Group 1 - The public fund industry in China is undergoing significant reform, shifting focus from "scale" to "return" as emphasized in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [1] - The plan aims to ensure that industry institutions prioritize the best interests of investors, integrating this principle into governance, product issuance, investment operations, and assessment mechanisms [1] - Data from Xinda Securities indicates that a majority of funds have underperformed against benchmarks, with approximately 30% of active equity funds showing excess returns below -20% over the past three years [1] Group 2 - A total of 82 actively managed equity funds established before 2021 have consistently outperformed the CSI 300 index from 2021 to 2024, with an average net value growth rate of 25.93% since 2021 [2] - The top-performing fund, Guangfa Multi-Factor Mixed Fund, achieved a net value growth rate of 85.68% since 2021, with a stock allocation of 83.09% as of the first quarter of 2025 [2] - The second-best performing fund, Jinxin Intelligent Mixed A, recorded a net value growth rate of 73.66%, heavily invested in the banking sector [3] Group 3 - As of May 16, 2025, 25 funds from the 82 long-term outperformers have seen their share increase by over 20% this year, with four funds doubling their shares [6] - The fund with the highest share growth is Huazhang Event-Driven Quantitative Mixed A, which increased by 386.19% since the beginning of 2025 [6] - Other notable funds with significant share growth include Jinxin Intelligent Mixed A and Huashang Runfeng Mixed A, both of which have also seen their total shares double [6]

《公募基金高质量发展行动方案》点评 长江证券研究所金融工程研究小组 2025-05-17 %% %% %% %% %% %% %% %% research.95579.com 2 01 基准分布统计 02 超额收益统计 03 为何沪深300和中证800作为基准难以跑赢 04 基准更替的考量 目 录 05 "回归基准配置"的短期驱动 %% research.95579.com 3 research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • 数据说明 主动权益基金：包括普通股票型、偏股混合型、灵活配置型和平衡混合型四类，剔除已清盘、已到期基金 以2025年5月7日为基期，规模数据取一季度末份额数据和2025年5月7日收盘价 | 表：主动权益基金规模分布 | | --- | | 分类 | 最新规模（亿） | 现存基金数量 | | --- | --- | --- | | 普通 | 4193 | 578 | | 偏股 | 17182 | 2578 | | 灵活 | 6987 | 1361 ...

Core Viewpoint - The resignation of Deng Haiqing as the fund manager of the China Aviation Mixed Reform Selected Fund is attributed to "internal work adjustments," with market speculation linking it to performance-related salary reforms in the public fund industry [2][3]. Group 1: Fund Performance and Management Changes - Deng Haiqing's tenure saw the fund's C share return rate at -12.9%, significantly underperforming its benchmark by 21.92%, ranking at the bottom among peers [3]. - The fund's heavy investment in real estate stocks, which constituted 86.55% of its top ten holdings, has been a point of contention, especially as it diverged from the "mixed reform" theme [3]. - The fund's three-year cumulative decline reached 35.20%, with a loss of 13.45% during Deng's management, raising concerns about the impact of new public fund regulations linking manager salaries to performance [3][6]. Group 2: Market and Industry Context - The fund's performance issues are reflective of broader challenges faced by thematic funds, particularly in the real estate sector, which has been subject to significant market fluctuations [4][5]. - The fund's high turnover rate of 1571.45% in 2024 has been criticized, with some attributing losses to frequent trading rather than the underlying investment strategy [3][4]. - The cyclical nature of the real estate market and its correlation with macroeconomic policies have heavily influenced the fund's performance, highlighting the limitations of thematic funds in volatile markets [5][7]. Group 3: Company Background and Strategy - China Aviation Fund, established in 2016, has a business structure characterized by a significant imbalance, with 72.5% of its 431.33 billion yuan assets in bond funds, while equity funds account for less than 8% [6]. - The company attempted to revitalize its performance through high-level management changes, but the continued focus on real estate stocks led to further declines [6][7]. - The new fund manager, Fang Cen, born in 1990 and with a background in finance, has taken over the management of the fund, aiming to adhere to the original investment strategy while navigating the challenges posed by market conditions [7].

2025年5月7日，中国证监会正式发布《推动公募基金高质量发展行动方案》。这份方案意义重大，直击行业长期存在的 "重规模轻质量" 这一顽固问题。它的发布，就像给行业注入了一剂清醒剂，让市场开始审视以银行系为代表的公募，在过 度依赖固收 "偏科"严重的现状。 银行系公募自诞生，就与母行的资金血脉紧密相连。依托银行的渠道优势，这类机构在固收领域展现出极强的扩张能力， 然而在权益投资领域却长期处于"发育不良"状态。Wind数据统计，截至2025年1季度末，在15家银行系公募中，固收类产品 平均占比超90%，个别机构甚至突破98%的惊人比例。 困局浮出水面，银行系权益巨头咋啦？ 交银施罗德基金曾是这个群体中的"另类样本"。该机构在2021年末，规模突破5400亿元，其中权益类基金占比达近40%， 在银行系公募中堪称"权益投资标杆"。 然而截至2025年1季度末，交银施罗德基金总规模单季缩水688亿元，较三年前缩水近千亿元。其中混合型基金规模遭遇"腰 斩"，从2027亿元断崖式跌落至873亿元，缩水幅度达57%。这个曾经主动权益占比最高的银行系公募，为何现在权益类产 品规模下滑如此严重？ 据张碧璇观察，交银施罗德权益产 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

其二，参考 2024 年 11 月 7 日与 2025 年 3 月 14 日，当前强预期弱现实阶段，上证 50 单日强攻后行情持续性往往不强，短期可能需要防范市场情绪见顶回落的风险。 1） 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。如，设 立浮动管理费机制，引导管理规模居前的行业头部机构发行此类基金数量不低于 其主动管理权益类基金发行数量的 60%；降低投资者成本，调降认申购费和销售 服务费，引导下调大规模指数基金、货币市场基金的管理费率与托管费率等。 2） 完善行业考核评价制度，强化长周期考核与激励约束机制。如，要求基金公司建 立以基金投资收益为核心的考核体系，降低规模排名、收入利润等指标权重；对 高管和基金经理的考核分别设定投资收益指标权重，并实施长周期考核机制，三 年以上中长期收益考核权重不低于 80%等。 3） 大力提升公募基金权益投资规模与占比。如，在基金公司监管分类评价中显著提 升权益类基金相关指标权重，制定公募基金参与金融衍生品投资指引；大力发展 场内外指数基金，研究创设场外宽基指数基金试点产品等。 4） 推进强监管防风险促高质量发展等… 5 月 14 日，大金融板块大涨带 ...

中国证券投资基金业协会最新数据显示，截至2025年一季度末，我国公募基金管理规模32万亿元。总规模从2019年的 13万亿元增长到去年底的33万亿元。其中，以股票投资为主的权益类基金规模从2.3万亿元增长到8.2万亿元，权益类 ETF突破3万亿元。 近年来公募基金规模延续扩张，市场已经进入全新发展阶段。资金结构的变化业引发了个人与机构投资者偏好的明显 分化。 wind数据显示，截至2024年末，个人投资者持有公募基金16.7万亿份，份额占比为51.51%，机构投资者持有15.7万亿 份，占比46.11%。分类型来看，债券型基金主要由机构所持有占据多数份额。 值得一提的是，主动权益基金的个人投资者份额占比远超机构投资者，个人投资者持有普通股票基金份额占比 78.43%、持偏股混合基金份额占比86.89%、持平衡混合基金份额占比98.44%、持灵活配置基金份额占比74.29%。 2025年5月15日，是全国第七个"全国投资者保护宣传日"。 各地证监局、行业协会、金融机构联合来战投教活动，通过公益广告、短视频、案例分析等形式，向投资者普及证券 期货基础知识、防非反诈技巧及维权途径。 公募市场是一个有风险的专业化市场 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the public fund reform and investment opportunities in the non-bank sector, focusing on the implications for the A-share market and the financial industry as a whole [1][2]. Key Points and Arguments Public Fund Reform - The public fund high-quality development action plan aims to enhance industry growth through product reforms, channel development, and improved corporate governance, targeting at least a 10% annual increase in A-share market capitalization over the next three years [1][3]. - The new regulations encourage the development of passive and index-based ETF products, with leading fund companies likely to focus on passive products to increase market share and profitability, while smaller firms may pursue active management strategies [1][4]. - The reform enhances the operational governance of public fund companies, improving compliance and establishing a multi-layered liquidity risk prevention mechanism to bolster resilience against external risks [1][7]. Market Insights - Historical data from overseas markets indicates that leading fund companies have increased market share concentration primarily through passive products, which have also seen a decline in management fees [1][10]. - The non-bank sector, including banks, insurance, and brokerage firms, is currently underrepresented in the CSI 300 and A500 indices, presenting potential for price recovery in stocks like CITIC Securities, East Money, China Ping An, and China Pacific Insurance [1][11]. Investment Opportunities - In the context of an "asset shortage," consumer finance companies, particularly leaders in the used car loan sector like Lixin Group, are highlighted as valuable assets for banks [1][13]. - The capital market investment reform emphasizes supply-side reforms and encourages mergers and acquisitions, with recommendations for companies like Dazhihui and Xiangtai Co., which are currently undergoing M&A [2][14]. Future Directions - The public fund reform is expected to lead to significant impacts on fund products and industry development, with a clearer channel for institutional funds to enter the market and a more pronounced differentiation among fund companies [1][8]. - The non-bank sector's future investment directions include consumer finance companies providing quality assets, opportunities for mergers and acquisitions, and resilient non-bank stocks that may rebound after market adjustments [1][18]. Additional Important Content - The action plan's core components include enhancing expected returns, promoting floating management fees, and adjusting sales channels towards institutional clients, which will allow for more specialized operations in asset management [1][4][6]. - The reform is anticipated to increase the concentration of market share among leading fund companies, reversing the current trend of declining concentration in the Chinese public fund market [1][9][17].

丨 来源：经济日报 2025-05-12 为解决长期困扰行业的"基金赚钱，基民不赚钱"问题，《方案》提出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等举措，建立健全基金公司收入报酬与 投资者回报绑定机制。 目前我国主动权益类基金主要采用固定费率模式，按基金资产净值的一定比例收取管理费。 2023年7月，证监会启动公募基金行业费率改革工作，印发了《公募基金行业费率改革工作方 案》，提出在坚持以固定费率产品为主的基础上，研究推出更多浮动费率产品试点，完善公募基 金产品谱系，为投资者提供更多投资选择。 在浮动费率机制方面，《方案》提出，对新设立的主动管理权益类基金大力推行基于业绩比 较基准的浮动管理费收取模式，对符合一定持有期要求的投资者，根据其持有期间产品业绩表现 确定具体适用管理费率水平。如持有期间产品实际业绩表现符合同期业绩比较基准的，适用基准 档费率；明显低于同期业绩比较基准的，适用低档费率；显著超越同期业绩比较基准的，适用升 档费率。 "浮动管理费收取模式下，充分体现公募基金产品与基金持有人'同甘共苦'的特点。"嘉实基 金总经理经雷说。 强化业绩比较基准的约束作用，也备受业内关 ...

中新社北京5月14日电 (记者 陈康亮)中国A股14日(周三)放量上涨，主要股指悉数飘红收官。其中，上 证指数成功站上3400点之上。 消息面上，中国证监会近日公开印发的《推动公募基金高质量发展行动方案》(下称行动方案)提出，将 业绩比较基准对比、基金利润率等直接关乎投资者利益的指标引入考核体系；推出更多场内外指数基金 和中低波动含权型产品。 板块方面，根据金融数据服务商同花顺的统计，保险、证券、银行板块当天分别上涨6.92%、3.37%、 1.05%，涨幅居前；其中，银行板块本月已累计涨逾6%。个股方面，当天A股所有保险股(除了停牌股) 全线飘红；其中，行业头部公司中国人保股价收获涨停板(涨幅约10%)。(完) 国金证券分析师黄岑栋表示，当天午后，A股主要股指在保险等金融板块的强势带动下出现明显上涨。 其中，沪指成功突破3400点整数关口。从驱动因素来看，公募基金新规或为近期金融板块持续走强的关 键原因。 招商证券首席策略分析师张夏表示，行动方案发布后，公募基金公司可能进一步加大对指数产品的布 局，且若以沪深300指数等常用指数为比较基准，当前主动偏股型公募基金对银行、保险等行业的配置 比例仍相对较低，相关 ...