Group 1 - The report highlights that the "Action Plan for Promoting the High-Quality Development of Public Funds" is expected to have a profound impact on the A-share market and the fund industry allocation [2][32][34] - The plan aims to shift the focus of fund companies and sales institutions from "scale" to "returns," marking a turning point for high-quality industry development [2][32] - The plan is anticipated to drive more medium- to long-term capital into the A-share market, enhancing market resilience [3][34] Group 2 - As of April 2025, the combined share of money market and bond funds in the public fund market reached 73.4%, while equity and mixed equity funds accounted for only 13.1% and 10.1%, respectively, indicating a low current proportion of equity funds [3][34] - Historical data shows that the issuance of equity funds has led to significant capital inflows, with a notable increase in the Shanghai Composite Index by 46.2% from January 3, 2019, to February 9, 2021, following the issuance of approximately 3.14 trillion units of new equity funds [3][34] - The report suggests that technology-related broad-based indices, such as the Sci-Tech 50 Index and semiconductor-related indices, are likely to benefit significantly from the policy direction [4][41] Group 3 - The report indicates that industries with strong profitability and stable performance, such as household appliances, banking, transportation, food and beverage, and non-bank financials, are expected to attract public fund investments [4][42][43] - The plan emphasizes the need for a long-term performance evaluation mechanism, with at least 80% weight on three-year and longer-term returns, which may favor industries with strong profitability [42][43] - The report notes that the market style may rotate between defensive and growth styles, with defensive sectors focusing on stable or high-dividend industries, while growth sectors will emphasize thematic growth and independent cyclical industries [5][54][55]

Group 1 - The core viewpoint of the article is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at guiding the future high-quality development of the public fund industry [1] - The floating fee rate mechanism will break the traditional income model of guaranteed returns, allowing fund companies to charge fees based on performance, thus promoting a more performance-driven approach [1] - Fund companies are encouraged to strengthen core research and investment capabilities, shifting from a traditional individual-driven model to a collaborative team approach to enhance overall investment efficiency [1] Group 2 - Establishing clear performance benchmarks for funds is essential to avoid style drift, enabling investors to better assess fund performance and enhancing confidence in public funds [1] - The measures aim to improve the scale and stability of equity investments in public funds, ultimately contributing to a healthier market development [1]

专题：证监会印发《推动公募基金高质量发展行动方案》 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《行动方案》），从优化基金运 营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监管执法、促进高质量发展等 六方面提出了25条改革措施。方案突出问题导向、精准施策、系统推进，重构公募基金行业运行逻辑， 强化行业与投资者的利益绑定，指引行业进一步彰显功能性定位，提升整体发展质量和服务水平。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：韦子蓉 聚焦重点领域，构建长效机制，守牢风险底线。《行动方案》针对重点风险领域，提出多项监管举措多 维发力，系统性守牢风险底线：一是扩充流动性风险防控工具，优化风险准备金动态调整机制，完善行 业多层次流动性风险防控机制。二是通过产品注册逆周期调节、强化主题基金监管及投资集中度约束等 方式，引导行业机构更加注重长期投资。三是提高公私募基金经理兼任及业务风险隔离要求、清理类通 道业务、高压打击不当利益输送等举措，堵住合规风险漏洞。四是提高行业声誉管理及预期引导能力， 以舆情监测、政策解读和打击虚假信息，重塑行业形象、提升投资者信心。 提升机构发展水平， ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which includes 25 measures aimed at reforming the public fund industry to focus on performance-driven growth rather than scale-driven growth [2][3] - The Action Plan is considered one of the most systematic and forward-looking regulatory innovations in China's capital market in recent years, promoting a return to an "investor-centric" value perspective [2][3] - Key measures include adjusting performance compensation for fund managers based on their performance relative to benchmarks, with significant penalties for underperformance and rewards for overperformance [4][5] Group 2 - The plan encourages the reduction of management fees for large-scale index funds and money market funds, and mandates that fund companies' assessments of executives include a minimum of 50% weight on investment returns [5][6] - A long-term performance assessment mechanism will be implemented, with at least 80% weight on medium to long-term returns over three years [6] - The plan also introduces a rapid registration mechanism for exchange-traded funds (ETFs), aiming to complete registration within five working days [6] Group 3 - The news highlights the recent self-purchase actions by public fund companies, with announcements from Anxin Fund and Fuguo Fund committing to invest at least 25 million yuan in their respective new funds [7][8][22] - The self-purchase actions are seen as a way to boost investor confidence and stabilize market expectations [22] Group 4 - The report mentions the recent approval of new public REITs, with a focus on consumer infrastructure, indicating a growing interest in this sector [9] - The performance of public REITs in the secondary market has been strong, with some consumer-related REITs showing gains of over 40% this year [9] Group 5 - The news also covers the significant changes in the leadership of major fund companies, with the resignation of a long-serving general manager at Huatai-PB Fund, indicating a shift towards new leadership in the industry [12] - The report notes that there are still nine other fund managers with over ten years of service, suggesting a mix of experienced and new leadership in the sector [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at reforming the public fund industry and enhancing its quality of development, focusing on long-term investor concerns [1] Group 1: Investor-Centric Approach - The core of high-quality development in the public fund industry is the protection of investor interests, emphasizing a shift from scale to investor returns [2] - The Action Plan encourages innovation in equity fund products, supporting the development of actively managed equity funds and introducing performance-linked fee structures to promote long-term holding [2] - A performance evaluation system centered on fund investment returns will be established, with at least 80% weight on fund performance metrics for fund manager assessments [2] Group 2: Research and Investment Capability - The Action Plan calls for the establishment of a fund company research and investment capability evaluation system, promoting resource investment in human capital and technology [4] - Fund companies are encouraged to adopt new technologies such as artificial intelligence and big data, and to establish technology and operational service subsidiaries [4] - Strengthening research and investment capabilities is identified as a key competitive advantage for fund companies, essential for gaining investor trust and achieving high-quality development [4] Group 3: Compliance and Risk Management - The Action Plan emphasizes the importance of compliance and risk management, requiring fund companies to maintain a robust risk control system and improve liquidity risk prevention mechanisms [5] - It includes revisions to regulations governing risk reserves and the management of fund managers' dual roles to enhance risk isolation [5] - The implementation of these measures aims to strengthen the compliance culture within the industry and improve the overall risk management framework [6] Group 4: Implementation and Future Outlook - The Action Plan provides clear policy guidance and strong support for the high-quality development of the public fund industry, with a goal to see tangible results within three years [6] - Fund companies are expected to align with the principles of the Action Plan, focusing on enhancing research capabilities and customer service to create sustained value for investors [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1] Group 1: Regulatory Changes - The new regulations stipulate that fund managers will face salary reductions if their performance lags the benchmark by more than 10%, while those who outperform will receive salary increases [1] - This policy aims to rectify the industry's focus on asset size rather than investment performance, highlighting the significant performance disparities among fund managers [1] Group 2: Performance Analysis - Among the 111 fund managers overseeing over 10 billion yuan in equity funds, 45 have underperformed the benchmark, with 24 of them lagging by more than 10% [1] - Conversely, 66 fund managers have outperformed the benchmark, with 38 achieving excess returns exceeding 10% [1] Group 3: Individual Fund Manager Performance - Notable underperformers include Zheng Chengran from GF Fund, whose three-year return is -45.12%, significantly underperforming the benchmark by 45.14 percentage points [3] - Other underperforming managers include Feng Bo (-33.56%), Ge Lan (-32.93%), and Lu Bin (-29.33%), all of whom manage substantial fund sizes [2][3] Group 4: Fund Performance Insights - The performance of specific funds shows that the new energy theme funds have performed well in a volatile market, with GF New Energy Select A being the top performer year-to-date and over the past year [5] - In contrast, GF High-End Manufacturing A has been the worst performer, with a year-to-date return of -11.28% and a one-year return of -17.87% [5] Group 5: Long-term Performance Trends - GF Xinxiang A is the only fund with a positive five-year return, achieving an annualized return of approximately 6.96%, indicating some resilience against market volatility [6] - Many funds, however, have negative three-year returns, such as GF Chengxiang A, which has a return of -18.17%, reflecting challenges in adapting to market conditions [6] Group 6: Market Sentiment and Future Outlook - Market analysts suggest that the new regulations will push the industry back to its asset management roots, making long-term performance a critical factor for fund managers' careers [8] - The future performance of fund managers like Zheng Chengran will be closely monitored to see if they can navigate market cycles and generate excess returns [8]

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].

丨证券研究报告丨 行业研究丨点评报告丨多元金融 [Table_Title] 公募高质量发展方案点评：以持有人利益为根 基，深化行业改革 报告要点 [Table_Summary] 近期证监会出台《推动公募基金高质量发展行动方案》，围绕公募基金公司的绩效考核、费率机 制、产品发行、合规与行业生态等方面出台一系列政策举措。具体来看，《行动方案》重塑考核 体系，突出长期价值投资导向；费率改革转向浮动费率机制，重构盈利模式；产品发行突出权 益导向，优化注册流程；强化合规管理，优化行业生态。《行动方案》有望将公募管理人与投资 者利益相绑定，进一步提升投资者对管理人的信任，正向激励为投资者创造价值的基金公司， 助力行业的良性发展。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 多元金融 cjzqdt11111 [Table_Title 公募高质量发展方案点评：以持有人利益为根 2] 基，深化行业改革 [Table_S ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which aims to reform the public fund industry and enhance its quality of development [1] - The plan proposes policies to optimize fund operation models, improve industry assessment systems, increase the scale and proportion of equity investments, accelerate the establishment of top-tier investment institutions, and maintain risk control [1][2] - The implementation of the plan is expected to stabilize the capital market, enhance resource allocation, better serve the real economy, and improve market transparency and international attractiveness [2] Group 2 - The plan introduces a floating management fee mechanism linked to fund performance and reforms the performance assessment system for fund companies, emphasizing long-term investment returns [3] - Fund managers will be assessed primarily based on product performance, with at least 80% weight on investment returns over a long-term period [3] - This fee reform aims to balance interests between fund managers and investors, enhancing investor trust in public funds and promoting sustainable industry development [3] Group 3 - The plan encourages fund companies to innovate and optimize product structures, leading to the introduction of more market-demand-driven products, such as low-volatility and asset allocation products [2][4] - The focus on long-term performance and risk management is expected to reshape the competitive landscape of the industry, pushing fund companies to enhance their research and service quality [2][4] - The plan also aims to attract long-term capital into the market, such as pension and insurance funds, to stabilize fund sizes and promote sustainable industry growth [2] Group 4 - From the investor's perspective, the plan is expected to lower investment costs and enhance returns through reduced management fees and sales expenses [5] - Strengthened investor protection measures, such as improved suitability management and enhanced information disclosure, will help investors better assess product risk and return characteristics [5] - The diversified product offerings will cater to different risk preferences and investment goals, fostering rational investment habits among individual investors [5]

景顺长城基金总经理 康乐 5月7日，中国证监会发布《推动公募基金高质量发展的行动方案》（下称行动方案），从优化公募基金 运营模式、完善行业考核评价制度、大力发展权益类基金、建设一流投资机构、守牢风险底线、强化监 管执法等多个方面，充分回应投资者关切，推出具有针对性的改革措施，将进一步规范行业，有助于行 业持续健康高质量发展。 其次是考核机制上体现投资者利益导向，全面强化长周期考核与激励约束机制。适当降低规模排名、收 入利润等经营性指标的考核权重，将基金产品业绩和投资者盈亏等直接关乎投资者切身利益的指标纳入 基金公司和基金经理的考核体系中。对基金投资收益全面实施长周期考核机制，明确三年以上中长期收 益考核权重不低于80%。这些举措系统性完善了公募基金行业长效激励约束机制，强化与投资者利益绑 定。同时，通过建立健全与基金投资收益相挂钩的薪酬管理机制，充分实现激励与约束的结合，促使基 金从业人员尤其是投资人员更加聚焦于长期绩效的提升及切实保障投资者利益。 无论是运营模式还是考核机制的变化，都充分体现以投资者利益为核心的总体原则，督促基金公司 从"重规模"向"重回报"转变。这将有助于行业回归业绩本源，以长期视角重构行 ...