Group 1 - The core viewpoint of the article is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at guiding the future high-quality development of the public fund industry [1] - The floating fee rate mechanism will break the traditional income model of guaranteed returns, allowing fund companies to charge fees based on performance, thus promoting a more performance-driven approach [1] - Fund companies are encouraged to strengthen core research and investment capabilities, shifting from a traditional individual-driven model to a collaborative team approach to enhance overall investment efficiency [1] Group 2 - Establishing clear performance benchmarks for funds is essential to avoid style drift, enabling investors to better assess fund performance and enhancing confidence in public funds [1] - The measures aim to improve the scale and stability of equity investments in public funds, ultimately contributing to a healthier market development [1]

专题：证监会印发《推动公募基金高质量发展行动方案》 5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），从优化基金运 营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监管执法、促进高质量发展等 六方面提出了25条改革措施。方案突出问题导向、精准施策、系统推进，重构公募基金行业运行逻辑， 强化行业与投资者的利益绑定，指引行业进一步彰显功能性定位，提升整体发展质量和服务水平。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：韦子蓉 聚焦重点领域，构建长效机制，守牢风险底线。《行动方案》针对重点风险领域，提出多项监管举措多 维发力，系统性守牢风险底线：一是扩充流动性风险防控工具，优化风险准备金动态调整机制，完善行 业多层次流动性风险防控机制。二是通过产品注册逆周期调节、强化主题基金监管及投资集中度约束等 方式，引导行业机构更加注重长期投资。三是提高公私募基金经理兼任及业务风险隔离要求、清理类通 道业务、高压打击不当利益输送等举措，堵住合规风险漏洞。四是提高行业声誉管理及预期引导能力， 以舆情监测、政策解读和打击虚假信息，重塑行业形象、提升投资者信心。 提升机构发展水平， ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which includes 25 measures aimed at reforming the public fund industry to focus on performance-driven growth rather than scale-driven growth [2][3] - The Action Plan is considered one of the most systematic and forward-looking regulatory innovations in China's capital market in recent years, promoting a return to an "investor-centric" value perspective [2][3] - Key measures include adjusting performance compensation for fund managers based on their performance relative to benchmarks, with significant penalties for underperformance and rewards for overperformance [4][5] Group 2 - The plan encourages the reduction of management fees for large-scale index funds and money market funds, and mandates that fund companies' assessments of executives include a minimum of 50% weight on investment returns [5][6] - A long-term performance assessment mechanism will be implemented, with at least 80% weight on medium to long-term returns over three years [6] - The plan also introduces a rapid registration mechanism for exchange-traded funds (ETFs), aiming to complete registration within five working days [6] Group 3 - The news highlights the recent self-purchase actions by public fund companies, with announcements from Anxin Fund and Fuguo Fund committing to invest at least 25 million yuan in their respective new funds [7][8][22] - The self-purchase actions are seen as a way to boost investor confidence and stabilize market expectations [22] Group 4 - The report mentions the recent approval of new public REITs, with a focus on consumer infrastructure, indicating a growing interest in this sector [9] - The performance of public REITs in the secondary market has been strong, with some consumer-related REITs showing gains of over 40% this year [9] Group 5 - The news also covers the significant changes in the leadership of major fund companies, with the resignation of a long-serving general manager at Huatai-PB Fund, indicating a shift towards new leadership in the industry [12] - The report notes that there are still nine other fund managers with over ten years of service, suggesting a mix of experienced and new leadership in the sector [12]

Monetary Policy and Economic Measures - The central bank announced a comprehensive reduction in the reserve requirement ratio by 0.5 percentage points, expected to release approximately 1 trillion yuan in long-term liquidity [2] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, likely leading to a similar drop in the Loan Prime Rate (LPR) [2] - The measures aim to stabilize market expectations and support the development of the real economy, with the Shanghai Composite Index rising by 0.8% to 3342.67 points on the announcement day [2][3] Public Fund Industry Reform - The China Securities Regulatory Commission (CSRC) introduced an action plan to promote high-quality development in public funds, shifting focus from "scale" to "returns" [4] - Key changes include linking management fees to fund performance, with lower fees for underperforming funds and potential increases for those exceeding benchmarks [4][5] - As of the end of April, public funds managed 32.5 trillion yuan, with over 50% of pension assets under management [4][5] Trade and Export Performance - In April, China's exports grew by 9.3% year-on-year, while imports turned positive with a 0.8% increase [9] - The total value of goods trade for the first four months reached 14.14 trillion yuan, a 2.4% increase compared to the previous year [9] - Exports to the U.S. saw a significant decline of 21.0%, while exports to ASEAN countries increased by 20.8% [9] Automotive Industry Standards - The Ministry of Industry and Information Technology is seeking public input on new safety standards for automotive door handles, focusing on emergency access and safety in accidents [10] - The proposed standards aim to enhance the safety and visibility of hidden door handles, addressing concerns raised by recent traffic incidents [10][11] Private Sector Investment - The National Development and Reform Commission plans to launch approximately 3 trillion yuan in quality projects this year, encouraging private sector participation in major infrastructure projects [13] - The initiative aims to leverage the flexibility and innovation of private enterprises to enhance project execution and create jobs [13] Stock Market and Corporate Actions - Geely Automobile announced plans to acquire all shares of Zeekr Intelligent Technology, leading to its delisting from the NYSE and a focus on consolidating its automotive business [18] - This move reflects Geely's strategy to enhance its competitiveness in the smart electric vehicle sector amid increasing market pressures [18]

比如说，浮动管理费模式要求基金公司具备更强的投研能力和风险管理能力，以适应新的收费机制。因为资源有限并且面对激烈的市场竞争，一些中小基金 公司很可能面临更大压力。 再比如，长期以来，渠道机构在公募基金代销中占据主导地位，只重规模、不顾盈亏的销售模式根深蒂固。《方案》对渠道机构的考核指标进行了调整，纳 入投资者盈亏、持有期限等指标，但要渠道机构彻底转变经营理念，需要时间，更需要决心。 即使如此，治沉疴需用猛药。《方案》突出强化与投资者的利益绑定，改革基金运营模式，督促行业回归为"为投资者创造价值"的本源，这是重大的利益格 局调整，也是一次"刀刃向内"的改革。 此前，公募基金行业过度依赖"造星效应"，通过包装基金经理人设、制造明星产品概念等吸引投资者。基金公司因为规模做大收取更多管理费，其高管和基 金经理人也因之获益，但是很多基民在营销攻势下盲目跟风，让真金白银沦为规模扩张的牺牲品。投资者的投资回报长期跑输预期，投资体验欠佳，则成为 行业痼疾。 针对这种现象，《方案》明确基金公司收入与产品收益挂钩。例如，建立与基金业绩挂钩的浮动管理费机制，若基金业绩不佳，管理费率将下调；如果业绩 出色，管理费率才可能上升。这将引 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at reforming the public fund industry and enhancing its quality of development, focusing on long-term investor concerns [1] Group 1: Investor-Centric Approach - The core of high-quality development in the public fund industry is the protection of investor interests, emphasizing a shift from scale to investor returns [2] - The Action Plan encourages innovation in equity fund products, supporting the development of actively managed equity funds and introducing performance-linked fee structures to promote long-term holding [2] - A performance evaluation system centered on fund investment returns will be established, with at least 80% weight on fund performance metrics for fund manager assessments [2] Group 2: Research and Investment Capability - The Action Plan calls for the establishment of a fund company research and investment capability evaluation system, promoting resource investment in human capital and technology [4] - Fund companies are encouraged to adopt new technologies such as artificial intelligence and big data, and to establish technology and operational service subsidiaries [4] - Strengthening research and investment capabilities is identified as a key competitive advantage for fund companies, essential for gaining investor trust and achieving high-quality development [4] Group 3: Compliance and Risk Management - The Action Plan emphasizes the importance of compliance and risk management, requiring fund companies to maintain a robust risk control system and improve liquidity risk prevention mechanisms [5] - It includes revisions to regulations governing risk reserves and the management of fund managers' dual roles to enhance risk isolation [5] - The implementation of these measures aims to strengthen the compliance culture within the industry and improve the overall risk management framework [6] Group 4: Implementation and Future Outlook - The Action Plan provides clear policy guidance and strong support for the high-quality development of the public fund industry, with a goal to see tangible results within three years [6] - Fund companies are expected to align with the principles of the Action Plan, focusing on enhancing research capabilities and customer service to create sustained value for investors [6]

5月9日晚间，华泰柏瑞基金发布高管变更公告。因工作调整，韩勇不再担任总经理，由董事长贾波代行总经理 职务。 资料显示，韩勇在华泰柏瑞基金担任总经理一职超过13年，在任期间其推动公司管理规模实现了跨越式的进步。华 泰柏瑞基金表示，此次工作调整主要延续公司一贯的稳健风格，为后续平稳实现管理层新老过渡、确保公司持续稳 定发展提前做足准备。 韩勇离任总经理，由董事长贾波代行职务 5月9日晚间，华泰柏瑞基金发布高管变更公告，因工作调整，韩勇不再担任总经理。在总经理空缺期间，暂由董事 长贾波代行总经理职务。 公告信息显示，贾波拥有丰富的金融从业经验，曾任职于工商银行、华泰证券，担任华泰柏瑞基金董事长将近九 年，对行业和公司的发展有着深刻的理解。 华泰柏瑞基金表示，经过多年的积累和发展，公司已经形成稳定的治理架构和成熟梯队建设体系，此次工作调整主 要延续公司一贯的稳健风格，为后续平稳实现管理层新老过渡、确保公司持续稳定发展提前做足准备。 3月14日，贝莱德基金正式宣布任命郁蓓华为新任总经理，原总经理陈剑则因个人意愿转任公司高级顾问。 本次人 事变动也意味着贝莱德基金与浦银安盛基金实现了总经理岗位的"对调"。 资料显示，郁蓓 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, shifting the focus from scale to returns in fund assessments [1] Group 1: Action Plan Overview - The action plan outlines five key areas for reform, emphasizing investor protection and standardized operational requirements for various institutions in the public fund industry [1] - The introduction of a floating management fee mechanism linked to fund performance is highlighted as a new pillar for high-quality development in the fund industry [1] Group 2: Management Fee Structure - The regulatory aim is to transition from a fixed fee model to a performance-linked floating fee model, enhancing the alignment of interests between fund managers and investors [2][3] - New active management equity funds will implement a floating management fee based on performance benchmarks, with fees adjusted according to the fund's performance during the holding period [2][3] Group 3: Performance Assessment - The action plan mandates that fund companies establish a performance assessment system centered on investment returns, with a focus on both fund performance and investor profitability [5][6] - Fund managers will face increased pressure to enhance their investment management capabilities, as the new assessment mechanism emphasizes long-term performance over short-term gains [7] Group 4: Dual Assessment Mechanism - The action plan introduces a dual assessment mechanism, incorporating both excess return rates and profit rates into the evaluation of fund performance [8] - Fund manager compensation will be closely tied to long-term performance, with penalties for underperformance and rewards for exceeding benchmarks [9] Group 5: Governance and Accountability - The plan strengthens the requirements for fund companies, executives, and key personnel regarding mandatory co-investment ratios and lock-up periods [10] - A deferred payment system for performance-based compensation is to be implemented, ensuring accountability for fund managers and executives [10]

5月9日晚间，华泰柏瑞基金发布高管变更公告。因工作调整，韩勇不再担任总经理，由董事长贾波代行总 经理职务。 作为发展较快的基金公司之一，华泰柏瑞基金一直以来坚持特色化的发展战略，在宽基、红利、固收+等多个 领域备受市场瞩目。 根据华泰证券年报及沪深交易所数据，截至2024年底，华泰柏瑞旗下管理资产规模合计6882.08亿元，旗下旗 舰产品沪深300ETF规模接近3600亿元，在境内ETF中规模居首。 年内多家公募宣布总经理变更 随着行业步入成熟发展阶段，高管层的有序更替正日益成为公募基金公司提升治理稳健性与传承能力的重要体 现。具体来看，今年以来已有多家公募机构相继宣布重要高管变动，其中包括多位总经理人选的更替。 资料显示，韩勇在华泰柏瑞基金担任总经理一职超过13年，在任期间其推动公司管理规模实现了跨越式的进 步。华泰柏瑞基金表示，此次工作调整主要延续公司一贯的稳健风格，为后续平稳实现管理层新老过渡、确保 公司持续稳定发展提前做足准备。 韩勇离任总经理，由董事长贾波代行职务 5月9日晚间，华泰柏瑞基金发布高管变更公告，因工作调整，韩勇不再担任总经理。在总经理空缺期间，暂由 董事长贾波代行总经理职务。 公告信息 ...

智通财经记者 | 杜萌 5月9日晚间，华泰柏瑞基金发布高管变更公告，因工作调整，韩勇不再担任总经理。在总经理空缺期 间，暂由董事长贾波代行总经理职务。 相关资料显示，韩勇于2011年12月加入华泰柏瑞基金，担任总经理一职超过13年。Wind数据显示， 2011年末华泰柏瑞基金管理的公募规模为3093亿元，而到了今年一季度末已经达到了6509亿元，翻了一 倍多。华泰柏瑞基金在公告中特别感谢了这位资管老将在任期间为公司做出的突出贡献。 | 离任高级管理人员职务 | 总经理 | | --- | --- | | 离任高级管理人员姓名 | 韩勇 | | 离任原因 | 工作调整 | | 离任日期 | 2025年05月09日 | | 转任本公司其他工作岗位的说明 | 另有安排 | 图：华泰柏瑞基金高管变更明细 来源：基金公告 公告信息显示，贾波拥有丰富的金融从业经验，曾任职于工商银行、华泰证券，担任华泰柏瑞基金董事 长将近九年。 华泰柏瑞基金表示，经过多年的积累和发展，公司已经形成稳定的治理架构和成熟梯队建设体系，此次 工作调整主要延续公司一贯的稳健风格，为后续平稳实现管理层新老过渡、确保公司持续稳定发展提前 做足准备。 ...