Core Viewpoint - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at enhancing the quality of the public fund industry, marking a significant reform milestone in the asset management sector [1] Group 1: Impacts of the Action Plan on the Public Fund Industry - The introduction of a floating management fee mechanism linked to fund performance may lead to significant differences in management fees among fund companies within the same tier, with top firms expected to issue at least 60% of their actively managed equity funds under this new structure [2] - The focus on performance benchmarks will drive fund companies to explore how to outperform these benchmarks, with strict performance evaluations for fund managers tied to their ability to meet or exceed these benchmarks [3][4] - The emphasis on performance benchmarks will encourage a more objective assessment of fund managers' performance, potentially correcting investor biases in evaluating growth and value style fund managers [5] Group 2: Future Paths for Public Funds - Active equity funds will need to control tracking error effectively, with an optimal threshold identified at 8%, as exceeding this level has historically correlated with significant underperformance against benchmarks [10][11] - Fund companies should prioritize the creation of low-volatility products and those with high Sharpe ratios, as these are associated with better investor outcomes and lower loss rates [12][14] - A shift towards a more advisory-based sales model is recommended, moving away from chasing market trends to better align with investor needs and enhance trust in fund management [15][16]

近期，证监会发布《推动公募基金高质量发展行动方案》。兴业基金表示，《方案》为公募基金行业持 续践行高质量发展领航定向，提供了清晰的战略指引和明确的路径指导，以投资者最佳利益为核心，重 塑行业生态与价值链条，真正实现行业高质量发展与持有人获得感提升的双向奔赴。 《方案》涉及公募基金的收费改革、考核优化、投资模式、行业发展、合规监管等多个方面。兴业基金 表示，《方案》将对行业发展带来深远的影响，可以预期行业发展方式将从"规模导向"向"回报导向"转 型，从数量扩张向质量提升转变。 一是聚焦投资者回报，优化基金产品运营模式，建立与基金业绩表现挂钩的浮动管理费机制，形成客户 利益与基金公司利益的一致。同时，明确业绩比较基准的约束作用，实现基金产品对投资者的"所见即 所得"，并加强透明度建设，稳步降低基金投资者成本，着力扭转"基金赚钱，基民不赚钱"的行业困 局。 二是健全长周期考核体系，完善激励和约束机制。《方案》在基金公司、基金经理、销售渠道等多个层 面均作出了系统性的制度安排。总体来看，通过优化基金公司、基金经理和销售渠道的考核机制，强化 提升投资者盈利为核心的导向。 三是持续发展权益类指数基金。一方面，大力发展各类 ...

Group 1 - The core viewpoint of the news is the positive market reaction in the brokerage sector following the release of the CSRC's action plan aimed at promoting high-quality development of public funds, which is expected to benefit certain financial sectors [1] - The brokerage sector saw significant stock price increases, with Hongta Group hitting the daily limit, Jinlong Co. rising over 8%, and several other securities firms also experiencing gains of over 5% [1] - The CSRC's action plan emphasizes the need to strengthen the constraints of performance comparison benchmarks, which may lead to a shift in fund allocations towards sectors that are currently underrepresented [1] Group 2 - Dongwu Securities' non-bank team anticipates that if public fund allocations align more closely with performance benchmarks, sectors like banking and non-bank financials, which are currently underweighted, could see benefits [1] - As of the end of 2024, the weights of the CSI 300 index in banking, non-bank financials, and electronics are projected to be 13.7%, 10.6%, and 10.2% respectively, while the actual investment proportions in active stock and mixed funds for these sectors are significantly lower [1] - Citic Securities notes that the long-term value orientation of the reform is to enhance excess return capabilities relative to benchmarks, with active equity funds currently showing significant underweighting in the financial sector compared to their benchmarks [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a plan to promote high-quality development of public funds, shifting the focus from "scale" to "returns," which is seen as a turning point for the industry [2] - Shanxi Securities believes that the plan will help cultivate long-term and patient capital, encouraging a shift from short-term speculation to value investment, benefiting securities companies and improving their business [2] - The insurance sector currently faces uncertainty primarily due to pressures on the asset side, with future valuation recovery dependent on the performance of the bond, equity, and real estate markets [2] Group 2 - The CSI 800 Securities and Insurance Index has a current price-to-earnings ratio (PE-TTM) of 11.82, indicating it is at a historical low, below 96.33% of the time over the past year [2] - The CSI 800 Securities and Insurance Index is composed of selected securities from the securities and insurance industry, providing investors with diversified investment options [3] - As of April 30, 2025, the top ten weighted stocks in the CSI 800 Securities and Insurance Index account for 63.03% of the index, with major companies including China Ping An and CITIC Securities [3]

非银行金融 行业周报（20250506-20250511） 领先大市-A(维持) 公募改革持续推进，专项货币政策再扩容 2025 年 5 月 14 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 【山证非银行金融】政策精准发力，全 面完善资本市场机制-国新办发布会点 评： 2025.5.7 极，券商一季报表现亮眼-行业周报 （20250421-20250427）： 2025.4.29 | 李明阳 | | --- | | 执业登记编码：S0760525050002 | | 邮箱：limingyang@sxzq.com | | 孙田田 | | 执业登记编码：S0760518030001 | | 电话：0351-8686900 | | 邮箱：suntiantian@sxzq.com | | 刘丽 | | 执业登记编码：S0760511050001 | | 电话：0351--8686985 | | 邮箱：liuli2@sxzq.com | 证监会印发《推动公募基金高质量发展行动方案》。方案旨在督 促基金公司、基金销售机构等行业机构从"重规模"向"重回报" 转变，形成行业高质量发展的"拐 ...

专题：证监会印发《推动公募基金高质量发展行动方案》 中国证监会近日发布的《推动公募基金高质量发展行动方案》（以下简称《行动方案》），以受托责任 为核心，提出25项系统性改革措施，覆盖公司治理、产品创新、投资运作、考核机制等基金运营管理全 链条，为行业高质量发展擘画了清晰路径。 一、以信义义务为纲，重塑行业生态 《行动方案》将"投资者利益至上"的受托责任具象化，推动行业从重规模转向重投资者回报的深耕。摩 根基金秉承股东方摩根资产管理的全球经验，构建了"理念—制度—执行"三位一体的受托责任体系，通 过"三道防线"严控利益冲突，确保客户利益贯穿决策全流程。我们认为，唯有以信义义务为准绳，方能 实现经营中"有所不为"的底线坚守与"着力而为"的价值创造。 二、以基准约束为锚，提升投资透明度 《行动方案》强化基金业绩比较基准的"标尺"作用，引导产品风格清晰化、收益来源稳定化。公募基金 业绩比较基准监管指引的出台，将为公募基金的业绩基准提供科学合理的依据，引导公募基金更加审慎 的选择业绩基准。 以上举措将有利于基金投资者"所见即所得"，未来基金管理人将更注重信息比率等风险调整后收益指 标，并通过科学的基准选择与严格的投资纪 ...

Wind数据显示，截至2025年5月9日，在5688只成立超过三年的主动权益类基金（包括普通股票型、灵活配置型、偏股混合型、平衡混合型，A、C等不同 份额分别计算，下同）中，共有2703只基金近三年的业绩低于比较基准超过10%，占比达到47.52%。也就是说，令人窘迫的是，按照《方案》业绩考核要 求，有近半主动权益基金在过去3年业绩考核中均落败。 主动权益型基金现有基准的兑现情况 来源：Wind（截至2025年5月7日） 实际上，过去几年来，受市场风格 、资金结构等多种因素影响，主动权益基金的赚钱效应有所减弱。以万得偏股混合型基金指数为例，2022年-2024年该 指数的收益率为-29.35%，同期中证800全收益指数的收益率为-14.95%。可见，万得偏股混合型基金指数近三年跑输中证800全收益指数14.40%。 基金业绩"紧箍咒"来了。 2025年5月7日，针对公募基金在快速发展中暴露出的经营理念有偏差、功能发挥不充分、发展结构不均衡、投资者获得感不强等问题，证监会正式发布 《推动公募基金高质量发展行动方案》（以下简称《方案》），旨在推动行业加快实现高质量发展，实现从重规模向重投资者回报转型。 整体上，《 ...

Investment Rating - The industry rating is "Overweight" with expectations of a relative increase of 6-12% against the benchmark index in the next 6-12 months [32]. Core Insights - The report emphasizes a shift from a "scale-oriented" approach to a "return-oriented" strategy, focusing on investor returns and long-term value [11][25]. - Key measures include the introduction of a floating management fee mechanism, enhanced transparency in information disclosure, and a restructured performance evaluation system for fund managers [6][12][25]. Summary by Sections Policy Background and Development History - The report outlines the evolution of the public fund industry in China, highlighting significant reforms since the revision of the Securities Investment Fund Law in 2013, including the introduction of net value management and enhanced information disclosure [11][10]. Core Measures Interpretation - **Investor Interest Protection**: The report details reforms aimed at reducing fixed fees and implementing a floating management fee structure linked to fund performance, with a target for leading institutions to adopt this for 60% of new active equity funds within a year [10][12]. - **Restructuring Industry Evaluation Mechanism**: It emphasizes the need for improved transparency in fund performance metrics, including long-term returns and investor gains, to enhance investor decision-making [12][13]. - **Optimizing Product Supply and Industry Structure**: The report advocates for increasing the proportion of equity investments and expediting the registration process for equity funds, aiming to diversify product offerings and attract long-term capital [14][20]. - **Strengthening Regulation and Compliance**: It discusses the establishment of a multi-layered liquidity risk prevention mechanism and stricter oversight of fund management practices to ensure industry stability [21][24]. Policy Changes and Impacts - The report identifies five key areas of transformation: incentive mechanism reform, enhanced investor protection, strengthened regulatory enforcement, optimized industry structure, and a focus on long-term investment [25][26]. - The anticipated impact includes increased stability in the capital market, a shift towards quality in asset management, and improved investor experiences through better cost structures and transparency [28][29].

Group 1 - The former fixed income fund manager of China Merchants Fund, Ma Long, has officially joined Tianhong Fund, confirming previous market speculation [1] - Ma Long has a PhD in economics and has extensive experience in macroeconomic and bond market strategy research, having worked at China Merchants Fund since 2012 [1] - Under Ma Long's management, the China Merchants Fund's "Anxin Yield Bond Fund" achieved a return of 90.8% over more than 11 years, with an annualized return of 6.04% as of March 30 this year [1] Group 2 - Ma Long's departure may impact China Merchants Fund's fixed income business, with experienced successors taking over his managed funds [2] - Since 2021, China Merchants Fund's total public asset management has increased from 504.4 billion to 915.2 billion, an increase of 81.44%, with non-monetary funds contributing significantly [2] - However, the non-monetary fund's total scale has stagnated since reaching a peak of 595.5 billion in Q3 2022, dropping in industry ranking from 5th to 9th [2] Group 3 - Ma Long's joining Tianhong Fund is expected to enhance its fixed income business, which currently manages 1.863 billion in non-monetary funds, ranking 14th in the industry [3] - Tianhong Fund has nine fixed income funds with scales exceeding 5 billion, with the largest being Tianhong Youxuan at 23.1 billion [3] - The China Securities Regulatory Commission has emphasized the importance of strengthening research teams and resources in the public fund industry, indicating a shift towards high-quality development [3] Group 4 - Ma Long's experience is anticipated to accelerate the upgrade of Tianhong Fund's fixed income research system towards a more structured and platform-based approach [4] - The impact of Ma Long's move on former investors and whether they will follow him remains uncertain until the end of the silence period [4] - The silence period for fund managers transitioning to other public institutions is set at six months, which will affect Ma Long's ability to influence his previous fund holders [5]

文/ 中信建投非银与前瞻研究首席分析师 赵然 ， 资深分析师 吴马涵旭 ， 中信建 投非银金融与前瞻团队分析师 亓良宸 2 0 25年5月7日，证监会出台《推动公募基金高质量发展行动方案》（简 称《方案》），该文件作为落实此前中央决策的关键举措，针对公募基金 行业的经营理念有偏差、功能发挥不充分、发展结构不均衡、投资者获得 感不强等问题，探索建立符合我国国情、市情的行业发展新模式，力争用 三年左右时间，扎实推动各项政策举措落地见效，促进行业高质量发展。 政策内涵：解决行业痛点，促进行业高质量发展 2025年，证监会发布的《推动公募基金高质量发展行动方案》，围绕基金运营管理的多个关键层面，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。 该政策是对2024年9月26日中央政治局会议与新国九条中"关于推进公募基金改革、促进证券基金机构高 质量发展、吸引中长期资金入市"之顶层决策的落实举措。随着公募基金行业管理规模突破30万亿，取 得阶段性的发展成果，但也同时面临投资者实际获得感不足等问题。依据《行动方案》规划的指引，公 募基金行 ...