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 ...

2025年5月13日，同泰基金连发公告，旗下四只基金同泰新能源优选1年持有期股票型证券投资基金（015145）、同泰慧择混合型证券投资基金（008050）、 同泰慧利混合型证券投资基金（008180）、同泰大健康主题混合型证券投资基金（011002）的基金经理发生变更。原基金经理黄伟轩因个人原因于5月12日 离任，已在中国基金业协会办理注销手续。 同泰新能源优选1年持有期股票型证券投资基金和同泰慧利混合型证券投资基金由陈宗超接任，陈宗超硕士学历，证券从业11年，2020年6月加入同泰基金， 现任投资研究部基金经理；同泰慧择混合型证券投资基金和同泰大健康主题混合型证券投资基金增聘马毅、麦健沛担任基金经理，马毅证券从业16年，2023 年10月加入同泰基金，现任总经理助理、固定收益部总监兼基金经理，麦健沛证券从业5年，2020年7月加入同泰基金，现任投资研究部基金经理。相关变更 事项已完成备案。 Choice数据显示，此次卸任前，黄伟轩在任产品4管3亏，其中同泰慧择混合A任职回报跌近50%，同泰大健康主题混合任职回报跌超20%。2024年底接任的 两只产品任期都未满半年。 数据来源：Choice 根据2025年5 ...

Investment Rating - The investment rating for the construction and engineering sector is "Positive" and maintained [7]. Core Insights - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds" on May 7, which emphasizes the importance of performance benchmarks and strict regulation of fund companies' selection of benchmarks [2][6]. - The Action Plan aims to optimize fund operation models and establish a mechanism that binds fund company income to investor returns, addressing market concerns about fund companies profiting while investors do not [10]. - The plan encourages the issuance of actively managed equity funds with performance-based management fees, aiming for at least 60% of the top fund management institutions to issue such funds within a year [10]. - The Action Plan also stresses the need for long-term performance assessments and incentives for fund managers, with a significant weight on performance metrics [10]. - The focus on performance benchmarks is expected to reduce the tendency of funds to concentrate on single sectors or styles, promoting a more stable investment approach [10]. - The construction sector, particularly stocks with significant weight in the CSI 300 index, is highlighted as a key area for investment, with major state-owned enterprises included [10]. - Recommended stocks for weight allocation include Sichuan Road & Bridge, China State Construction, and others that align with high dividend characteristics and stable growth expectations [10]. Summary by Sections - **Event Description**: The CSRC's release of the "Action Plan" on May 7 [6]. - **Event Commentary**: The Action Plan's implications for fund management and investment strategies in the construction sector [10].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [39]. Core Viewpoints - The report highlights the introduction of incremental policies aimed at stabilizing market expectations, including a reduction in the reserve requirement ratio and interest rates, which are expected to provide significant liquidity to the market [32][33]. - The performance of the non-bank financial sector is analyzed, with the overall index showing a slight increase of 1.75%, underperforming the CSI 300 Index by 0.26 percentage points [9][39]. - Specific sectors within the non-bank financial industry, such as securities, insurance, and diversified finance, are rated positively, with expected growth in their respective markets [3][39]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index experienced weekly increases of 1.92%, 2.00%, and 3.27% respectively [9]. - The non-bank financial sector's performance was slightly below the broader market, with the Shenwan Non-Bank Index rising by 1.75% [9]. Data Tracking - As of May 9, 2025, the securities sector's PE-TTM valuation stands at 18.81x, while the PB-LF valuation is at 1.34x [5]. - The insurance sector's PEV valuations for major companies are as follows: China Life at 0.63x, Ping An at 0.60x, and China Pacific at 0.49x [6]. Industry Dynamics - A joint announcement by the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission introduced a series of financial policies to support market stability, including a 0.5 percentage point reduction in the reserve requirement ratio [32][33]. - The report emphasizes the importance of supporting technology innovation through bond issuance, which is expected to enhance financing channels for tech enterprises [37]. Recommended Companies and Ratings - The report recommends several companies for investment, including: - Founder Securities: Buy - Xiangcai Securities: Buy - China Life: Buy - ZhongAn Online: Increase [3][38].

5月7日，证监会正式发布《推动公募基金高质量发展行动方案》，这是落实党中央关于稳步推进公募基 金改革决策部署的重大举措。《方案》明确了公募基金行业高质量发展的总体要求、基本原则，从优化 基金运营模式、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、促进行业高质量发 展、守牢风险底线、强化监管执法等6个方面系统性地提出了25条举措，为公募基金行业发展提供了明 确指引。 作为国有大型银行控股的基金公司，交银施罗德基金将进一步提高政治站位，深入贯彻落实《方案》各 项要求，以投资者为本，实现资产管理和财富管理双向奔赴，携手基金同业实现好、维护好、发展好广 大投资者根本利益，共同推动行业所能、所长与国家所需、民心所向紧密结合，在服务实体经济与国家 战略、促进资本市场改革发展稳定、满足居民财富管理需求等方面发挥积极作用，为建设符合中国式现 代化本质要求的公募基金行业贡献力量。 二是以财富管理为牵引，强化建立以投资收益为核心的考核评价体系。《方案》要求全面建立以投资收 益为核心的考核评价体系，并将业绩比较基准对比、基金利润率、盈利投资者占比等直接关乎投资者切 身利益的指标纳入考核体系，相应降低规模排名、收入利润等 ...

数据显示，截至2025年5月10日，公募基金经理人数已突破4000人，与2018年相比接近翻倍。这既是基 金行业快速发展的必然结果，也是行业人才竞争加剧的一个缩影。随着证监会近期发布《推动公募基金 高质量发展行动方案》(以下简称《行动方案》)，基金行业将从"拼规模"向"拼质量"转型，人才战略的 革新更是成为破局的关键。多位业内人士指出，一方面，新生代基金经理的涌入为行业注入新思维，推 动投资策略多元化；另一方面，淡化相对排名，追求长期跑赢业绩基准，也给基金经理带来新的挑战。 在变革中构建新的核心竞争力，同时平衡管理规模与投研质量，是基金公司实现高质量发展的关键。 (中国基金报) ...