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。 ...

Core Viewpoint - The resignation of Han Yong as the General Manager of Huatai-PB Fund marks a significant leadership change, with the company acknowledging his contributions to its growth and development during his tenure [1][2]. Company Summary - Han Yong's tenure as General Manager from October 2011 to May 2023 saw Huatai-PB Fund's total management scale grow from 13.406 billion to 652.648 billion, elevating its industry ranking from 38th to 15th [2]. - The Huatai-PB CSI 300 ETF, launched in April 2012, became the largest passive fund in A-share history at the time, with a fundraising scale of 33 billion [2]. - As of May 8, 2023, the Huatai-PB CSI 300 ETF has a current scale of 380.123 billion, maintaining its position as the largest ETF product in China's public fund market [2]. Industry Summary - The trend of changes in public fund executives continues in 2023, with 140 executive changes reported across 76 fund companies, marking Han Yong's resignation as the 34th General Manager change this year [3].

丨 来源：总台央视 2025-05-08 ...

北京商报讯（记者 李海媛）为促进公开募集证券投资基金管理人积极、规范参与上市公司治理，保护基金份额持有人合法权益，中基协对《基金管理公司 代表基金对外行使投票表决权工作指引》进行了修订，形成《公开募集证券投资基金管理人参与上市公司治理管理规则》（以下简称《参与治理规则》）， 于5月9日发布，自发布之日起施行。 具体来看，《参与治理规则》共六章二十七条，包括总则、制度要求和参与机制、表决权的行使、内部控制、信息披露和自律管理、附则。 例如，在表决权的行使中，《参与治理规则》第十一条提到，基金管理人管理的基金合计持有单一股票占其流通股本比例达到5%（含）以上的，对于相关 上市公司的以下事项，基金管理人应当积极行使表决权：与股东知情权、决策权、分红权等股东权益相关的事项，包括《公司章程》等制度修订、利润分配 等；董事的选举或者罢免；涉及股权变动的事项，包括向特定对象发行股票、公开发行可转换公司债、向原股东配售股份及回购股份等。 在内部控制方面，《参与治理规则》第十八条提到，基金管理人应当建立参与上市公司治理工作的舆情监测机制，防范声誉风险。第十九条提到，基金管理 人应当对参与上市公司治理的利益冲突处理、表决等情况进 ...

南都·湾财社第一时间采访多家广东本土机构，受访机构均已"闻令而动"，包括将优化收费模式，强化、细化业绩 考核，推动销售向"买方投顾"转型等，有机构表示近期将上报基于业绩比较基准的创新型浮动费率产品。 业绩差少收管理费 过去几年，在市场波动下，多只百亿级主动权益"爆款基"净值回撤明显，屡次成为市场关注焦点。但在传统固定 费率模式下，机构继续依照固定比例收取管理费，基金管理费增速与基民收益形成了落差，基金公司"旱涝保 收"现象引来了不少非议。 直击"基金赚钱，基民不赚钱"痛点的公募基金改革方案落地！5月7日，《推动公募基金高质量发展行动方案》 （以下简称《方案》）正式出炉。《方案》通过25条举措聚焦行业痛点、堵点，明确提出业绩差的少收管理费， 把业绩与基金公司评价、基金经理薪酬等挂钩，公募行业迈入以业绩为核心的新阶段。 超30万亿元的公募市场从"重规模"到"重回报"转变，不仅关乎超7亿基民的切身利益，也在重塑行业生态。广东拥 有庞大的基民群体，聚集着多家头部与中小型公募机构，正是《方案》落地的重要观察窗口。 5月7日，中国证监会主席吴清在国新办新闻发布会上强调"业绩差的必须少收管理费"，正是针对上述症结的精准 施 ...

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 ...

Core Viewpoint - The newly released public fund reform plan emphasizes performance assessment for fund managers, linking their compensation to fund performance, which aims to improve long-term returns for investors [2][3][4]. Summary by Sections Fund Performance Issues - Over the past three years, more than 30% of mixed funds have underperformed their benchmarks by over 10%, and approximately 6.6% of equity funds have also lagged by the same margin [2][8]. - Notable underperformers include 52 mixed funds and 8 equity funds that have underperformed their benchmarks by over 50%, including products managed by renowned fund managers [2][8]. Reform Measures - The reform plan includes 25 measures, with a significant focus on linking fund manager compensation to performance metrics, where performance indicators must account for at least 80% of the assessment [3][4]. - Fund managers whose products underperform their benchmarks by over 10% for three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive increased compensation [3][4]. Long-term Focus - The reform aims to shift the focus from scale to performance, encouraging fund managers and companies to prioritize long-term returns for investors [4][5]. - The introduction of metrics such as net asset growth rate and fund profit rate is expected to mitigate the industry's short-sighted focus on scale [5]. Performance Data - As of May 8, among 4,693 equity funds, 308 funds (approximately 6.6%) have underperformed their benchmarks by over 10%, while 418 funds (about 8.9%) have outperformed by the same margin [6]. - The worst-performing fund, Jia Shi Intelligent Automotive, has a return of -35.39%, significantly underperforming its benchmark by 81.88% over three years [7][8]. Mixed Fund Performance - In the mixed fund category, 2,660 out of 8,634 funds (30.8%) have underperformed their benchmarks by over 10%, with only 686 funds (7.9%) outperforming [8][9]. - The worst-performing mixed fund, Jin Ying Multi-Strategy, has a return of -60.58%, underperforming its benchmark by 69.26% [9][10].

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]