Core Insights - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," marking a new chapter for the industry [1] - The introduction of a long-term assessment mechanism is seen as a core pivot for profound changes in the industry ecosystem [1] Group 1: Impact of Long-Term Assessment Mechanism - The long-term assessment mechanism aims to break the short-term focus dilemma in the public fund industry, shifting the emphasis from quarterly and annual performance rankings to long-term value [2] - The new framework mandates that at least 80% of the assessment weight for medium to long-term returns over three years and five years will be core evaluation indicators, significantly reducing the focus on short-term operational metrics like scale and ranking [2] Group 2: Shift from Short-Term Speculation to Long-Term Value Investment - The implementation of the long-term assessment mechanism will transform fund managers' investment decision-making processes, allowing them to focus on long-term growth potential rather than short-term performance pressures [3] - This shift is expected to enhance long-term portfolio returns and reduce investment risks by enabling fund managers to make more rational investment decisions [3] Group 3: Focus on Long-Term Products and Investor Services - Fund companies will increasingly prioritize products suitable for long-term holding, such as index-enhanced funds and pension-targeted funds, which aim for stable long-term growth [4] - There will be a greater emphasis on investor education and personalized investment advice, enhancing the overall investment experience for clients [4] Group 4: Supporting National Strategies and Promoting Industrial Upgrades - The long-term assessment mechanism will enable the public fund industry to better leverage its professional advantages, guiding capital towards innovative and high-potential sectors in the real economy [5] - Public funds are actively investing in sectors like technology innovation and green development, contributing to national strategic initiatives such as the "Belt and Road" and rural revitalization [6] Group 5: Future Outlook - The comprehensive implementation of the long-term assessment mechanism represents a significant transformation in the public fund industry, laying a solid foundation for high-quality development [7] - The industry is expected to return to its core mission of enhancing investor returns while strengthening investment management capabilities and optimizing product structures [7]

Group 1 - The core viewpoint of the article is the introduction of a long-term assessment mechanism by the China Securities Regulatory Commission, aimed at promoting high-quality development in the public fund industry, marking a significant shift in the industry's evaluation criteria [1][2][7] Group 2 - The long-term assessment mechanism addresses the short-term focus dilemma in the public fund industry, shifting the evaluation weight of medium to long-term returns to at least 80% for three years and making five-year performance a core evaluation metric [2][3] - Fund managers will be encouraged to adopt a long-term investment approach, allowing them to focus on fundamental research and invest in high-potential assets without the pressure of short-term performance [3][4] Group 3 - The implementation of the long-term assessment mechanism will lead fund companies to prioritize long-term products, such as index-enhanced funds and pension-targeted funds, which are designed for sustained growth and stability [4][6] - Fund companies will enhance investor education and personalized services, helping investors develop a long-term investment mindset and providing tailored investment advice based on individual risk tolerance and goals [4][6] Group 4 - The long-term assessment mechanism will enable public funds to better support national strategies and industrial upgrades by directing capital towards innovative and high-potential sectors, contributing to the high-quality development of the real economy [6][7] - Public funds will play a crucial role in supporting technological innovation, green development, and national strategic projects, thereby enhancing their contribution to the financial system and the economy [6][7]

Core Viewpoint - The implementation of the "Guiding Opinions" has significantly increased the scale and proportion of long-term funds entering the market, with a notable 28% growth in the market value held by long-term funds as of August, supporting a stable capital market [1] Group 1: Long-term Fund Entry - Regulatory bodies have introduced measures to facilitate the entry of long-term funds into the market, including the development of equity funds and the enhancement of public fund quality [1][2] - As of August, long-term funds held a total of 21.4 trillion yuan in A-share market value, reflecting a strong support for market stability [1] - The introduction of a three-year long-cycle assessment mechanism for public funds and state-owned commercial insurance companies has addressed institutional barriers to long-term investment [2][3] Group 2: Investment Performance and Market Dynamics - The implementation of long-cycle assessments has reduced annual assessment pressure, allowing for more long-term equity investments and supporting the real economy [3] - The scale of social security funds and pension funds has reached 3.22 trillion yuan and 2.6 trillion yuan respectively, with enterprise annuity funds at 7.56 trillion yuan, indicating significant potential for long-term capital support [3] - The insurance sector has increased its equity investment scale, with a 26.38% growth in stock holdings, amounting to 3.07 trillion yuan by the end of Q2 [4] Group 3: Enhancing Company Investment Value - Regulatory measures have been taken to improve the quality and investment value of listed companies, including stricter entry and exit controls and support for mergers and acquisitions [7] - The introduction of guidelines for market capitalization management aims to enhance the quality of listed companies and promote reasonable market valuations [7] - Recommendations for improving corporate governance and transparency include establishing stronger management incentives and mandatory ESG disclosures to attract long-term investments [8] Group 4: Attracting Foreign Investment - The ongoing efforts to enhance cross-border investment convenience aim to attract more foreign capital into the A-share market, with foreign holdings currently at 3.4 trillion yuan [8] - Suggestions to expand mutual recognition of funds between mainland China and Hong Kong and address foreign investors' concerns are crucial for boosting foreign investment confidence [9]

Core Viewpoint - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" signifies a profound systemic transformation in China's public fund industry, with 25 measures outlined to guide future development [1] Group 1: Investment Research Capability - Enhancing core investment research capabilities is fundamental for public funds to adhere to the "investor-centric" philosophy, aiming to create sustainable returns for investors [1] - The plan proposes establishing a performance evaluation system for fund companies' investment research capabilities, promoting a collaborative team approach rather than individual-driven models [2] - Silver Hua Fund has been exploring an "industrialized" approach to active equity investment, moving away from the star fund manager model to a modular capability framework [2] Group 2: Floating Fee Rate Funds - The plan emphasizes the promotion of floating fee rate funds that align the interests of fund managers with those of investors, encouraging long-term holding [3] - The floating fee mechanism adjusts management fees based on actual fund performance, incentivizing fund managers to focus on generating returns rather than merely managing scale [3][4] - This mechanism aims to reshape the industry's long-termism philosophy and enhance investor satisfaction [3] Group 3: Performance Benchmarking - The plan introduces regulatory guidelines for performance benchmarks, ensuring strict oversight of how fund companies set and modify these benchmarks [4][6] - Silver Hua Fund is committed to developing a benchmark system that reflects fund managers' investment styles, enhancing investor confidence and market health [5][6] Group 4: Long-Term Assessment and Incentives - The plan calls for a reform in performance assessment mechanisms, prioritizing fund investment returns over operational metrics [6] - Silver Hua Fund adopts a long-term assessment approach, focusing on three to five-year performance metrics to discourage short-termism [6] Group 5: Innovation in Equity Fund Products - The plan identifies standardized products like ETFs as key to public fund innovation, reflecting a shift in investor attitudes [7] - Silver Hua Fund has developed a diverse product matrix covering core indices, focusing on low-volatility strategies and aligning with national innovation strategies [7] Group 6: Industry Development Focus - The industry is shifting its focus from management scale to improving investor returns, with public funds acting as a bridge between resident wealth growth and high-quality economic development [8]

作为资本市场连接实体经济与居民财富的桥梁，公募基金经过20多年的砥砺奋进，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取得了诸多历史性突破。不过在行 业高速发展过程中也日益暴露出经营理念有偏差、发展结构不均衡、投资者获得感不强等问题。 第三重塑行业评价评奖业态，指出要构建以五年以上长周期业绩为核心的评价评奖体系，杜绝以短期业 绩排名为导向的不合理评价评奖活动。 最后督促行业加大薪酬管理力度方面，对三年以上产品业绩低于业绩比较基准超过10个百分点的基金经 理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基准的基金经理，可以合理 适度提高其绩效薪酬。 行业影响：回归本源，提升投资获得感 从重规模转向重投资者回报、从重视短期收益转向中长期收益、从规模竞速转向价值深耕，《行动方 案》的出台为行业发展带来了深远影响。尤其是从上到下的各层级考核激励机制重塑，标志着公募基金 行业考核体系将迎来重大变革，有望扭转公募基金行业投资行为短期化倾向，推动建立基金管理人与投 资者利益更加一致的激励机制，回归到以投资者利益为核心的行业本源。 核心要点：投资者利益为本，全面强化长周期 ...

作为资本市场连接实体经济与居民财富的桥梁，公募基金经过20多年的砥砺奋进，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取得了诸多历史性突破。不过在行 业高速发展过程中也日益暴露出经营理念有偏差、发展结构不均衡、投资者获得感不强等问题。 为推动行业加快实现高质量发展，2025年5月中国证监会发布《推动公募基金高质量发展行动方案》 （下称《行动方案》），提出25条细化措施，为行业高质量发展绘制了清晰路线图。其中核心举措之一 就是明确提出要"完善行业考核评价制度，全面强化长周期考核与激励约束机制"。 核心要点：投资者利益为本，全面强化长周期考核 根据《行动方案》，长周期考核机制以基金投资收益、客户实际盈利为导向，涉及绩效考核、分类评 价、薪酬管理等多个层面。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 对基金公司而言，新考核机制将显著改变基金管理人投资决策模式，推进基金公司提升投研硬实力，推 动基金管理人专注于长期价值创造而非短期博弈，以专业能力筑牢高质量发展根基。 对投资者而言，长周期考核机制有助于引导基金管理人持仓长期稳定，基金净值的短期波动或将减小， 进而 ...

Group 1 - The core viewpoint of the article emphasizes the recovery and stabilization of the A-share market, driven by a series of financial support measures aimed at enhancing market confidence and attracting long-term investments [2][4][5] - Since the implementation of the "package of financial support measures for high-quality economic development" on September 24, 2024, the capital market has undergone significant reforms, improving market expectations and confidence [2][4] - The combination of regulatory guidance and financial support from various institutions, including the Central Huijin Investment Ltd. and the People's Bank of China, has effectively stabilized the capital market [4][5] Group 2 - The influx of medium- and long-term funds is crucial for maintaining the long-term stability and health of the market, with significant investments from insurance companies and public funds observed [7][8] - Data shows that the five major listed insurance companies have collectively invested approximately 18,464.29 billion yuan in stocks, marking a 28.71% increase since the beginning of the year [7] - The establishment of long-cycle assessment mechanisms has encouraged institutional investors to focus on the fundamentals and long-term potential of companies, leading to a concentration of funds in high-quality assets [8] Group 3 - To sustain the positive momentum in the capital market, it is essential to further enhance the stability mechanisms and stimulate the market's internal growth dynamics [10][11] - The regulatory framework is being strengthened to attract long-term capital, with a focus on creating a market environment that encourages medium- and long-term investments [11][12] - Recommendations include increasing the scale and proportion of medium- and long-term funds entering the market, improving corporate governance, and enhancing shareholder returns through dividends and buybacks [12]

Core Viewpoint - The regulatory authorities are guiding the insurance industry to establish a long-term assessment mechanism, which is based on a deep understanding of the characteristics of the insurance sector, aiming for a more comprehensive evaluation of insurance company performance and reducing short-term volatility interference [1] Group 1 - The long-term assessment mechanism will promote insurance companies to focus more on operational stability and sustainability [1]

Core Viewpoint - The insurance industry is experiencing significant growth in fund utilization, driven by policy guidance and investment environment changes, with a notable increase in equity investments and a stable bond allocation structure [1][2][3]. Fund Utilization Overview - As of the end of Q2 2025, the total fund utilization of insurance companies reached 36.23 trillion, marking an 8.9% increase from the beginning of the year and a 3.7% increase from Q1 [2]. - The balance of life insurance companies' fund utilization was 32.60 trillion, also up 8.9% year-to-date, while property insurance companies held 2.35 trillion, a 5.7% increase [2]. - In H1 2025, the net increase in fund utilization was 2.98 trillion, with Q2 alone contributing 1.30 trillion, influenced by premium growth and asset value appreciation [2]. Investment Allocation - The bond balance reached 17.87 trillion, with a net increase of 1.94 trillion in H1, and Q2 saw a net increase of 896.1 billion, pushing the bond allocation to 51.1%, the highest in recent years [3]. - Bank deposits totaled 3.02 trillion, with a net increase of 111.3 billion in H1, while other investments (mainly non-standard) decreased by 1.87 trillion [3]. - The allocation to bank deposits and non-standard investments has reached new lows, attributed to declining asset yields and new accounting standards [3]. Equity Investment Trends - Regulatory measures are accelerating the long-term entry of insurance funds into the stock market, with equity allocation reaching a new high [4]. - In April, the regulatory authority adjusted the equity asset allocation ratio for insurance funds, increasing it by 5% for certain solvency levels [4]. - By mid-2025, the total approved amount for long-term investment trials by insurance funds reached 222 billion, indicating a strong push for stable long-term investments [4]. Recent Market Activity - Insurance companies have been actively increasing their stakes in other firms, with 27 instances of stake increases reported in 2025, surpassing the total for the previous year [10]. - The focus of these investments has been on high-dividend sectors such as banks and public utilities, reflecting a strategic shift towards stable returns [10]. - The recent stake increases by China Ping An in China Pacific Insurance and China Life demonstrate confidence in the recovery and long-term value of the insurance sector [10].

Core Viewpoint - The Ministry of Human Resources and Social Security is promoting the expansion of the entrusted investment scale of the basic pension insurance fund, which is expected to inject stable long-term capital into the capital market [1][2]. Group 1: Investment Scale and Opportunities - The entrusted investment scale of the basic pension insurance fund currently represents only 26.83% of the cumulative fund balance, indicating significant room for growth in future investments [2][3]. - The basic pension insurance fund's investment operation scale reached 2.55 trillion yuan by the end of June, reflecting a year-on-year increase of 34.21% [3]. - Increasing the entrusted investment scale can potentially bring trillions of yuan in long-term funds to the capital market, enhancing market stability and supporting sustainable economic development [3][4]. Group 2: Long-Cycle Assessment Mechanism - The implementation of a long-cycle assessment mechanism for public funds, state-owned commercial insurance companies, and basic pension insurance funds is a key focus of the recent policy initiatives [4][5]. - The assessment will include performance evaluations over three to five years, which aims to address the mismatch between long-term funds and short-term investments [5][6]. - Establishing this mechanism is expected to reduce market volatility, elevate valuation levels, and strengthen corporate governance by encouraging long-term investment behaviors [5][6]. Group 3: Policy Measures and Market Confidence - Various government departments have introduced measures to enhance liquidity in the stock market, including increasing the investment limits for insurance companies in equity assets [7][8]. - The recent policies have been positively received by investment institutions, boosting market confidence and promoting long-term stability in the capital market [7][8]. - Key strategies for attracting long-term funds include optimizing market structure, improving the quality of listed companies, and enhancing investor return and protection mechanisms [8].