Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on a performance-based floating management fee model for actively managed equity funds [1][2]. Group 1: Fee Structure and Performance Linkage - The action plan introduces a floating management fee model linked to the performance of actively managed equity funds, allowing for differentiated management fees based on the fund's performance during the holding period for eligible investors [1]. - Funds that significantly underperform compared to their benchmarks will be required to charge lower management fees [1]. - The plan aims to strengthen the alignment of interests between fund companies and investors by establishing a performance-based evaluation system that prioritizes investment returns [1]. Group 2: Industry Evaluation and Management Practices - The action plan emphasizes the need to reduce the weight of metrics such as product management scale and fund company income in the evaluation system, while increasing the focus on direct indicators affecting investor interests [1]. - It mandates higher proportions of fund managers' investments in their own products and sets requirements for lock-in periods [1]. - Fund companies are encouraged to develop compensation management systems linked to fund investment returns, with significant reductions in performance-based compensation for underperforming fund managers [1]. Group 3: Enhancing Investor Services and Fund Stability - The action plan calls for fund companies and sales institutions to optimize resource allocation around the best interests of investors, promoting long-term, value, and rational investment practices [2]. - It aims to increase the scale and stability of public fund equity investments by optimizing fund registration processes and introducing more index funds and low-volatility products [2]. - The plan reinforces the importance of performance benchmarks for fund products and implements long-term assessments of fund performance over three years to enhance stability in public fund investment behavior [2].

4月初以来，美政府关税政策严重冲击国际经贸秩序，国际金融市场剧烈动荡，也给国内资本市场带来 很大压力。 面对突如其来的严峻考验，证监会会同相关部门迅速行动，从政策对冲、资金对冲、预期对冲等方面打 出一揽子稳市"组合拳"，维护股价稳定。 "所谓众人拾柴火焰高，风雨同舟浪自平。在广大投资者和市场参与各方共同努力下，A股市场经历了 初期实际上也就一天的大幅波动后持续反弹、回稳向好，展现出较为强劲的韧性和抗风险能力。"中国 证监会主席吴清说。 5月7日上午9时，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 一揽子金融政策涉及"几降几增"："降"，包括降低存款准备金率0.5个百分点，下调政策利率0.1个百分 点，降低个人住房公积金贷款利率0.25个百分点；"增"，包括设立5000亿元服务消费与养老再贷款、增 加3000亿元科技创新和技术改造再贷款额度等。此外，稳住楼市、稳住和活跃股市、支持小微民营企业 等也均有政策出台。 央行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清集体亮相。记者注意到，这是自去年 9月24日以来，三部门"一把手"时隔近8个月再次齐聚国新办新闻发布会。 资本市场的 ...

秒速！ 伊藤 up 指导单位 05.09 15:00 播出平台 上海证券交易所 第一财经客户端 主办单位 05.10 17:00 上海资产管理协会 播出平台 第一财经电视 为贯彻中央金融工作会议精神和新"国九条"部署要求，大力推动中长期资金入市，树立理性投资、价值投资、长期投资的理念，2024年，由中共上海市委 金融委员会办公室和上海证券交易所作为指导单位，上海资产管理协会组织会员单位中的资产管理机构，开展了首届资产管理行业践行"三投资"理念优秀 实践展示活动。 为倡导"三投资"理念，帮助广大投资者加深对资管行业和管理人的理解，上交所、上海资产管理协会和第一财经组织首届优秀实践资管机构接受访谈，共 同打造了《秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈》专题节目，来自公募基金、银行理财、保险资管、信托公司、券商资管等资管领域 优秀实践展示机构的相关人士将分享"三投资"理念、实践经验以及所思所想。 "三投资"理念会给资本市场带来什么样的影响和变化？券商资管应当如何通过践行"三投资"理念，有效应对复杂多变的市场环境、提升核心竞争力以及满 足投资者日益多元化的需求？ 本期节目邀请到国泰君安资管泛权益投资负责 ...

具体来看，对于第一个改革点，吴清介绍，改革突出强化公募基金与投资者的利益绑定，将优化主动权 益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的 现象。同时，把业绩是否跑赢基准、投资者盈亏情况等直接关乎投资者切身利益的指标，纳入基金公司 和基金经理的考核体系，督促基金公司从"重规模"向"重回报"转变。 中国证监会主席吴清5月7日在国新办新闻发布会上表示，今年以来，资本市场运行总体稳中有进、稳中 有好。证监会将坚持两强两严，坚定不移办好自己的事，既努力在市场运行上体现"稳"，同时也在激发 市场活力、强化市场功能上体现"进"，主要提及三点： 一是全力巩固市场回稳向好势头。二是突出服务新质生产力发展这个重要着力点。三是大力推动中长期 资金入市。 其中在第三点提及抓紧印发和落实《推动公募基金高质量发展行动方案》，今天就发布，表示这将更好 体现基金管理人与投资者同甘共苦、共同发展、相互成就，努力形成"回报增—资金进—市场稳"的良性 循环。 他介绍，即将发布的公募基金改革将有四个改革重点： 一、改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业绩差的必须少收 ...

Core Viewpoint - The article emphasizes the Chinese government's commitment to stabilizing the capital market and enhancing investor confidence through a series of financial policies and measures in response to external economic pressures, particularly from U.S. tariff policies [2][3][6]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) has implemented a comprehensive set of policies to stabilize the market, including actions from various financial authorities and encouraging companies to buy back shares to maintain stock price stability [3][4]. - The central government has highlighted the importance of maintaining a stable and active capital market, reflecting its high priority on market stability and expectations [3][6]. - The CSRC aims to consolidate the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [4][6]. Group 2: Support for Innovation and Long-term Investment - The CSRC plans to introduce reforms for the Science and Technology Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability [4]. - There is a focus on developing technology innovation bonds and optimizing the issuance process to provide comprehensive financial services for innovative enterprises [4][5]. - The CSRC is committed to increasing the participation of long-term funds in the market, promoting high-quality development of public funds, and fostering a virtuous cycle of returns, capital inflow, and market stability [5][6]. Group 3: Response to Tariff Impacts - The article discusses the impact of U.S. tariffs on A-share listed companies, noting that most companies derive a significant portion of their revenue from domestic markets, which provides resilience against external shocks [8][9]. - A substantial increase in export revenue from 4.9 trillion yuan in 2018 to 9.4 trillion yuan in 2024 is highlighted, indicating a diversification of export markets and reduced reliance on the U.S. [8]. - The CSRC is actively helping affected companies by enhancing regulatory flexibility and supporting their transformation and upgrading through mergers and acquisitions [9][10]. Group 4: Foreign Investment and Market Openness - The CSRC is focused on enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign investor confidence in the Chinese market [13]. - The CSRC plans to expand institutional openness, enrich product offerings, and deepen market access for foreign investors, thereby enhancing the overall investment environment [13][14]. Group 5: Public Fund Development - The CSRC has launched the "Action Plan for Promoting the High-Quality Development of Public Funds," aimed at aligning fund operations with investor interests and enhancing long-term investment stability [16][17]. - Key reforms include optimizing fund fee structures, improving performance evaluation metrics, and increasing the accountability of fund managers to ensure better returns for investors [17][18]. - The growth of equity funds from 7 trillion yuan to 8.3 trillion yuan since September indicates a positive trend in public fund development, with ongoing efforts to promote innovative fund products [18].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to release the "Action Plan for Promoting the High-Quality Development of Public Funds," focusing on enhancing investor interests, stabilizing fund investment behavior, improving investor services, and promoting equity fund growth [1][3][6]. Group 1: Strengthening Investor Interests - The plan aims to optimize the fee structure for actively managed equity funds, requiring lower management fees for underperforming funds and implementing a floating management fee mechanism to address the issue of guaranteed income for fund companies [3][4]. - Performance metrics, including benchmark comparisons and investor profit and loss, will be integrated into the assessment of fund companies and managers, encouraging a shift from prioritizing scale to prioritizing returns [3][4]. Group 2: Enhancing Stability of Fund Investment Behavior - Each fund product will be required to have a clear performance benchmark to measure actual performance, preventing deviations from the fund's name and investment focus [4][5]. - The plan emphasizes long-term assessments, mandating that at least 80% of the evaluation weight be based on performance over three years, aiming to reduce short-term trading behaviors and improve long-term returns [4][5]. Group 3: Improving Investor Services - Fund companies and sales institutions will be guided to optimize resources in investment research, product design, and risk management to better serve investors [5]. - Regulations for public fund investment advisory management will be introduced to promote standardized development and provide suitable asset allocation options for investors [5]. Group 4: Promoting Growth of Equity Funds - The equity fund sector has seen growth from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, an increase of 1.3 trillion yuan [6]. - The plan will enhance regulatory guidance and improve the classification evaluation mechanism for fund companies and sales institutions, promoting the issuance and sales of equity funds and encouraging product innovation [6].

证监会主席吴清：巴菲特即将退休，但"价值投资、长期投资、理性投资、努力回报投资 者"的基本理念不会退出舞台 "巴菲特是广受尊敬的投资家，他今年即将退休，但我想大家从他那取到最重要的经验就是'价值投资、 长期投资、理性投资、努力回报投资者'，这些基本理念不会退出舞台。这也正是公募基金改革所要致 力推进的。"中国证监会主席吴清5月7日在国务院新闻办公室举行的新闻发布会上说。 他表示，巴菲特退休以后，这个时代也在呼唤新的伟大投资家。"我们这个市场有着一批非常优秀的企 业和企业家，相信也一定会产生一批优秀的投资家、投资机构，也许不是一两个'股神'，但肯定会有百 年老店投资机构、优秀的投资团队，这需要重要的规则去催生这些优秀的投资机构。"他说。 据吴清介绍，本次公募基金改革主要强调以下几个突出： 中国证监会主席吴清5月7日在国务院新闻办公室举行的新闻发布会上表示，下阶段，证监会将坚定不移 推进资本市场高水平对外开放，进一步完善对外开放格局，稳步推进一系列对外开放务实举措。 他从以下方面进行了介绍： 一是持续扩大机构开放，进一步优化合格境外机构投资者准入服务，进一步扩大投资范围，支持符合条 件的外资机构申请证券基金投资咨 ...

专题：国新办举行新闻发布会 潘功胜、李云泽、吴清重磅发声 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月7日，国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，请中国人民银行、国 家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情 况，并答记者问。 证监会主席吴清表示，我们市场最重要的特征就是整体上有比较靠谱的经济发展、靠谱的宏观政策、靠 谱的制度保障。我们在为经济和市场注入更多确定性。总之，我们的前行路上会有风雨，不管是轻风细 雨还是暴风骤雨，不管是风高浪急还是惊涛骇浪，我们都有信心、有条件、有能力实现中国股市的稳定 健康发展。 证监会主席吴清表示，今年以来，证监会深入贯彻落实党中央、国务院的一系列决策部署，持续推 动"新国九条"以及系列政策文件落地见效，市场运行总体稳中有进、稳中向好。四月初以来，美国政府 的关税政策严重冲击了国际经贸秩序，国际金融市场剧烈动荡，也给国内资本市场带来了很大的压力。 面对这一严峻考验，在党中央、国务院的坚强领导下，在中央金融办的统筹协调下，证监会会同各相关 部门迅速行动，从政策对冲、 ...

Group 1 - The article emphasizes the importance of long-term investment strategies over short-term gains, highlighting that true wealth growth comes from sustained investment approaches [2][10] - The author discusses the concept of undervaluation, distinguishing between relative undervaluation, which involves predictive factors and growth, and absolute undervaluation, which is an objective reality [7][8] - The article illustrates that even seemingly unattractive investments can yield significant returns if they are in industries with long-term potential, as demonstrated by the example of a dental hospital company that saw substantial growth despite initial skepticism [7][8] Group 2 - The article notes that external investors may prioritize long-term growth potential over immediate profits, as seen in their willingness to overlook short-term losses for future stability [5] - It is mentioned that market movements tend to oscillate between extremes, and that a return to undervaluation is a high-probability event, suggesting that understanding market cycles can benefit investors [8] - The author argues that mastering either undervaluation or growth can lead to long-term profitability for ordinary investors, making it essential to recognize market opportunities [8]

本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：秦朔，题图来自：AI生成 我有好几年没有到现场参加伯克希尔·哈撒韦公司的股东年会了。由于芒格前年11月去世，去年的年会上， 人们习惯的"二人转"已经停演。 失去了老友、今年8月30日就要95周岁的巴菲特，在年会上还能亮相多久？我有点担心，所以今年来到奥马 哈，参加了5月3日的年会。 一、能不能首先做个好人、长期做 个好人？ 以前年会是一天时间，8点半开始，先放一部电影，9点多开始问答，午休后，接着问答。今年8点开会，取 消了电影环节，巴菲特寒暄一阵后就进入问答环节，中间短暂休息，再问答，中午快两点时结束。 他头脑依然清醒，但精力明显不如以前，说话的中气也不太够了。显然，压缩会议时间很明智。 在问答的尾声，他突然宣布自己计划在年底退休，将提请董事会批准格雷格·阿贝尔正式接任CEO一职。自 1965年收购伯克希尔，他领导这家公司已整整60年。 今年年会有4万人参加。我们早上7点多一点开始在场外排队，差不多一个半小时才进场，里面座无虚席。 前一天晚上就有人排队，也有花150美元、200美元雇人代排的。我碰到的上海一位投资人说，他是让公司 年轻人 ...