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绩差基金经理将降薪,连续跑赢基准有多难?
Sou Hu Cai Jing· 2025-05-08 02:46
一系列回应市场和社会关切的改革措施,着力督促基金公司、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"拐点"。 文| 《财经》记者 黄慧玲 编辑 | 陆玲 从"三瓜两枣"的费率改革到与基民利益的深度绑定,再到绩差基金经理降薪、高管"连坐"。过去三年里,公募基金行业的改革,变得愈发"可感可及"。 5月7日,证监会发布《推动公募基金高质量发展行动方案》。(下称"方案")与此前发布的政策对比可发现,此次方案既是对"压舱石""稳定器"要求的延 续,亦是近三年的市场波动中不断发现问题、逼近公募基金行业症结的结果呈现。 "当前中国公募基金公司的收费模式的确存在一定问题,'重规模'的考核机制造成了基金经理过度追求短期业绩,基民过度关注短期业绩而忽视风险,同 时公募基金销售收入与承销基金费率挂钩,使得基金投资顾问难以秉持信义义务,他们不是从客户的需求出发,而是从个人利益出发,推销那些费率高的 基金,造成了基金投资市场的扭曲。"上海交通大学上海高级金融学院副教授李楠告诉《财经》。 "经营理念有偏差、功能发挥不充分、发挥结构不均衡、投资者获得感不强",证监会在通知中提及当前行业面临的种种问题,在行动方案 ...
公募基金新规出炉!如何重塑行业生态?专家最新解读
Nan Fang Du Shi Bao· 2025-05-08 02:09
Core Viewpoint - The issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant transformation in China's public fund industry, shifting from a "scale-oriented" approach to a "quality-oriented" one, focusing on investor interests and long-term stable capital inflow [2][3][4]. Policy Design Logic - The core logic of the policy is to establish a floating management fee mechanism linked to fund performance and implement long-term assessments for fund companies, aiming to break the traditional "scale-first" mentality and reshape the industry ecosystem [3][4]. - The floating management fee directly ties fund company income to investor returns, ending the fixed fee model and promoting performance-driven growth [3][4]. - Long-term assessments discourage short-term speculative behaviors and guide funds towards assets with long-term growth potential, addressing issues like short-termism and misaligned interests in the industry [3][4]. Impact on Fund Companies - Fund companies are required to enhance active management capabilities, optimize investment strategies, and cultivate professional investment teams to adapt to the new quality-oriented focus [5][6]. - The long-term assessment mechanism will attract institutional investors like insurance and pension funds, helping to stabilize market fluctuations caused by retail investor behaviors [5][6]. Focus on Small and Medium Fund Companies - Small and medium fund companies are encouraged to adopt differentiated competition strategies, such as focusing on niche markets and developing thematic ETFs or enhanced index products [7]. - These companies should leverage their flexibility to concentrate on specific investment areas, enhancing their research capabilities and improving customer service to attract investors [7][8]. Index Fund Expansion and Product Innovation - The plan aims to increase the scale and stability of equity investments and optimize the registration mechanism for index funds, which is expected to enhance market stability and support the "slow bull" market goal [8][9]. - Shenzhen is positioned to leverage its status as a technology innovation center to expand index funds and innovate low-volatility products, attracting long-term capital into hard technology sectors [9]. Investor Experience Improvement - The action plan includes measures to reduce investor costs, such as lowering subscription fees and enhancing transparency, which will improve the overall investment experience for fund investors [10][11]. - The shift from a "sales-oriented" to a "service-oriented" model aims to protect investor rights and enhance confidence in the market [10][11].
银河证券胡立峰简评《推动公募基金高质量发展行动方案》:基准为锚利益绑定 推动主动权益基金改革发展
Xin Lang Ji Jin· 2025-05-08 02:07
登录新浪财经APP 搜索【信披】查看更多考评等级 专题:证监会印发《推动公募基金高质量发展行动方案》 作者:中国银河证券基金研究中心胡立峰 2025年5月7日,证监会印发的《推动公募基金高质量发展行动方案》提出,优化基金运营模式,建立健 全基金公司收入报酬与投资者回报绑定机制,主动权益基金建立与基金业绩表现挂钩的浮动管理费收取 机制,强化业绩比较基准的约束作用。 主动权益基金个人投资者占比高亟需改革突破 近年来主动权益基金发展面临业绩波动等困难,由于个人投资者占比较高,亟需改革突破高质量发展。 公募基金持有人结构整体是个人51.89%、机构48.11%。但是,主动权益基金持有人结构较为特殊,个 人投资者占比达到85.27%,机构占比14.73%。被动权益基金相反,个人投资者占比38.87%,机构投资 者占比是61.13%,主要是因为机构投资者持有较大规模的ETF基金。主动权益基金规模从2021年末巅峰 状态的4万亿减少到2025年1季度末的2.5万亿。各个类型基金的资产规模行业占比看,主动权益基金从 2021年6月末的16.93%降低到2024年末的7.45%。截止2025年1季度末,权益基金规模6.38万亿 ...
5月8日投资早报|证监会印发《推动公募基金高质量发展行动方案》,青岛啤酒拟收购即墨黄酒100%股权,今日两只新股申购
Xin Lang Cai Jing· 2025-05-08 00:38
Market Performance - On May 7, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.8% to 3342.67 points, the Sci-Tech 50 Index increasing by 0.36% to 1030.19 points, the Shenzhen Component Index up by 0.22% to 10104.13 points, and the ChiNext Index gaining 0.51% to 1996.51 points [1] - Hong Kong stocks opened higher but narrowed gains, with the Hang Seng Index closing up 0.13% at 22691.88 points and a total turnover of HKD 2400.5 million; the Hang Seng China Enterprises Index fell by 0.23% to 8242.25 points, and the Hang Seng Tech Index dropped by 0.75% to 5200.04 points [1] - U.S. stocks also experienced gains, with the Dow Jones Industrial Average rising by 284.97 points (0.70%) to 41113.97 points, the Nasdaq up by 48.50 points (0.27%) to 17738.16 points, and the S&P 500 increasing by 24.37 points (0.43%) to 5631.28 points [1] New Stock Offerings - Two new stocks are available for subscription today: - Taili Technology, with a subscription price of CNY 17.05 per share and a price-to-earnings ratio of 21.55, focuses on new material research and vacuum technology applications, offering a range of home storage products and related functional materials [3] - Weigao Blood Purification, priced at CNY 26.5 per share with a price-to-earnings ratio of 24.82, specializes in the research, production, and sales of medical products for blood purification, including hemodialysis devices and peritoneal dialysis solutions, making it one of the most comprehensive manufacturers in this field in China [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development in the public fund industry, emphasizing the need for improved salary management linked to fund performance [4][5] - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive reasonable increases [5] - The action plan includes 25 measures designed to shift the focus of the industry from scale to returns, addressing market and social concerns and aiming for a turning point in high-quality development [5] Industry Insights - According to preliminary data from the China Passenger Car Association, the wholesale sales of new energy passenger vehicles in April 2025 are estimated at 1.14 million units, representing a year-on-year increase of 42% and a month-on-month increase of 1% [6] - Cumulatively, from January to April 2025, the total wholesale volume reached 4 million units, also reflecting a year-on-year growth of 42% [6]
公募改革方案落地,有哪些要点?基金公司最新解读
证券时报· 2025-05-08 00:02
公募基金迎来重大行业变革。 5月7日,《推动公募基金高质量发展行动方案》(以下简称《方案》)正式发布,《方案》通过25条举措直击行业 痛点,通过优化主动管理权益类基金收费模式、强化基金公司与投资者的利益绑定、提升行业服务投资者的能力、 提高公募基金权益投资的规模和稳定性等重点内容,着力督促基金公司、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"拐点"。 券商中国记者采访多家基金公司,对《方案》的行业意义进行第一时间解读。受访基金公司表示,《方案》的出台 为公募基金改革提供了明确的行动指引,未来,基金公司与投资者利益更加紧密绑定,投资者回报、基金公司报酬 和投研人员激励将更为统一,公募基金行业将更加突出投资人利益导向,以更合理的收费机制与更多的创新产品为 投资者带来更好的投资体验,切实提升投资者的"获得感"和"安全感"。 扭转"旱涝保收",大力推行浮动管理费基金 《方案》的首要重点,是突出强化与投资者的利益绑定。重点是改革基金的运营模式,建立健全基金公司收入报酬 与投资者回报绑定机制,优化主动权益基金收费的模式,通过浮动管理费的收取机制来扭转基金公司"旱涝保收"的 现象。 例如,《 ...
强化公募基金与投资者利益绑定
Ren Min Ri Bao· 2025-05-07 22:27
本报北京5月7日电 (记者赵展慧)7日,中国证监会公开发布《推动公募基金高质量发展行动方案》, 提出一系列回应市场和社会关切的改革措施,着力督促基金公司、基金销售机构等行业机构从"重规 模"向"重回报"转变。 行动方案共提出25条措施,突出一系列改革重点。比如在强化基金公司与投资者的利益绑定方面,明确 全面建立以基金投资收益为核心的行业考核评价体系,提高基金公司高管、基金经理跟投本公司管理产 品的比例和锁定期要求,督促基金公司建立健全与基金投资收益挂钩的薪酬管理制度,更好体现与投资 者的"同甘共苦"。 《 人民日报 》( 2025年05月08日 11 版) (责编:胡永秋、杨光宇) 关注公众号:人民网财经 行动方案明确,提高公募基金权益投资的规模和稳定性。优化基金注册安排,推出更多场内外指数基金 和中低波动含权型产品,促进权益类基金创新发展,同时强化基金产品业绩比较基准的约束力、对基金 投资业绩全面实施三年以上长周期考核等,从而提升公募基金投资行为稳定性,促进资本市场投融资平 衡发展。 此外,行动方案要求提升行业服务投资者的能力。引导基金公司、基金销售机构围绕投资者最佳利益, 全面优化投资研究、产品设计、风险 ...
强化与投资者利益绑定 公募长效考核改革大幕拉开
编者按:中国证监会于近日公开印发《推动公募基金高质量发展行动方案》。随着改革方案的落地实 施,公募基金将更加突出投资者利益导向,投资者的获得感将进一步提升。在此背景下,本报推出"公 募基金高质量发展在行动"系列报道,观察、思考和前瞻公募基金行业的新动向、新需求、新趋势、新 挑战,助力公募基金行业高质量发展。 ● 本报记者王雪青魏昭宇 中国证监会近日印发《推动公募基金高质量发展行动方案》,正式拉开公募基金行业系统性改革的大 幕。行动方案共提出25条举措,推动基金公司从"重规模"向"重回报"转变,通过建立长效考核机制、强 化基金公司与投资者利益绑定等制度设计,推动公募行业回归"受人之托、代客理财"的本源。 多位公募人士向中国证券报记者表示,本次行动方案充分贯彻了以投资者为本的理念。其中,有关建立 健全基金公司收入报酬与投资者回报绑定机制、全面强化长周期考核与激励约束机制等内容,给予公募 机构在市场营销、投研建设等方面诸多启示,有助于基金公司建立与投资者利益一致的薪酬考核体系, 从而激励基金公司更好为投资者服务。 从"收费模式"到"收益共享" 业内人士认为,《行动方案》的一大突破性改革在于对公募传统收费模式的颠覆。 ...
证监会出台25条举措推动公募基金高质量发展 引导行业从“重规模”向“重回报”转型
Zheng Quan Ri Bao· 2025-05-07 16:27
业内人士表示,这25条改革措施,既涉及行业机构内部产品设计、投资运作、市场推广、绩效考核等方面制度机制的改革 调整,也涉及行政监管、行业自律等方面制度机制的优化完善。总的来看,行动方案通过完善长效制度机制,强化激励约束作 用,督促、引导基金公司、基金销售机构等行业机构回归初心使命,努力提升投资者获得感。 对于业绩比较基准,业内人士表示,这相当于基金投资的"锚"和"尺",是基金公司根据产品类型、投资策略等因素选择的 参考标准。其中,"锚"的作用主要表现为明晰投资风格、约束投资行为,防止基金产品在投资运作过程中,大幅偏离产品名称 和定位;"尺"的作用主要表现为衡量基金是否跑赢市场,并据此对基金公司高管和基金经理进行考核。 "强化业绩比较基准的约束作用在本次公募基金改革中发挥着较为关键的作用,既关系到新的浮动管理费率产品的整体架 构,也关系到基金公司、高管及基金经理的绩效考核与薪酬激励。"上述业内人士进一步解释称。 据记者了解,下一步,监管部门一方面将尽快出台公募基金业绩比较基准监管指引,同步建立公募基金业绩比较基准库, 明确业绩比较基准的设定、修改、披露、持续评估及纠偏机制;针对存量主动管理权益类基金,指导基金公 ...
公募重磅改革方案落地,有哪些要点?基金公司最新解读
券商中国· 2025-05-07 15:02
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].