Core Viewpoint - The recent action plan issued by the China Securities Regulatory Commission aims to address long-standing issues in the public fund industry, promoting high-quality development by linking fund company income to investor returns [1][3][6]. Summary by Relevant Sections Fund Management Fees - The new regulations require a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [5][9]. - Management fees for different fund types vary, with stock and mixed funds typically charging between 1.2% and 1.5% [3]. - In 2023, only about 39% of the 4,510 fund products had positive returns, highlighting the disparity between high management fees and poor investor returns [3]. Performance Benchmark Changes - Following the action plan's release, several fund companies have already adjusted their performance benchmarks to align with the new regulations [10]. - The performance benchmark serves as a reference for evaluating fund performance, often based on a combination of market indices [5]. Impact on Fund Companies - The new policy is expected to shift fund companies' focus from scale-driven to performance-driven strategies, enhancing their investment strategies and risk management [6][12]. - Fund companies are encouraged to invest more in research and development to improve their investment capabilities [6]. Fund Manager Accountability - The action plan imposes stricter salary management for fund managers, linking their compensation to fund performance [13][14]. - Fund managers whose products underperform relative to benchmarks will see a significant decrease in performance-based pay, while those who exceed benchmarks may receive higher compensation [13]. Market Reactions and Concerns - The changes have sparked discussions among investors, with many believing that the new performance-linked compensation will improve fund management effectiveness [13][14]. - However, some investors express concerns that an overemphasis on performance benchmarks may lead to homogenized investment strategies, potentially increasing market volatility [15].

公募基金"旱涝保收"的"好日子"终于要被强行扫进历史了。 近日，为落实2024年9月26日中央政治局会议"稳步推进公募基金改革"的决策部署，中国证监会印发《推动公募基金高质量发展行动方案》（下称《方 案》）。方案中的"基金公司考核激励方案改革调整"引发了业内最大的关注，其事关每个基金经理的生计，尤其是近些年陆续从"神坛"跌落的明星经理也 牵涉其中。 《方案》明确规定了，对三年以上产品的业绩低于业绩比较基准超过10个百分点的产品，要求其基金经理绩效薪酬应当明显下降；且规定了未来一年内， 管理规模靠前的头部公募发行浮动管理费收取机制的基金数量，不得低于其主动权益类基金发行数量的60%。 据Wind统计，目前仅有138只公募基金产品收取浮动管理费，其中有49只为偏股混合或普通股票型基金，相较于市场整体数量较少。此次《方案》的力 度，可以说是"伤筋动骨"。 中信建投证券在最新的详解报告中称，此举意在解决"基金赚钱基民不赚钱"的问题。 南方基金总经理杨小松对《凤凰WEEKLY财经》介绍《方案》出台的背景："在宏观经济形势变化、基础资产市场波动等背景下，部分基金的中长期业绩 不及预期或者投资表现与业绩比较基准存在偏离，导 ...

不赚钱就降管理费 公募基金行业迎来重大改革。 5月7日，证监会印发最新版的《行动方案》显示，内容涵盖公司治理、产品发行、投资运作、考核机制 等，从总体要求到具体实施，细化为25条措施，全方位勾勒出公募基金行业改革发展的路径蓝图。 长江商报消息 ●长江商报记者 潘瑞冬 不赚钱就降管理费，公募基金开启浮动费率破解行业"旱涝保收"。 日前，证监会公布《推动公募基金高质量发展行动方案》（简称《行动方案》），从优化主动权益类基 金收费模式、完善行业考核机制、大力发展权益类基金等方面发力，引导公募基金真正从"重规 模"向"重回报"转变。 在目前固定管理费模式下，规模意味着公募基金业绩的好坏。长江商报记者注意到，2025年一季度，公 募基金产品整体盈利2517.47亿元，头部10家公司的净利润之和占比过半，为56.9%；截至4月末，公募 基金的规模32.5万亿元，较3月末略有上升，连续3个月维持在32万亿规模。 截至2025年一季度末，公募基金市场基金数量12532只，但根据Wind数据，目前仅138只公募基金产品 收取浮动管理费，占比仅为1.1%。 此次证监会公布的《行动方案》明确，在未来一年内，引导管理规模居前的行业头 ...

Core Insights - The report emphasizes the need for the public fund industry to shift from focusing on scale to prioritizing returns, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [3][5][6]. Group 1: Key Highlights of the Action Plan - The Action Plan highlights four main focuses: strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, improving investor service capabilities, and promoting the growth of equity funds [4][6]. - A floating management fee mechanism will be established, linking fund managers' income to the performance of their products, thereby addressing the issue of guaranteed income regardless of performance [6][11]. - The plan mandates a reduction in subscription and sales service fees for public funds, aiming to lower investor costs and enhance their experience [6][18][21]. Group 2: Focus Areas for Fund Companies - Fund companies are required to reform their assessment and incentive schemes, incorporating investor profit and loss into their evaluation systems, which marks a shift towards a more investor-centric approach [4][17]. - The plan encourages the development of passive equity products, with a clear distinction between active and passive strategies, promoting low-fee models for passive investments [4][24]. - The registration process for equity products will be expedited, with specific timelines set for different types of funds to enhance market responsiveness [24]. Group 3: Implications for the Industry - The report suggests that the ongoing reforms will enhance the pricing power of allocation funds and optimize the structure of active equity investments, especially in a low-interest-rate environment [41]. - The floating fee index-enhanced products are expected to become a key focus for fund companies, as they seek to improve management fee income while controlling performance deviation [45]. - The demand for investment advisory and strategy services is anticipated to rise significantly, necessitating a shift towards a more comprehensive service model for both institutional and individual investors [50][55].

Group 1: Monetary Policy Adjustments - The People's Bank of China (PBOC) will lower the reserve requirement ratio for financial institutions by 0.5 percentage points starting May 15, 2025, and by 5 percentage points for auto finance and leasing companies [1] - The PBOC has also reduced the re-lending rates by 0.25 percentage points, with new rates set at 1.2%, 1.4%, and 1.5% for 3-month, 6-month, and 1-year agricultural and small business re-lending respectively [1] - The PBOC has increased the re-lending quota for technological innovation and technical transformation by 300 billion yuan, bringing the total to 800 billion yuan [3] Group 2: Support for Capital Markets - The PBOC has merged the total quota of two monetary policy tools aimed at supporting capital markets, allowing for a combined usage of 800 billion yuan [2] - Nearly 500 market institutions plan to issue over 300 billion yuan in technology innovation bonds, indicating strong market response to the new "technology board" initiative [8] Group 3: Development of Technology Innovation Bonds - The PBOC and the China Securities Regulatory Commission (CSRC) have announced the issuance of technology innovation bonds by financial institutions and technology enterprises to support investment in the technology sector [4] - The new bond issuance framework aims to enhance the financing capabilities of technology firms and promote innovation [4] Group 4: Fund Management Fee Structure - The CSRC has introduced a floating management fee structure linked to fund performance for newly established actively managed equity funds, encouraging better performance alignment with investor interests [6]

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to address industry pain points and shift the focus from "scale" to "returns" in the public fund sector, enhancing investor experience and binding the interests of fund companies and investors more closely [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the need to strengthen the binding of interests between fund companies and investors, particularly through the implementation of a floating management fee structure linked to fund performance [2][3]. - Fund companies are required to establish a performance-based floating management fee mechanism, where fees are adjusted based on the fund's performance relative to a benchmark [2][3]. - The China Securities Regulatory Commission (CSRC) aims for leading fund companies to issue floating fee funds that account for at least 60% of their actively managed equity fund issuance within a year [3]. Group 2: Performance Evaluation and Incentives - The plan highlights the importance of a stable investment behavior and calls for a comprehensive evaluation system that focuses on long-term performance rather than short-term metrics [5][6]. - Fund companies must implement a performance evaluation system where investment returns are the core metric, reducing the weight of operational indicators like scale and profit [6]. - The plan mandates that the performance metrics for fund managers should have a weight of at least 80% based on fund performance over a three-year period [6]. Group 3: Innovation and Market Activity - The plan encourages the innovation and development of equity funds, aiming to enhance their role as stabilizers in the A-share market [8][9]. - It proposes a rapid registration mechanism for equity funds, allowing for quicker market entry of new products, which is expected to increase market liquidity and attract long-term capital [9][10]. - The plan also emphasizes the need for fund companies to enhance their research capabilities and service levels to better meet investor needs [11][12]. Group 4: Risk Management and Compliance - The plan outlines measures to improve risk management and compliance within the industry, including the establishment of a mechanism for fund manager co-investment and stricter oversight of fund performance [12]. - It stresses the importance of maintaining a stable and compliant industry environment to attract long-term investments and ensure sustainable growth [12].

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission, which aims to enhance the public fund industry by implementing 25 measures to improve fund management, investor returns, and overall industry standards [1][6]. Group 1: Overall Requirements - The plan is guided by Xi Jinping's thoughts and aims to implement decisions from various central meetings, focusing on strong regulation, risk prevention, and high-quality development [7]. - It emphasizes a shift from prioritizing scale to focusing on investor returns, ensuring that the interests of investors are at the core of fund operations [7]. Group 2: Optimizing Fund Operation Models - A floating management fee mechanism linked to fund performance will be established, encouraging funds to align their fees with investor returns [8][9]. - The plan includes measures to lower investor costs by reducing subscription fees and management fees for large index and money market funds [9][10]. Group 3: Improving Industry Evaluation Systems - Fund companies are required to establish a performance evaluation system centered on investment returns, with significant weight given to long-term performance [10][11]. - The evaluation criteria will include investor profit and loss, fund performance against benchmarks, and the stability of investment behavior [10][11]. Group 4: Enhancing Equity Investment Scale - The plan aims to increase the scale and proportion of equity investments in public funds, with a focus on innovative fund products that encourage long-term holding [13][14]. - A rapid registration mechanism for equity funds will be implemented to streamline the process and promote timely market entry [13][14]. Group 5: Promoting High-Quality Development - The governance of fund companies will be improved, emphasizing the role of major shareholders and independent directors [15][16]. - The plan supports the development of core investment research capabilities and encourages the use of technology in fund management [15][16]. Group 6: Risk Management and Compliance - A multi-layered liquidity risk prevention mechanism will be established to enhance the stability of the industry [18][19]. - The plan includes measures to strengthen compliance and regulatory enforcement, ensuring that violations are met with strict penalties [21][22].

5月7日，中国证监会主席吴清在参加国新办新闻发布会时表示，《推动公募基金高质量发展行动方案》 比较成熟，将尽快发布。方案突出强化与投资者的利益绑定，督促行业回归受人之托、代人理财的本 源，优化主动权益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费的收取机制，扭转基金 公司"旱涝保收"现象，将投资者盈亏等关于投资者利益的指标，纳入基金公司和基金经理的考核体系。 (人民财讯) ...