● 本报记者 刘向红 王雪青 36.96万亿元！ 截至2025年10月底，中国公募基金管理规模再创新高。数以亿计的投资者用真金白银托举起具有全球影 响力的资产管理市场。 信任，是公募行业发展的基石。 2025年，全行业共同面对一道必答题：如何让这份信任经得起时间检验，真正转化为投资者可预期、可 持续的回报？ 2025年5月，证监会出台《推动公募基金高质量发展行动方案》，围绕费率机制、业绩比较基准、长周 期考核与销售生态等关键环节推出一揽子改革举措，要求行业不仅对投资过程负责，更要对投资者的最 终收益负责。 "公募基金行业要真正建立稳固的投资者信任，需要在产品端、投研端、销售端与客户服务等多个环节 协同发力，让长期价值回归行业核心。"一位第三方评价机构人士说。这一年，公募行业通过多方合 力，将原本难以量化的"信任"一词，拆解为可计量的指标、可追踪的机制、可感知的服务，一场面向长 期的制度重塑全面展开。 投研革新：锚定基准，让业绩更可预期 "我最想做的，就是让基金过去、现在、未来的业绩表现高度稳定，让投资者所见即所得。"中金基金量 化指数部执行负责人、基金经理王阳峰接受中国证券报记者采访时表示。这也是公募改革背景 ...

以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 头图 | 视觉中国 依附于A股的公募基金行业，2021年后因为糟糕的持有体验，成了众矢之的。 为了塑造市场信心，最近一年里，针对A股和基金行业制度上的查漏补缺，以及严格的监管浪潮，可谓一浪接过一浪。 今年5月，证监会发布了《推动公募基金高质量发展行动方案》，确立了公募行业改革的大致方向，此后配套性政策频频出台； 9月，针对基金销售渠道，《公开募集证券投资基金销售费用管理规定》开始征求意见； 10月底，针对基金风格漂移等问题，《公开募集证券投资基金业绩比较基准指引（征求意见稿）》以及具体操作细则开始征求意见。 进入12月，更加接近公募改革核心议程的《基金管理公司绩效考核管理指引（征求意见稿）》，下发到业界，开始征求意见。 绩效考核方向是决定一个行业、一家公司发展走向以及从业者职业发展的关键因素，这一政策落地渐行渐近，基金经理这一高大上的职业，将面 临职业发展、投资策略、薪酬等方面的多项限制。 基金经理需要在中长周期里稳定 ...

证券研究报告·行业点评报告·非银金融 非银金融行业点评报告 基金绩效管理办法下发，引导基金员工激励 与长期业绩挂钩 增持（维持） heting@dwzq.com.cn 行业走势 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 非银金融 沪深300 [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 07 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 《适度提升优质券商的资本空间，聚 焦券商高质量发展》 2025-12-06 《优化长期股票持仓风险因子要求， 引导险资发挥耐心资本优势》 相关研究 2025-12-06 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：《基金管理公司绩效考核管理指引（征求意见稿）》下发，旨在进 一步规范基金公司绩效考核与薪酬管理行为，健全长效激励约束机制， 推动基金行业实现稳健经营和可持续发展。 ◼ 主要内 ...

布局未来 年末基金经理更替"忙" "公募基金实行年度考核制，年末是业绩评估关键节点，表现不佳的基金经理面临着被替换风险。为提 升排名，部分基金公司可能主动更换基金经理，期望新基金经理通过调整策略来改善业绩。"格上基金 研究员毕梦姌对上海证券报记者分析称。 流动加速 年末基金经理频繁变更 今年以来股债市场的巨大变化，令产品业绩差距显著增大。数据显示，近一年以来，截至12月2日，权 益类基金的首尾差距高达226个百分点。在这样的差距下，11月以来离任的61位基金经理中，不少因业 绩欠佳"下课"。 ◎记者 朱妍 比如11月卸任所管基金的蒋佳良，天天基金网数据显示，此前其管理基金的任职回报从最差亏损逾 40%，到最优盈利近170%不等，不少产品的任职回报为负，且部分产品今年以来的相对业绩排名靠 后。 2025年接近尾声，公募行业迎来基金经理更替的高峰期。数据显示，11月以来，基金经理变更超过130 人，远超去年同期水平，这一现象的背后既与年末业绩考核、人才团队优化相关，也体现出基金公司为 抢占来年市场先机、适配公募改革导向做出的战略调整。 也有一些绩优的基金经理是"另谋高就"。如富国基金前知名QDII基金经理宁君，1 ...

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][4][6]. Group 1: Industry Development and Trends - The public fund industry has undergone significant reforms aimed at prioritizing investor interests, including fee reductions and enhanced performance benchmarks [2][3]. - There is a notable shift in wealth management needs, with residents moving from real estate investments to diversified financial assets, indicating a new phase in wealth management during the "15th Five-Year Plan" [4][5]. - The industry anticipates a transformation in wealth management trends, emphasizing long-term, diversified, and experience-focused investment strategies [5][6]. Group 2: Investment Research and Product Innovation - Investment research capability is deemed essential for asset management, with firms like China Europe Fund implementing a "professional, industrialized, and intelligent" research strategy to enhance product quality [3][7]. - Companies are focusing on product innovation and aligning offerings with investor needs, aiming to provide stable long-term returns and improve investor experiences [7][8]. - The emphasis on performance benchmarks is expected to guide investment strategies and enhance accountability within the industry [3][8]. Group 3: Enhancing Investor Experience - The industry aims to improve investor satisfaction by prioritizing long-term sustainable returns and adjusting performance evaluation metrics to focus on long-term outcomes [8]. - Companies are adopting service principles that emphasize regular communication and innovation to enhance investor engagement and experience [7][8]. - The public fund sector is transitioning from a scale-driven approach to one that prioritizes investor interests, aiming for a symbiotic relationship between value creation and investor satisfaction [8].

Investment Rating - The industry investment rating is maintained at "Add" [1][7] Core Viewpoints - The report discusses the release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" by the CSRC, which aims to guide industry institutions in establishing a more stable investment style and providing long-term stable returns for investors, thus further implementing public fund reforms [4] - The guidelines emphasize the importance of performance comparison benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [4] - The report highlights the establishment of a performance comparison benchmark element library, which will encourage and guide industry institutions to standardize the selection of benchmarks representing equity assets [4] Summary by Sections - **Event Overview**: The CSRC has published guidelines and operational details for performance comparison benchmarks, which will help in the high-quality development of public funds [4] - **Key Guidelines**: The guidelines include the necessity for benchmarks to reflect product positioning and investment style, the establishment of internal control mechanisms by fund managers, and the need for performance compensation to be linked to whether the fund outperforms its benchmark [4] - **Implementation Timeline**: A one-year transition period is set for fund managers to adjust existing products' benchmarks to better align with fund contracts and actual styles without impacting market stability [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding performance benchmarks for public funds, indicating a shift towards a clearer and more stable reference system for evaluating fund performance [1][2]. Group 1: Performance Benchmark Reform - The new guidelines aim to upgrade the performance benchmarks for public funds, marking a significant step into the "stock reform" phase of public fund reform [1]. - The performance benchmark serves as a "yardstick" for public funds, helping investors understand the fund's investment focus and risk-return characteristics [2]. - The reform addresses issues of "style drift" and "misalignment" in fund performance, ensuring that fund managers adhere to their stated investment strategies [2]. Group 2: Selection and Management of Benchmarks - Fund managers are required to select benchmarks from an established library of benchmark elements, ensuring that the benchmarks accurately reflect the fund's investment direction and strategy [3][4]. - Once set, benchmarks cannot be easily changed due to manager turnover or market trends, ensuring that funds remain true to their stated objectives [5]. - The calculation methods and data sources for benchmarks must be transparent, with funds required to disclose the basis for benchmark selection in contracts and reports [6]. Group 3: Accountability and Oversight - The new regulations mandate that fund companies establish systems for the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [7]. - The decision-making process for benchmark selection will be elevated to the management level, ensuring accountability [7]. - Independent departments within fund companies will monitor deviations from investment styles, with a compliance management system in place [7]. Group 4: Impact on Fund Management and Sales - The new rules require that performance benchmarks be reasonably integrated into fund manager compensation, sales practices, and fund evaluations to mitigate aggressive investment behaviors [8]. - Fund managers whose long-term performance significantly lags behind benchmarks will see a notable decrease in performance-related compensation [8]. Group 5: Transition for Existing Products - The transition to new benchmarks for existing products will be gradual, with a one-year period for adjustments to avoid market disruption [9]. - Fund managers are encouraged to align benchmarks with the actual investment styles of their products, preventing drastic portfolio adjustments that could affect market stability [9]. - The CSRC's previous initiatives have already begun to shift the focus of fund companies from scale to returns, with new floating fee models being introduced [9]. Group 6: Future Directions - Future reforms will continue to deepen, with upcoming revisions to fund manager compensation rules that will incorporate performance comparisons against benchmarks [10]. - The goal is to further align the interests of fund companies with those of investors, ensuring that poor performance leads to reduced compensation for fund managers [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the performance comparison benchmarks for public funds, marking a significant step in the reform of the public fund industry towards a more objective and stable evaluation system [1][2]. Group 1: Performance Benchmarking - The new performance comparison benchmarks will provide a clearer and more stable reference for evaluating public fund performance, transitioning from "incremental reform" to "stock reform" [2]. - The benchmarks will serve as a "ruler" to measure fund performance, ensuring that fund managers adhere to their investment strategies and improve the stability of excess returns [3][4]. - The reform aims to address issues of "style drift" and misalignment between fund performance and investment strategy, which have led to investor dissatisfaction [3][4]. Group 2: Selection and Management of Benchmarks - Fund managers will select benchmarks from an established library of benchmark elements, ensuring that the chosen benchmarks accurately reflect the fund's investment direction and strategy [4][5]. - Once set, benchmarks cannot be easily changed due to manager turnover or market trends, ensuring consistency and reliability [6]. - The new regulations require public fund companies to establish a comprehensive management system for the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [8][9]. Group 3: Accountability and Transparency - The decision-making process for benchmark selection will be elevated to the management level of fund companies, ensuring accountability [8]. - Fund companies must monitor style deviations and have independent departments responsible for analyzing and addressing these deviations [9]. - The new rules will also require that fund performance evaluations and sales practices transparently incorporate benchmark comparisons to prevent misleading marketing [10]. Group 4: Transition for Existing Products - The transition for existing products to new benchmarks will be gradual, with a one-year period for adjustments to avoid market disruption [11]. - Fund managers are encouraged to align benchmarks with the actual investment styles of their products without imposing strict quantitative limits on deviations [11]. - The ongoing reforms aim to shift the focus of fund companies from merely achieving scale to delivering returns that align with investor interests [11][12].

Core Insights - The public fund scale has surpassed 36 trillion yuan, reaching a historical high, with equity funds being the main driver of this growth [1][2] - Fund companies are increasingly focusing on investor experience alongside performance, aiming to enhance investor satisfaction and trust [4] Fund Scale and Performance - As of the end of Q3, over 13,000 funds collectively reached a scale of 36.45 trillion yuan, an increase of 2.4 trillion yuan from the end of Q2 [2] - Equity products, particularly pure stock index funds, saw significant growth, with their scale exceeding 5 trillion yuan, a 26.29% increase [2] - The performance of equity funds has been strong, with both mixed equity funds and stock funds showing approximately 40% growth over the past year [2] Growth of Specific Fund Types - QDII funds also experienced rapid growth, reaching 904.52 billion yuan by the end of Q3, marking a 33% increase [2] - Bond funds were the only category to see a decline in scale, dropping over 140 billion yuan to 10.62 trillion yuan [2] Popularity of High-Performance Products - Several high-performing active equity funds have rapidly increased in scale, with some achieving over 800% growth [3] - Passive products, particularly large ETFs, attracted significant inflows, with notable increases in their scales [3] Focus on Investor Experience - Fund companies are changing their assessment mechanisms to improve investor experience, incorporating metrics that directly affect investor satisfaction [4] - Companies aim to build a comprehensive investment advisory service system to better align professional capabilities with investor needs [4]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "Innovation, Transformation, and Reshaping Global Financial Development," highlighting the importance of reforms in the Chinese financial market to enhance investor confidence and support long-term growth [1]. Group 1: Market Reforms - Deepening the reform of the ChiNext board is expected to expand the capacity and scale of related ETFs, increasing the weight of the technology sector in A-shares and supporting a long-term trend dominated by technology [1]. - Enhancing the early risk management capabilities and preventing significant market fluctuations, along with strict enforcement against financial fraud, can create a low-volatility market environment, boosting investor confidence and providing foundational support for a stable upward trend in the stock market [1]. Group 2: Long-term Investment Strategies - Promoting reforms in public funds and implementing long-term assessments for corporate pensions and insurance funds can introduce sustained incremental capital focused on long-term value investment, supporting a healthy and stable upward trajectory in the stock market [1]. - Advancing the high-quality development of the Beijing Stock Exchange will further broaden financing channels for innovative small and medium-sized enterprises, increase their trading activity and market share, and attract more funds and qualified investors, fostering a positive investment ecosystem and market style for innovative small-cap companies [1].