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 ...

在加快建设一流投资机构方面，将持续强化核心投研能力建设，推出更多含权中低波动型、资产配置型 基金，完善适配不同风险偏好投资者需求的产品谱系，促进权益投资、固定收益投资协调发展。加大对 人工智能、大数据等新兴技术的研究应用，打造企业级人工智能应用生态。持续提升服务投资者水平， 继续实施顾问式客户服务转型，大力开展基金投顾业务，努力实现资产管理和综合财富管理能力双提 升。 易方达基金将根据相关要求，增加发行基于业绩比较基准的浮动管理费率主动权益基金，进一步强化业 绩比较基准的约束作用，同时更加广泛深入开展投资者教育，帮助客户理解掌握费率结构、费率变化规 则以及相关风险，更好地进行投资决策。 此外，《行动方案》还提出了关于完善行业考核评价制度、大力提升公募基金权益投资规模与占比、加 快建设一流投资机构、守牢风险底线等一系列具体要求，易方达基金将认真贯彻落实，坚持投资者最佳 利益原则，并将其贯穿于公司治理、产品发行、投资运作、考核机制等基金运营管理全链条、各环节， 与投资者同甘共苦、共同发展、相互成就，努力促进形成"回报增—资金进—市场稳"的良性循环。 在考核机制方面，将按照《行动方案》要求进一步改进和完善绩效考核体 ...

期货热点追踪 美联储将基准利率维持在4.25%-4.50%不变，连续第三次会议按兵不动！黄金多头在等什么信号？ 相关链接 ...

智通财经5月8日电，香港金管局维持基准利率在4.75%不变。 ...

Core Viewpoint - The Federal Reserve has decided to maintain the benchmark interest rate, but the statement released after the meeting shows significant changes compared to March, highlighting the impact of net export fluctuations, increased uncertainty in the economic outlook, and rising risks of inflation and unemployment [1] Group 1 - The Federal Reserve's decision to keep interest rates unchanged reflects a cautious approach amid rising economic uncertainties [1] - Chairman Powell emphasized the need for patience regarding interest rate cuts, considering the increased uncertainty in the economic outlook and tariff measures pushed by President Trump [1] - The statement from the Federal Reserve now includes references to the volatility of net exports and the associated risks to the economic outlook [1]

智通财经5月8日电，阿联酋央行将基准利率维持在4.40%。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, proposing 25 measures, including significant salary reductions for fund managers whose products underperform their benchmarks by more than 10 percentage points over three years [1][3]. Group 1: Fund Performance and Manager Accountability - A notable number of funds have underperformed their benchmarks over the past three to five years, with some lagging by over 50 percentage points [1][3]. - For instance, the Minsheng Jianyin Innovation Growth Mixed Fund has a three-year net value growth rate of -58.8%, compared to its benchmark's -1.38%, indicating a performance gap exceeding 50 percentage points [3]. - Similarly, the Dongwu Double Triangle Fund has a five-year net value growth rate of -52.09%, while its benchmark grew by 0.76%, also reflecting a significant underperformance [4]. Group 2: Consequences for Fund Managers - Fund managers of products that fail to meet performance standards may face salary adjustments, reassignments, or even termination [2][5]. - Funds that have been underperforming for three years may also face liquidation, especially if the current fund manager has not been in charge for the full three years [5][7]. - The Changsheng Advanced Manufacturing Fund, for example, has a three-year net value growth rate of -51.71%, with its benchmark yielding 6.03%, putting it at risk of being liquidated due to low asset value [5][6]. Group 3: Adjustments in Performance Benchmarks - The new measures may lead to fund managers being more cautious in setting performance benchmarks, as many funds have already begun to adjust their benchmarks [8][9]. - For example, the CITIC Prudential New Sharp Mixed Fund changed its benchmark from a fixed deposit rate to a combination of equity and bond indices, indicating a shift in strategy [9]. - Other funds, such as the Fuyong Value Selection Mixed Fund, have also altered their benchmarks to reflect a more conservative investment approach [9].

波兰央行将基准利率下调至5.25%，符合预期。 ...

波兰央行将基准利率从5.75%下调至5.25%。 ...