Group 1 - The core viewpoint of the article is that the China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the enhancement of the weight of equity fund-related indicators in the regulatory classification evaluation of fund companies [1] - The action plan aims to strengthen regulatory guidance and institutional supply, highlighting the development orientation of equity funds [1] - The CSRC will also establish guidelines for public funds participating in financial derivatives investments to better meet the needs for risk management, stabilize investment behavior, and diversify investment strategies [1]

证监会：督促基金销售机构完善内部考核激励机制 加大对保有投资者盈亏情况的考核权重 智通财经5月7日电，中国证监会印发《推动公募基金高质量发展行动方案》，建立基金销售机构分类评 价机制。将权益类基金保有规模及占比、首发产品保有规模及占比、投资者盈亏与持有期限、定投业务 规模等纳入评价指标体系。对分类评价结果靠前的基金销售机构，在产品准入、牌照申请、创新业务等 方面依法优先考虑。督促基金销售机构完善内部考核激励机制，加大对保有投资者盈亏情况的考核权 重。 ...

中国证监会公开印发《推动公募基金高质量发展行动方案》。方案提出，强化基金公司与投资者的利益 绑定。全面建立以基金投资收益为核心的行业考核评价体系，将业绩比较基准对比、基金利润率等直接 关乎投资者利益的指标引入考核体系，相应降低产品管理规模排名、基金公司收入利润等指标的考核权 重。提高基金公司高管、基金经理跟投本公司管理产品的比例和锁定期要求。督促基金公司建立健全与 基金投资收益挂钩的薪酬管理制度，对产品中长期业绩差的基金经理，要求其绩效薪酬应当明显下降， 更好体现与投资者的"同甘共苦"。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, focusing on the innovation and development of equity fund products [1] Group 1: Fund Product Innovation - The plan actively supports the innovation of actively managed equity funds, aiming to introduce more floating fee rate fund products linked to fund performance and investor returns, encouraging long-term holding [1] - There is a strong emphasis on developing various types of on-exchange and off-exchange index funds, continuously enriching theme-based stock index funds that align with national strategies and development directions [1] Group 2: Market Participation - The CSRC is researching the establishment of pilot products for off-exchange broad-based index funds that facilitate swap operations [1]

证监会：抓紧出台《证券投资基金托管业务管理办法》 提高托管机构准入门槛 智通财经5月7日电，中国证监会印发《推动公募基金高质量发展行动方案》，严格行业机构股权及高管 准入要求。严把基金公司、基金销售机构准入关，加强股东资质审核，持续强化对入股主体股权结构、 出资来源的穿透核查，严厉打击股权代持、私下转让股权、以非自有资金入股等违规行为。抓紧出台 《证券投资基金托管业务管理办法》，提高托管机构准入门槛。完善基金公司高管任职管理制度，提高 履职要求，将违法违规的高管依法纳入诚信档案，适用相关禁业要求。 ...

中国证监会印发《推动公募基金高质量发展行动方案》，其中指出，对三年以上产品业绩低于业绩比较 基准超过10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比 较基准的基金经理，可以合理适度提高其绩效薪酬。 ...

中国证监会印发《推动公募基金高质量发展行动方案》，强化监管分类评价的引导作用。将投资者盈亏 及占比、业绩比较基准对比、权益类基金占比、投研能力评价情况等纳入基金公司评价指标体系。将三 年以上中长期业绩、自购旗下权益类基金规模、投资行为稳定性、权益投资增长规模等指标的加分幅度 在现有基础上提升50%。前述指标占"服务投资者能力"的评分权重合计不低于80%。 ...

三、提升行业服务投资者的能力。引导基金公司、基金销售机构围绕投资者最佳 利益，全面优化投资研究、产品设计、风险管理、市场推广等资源配置，践行长期投 资、价值投资、理性投资，努力给投资者带来更优回报。抓紧出台公募基金投资顾问 管理规定，促进基金投顾业务规范发展，为投资者提供适配其特点和需求的组合投资 服务。加快推出机构投资者直销服务平台，便利各类机构投资者参与基金投资。 一、优化主动管理权益类基金收费模式。对主动管理权益类基金，推行与基金业 绩表现挂钩的浮动管理费率收取模式，对于符合一定持有期要求的投资者，根据其持 有期间产品业绩表现适用差异化的管理费率。业绩明显低于比较基准的，须少收管理 费，有力扭转基金公司"旱涝保收"的现象。 二、强化基金公司与投资者的利益绑定。全面建立以基金投资收益为核心的行业 考核评价体系，将业绩比较基准对比、基金利润率等直接关乎投资者利益的指标引入 考核体系，相应降低产品管理规模排名、基金公司收入利润等指标的考核权重。提高 基金公司高管、基金经理跟投本公司管理产品的比例和锁定期要求。督促基金公司建 立健全与基金投资收益挂钩的薪酬管理制度，对产品中长期业绩差的基金经理，要求 其绩效薪酬 ...

Group 1 - The central bank has introduced a comprehensive monetary policy package, including three categories and ten measures, such as interest rate cuts and reserve requirement ratio reductions [2][7] - The central bank will lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [8][17] - The policy interest rate will be reduced by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [9][17] Group 2 - The Financial Regulatory Administration will introduce eight incremental policies, including improving financing systems for real estate and expanding the scope of long-term insurance fund investments [3][11] - Specific measures include accelerating the introduction of financing systems compatible with new real estate development models and adjusting regulatory rules to lower investment risk factors for insurance companies [12][13] Group 3 - The China Securities Regulatory Commission (CSRC) emphasizes supporting the development of new productive forces and promoting long-term capital inflow into the market [4][14] - The CSRC plans to enhance the inclusiveness and adaptability of the system for the Science and Technology Innovation Board and the Growth Enterprise Market [15][16] Group 4 - The central bank will create a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to support the issuance of long-term bonds for technology innovation [10][27] - The bond market for technology innovation is nearly ready, with significant interest from market participants, indicating a robust pipeline for future issuances [26] Group 5 - The CSRC will implement a high-quality development action plan for public funds, focusing on aligning the interests of fund managers with those of investors and enhancing the stability of fund investment behavior [28][29] - The plan aims to reform the fund operation model to avoid the "guaranteed returns" phenomenon and ensure that fund performance is directly tied to investor outcomes [28][29]

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and expectations, including a series of monetary policy measures aimed at enhancing liquidity and supporting economic growth [1][9]. Monetary Policy Measures - The People's Bank of China (PBOC) will lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity [3][9]. - The reserve requirement ratio for auto finance and financial leasing companies will be reduced from 5% to 0% to enhance their credit supply capabilities [9]. - The policy interest rate will be decreased by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, expected to lead to a similar decline in the Loan Prime Rate (LPR) [3]. - Structural monetary policy tool rates will be reduced by 0.25 percentage points, including rates for various special policy tools and re-lending for agriculture and small enterprises [3]. - The interest rate for personal housing provident fund loans will be lowered by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [4]. Support for Innovation and Consumption - The PBOC will increase the re-lending quota for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan, supporting the "two new" policies [5][6]. - A new 500 billion yuan re-lending facility will be established to guide commercial banks in increasing credit support for service consumption and elderly care [7]. - An additional 300 billion yuan will be allocated to support agriculture and small enterprises, complementing the reduction in re-lending rates [8]. Capital Market Support - The PBOC will optimize two monetary policy tools supporting the capital market, merging the quotas for securities fund and insurance company swap facilities and stock repurchase re-lending to a total of 800 billion yuan [8]. - A risk-sharing tool for technology innovation bonds will be created, allowing the central bank to provide low-cost re-lending to purchase these bonds, supporting financing for technology innovation enterprises [8]. Regulatory Measures - The National Financial Supervisory Administration plans to introduce eight incremental policies to stabilize the real estate market and enhance financing for small and private enterprises [10][11]. - The approval of "white list" loans by commercial banks has increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units [16]. - The insurance fund's long-term investment pilot program will be expanded, injecting more incremental funds into the market [19][22]. Market Confidence - The China Securities Regulatory Commission (CSRC) expresses confidence in achieving stable and healthy development of the stock market, supported by strong leadership and a robust policy framework [27][28]. - The A-share market is seen as having strong resilience and adaptability, with nearly 90% of listed companies' revenues coming from domestic sources [31]. - The CSRC will continue to assist affected companies in coping with the impacts of U.S. tariffs, enhancing regulatory flexibility and supporting mergers and acquisitions [34][35].