Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission (CSRC), which aims to reform the public fund industry to better align with investor interests and enhance the stability of investment behaviors [1][2]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, focusing on transitioning the industry from "scale-oriented" to "investor return-oriented" to achieve high-quality development [2][4]. - A core aspect of the reform is the establishment of an industry evaluation system centered on fund investment returns, incorporating performance benchmarks and profit rates that directly affect investor interests [2][3]. Group 2: Performance Benchmarking - The performance benchmark serves as a "anchor" and "yardstick" for fund companies, helping to clarify investment styles and constrain investment behaviors, thus preventing significant deviations from product names and positioning [3][4]. - The plan emphasizes the need for a regulatory guideline on performance benchmarks and the establishment of a performance benchmark database, which will include mechanisms for setting, modifying, disclosing, and evaluating benchmarks [4][5]. Group 3: Fee Structure - The introduction of a floating management fee structure linked to fund performance is a key point of the "Action Plan," allowing for differentiated management fees based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to adjust their fee structures gradually, with a focus on ensuring that management fees are reduced for underperforming funds and increased for those that significantly exceed benchmarks [5][6]. Group 4: Incentive Alignment - The "Action Plan" aims to strengthen the alignment of interests between fund companies, executives, fund managers, and investors by enhancing the weight of investment returns in performance evaluations [6][7]. - Fund companies are encouraged to establish a compensation management mechanism linked to fund investment returns, with specific performance metrics influencing the compensation of fund managers [6][7]. Group 5: Institutional Development - The plan outlines measures to accelerate the development of first-class investment institutions, including improving governance, enhancing investor service capabilities, and supporting the coordinated development of equity and fixed-income funds [8]. - It also proposes a high-quality development demonstration plan for small and medium-sized fund companies, promoting their unique operational characteristics and improving overall industry competitiveness [8].

《方案》指出，强化业绩比较基准的约束作用。制定公募基金业绩比较基准监管指引，明确基金产品业 绩比较基准的设定、修改、披露、持续评估及纠偏机制，对基金公司选用业绩比较基准的行为实施严格 监管，切实发挥其确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为的作 用。 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称《方案》）。《方案》聚焦 广大投资者特别关心的堵点、难点、痛点问题，针对公募基金存在的"旱涝保收""重规模轻回报""风格 漂移""货不对板""追涨杀跌"等问题，系统性提出25项改革举措。 当日，中国证监会主席吴清在国新办新闻发布会上表示，这次改革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。 基金管理费率与业绩表现挂钩 业绩明显低于基准适用低档费率 《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。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 ...

Core Viewpoint - The article outlines the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), aiming to address existing issues in the public fund industry and enhance its contribution to the economy and investor satisfaction [4][5]. Group 1: Overall Requirements - The plan is guided by Xi Jinping's thoughts and aims to implement decisions from various key meetings, emphasizing strong regulation, risk prevention, and high-quality development [5]. - It stresses the importance of aligning fund company operations with investor interests and transitioning from a focus on scale to investor returns [5]. Group 2: Optimizing Fund Operation Models - A floating management fee mechanism linked to fund performance will be established, encouraging fund companies to align fees with investor returns [6][7]. - Transparency will be enhanced through improved disclosure templates for actively managed equity funds, showcasing performance, fees, and investor outcomes [8]. Group 3: Improving Industry Assessment and Evaluation - Fund companies will be required to adopt a performance-based assessment system, prioritizing investment returns over size and profit metrics [9][10]. - The evaluation system will incorporate long-term performance metrics, with a significant weight on three-year returns [9][10]. Group 4: Enhancing Equity Investment Scale - The plan aims to increase the proportion of equity investments in public funds, with regulatory support for equity fund development [11]. - Innovations in equity fund products will be encouraged, including performance-linked fee structures and the development of index funds [11]. Group 5: Promoting High-Quality Development - Governance structures of fund companies will be improved, emphasizing the role of independent directors and preventing undue influence from major shareholders [14]. - The plan supports the enhancement of investment research capabilities and the adoption of new technologies in fund management [14][15]. Group 6: Risk Management and Compliance - A multi-layered liquidity risk prevention mechanism will be established, along with guidelines for fund participation in swap transactions [18][19]. - The plan emphasizes the need for strict compliance and regulatory enforcement to enhance the industry's reputation and operational integrity [20][21].