction sector [10].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [39]. Core Viewpoints - The report highlights the introduction of incremental policies aimed at stabilizing market expectations, including a reduction in the reserve requirement ratio and interest rates, which are expected to provide significant liquidity to the market [32][33]. - The performance of the non-bank financial sector is analyzed, with the overall index showing a slight increase of 1.75%, underperforming the CSI 300 Index by 0.26 percentage points [9][39]. - Specific sectors within the non-bank financial industry, such as securities, insurance, and diversified finance, are rated positively, with expected growth in their respective markets [3][39]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index experienced weekly increases of 1.92%, 2.00%, and 3.27% respectively [9]. - The non-bank financial sector's performance was slightly below the broader market, with the Shenwan Non-Bank Index rising by 1.75% [9]. Data Tracking - As of May 9, 2025, the securities sector's PE-TTM valuation stands at 18.81x, while the PB-LF valuation is at 1.34x [5]. - The insurance sector's PEV valuations for major companies are as follows: China Life at 0.63x, Ping An at 0.60x, and China Pacific at 0.49x [6]. Industry Dynamics - A joint announcement by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission introduced a series of financial policies to support market stability, including a 0.5 percentage point reduction in the reserve requirement ratio [32][33]. - The report emphasizes the importance of supporting technology innovation through bond issuance, which is expected to enhance financing channels for tech enterprises [37]. Recommended Companies and Ratings - The report recommends several companies for investment, including: - Founder Securities: Buy - Xiangcai Securities: Buy - China Life: Buy - ZhongAn Online: Increase [3][38].

5月7日，证监会正式发布《推动公募基金高质量发展行动方案》，这是落实党中央关于稳步推进公募基 金改革决策部署的重大举措。《方案》明确了公募基金行业高质量发展的总体要求、基本原则，从优化 基金运营模式、完善行业考核评价制度、大力提升公募基金权益投资规模与占比、促进行业高质量发 展、守牢风险底线、强化监管执法等6个方面系统性地提出了25条举措，为公募基金行业发展提供了明 确指引。 作为国有大型银行控股的基金公司，交银施罗德基金将进一步提高政治站位，深入贯彻落实《方案》各 项要求，以投资者为本，实现资产管理和财富管理双向奔赴，携手基金同业实现好、维护好、发展好广 大投资者根本利益，共同推动行业所能、所长与国家所需、民心所向紧密结合，在服务实体经济与国家 战略、促进资本市场改革发展稳定、满足居民财富管理需求等方面发挥积极作用，为建设符合中国式现 代化本质要求的公募基金行业贡献力量。 二是以财富管理为牵引，强化建立以投资收益为核心的考核评价体系。《方案》要求全面建立以投资收 益为核心的考核评价体系，并将业绩比较基准对比、基金利润率、盈利投资者占比等直接关乎投资者切 身利益的指标纳入考核体系，相应降低规模排名、收入利润等 ...

数据显示，截至2025年5月10日，公募基金经理人数已突破4000人，与2018年相比接近翻倍。这既是基 金行业快速发展的必然结果，也是行业人才竞争加剧的一个缩影。随着证监会近期发布《推动公募基金 高质量发展行动方案》(以下简称《行动方案》)，基金行业将从"拼规模"向"拼质量"转型，人才战略的 革新更是成为破局的关键。多位业内人士指出，一方面，新生代基金经理的涌入为行业注入新思维，推 动投资策略多元化；另一方面，淡化相对排名，追求长期跑赢业绩基准，也给基金经理带来新的挑战。 在变革中构建新的核心竞争力，同时平衡管理规模与投研质量，是基金公司实现高质量发展的关键。 (中国基金报) ...

中信证券认为主动权益基金未来向基准靠拢是大势所趋，但过程是动态的，绝非简单做多低配行业，未来主动型公募会更加聚焦核心资产的定价而不是边 际信息流定价。 5月7日，中国证监会正式印发《推动公募基金高质量发展行动方案》，在基金运营模式、基金考核模式、基金功能发挥和投资机构建设四个方面，提出25 条改革举措，其中对市场影响较大的规定包括： 对此，市场正在形成的一个共识是：《方案》将在中长期影响公募基金的产品布局和投资行为，越来越多偏股型主动基金的投资框架，会向"指数"靠拢。 第一，推动浮动管理费率改革。即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。 在这一趋势下，那些当前在主流指数中被公募系统性低配的行业与个股，有可能在未来迎来较为确定的增量资金。 第二，调整基金经理考核机制。一方面是逐步更侧重于长周期考核（三年以上业绩权重不低于80%）；另一方面，薪酬与业绩直接挂钩——若基金三年以 上业绩低于基准超10个百分点，基金经理绩效薪酬将明显下降。 从基准分布来看，沪深300和中证800是公募基金产品最常用的业绩基准 ...

Core Viewpoint - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission is a strategic guideline for the long-term healthy development of the public fund industry, emphasizing a shift from "scale-driven" to "return-driven" growth, and aims to reshape the industry's value system and profit distribution mechanisms [1][2][3] Group 1: Fee Structure and Management - The reform of floating management fee rates breaks the traditional "guaranteed income" model, linking management fees to fund performance, which encourages institutions to return to the essence of asset management [1] - The differentiated fee structure, where management fees are reduced if performance is below benchmarks, aims to enhance active management capabilities and create sustainable long-term returns for investors [1] Group 2: Evaluation and Incentive Mechanisms - The introduction of long-term performance assessments and salary incentive mechanisms will reshape industry evaluation standards, focusing on three-year performance to guide fund managers towards long-term value investment [2] - The restructuring of compensation mechanisms and the shift towards absolute return assessments will further align the interests of practitioners with those of investors, promoting a culture centered on the interests of fund holders [1][2] Group 3: Product Supply and Service Optimization - The optimization of product supply and service systems will open new growth opportunities for the industry, with a rapid registration mechanism accelerating the innovation of equity funds and the development of diverse tools to meet wealth management needs [2] - The establishment of direct sales platforms for institutional investors and the promotion of standardized advisory services will enhance business efficiency and guide long-term capital into the market [2] Group 4: Regulatory and Compliance Framework - Strong regulatory measures and improved liquidity risk prevention mechanisms will enhance the governance level and risk resistance of the industry, while the advocacy of a "five musts and five must nots" financial culture will provide value guidance for reputation management and sustainable development [2] - The industry is committed to enhancing professional capabilities and focusing on the best interests of investors, while also strengthening compliance culture and deepening the concept of long-term value investment [2][3]

一份重磅文件正在公募基金行业掀起改革风暴。 5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《方案》），《方案》针对目前基金行业发展中存在的"旱涝保收""唯规模论"等痼 疾，提出了一揽子具体的、可操作的改革措施。 一石激起千层浪，证券时报·券商中国记者多方采访获悉，《方案》发布以来，各大基金公司已连夜召开学习会议，火速分解任务清单，从浮动费率机制创新 到考核体系重构，从产品供给侧改革到合规生态强化，多家受访基金公司认为，这场覆盖公募基金利益分配、价值导向与能力底座的重磅改革，正推动公募 基金从单纯的资产管理机构升级为与投资者共担风险的财富管理伙伴。 连夜开会研讨细节 "整个公司都动起来了，我们从周三（5月7日）开始就在连夜加班，一是管理层、股东方自上而下组织了多次会议进行传达学习，另一方面就是各个部门自下 而上制定细化方案、落实具体工作。"上海某大型公募人士向券商中国记者描述了公司在《方案》落地后的工作状态。 近日，类似的现象正在整个行业上演，券商中国记者采访发现，《方案》落地后，各大基金公司各个业务部门都在加班加点围绕《方案》细则进行分解学 习、工作落地。 中国银河证券基金研究中心胡立峰在第 ...

一份重磅文件正在公募基金行业掀起改革风暴。 5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《方案》），《方案》针对目前基金行 业发展中存在的"旱涝保收""唯规模论"等痼疾，提出了一揽子具体的、可操作的改革措施。 一石激起千层浪，券商中国记者多方采访获悉，《方案》发布以来，各大基金公司已连夜召开学习会议，火速 分解任务清单，从浮动费率机制创新到考核体系重构，从产品供给侧改革到合规生态强化，多家受访基金公司 认为，这场覆盖公募基金利益分配、价值导向与能力底座的重磅改革，正推动公募基金从单纯的资产管理机构 升级为与投资者共担风险的财富管理伙伴。 连夜开会研讨细节 "整个公司都动起来了，我们从周三（5月7日）开始就在连夜加班，一是管理层、股东方自上而下组织了多次 会议进行传达学习，另一方面就是各个部门自下而上制定细化方案、落实具体工作。"上海某大型公募人士向 券商中国记者描述了公司在《方案》落地后的工作状态。 近日，类似的现象正在整个行业上演，券商中国记者采访发现，《方案》落地后，各大基金公司各个业务部门 都在加班加点围绕《方案》细则进行分解学习、工作落地。 上述公募人士表示，《方案》是方向上的指引 ...

Core Viewpoint - The recent executive changes at Xinda Australia Fund have raised concerns regarding the company's management stability and strategic direction, following the departure of multiple senior executives in a short period [1][5]. Management Changes - On May 8, 2025, Xinda Australia Fund announced the resignation of Deputy General Manager Wei Qingkong, who will transition to the role of Chief Marketing Officer [1][4]. - Wei Qingkong's departure marks the fourth senior executive exit in the past six months, including notable figures such as star fund manager Feng Mingyuan and fixed income investment head Song Jiawang [1][5]. Company Performance - As of Q1 2025, Xinda Australia Fund's management scale was 92.805 billion yuan, a decline of over 30% compared to Q4 2024 [5]. - The company's total assets were reported at 831 million yuan, with net assets of 678 million yuan as of December 31, 2024 [5]. - In 2024, the fund achieved operating income of 644 million yuan and a net profit of 101 million yuan, reflecting year-on-year declines of 31.27% and 41.95%, respectively [5]. Regulatory Environment - On May 7, 2025, the China Securities Regulatory Commission released an action plan aimed at promoting high-quality development of public funds, emphasizing a shift from "scale" to "return" [5]. - The action plan also highlighted the importance of performance benchmarks in asset allocation for public funds [5]. Product Performance - As of May 9, 2025, 24 products under Xinda Australia Fund have underperformed their benchmarks by over 10% over the past three years [6]. - Specific products, such as Xinao Performance-Driven Mixed A and Xinao Industry Preferred One-Year Holding Mixed A, have underperformed their benchmarks by over 40% [6][7].

近日，《推动公募基金高质量发展行动方案》发布。蜂巢基金总经理陈世涌表示，《方案》聚焦投资者 回报与行业长期发展，提出优化基金运营模式、完善行业考核评价制度、提升公募基金权益投资规模与 占比等举措，明确要探索建立适合中国国情、市情的公募基金发展新模式，为推动行业高质量发展提供 了一揽子政策措施，也为公募基金的后续工作指明了方向，意义重大、影响深远。中小基金公司更是面 临生存挑战和特色化发展的战略抉择。但无论如何，为投资者创造持续回报始终是立身之本、题中之 义。展望未来，行业高质量发展的路径已逐渐清晰，中小基金公司正从多个维度推动自身转型升级。相 对来说，"小而美"的中小基金公司可以更迅速地聚焦核心优势并落地为自身特色，集中资源打造投研核 心竞争力，将风格清晰的核心产品做精做细，在结合自身优势和特点基础上，找准细分赛道、打造特色 精品，努力追求实现弯道超车。(中证金牛座) ...