证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250507 支持稳市场稳预期，中央出台新政策 2025 年 05 月 07 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《指数短期震荡回调，看好北交所长 期配置》 2025-04-27 《中共中央、国务院印发关于实施自 由贸易试验区提升战略建议，支持数 字贸易创新发展》 2025-04-21 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：国务院新闻办公室于 2025 年 5 月 7 日上午 9 时举行新 闻发布会，请 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," which outlines 25 measures aimed at addressing industry pain points and guiding the transformation of the public fund sector towards high-quality development [1] Group 1: Key Measures and Mechanisms - The floating fee mechanism is highlighted as a core strategy for high-quality development, linking fund managers' fees to investors' actual gains and losses, thus promoting a shared value creation model [2][3] - The action plan emphasizes optimizing the fee structure for actively managed equity funds, implementing a floating management fee that varies based on fund performance relative to a benchmark [3] Group 2: Investor-Centric Approach - The floating management fee mechanism encourages long-term investment by providing fee discounts for investors who hold funds for a certain period, thereby reducing irrational trading and enhancing profit experiences [3] - The plan aims to enhance investor satisfaction by adjusting fees based on actual performance, reinforcing a value-oriented approach centered on investors [3] Group 3: Industry Development and Trends - The action plan and the exploration of the floating fee mechanism are seen as crucial steps for the sustainable development of the public fund industry, fostering a community of shared interests between fund managers and investors [4] - The public fund industry in China is expected to follow a similar trend to the U.S., where management fees have decreased by approximately 40% since 2000, indicating a gradual reduction in costs for investors [4]

对于方案的发布，基金公司也纷纷展开热议，多家管理人针对费率机制革新、优化主动权益收费模式， 壮大权益类基金、提升市场活力，强化业绩比较基准的约束作用等方面进行了解读。也有基金公司表 示，下一步将根据相关要求，增加发行基于业绩比较基准的浮动管理费率主动权益基金，进一步强化业 绩比较基准的约束作用。探索优化主动权益类基金收费机制，强化与投资者利益绑定 5月7日，证监会正式发布《推动公募基金高质量发展行动方案》，明确提出优化基金运营模式、完善行 业考核评价制度、提升公募基金权益投资规模与占比等举措，为推动行业高质量发展提供了一揽子政策 措施，也为公募基金的后续工作指明了方向。 《每日经济新闻》记者注意到，行动方案提出的25条举措中，对主动权益类基金收费机制的探索受到基 金管理人和投资者的高度关注。 5月7日下午，中国证监会印发《推动公募基金高质量发展行动方案》(以下简称行动方案)，聚焦投资者 回报与行业长期发展，落实新"国九条"要求，提出25条举措，标志着公募基金进入以回报为导向、高质 量转型的新阶段。 与国际成熟市场类似，目前我国主动权益类基金主要采用固定费率模式，按基金资产净值的一定比例收 取管理费。2023年 ...

长江商报奔腾新闻记者 李璟 公募业迎来重大改革。 《方案》既涉及公募基金行业机构内部产品设计、投资运作、市场推广等方面制度机制的改革调 整，也涉及行政监管、行业自律等方面制度机制的优化完善。据悉，文件中涉及的改革举措，需要20余 件配套法规细化落地，证监会已逐一制定各项政策举措的落实时间表，后续将把握好改革推进节奏，成 熟一项推出一项。 同时，督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制。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。强化跟投要求，在现有20%、30%基础上， 进一步提高基金公司高管、主要业务部门负责人、基金经理对本公司管理基金产品的跟投比例，并对现 行1年的跟投锁定期适当予以延长，以更好实现与投资者的利益绑定。 奔腾新闻记者了解到，《方案》通过全面深化改革，强化公募基金行业与投资者的利益绑定，增强 公募基金投资行为的稳定性，提升公募基金服务投资者的能力，发展壮大权益类公募基金，进而更好发 挥行业功能。 责编：ZB 具体来看，《方案》优化了主动管理权益类基金收 ...

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to address industry pain points and shift the focus from "scale" to "returns" in the public fund industry, enhancing investor experience and safety [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the need to strengthen the binding of interests between fund companies and investors, introducing a floating management fee model linked to fund performance to counteract the "guaranteed returns" phenomenon [2][3]. - Fund companies are required to establish a performance-based floating management fee mechanism, where fees are adjusted based on the fund's performance relative to a benchmark, promoting long-term investment strategies among investors [2][3]. - The plan mandates that leading fund management institutions issue floating fee funds, with a target of at least 60% of new active management equity fund issuances [3]. Group 2: Performance Evaluation and Incentives - The plan calls for a comprehensive overhaul of the performance evaluation system, focusing on long-term investment returns rather than short-term metrics, with a minimum of 50% weight on investment returns for company executives and 80% for fund managers [5][6]. - Fund companies must implement a salary management mechanism linked to investment returns, ensuring that fund managers' compensation reflects their performance over a longer period [6][7]. - The emphasis on long-term performance aims to stabilize fund products and encourage the inflow of long-term capital into the market [6][7]. Group 3: Innovation and Market Vitality - The plan encourages the innovation and development of equity funds, proposing a rapid registration mechanism for equity fund products to enhance market liquidity and attract long-term investments [8][9]. - It supports the development of various index funds and thematic investment products, aiming to diversify investment options and improve market stability [8][9]. - The plan also introduces a classification evaluation mechanism for fund sales institutions, prioritizing those with strong performance metrics in product approvals and licensing [10]. Group 4: Enhancing Investor Services - The plan requires public fund institutions to improve their investor service capabilities and strengthen core research and investment capabilities [11][12]. - It supports the development of a direct sales service platform for institutional investors and outlines regulations for investment advisory services [12]. - The focus on enhancing investor services aims to build trust and confidence in public funds, ultimately benefiting the capital market [12][13]. Group 5: Risk Control and Compliance - The plan emphasizes the importance of risk control and compliance, proposing measures to enhance internal management and accountability within fund companies [13]. - It aims to create a stable and self-regulating industry environment by improving governance structures and addressing violations [13]. - The overall goal is to establish a robust ecosystem that attracts long-term capital and supports the healthy development of the capital market [13].

证券研究报告 | 基金研究（公募） 2025 年 5 月 8 日 《推动公募基金高质量发展行动方案》解读 针对公募基金行业在快速发展中暴露出的经营理念有偏差、功能发挥不充分、发展 结构不均衡、投资者获得感不强等问题，2025 年 5 月 7 日，证监会发布《推动公 募基金高质量发展行动方案》，旨在推动行业加快实现高质量发展，实现从重规模 向重投资者回报转型。本文对政策提及的运营模式、考核机制、权益类产品、行业 生态建设、合规风控管理、监管执法等六个方面入手，结合市场整体情况、相关机 制设计等进行政策解读。 徐燕红 S1090524120003 xuyanhong@cmschina.com.cn 高艺 S1090524020001 gaoyi2@cmschina.com.cn 徐肖雅 研究助理 xuxiaoya@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 政策主要内容：《推动公募基金高质量发展行动方案》主要涉及了公募基金运 营模式、考核机制、权益类产品、行业生态建设、合规风控管理、监管执法等 六个方面。 ➢ 运营模式：加强基金公司与投资者的绑定。一方面，建立与基金业绩表现挂钩 的浮动管理费收取机 ...

一系列回应市场和社会关切的改革措施，着力督促基金公司、基金销售机构等行业机构从"重规模"向"重回报"转变，形成行业高质量发展的"拐点"。 文｜ 《财经》记者 黄慧玲 编辑 | 陆玲 从"三瓜两枣"的费率改革到与基民利益的深度绑定，再到绩差基金经理降薪、高管"连坐"。过去三年里，公募基金行业的改革，变得愈发"可感可及"。 5月7日，证监会发布《推动公募基金高质量发展行动方案》。（下称"方案"）与此前发布的政策对比可发现，此次方案既是对"压舱石""稳定器"要求的延 续，亦是近三年的市场波动中不断发现问题、逼近公募基金行业症结的结果呈现。 "当前中国公募基金公司的收费模式的确存在一定问题，'重规模'的考核机制造成了基金经理过度追求短期业绩，基民过度关注短期业绩而忽视风险，同 时公募基金销售收入与承销基金费率挂钩，使得基金投资顾问难以秉持信义义务，他们不是从客户的需求出发，而是从个人利益出发，推销那些费率高的 基金，造成了基金投资市场的扭曲。"上海交通大学上海高级金融学院副教授李楠告诉《财经》。 "经营理念有偏差、功能发挥不充分、发挥结构不均衡、投资者获得感不强"，证监会在通知中提及当前行业面临的种种问题，在行动方案 ...

Core Viewpoint - The issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant transformation in China's public fund industry, shifting from a "scale-oriented" approach to a "quality-oriented" one, focusing on investor interests and long-term stable capital inflow [2][3][4]. Policy Design Logic - The core logic of the policy is to establish a floating management fee mechanism linked to fund performance and implement long-term assessments for fund companies, aiming to break the traditional "scale-first" mentality and reshape the industry ecosystem [3][4]. - The floating management fee directly ties fund company income to investor returns, ending the fixed fee model and promoting performance-driven growth [3][4]. - Long-term assessments discourage short-term speculative behaviors and guide funds towards assets with long-term growth potential, addressing issues like short-termism and misaligned interests in the industry [3][4]. Impact on Fund Companies - Fund companies are required to enhance active management capabilities, optimize investment strategies, and cultivate professional investment teams to adapt to the new quality-oriented focus [5][6]. - The long-term assessment mechanism will attract institutional investors like insurance and pension funds, helping to stabilize market fluctuations caused by retail investor behaviors [5][6]. Focus on Small and Medium Fund Companies - Small and medium fund companies are encouraged to adopt differentiated competition strategies, such as focusing on niche markets and developing thematic ETFs or enhanced index products [7]. - These companies should leverage their flexibility to concentrate on specific investment areas, enhancing their research capabilities and improving customer service to attract investors [7][8]. Index Fund Expansion and Product Innovation - The plan aims to increase the scale and stability of equity investments and optimize the registration mechanism for index funds, which is expected to enhance market stability and support the "slow bull" market goal [8][9]. - Shenzhen is positioned to leverage its status as a technology innovation center to expand index funds and innovate low-volatility products, attracting long-term capital into hard technology sectors [9]. Investor Experience Improvement - The action plan includes measures to reduce investor costs, such as lowering subscription fees and enhancing transparency, which will improve the overall investment experience for fund investors [10][11]. - The shift from a "sales-oriented" to a "service-oriented" model aims to protect investor rights and enhance confidence in the market [10][11].

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：证监会印发《推动公募基金高质量发展行动方案》 作者：中国银河证券基金研究中心胡立峰 2025年5月7日，证监会印发的《推动公募基金高质量发展行动方案》提出，优化基金运营模式，建立健 全基金公司收入报酬与投资者回报绑定机制，主动权益基金建立与基金业绩表现挂钩的浮动管理费收取 机制，强化业绩比较基准的约束作用。 主动权益基金个人投资者占比高亟需改革突破 近年来主动权益基金发展面临业绩波动等困难，由于个人投资者占比较高，亟需改革突破高质量发展。 公募基金持有人结构整体是个人51.89%、机构48.11%。但是，主动权益基金持有人结构较为特殊，个 人投资者占比达到85.27%，机构占比14.73%。被动权益基金相反，个人投资者占比38.87%，机构投资 者占比是61.13%，主要是因为机构投资者持有较大规模的ETF基金。主动权益基金规模从2021年末巅峰 状态的4万亿减少到2025年1季度末的2.5万亿。各个类型基金的资产规模行业占比看，主动权益基金从 2021年6月末的16.93%降低到2024年末的7.45%。截止2025年1季度末，权益基金规模6.38万亿 ...

Market Performance - On May 7, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.8% to 3342.67 points, the Sci-Tech 50 Index increasing by 0.36% to 1030.19 points, the Shenzhen Component Index up by 0.22% to 10104.13 points, and the ChiNext Index gaining 0.51% to 1996.51 points [1] - Hong Kong stocks opened higher but narrowed gains, with the Hang Seng Index closing up 0.13% at 22691.88 points and a total turnover of HKD 2400.5 million; the Hang Seng China Enterprises Index fell by 0.23% to 8242.25 points, and the Hang Seng Tech Index dropped by 0.75% to 5200.04 points [1] - U.S. stocks also experienced gains, with the Dow Jones Industrial Average rising by 284.97 points (0.70%) to 41113.97 points, the Nasdaq up by 48.50 points (0.27%) to 17738.16 points, and the S&P 500 increasing by 24.37 points (0.43%) to 5631.28 points [1] New Stock Offerings - Two new stocks are available for subscription today: - Taili Technology, with a subscription price of CNY 17.05 per share and a price-to-earnings ratio of 21.55, focuses on new material research and vacuum technology applications, offering a range of home storage products and related functional materials [3] - Weigao Blood Purification, priced at CNY 26.5 per share with a price-to-earnings ratio of 24.82, specializes in the research, production, and sales of medical products for blood purification, including hemodialysis devices and peritoneal dialysis solutions, making it one of the most comprehensive manufacturers in this field in China [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development in the public fund industry, emphasizing the need for improved salary management linked to fund performance [4][5] - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive reasonable increases [5] - The action plan includes 25 measures designed to shift the focus of the industry from scale to returns, addressing market and social concerns and aiming for a turning point in high-quality development [5] Industry Insights - According to preliminary data from the China Passenger Car Association, the wholesale sales of new energy passenger vehicles in April 2025 are estimated at 1.14 million units, representing a year-on-year increase of 42% and a month-on-month increase of 1% [6] - Cumulatively, from January to April 2025, the total wholesale volume reached 4 million units, also reflecting a year-on-year growth of 42% [6]