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]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1] Group 1: Regulatory Changes - The new regulations stipulate that fund managers will face salary reductions if their performance lags the benchmark by more than 10%, while those who outperform will receive salary increases [1] - This policy aims to rectify the industry's focus on asset size rather than investment performance, highlighting the significant performance disparities among fund managers [1] Group 2: Performance Analysis - Among the 111 fund managers overseeing over 10 billion yuan in equity funds, 45 have underperformed the benchmark, with 24 of them lagging by more than 10% [1] - Conversely, 66 fund managers have outperformed the benchmark, with 38 achieving excess returns exceeding 10% [1] Group 3: Individual Fund Manager Performance - Notable underperformers include Zheng Chengran from GF Fund, whose three-year return is -45.12%, significantly underperforming the benchmark by 45.14 percentage points [3] - Other underperforming managers include Feng Bo (-33.56%), Ge Lan (-32.93%), and Lu Bin (-29.33%), all of whom manage substantial fund sizes [2][3] Group 4: Fund Performance Insights - The performance of specific funds shows that the new energy theme funds have performed well in a volatile market, with GF New Energy Select A being the top performer year-to-date and over the past year [5] - In contrast, GF High-End Manufacturing A has been the worst performer, with a year-to-date return of -11.28% and a one-year return of -17.87% [5] Group 5: Long-term Performance Trends - GF Xinxiang A is the only fund with a positive five-year return, achieving an annualized return of approximately 6.96%, indicating some resilience against market volatility [6] - Many funds, however, have negative three-year returns, such as GF Chengxiang A, which has a return of -18.17%, reflecting challenges in adapting to market conditions [6] Group 6: Market Sentiment and Future Outlook - Market analysts suggest that the new regulations will push the industry back to its asset management roots, making long-term performance a critical factor for fund managers' careers [8] - The future performance of fund managers like Zheng Chengran will be closely monitored to see if they can navigate market cycles and generate excess returns [8]

Core Insights - The report emphasizes the need for the public fund industry to shift from focusing on scale to prioritizing returns, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [3][5][6]. Group 1: Key Highlights of the Action Plan - The Action Plan highlights four main focuses: strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, improving investor service capabilities, and promoting the growth of equity funds [4][6]. - A floating management fee mechanism will be established, linking fund managers' income to the performance of their products, thereby addressing the issue of guaranteed income regardless of performance [6][11]. - The plan mandates a reduction in subscription and sales service fees for public funds, aiming to lower investor costs and enhance their experience [6][18][21]. Group 2: Focus Areas for Fund Companies - Fund companies are required to reform their assessment and incentive schemes, incorporating investor profit and loss into their evaluation systems, which marks a shift towards a more investor-centric approach [4][17]. - The plan encourages the development of passive equity products, with a clear distinction between active and passive strategies, promoting low-fee models for passive investments [4][24]. - The registration process for equity products will be expedited, with specific timelines set for different types of funds to enhance market responsiveness [24]. Group 3: Implications for the Industry - The report suggests that the ongoing reforms will enhance the pricing power of allocation funds and optimize the structure of active equity investments, especially in a low-interest-rate environment [41]. - The floating fee index-enhanced products are expected to become a key focus for fund companies, as they seek to improve management fee income while controlling performance deviation [45]. - The demand for investment advisory and strategy services is anticipated to rise significantly, necessitating a shift towards a more comprehensive service model for both institutional and individual investors [50][55].

丨证券研究报告丨 行业研究丨点评报告丨多元金融 [Table_Title] 公募高质量发展方案点评：以持有人利益为根 基，深化行业改革 报告要点 [Table_Summary] 近期证监会出台《推动公募基金高质量发展行动方案》，围绕公募基金公司的绩效考核、费率机 制、产品发行、合规与行业生态等方面出台一系列政策举措。具体来看，《行动方案》重塑考核 体系，突出长期价值投资导向；费率改革转向浮动费率机制，重构盈利模式；产品发行突出权 益导向，优化注册流程；强化合规管理，优化行业生态。《行动方案》有望将公募管理人与投资 者利益相绑定，进一步提升投资者对管理人的信任，正向激励为投资者创造价值的基金公司， 助力行业的良性发展。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 多元金融 cjzqdt11111 [Table_Title 公募高质量发展方案点评：以持有人利益为根 2] 基，深化行业改革 [Table_S ...

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which aims to reform the public fund industry and enhance its quality of development [1] - The plan proposes policies to optimize fund operation models, improve industry assessment systems, increase the scale and proportion of equity investments, accelerate the establishment of top-tier investment institutions, and maintain risk control [1][2] - The implementation of the plan is expected to stabilize the capital market, enhance resource allocation, better serve the real economy, and improve market transparency and international attractiveness [2] Group 2 - The plan introduces a floating management fee mechanism linked to fund performance and reforms the performance assessment system for fund companies, emphasizing long-term investment returns [3] - Fund managers will be assessed primarily based on product performance, with at least 80% weight on investment returns over a long-term period [3] - This fee reform aims to balance interests between fund managers and investors, enhancing investor trust in public funds and promoting sustainable industry development [3] Group 3 - The plan encourages fund companies to innovate and optimize product structures, leading to the introduction of more market-demand-driven products, such as low-volatility and asset allocation products [2][4] - The focus on long-term performance and risk management is expected to reshape the competitive landscape of the industry, pushing fund companies to enhance their research and service quality [2][4] - The plan also aims to attract long-term capital into the market, such as pension and insurance funds, to stabilize fund sizes and promote sustainable industry growth [2] Group 4 - From the investor's perspective, the plan is expected to lower investment costs and enhance returns through reduced management fees and sales expenses [5] - Strengthened investor protection measures, such as improved suitability management and enhanced information disclosure, will help investors better assess product risk and return characteristics [5] - The diversified product offerings will cater to different risk preferences and investment goals, fostering rational investment habits among individual investors [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, addressing investor concerns and introducing targeted reform measures to further standardize the industry and support its sustainable and healthy growth [1] Group 1: Fund Operation and Management - The action plan emphasizes the need to strengthen the alignment of interests between fund managers and investors by optimizing fund operation models and establishing a mechanism that ties fund company income to investor returns [2] - A floating management fee model based on performance benchmarks will be promoted for newly established actively managed equity funds, which is a crucial step in the reform of public fund fees [2] - The plan aims to shift the focus from scale to returns, encouraging fund companies to create long-term value for investors through enhanced investment capabilities [3] Group 2: Assessment and Incentive Mechanisms - The assessment mechanism will prioritize investor interests by implementing long-term performance evaluations, with at least 80% of the assessment weight on returns over three years [2] - The action plan seeks to reduce the emphasis on operational metrics such as scale rankings and income, instead focusing on fund performance and investor gains [2] - A salary management mechanism linked to fund investment returns will be established to ensure that fund personnel are incentivized to focus on long-term performance [2] Group 3: Performance Benchmarking - The action plan highlights the importance of performance benchmarks, establishing regulatory guidelines for public fund performance comparisons [3] - The excess returns relative to performance benchmarks will be a key factor in determining the floating management fee rates, promoting better alignment between fund strategies and benchmarks [3] - Fund companies are expected to be more cautious in selecting benchmarks that accurately reflect their long-term investment philosophies and strategies [3] Group 4: Commitment to Investor Interests - The essence of public funds is to manage investments on behalf of clients, and the industry must continuously enhance investment capabilities to create wealth for clients [4] - The company will implement the spirit of the action plan, focusing on long-term investment principles and strengthening core investment research capabilities [4] - There will be an emphasis on building a corporate culture that prioritizes investor interests, aiming to improve investor experiences and promote high-quality development in public funds [4]

围绕证监会近日发布的《推动公募基金高质量发展行动方案》，华夏基金总经理李一梅表示，这是落实 中共中央政治局会议以及新国九条"稳步推进公募基金改革""推动证券基金机构高质量发展"的具体举 措。李一梅表示，《方案》坚持以投资者为本，要求行业机构牢固树立以投资者最佳利益为核心的经营 理念，并贯穿于公司治理、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，实现从重 规模向重投资者回报转型。通过机制调整，实现公募基金功能性和盈利性的有机统一，强化与投资者利 益绑定，有助于行业回归业绩本源和高质量发展。(中证金牛座) ...

Group 1 - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures aimed at optimizing the fee structure for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1][2] - The plan emphasizes the need for over 20 supporting regulations to be developed for implementation, with a timeline for each policy measure already established by the CSRC [1] Group 2 - Fund managers of products with performance below the benchmark by more than 10 percentage points over three years will face significant reductions in their performance-based compensation, as highlighted in the new measures [2] - A notable number of funds have underperformed their benchmarks, with some lagging by over 50 percentage points [2] Group 3 - The Fuanda CSI A500 Index Enhanced Fund experienced a significant redemption event shortly after its launch, prompting the fund to adjust its net asset value precision [3] - The fund was established with a size of 425 million yuan and has seen a slight loss since inception, with its net asset value currently below 1 yuan [3] Group 4 - In April, public fund institutions conducted a record 9,796 research visits to A-share listed companies, marking a 129.47% increase from March [4] - The electronics sector was the most favored, receiving 1,754 visits, followed by the pharmaceutical and biological sector with 1,400 visits [4] Group 5 - Two ETFs, the Huazhang International Leader (DAX) and the Invesco S&P Consumer Select ETF, have issued warnings about significant premium risks in their secondary market trading prices, which are notably higher than their net asset values [5] - The Invesco S&P Consumer Select ETF has issued premium risk warnings for nine consecutive trading days [5] Group 6 - Liu Gesong's fund, Guangfa Small Cap Growth Mixed Fund, increased its holdings in Kesi Technology, raising its share count from 797,400 to 1,045,100, indicating a 24.77% increase in shares held [6] - Kesi Technology has been included in the top holdings of the Guangfa Small Cap Growth Mixed Fund [6] Group 7 - On May 8, the market saw a rise in major indices, with the Shanghai Composite Index up by 0.28% and the Shenzhen Component Index up by 0.93%, while the ChiNext Index rose by 1.65% [7] - The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 174.9 billion yuan from the previous trading day [7]

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission, aiming to address issues in the public fund industry and achieve a turning point in high-quality development within three years [1][7]. Group 1: Overall Requirements - The plan emphasizes building a public fund industry that aligns with the essence of Chinese modernization, focusing on strong regulation, risk prevention, and high-quality development [8]. - It aims to shift from a focus on scale to prioritizing investor returns, targeting a significant improvement in the industry's quality within three years [8]. Group 2: Optimizing Operational Models - The plan proposes establishing a floating management fee mechanism linked to fund performance, with a target for leading institutions to issue at least 60% of such funds in the next year [8][19]. - It highlights the need to strengthen the constraint of performance benchmarks, ensuring strict regulation of how fund companies select and disclose these benchmarks [9][10]. - Enhancements in transparency are proposed, including revising information disclosure templates for actively managed equity funds to improve readability and relevance [2][18]. Group 3: Improving Evaluation Systems - The plan outlines reforms to the performance evaluation mechanism for fund companies, emphasizing long-term performance and investor returns [20][24]. - It suggests that the weight of fund investment return indicators should not be less than 50% for company executives and 80% for fund managers [20][24]. - The plan aims to reshape industry evaluation and award systems, encouraging a focus on long-term performance over short-term metrics [20][24]. Group 4: Increasing Equity Investment Proportion - The plan aims to enhance regulatory guidance and institutional supply to significantly increase the scale and proportion of equity investments in public funds [25][26]. - It notes the historical decline in the scale of actively managed equity funds, with a recovery expected following the implementation of the plan [25][26]. Group 5: Guiding Long-Term Investment Behavior - The plan emphasizes the establishment of a counter-cyclical adjustment mechanism to dynamically adjust product registration based on market conditions [29][30]. - It aims to curb speculative behaviors such as high turnover rates and style drift, promoting a culture of long-term investment [29][30]. Group 6: Optimizing Fund Registration Processes - The plan proposes optimizing the registration mechanisms for different types of public fund products, including a rapid registration process for stock ETFs [33][34]. - It aims to reduce the average registration time for various fund types, with a target of completing ETF registrations within five working days [33][34]. Group 7: Encouraging Fund Companies to Invest in Their Own Equity Funds - The plan increases the weight of self-purchase of equity funds in the evaluation system for fund companies by 50% [4][39]. - It reports that in Q1 2025, fund companies invested 3.9 billion yuan in net purchases of public non-cash products, with a significant portion in bond funds [4][39]. Group 8: Establishing Research and Investment Capability Evaluation Systems - The plan calls for the establishment of a research and investment capability evaluation system for fund companies, incorporating both internal and external perspectives [45][46]. - It emphasizes the importance of enhancing core research and investment capabilities within the industry [45][46]. Conclusion - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is expected to significantly enhance the public fund industry's role in serving the real economy and stabilizing the capital market, leading to a healthier and more sustainable development trajectory [47].

破解公募基金"旱涝保收"，迈出了坚实一步。 7日证监会正式发布《推动公募基金高质量发展行动方案》（下称《行动方案》），以建立以投资者回 报为导向的评价体系，引导基金行业回归本源，增强长期投资能力。 这就要求探索构建独立的投资人协会等金融消费者社团组织，让其真正代表金融消费者利益，与机构投 资者对等博弈；同时，在财富管理市场引入集体诉讼、辩方举证和争议和解制度，缓解财富管理市场的 信息不对称性，为投资者合理怀疑权提供法治保障。对于由不可抗力造成的基金亏损，投资者必须自担 其责，若基金管理人和账户托管人无法消除基金投资人的合理怀疑，及基金管理人和账户托管人存在错 误操作行为，造成基金亏损，基金管理人和账户托管人，应权责对等地承担基金投资人的损益赔偿责 任，如基金公司、账户托管人需要用其资产来承担过错责任。 《行动方案》提出推行与基金业绩表现挂钩的浮动管理费率收取模式，进一步加强了基金公司与投资人 的利益连接，将有助于降低基金管理人与投资人的边际信任成本，搭建的是基金业相容相生的一个开放 式生态。 好的开头是成功的一半。要更好地发挥这个相容相生开放平台的积极作用，就需在业绩比较基准的制定 等方面进一步走深走细，避免 ...