景顺长城基金总经理 康乐 5月7日，中国证监会发布《推动公募基金高质量发展的行动方案》（下称行动方案），从优化公募基金 运营模式、完善行业考核评价制度、大力发展权益类基金、建设一流投资机构、守牢风险底线、强化监 管执法等多个方面，充分回应投资者关切，推出具有针对性的改革措施，将进一步规范行业，有助于行 业持续健康高质量发展。 其次是考核机制上体现投资者利益导向，全面强化长周期考核与激励约束机制。适当降低规模排名、收 入利润等经营性指标的考核权重，将基金产品业绩和投资者盈亏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中。对基金投资收益全面实施长周期考核机制，明确三年以上中长期收 益考核权重不低于80%。这些举措系统性完善了公募基金行业长效激励约束机制，强化与投资者利益绑 定。同时，通过建立健全与基金投资收益相挂钩的薪酬管理机制，充分实现激励与约束的结合，促使基 金从业人员尤其是投资人员更加聚焦于长期绩效的提升及切实保障投资者利益。 无论是运营模式还是考核机制的变化，都充分体现以投资者利益为核心的总体原则，督促基金公司 从"重规模"向"重回报"转变。这将有助于行业回归业绩本源，以长期视角重构行 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a comprehensive action plan aimed at promoting the high-quality development of public funds, which includes 25 reform measures focusing on optimizing fund operation models, enhancing performance evaluation systems, and strengthening regulatory enforcement to ensure investor interests are prioritized [1][2]. Group 1: Reform Measures - The action plan emphasizes the importance of binding investor returns to fund performance, introducing measures such as strengthening the constraints of performance benchmarks and establishing a floating management fee mechanism linked to fund performance [2][3]. - A significant highlight is the introduction of a regulatory guideline for performance benchmarks, which will clarify the setting, modification, disclosure, and evaluation of these benchmarks, thereby stabilizing market expectations and improving investor confidence [2][3]. - The plan aims to optimize the fee structure for funds, including reducing subscription fees and management fees, to lower investor costs and enhance industry competitiveness [3][4]. Group 2: Performance Evaluation and Incentives - The action plan seeks to reform the performance evaluation system of fund companies, shifting the focus from scale and short-term performance to long-term investment returns and investor profitability [5][7]. - Fund managers will be evaluated based on a long-term performance mechanism, with a minimum of 80% weight on three-year performance metrics, ensuring that their compensation is directly linked to investor returns [7][8]. - The plan encourages fund companies to increase the issuance and management of equity funds, which are crucial for providing long-term capital support to the real economy [7][9]. Group 3: Focus on Equity Funds - The action plan addresses the declining scale of actively managed equity funds, which have decreased by approximately 36.59% over the past three years, and aims to enhance the proportion of equity investments in public funds [10][13]. - It proposes various measures, including optimizing the registration process for equity funds and enhancing the evaluation criteria for fund sales institutions to promote equity fund growth [14][15]. - The emphasis on equity funds is intended to improve market stability and effectiveness, as well as to align with international financial market standards [15].

Investment Rating - The industry investment rating is Neutral (maintained rating) [5] Core Viewpoints - In Q1 2025, the proportion of public fund holdings in the basic chemical sector slightly increased quarter-on-quarter but decreased year-on-year, with a market value proportion of 3.32% [2][13] - The basic chemical stocks accounted for 3.53% of the A-share market, showing a year-on-year decrease of 0.11 percentage points [2][13] - The number of stocks held by public funds in the basic chemical sector reached 146, an increase of 4 stocks year-on-year and 21 stocks quarter-on-quarter [3][20] Summary by Sections 1. Event - Public funds are required to disclose their top ten heavy stocks within 15 days after the end of each quarter, and the report analyzes the top heavy stocks in the basic chemical industry for Q1 2025 [1][12] 2. Holdings Change - The heavy stock holding ratio in the basic chemical sector increased slightly by 0.05 percentage points quarter-on-quarter but decreased by 0.49 percentage points year-on-year [2][13] - The basic chemical industry is underweighted by 0.2%, with a quarter-on-quarter decrease of 0.04 percentage points [2][13] - The oil and chemical sector saw a significant increase in public fund holdings since Q3 2020, but the proportion dropped to 0.4% in Q1 2025, a decrease of 0.74 percentage points year-on-year [2][18] 3. Individual Stock Analysis - The top five heavy stocks in Q1 2025 are Wanhua Chemical, Juhua Co., Sailun Tire, Hualu Hengsheng, and Satellite Chemical, with Satellite Chemical replacing China National Petroleum in the top five [4][29] - The number of companies in the agricultural chemical sector remains the highest among the top 50 heavy stocks, with 9 companies, accounting for 18% [4][29] 4. Market Preference Analysis - The proportion of holdings in industry leaders has decreased, with a shift towards small and mid-cap stocks [5] - Stocks with a market capitalization of over 500 billion accounted for 33.7% of the total market value of the top 50 chemical stocks, a decrease of 7.49 percentage points [5]

前一日，富国基金宣布，公司及其高级管理人员将出资不低于 2000 万元，拟任基金经理将出资不低于 500 万元， 合计共同出资不低于 2500 万元认购富国均衡投资混合型证券投资基金，并承诺至少持有 1 年以上。 公募排排网数据显示，截至5月7日，共有103家公募机构合计自购达533次，净申购金额高达83.2亿元。从自购基 金类型来看，货币型基金成为公募机构自购的"宠儿"。 今年以来，公募机构自购旗下货币型基金次数达136次，净申购金额达48.95亿元，占自购总金额的58.83%。债券 型基金紧随其后，年内公募机构自购旗下债券型基金次数达99次，净申购金额12.06亿元，占自购总金额的 14.49%。股票型基金和混合型基金自购金额"旗鼓相当"，年内公募机构自购旗下股票型基金和混合型基金的次数 分别为114次和149次，净申购金额则分别为9.05亿元和8.22亿元，占比分别为10.87%和9.88%。此外，FOF基金、 QDII基金、另类投资基金亦有自购，今年以来净申购金额分别为4.15亿元、0.5亿元、0.27亿元。（南木） 【环球网金融综合报道】近段时间，公募基金自购动作频频，引发市场广泛关注。5月7日，安 ...

Group 1 - The core viewpoint of the news is that several public funds managed by浦银安盛基金 have changed their performance benchmarks to better reflect their risk-return characteristics [1][2] - The performance benchmark for浦银安盛稳健增利债券基金 (LOF) has been modified from "中证全债指数" to a new formula that includes "中债综合（全价）指数收益率*85% + 中证可转换债券指数收益率*5% + 银行活期存款利率（税后）*10%" [1] - The benchmark for浦银安盛悦享30天持有期债券基金 has changed from "中债综合全价指数收益率*90% + 一年期定期存款利率（税后）*10%" to "中债综合全价（1年以下）指数收益率*80% + 银行一年期定期存款利率（税后）*10% + 银行活期存款利率（税后）*10%" [1] - The浦银安盛双债增强债券基金's benchmark has been adjusted from "中证可转换债券指数收益率*40% + 中证综合债券指数收益率*50% + 沪深300指数收益率*10%" to "中债综合（全价）指数收益率*55% + 中证可转换债券指数收益率*30% + 沪深300指数收益率*5% + 银行活期存款利率（税后）*10%" [1] Group 2 - The changes in performance benchmarks are among the first public fund products to be modified following the release of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds" on May 7 [2] - The "Action Plan" emphasizes the need to strengthen the regulatory role of performance benchmarks, establishing guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks, as well as mechanisms for correction [2] - The plan aims to ensure that performance benchmarks effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [2]

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]

新华财经北京5月9日电以基金成立日统计，2025年4月公募基金市场合并发行规模约为933.55亿元，环比下降10.3%。 从产品发行结构来看，4月股票型基金发行规模最大，超过400亿元。债券型基金发行规模紧随其后。浦银安盛普航3个月定开、泰康中债1-5年政策性金融债 指数发行规模居前。 4月共有二十余只基金宣布延募，涉及万家国证航天航空行业ETF、招商中证卫星产业ETF等基金。 合并发行规模约为933.55亿元环比下降10.3% 以基金成立日统计，2025年4月公募基金市场合计发行基金产品125只（初始基金口径并剔除转型基金和后分级基金，下同），合并发行规模约为933.55亿 元，发行规模同比下降34.88%，环比下降10.3%。 发行份额方面，4月新成立基金合计发行924.88亿份，较2024年同期下降34.45%。 | 百月 小杉 | | | --- | --- | | 4月新发基金类型统计 | | | ਨੂੰ ਸੀ। 合并发行规模 (亿元) | | | 股票型基金 | 458.85 | | 债券型基金 | 337.97 | | FOF基金 买 灯 【 88.84 | | | 混合型基金 | 31.85 ...

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 ...

公募基金历史相对业绩比较基准的超额收益统计： 1 、 从所有公募基金的角度来看， 2017 年至 2025 年 4 月底期间，所有公募基金 3 年累计跑输业绩比较基准 10% 以上的平均占比为 15% 左右。 2 、 主 动权益基金的超额收益分布波动更大。 2022 年至 2024 年，主动权益基金 3 年累计跑输业绩比较基准 10% 以上的比例一度高达 64% 。随着《方案》的落地，主动权益基金的超额收益有望更为稳定。 风险提示： 公募基金相对业绩比较基准的超额收益统计基于历史业绩测算，不代表未来。 文章来源 本文摘自：2025年5月7日发布的 受人之托，忠人之事——《推动公募基金高质量发展行动方案》 倪韵婷 ，资格证书编号： S0880525040097 庄梓恺 ，资格证书编号： S0880525040038 报告导读： 2025 年 5 月 7 日，证监会印发《推动公募基金高质量发展行动方案》。本 次方案对于未来公募基金行业发展起到了方向性的指引，公募基金整体考核将从历史上重 规模向重回报改变，方案强调了对投资者的保护，同时对于公募行业参与的各类机构也均 提出了规范化的业态要求，为公募行业长期健康高质量 ...