此外，中信建投智享生活C、华夏优势精选、南方成长先锋、北信瑞丰产业升级等跑输幅度超15%。 据Wind数据，截至5月6日，主动权益基金中，有103只（不同份额分开计算）年内净值跑输业绩比较基准超10%。银河君荣I今年以来净 值增长为-37.89%，同期业绩比较基准增长率为-0.99%，跑输36.90%。这只灵活配置型基金在去年重仓酒水、能源、消费等板块，股票占 比基金净值超52%，但今年一季度，该基金基本清仓上述重仓持股。 财通基金旗下多只产品跑输幅度在20%左右，包括匠心优选一年持有、景气甄选一年持有、智慧成长、多策略福鑫、成长优选、价值动 量等，上述基金管理者均包含金梓才，其管理的财通景气甄选一年持有曾为2024年全市场基金中的"亚军基"。金梓才管理的基金在重仓 股上重合度较高，因此业绩表现会趋同，而较为激进的配置风格也让其管理的基金波动偏高。 | 名称 | 最新基金净值(元) | 今年以来净值增长率(%) | 今年以来业绩比较基准增长率(%) | 今年以来净值超越基准增长率(%) | | --- | --- | --- | --- | --- | | 银河君荣I | 1. 0000 | -37.89 | ...

专题：证监会印发《推动公募基金高质量发展行动方案》 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日下午，中国证监会正式发布《推动公募基金高质量发展行动方案》（以下简称"行动方案"或"方 案"）。 长期以来，以规模论英雄成为行业主流，片面地追求规模而忽视了散户利益，经过35年之后，我们终于 开始直面问题并采取行动，这是中国股市最大的利好，若加大落实力度，散户朋友购买基金有望开始赚 钱，这样，中国股市就开始有了希望。 当然，散户朋友也要擦亮双眼，要做好人买好基才能得好报。在彻底落实25条之后，散户朋友可以开始 实施先买基金毕业后再购买股票。 李大霄声明：理财有风险，投资需谨慎，个人观点仅供参考，不构成投资建议，操作风险自担。 A0590624090001。 责任编辑：刘万里 SF014 方案坚持党对公募基金行业的全面领导，突出行业发展的政治性与人民性，坚持以投资者为本的发展理 念，以强监管、防风险、促高质量发展为主线，探索建立适合中国国情、市情的公募基金发展新模式； 坚持问题导向、目标导向，提出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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," aiming to deepen reforms in the public fund industry, enhance investor service capabilities, and strengthen the binding of interests between the industry and investors [1][9]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, including optimizing fund operation models and enhancing risk management, to shift the industry focus from "scale" to "investor returns" [2][9]. - A new industry evaluation system centered on fund investment returns will be established, incorporating performance benchmarks and profit margins into the assessment framework [2][4]. Group 2: Performance Benchmarking - The performance benchmark will serve as a "anchor" and "ruler" for fund investments, clarifying investment styles and constraining investment behaviors to prevent significant deviations from product names and positioning [3][4]. - The plan aims to address issues of performance volatility and style drift in actively managed equity funds by reinforcing the constraints of performance benchmarks [3][4]. Group 3: Floating Management Fee Mechanism - The "Action Plan" introduces a floating management fee model linked to fund performance, allowing for differentiated fee rates based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to implement this model for 60% of newly registered active equity funds within a year, with a phased approach for larger and smaller institutions [6][9]. Group 4: Compensation and Evaluation - The plan emphasizes the need for fund companies to align the interests of executives and fund managers with those of investors, with performance metrics weighted heavily towards fund investment returns [7][8]. - Fund managers with performance significantly below benchmarks will see a reduction in performance-based compensation, while those exceeding benchmarks may receive increases [7][8]. Group 5: Development of Investment Institutions - The "Action Plan" outlines measures to enhance fund company governance, improve investor service capabilities, and support the coordinated development of equity and fixed-income funds [8]. - It encourages the development of small and medium-sized fund companies through specialized operations and aims to improve the competitive landscape of the industry [8][9].

专题：证监会印发《推动公募基金高质量发展行动方案》 其次，在考核体系方面，《方案》明确提出以三年以上的长期收益为核心，对基金公司高管和基金经理 实施"长周期"激励约束，杜绝短期行为诱导的业绩波动。这一机制不仅提高了基金产品的稳定性，也有 助于引导长期资金合理入市，服务资本市场和实体经济的良性循环。 第三，在服务能力方面，《方案》要求基金公司加强投研能力建设，优化投研资源配置。同时，政策提 出构建机构投资者直销平台和《公开募集证券投资基金投资顾问业务管理规定》的出台，进一步提升服 务中长期资金和养老金投资的效率。 作者：招商基金研究部首席经济学家李湛 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（简称《方案》），该《方案》 聚焦投资者回报与行业长期发展，落实新"国九条"要求，标志着公募基金进入以回报为导向、高质量转 型的新阶段。 《方案》围绕五个重点方向，构建起改革的系统框架。首先，在运营机制上，政策推动基金管理费从固 定收费模式向与业绩挂钩的浮动机制转变，打破"旱涝保收"的传统模式，强化基金管理人与投资者之间 的利益联结。特别是对主动管理型权益基金，管理费率将根据基金在持有期内的业绩相 ...

中国证监会于今天（5月7日）公开印发《推动公募基金高质量发展行动方案》，关系亿万基民的投资收 益。如何强化基金公司与投资者的利益绑定？怎么扭转基金公司"旱涝保收"的现象？《行动方案》重磅 政策很多，为你一一解答。 近年来，我国公募基金行业不断壮大，去年9月份以来，权益类基金规模已经从7万亿元增长到目前的 8.3万亿元，增长迅速。但是，基金行业也暴露出投资者获得感不强等问题。为推动行业高质量发展， 行动方案共提出25条举措。其中重点关注了多个基民期盼已久的问题。 问题一：如何扭转基金公司"旱涝保收"的现象？ 《行动方案》提出，对主动管理权益类基金，大力推行基于业绩比较基准的浮动管理费收取模式。督促 行业回归受人之托、代人理财的本源，业绩差的必须少收管理费。《行动方案》指出，已经要求头部机 构在接下来这一年里，新注册的主动权益类基金的60%应采取上述浮动费率安排，试行一年后逐步推 开。目前，已有20余家机构做好申报发行此类新产品的准备工作，新产品将会很快推出。 问题二：如何强化基金公司与投资者的利益绑定？ 《行动方案》指出，将把业绩是不是跑赢基准、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 ...

Macro Dynamics - The China Securities Regulatory Commission (CSRC) has issued a plan to enhance the pricing decision mechanism for new stocks by mutual funds, promoting reasonable and prudent pricing [1] - The Ministry of Foreign Affairs stated that external shocks, such as high tariffs, will not alter the fundamental strengths of the Chinese economy, which remains resilient and has strong potential [2] - As of April 2025, China's foreign exchange reserves reached $32,817 billion, an increase of $41 billion from March, reflecting a 1.27% rise [3] - During the May Day holiday from April 29 to May 6, China's railways transported 151 million passengers, a year-on-year increase of 10.6% [4] Financial Institutions - The National Financial Regulatory Administration has approved the establishment of a financial asset investment company by Industrial Bank, which must complete the setup within six months [9] Market Data - On May 7, the A-share market saw all major indices rise, with the Shanghai Composite Index up 0.8% and the Shenzhen Component Index up 0.22%, with a total trading volume of approximately 1,468.33 billion yuan [10] - As of May 6, the financing balance on the Shanghai Stock Exchange was 908.24 billion yuan, an increase of 5.94 billion yuan from the previous trading day [11] - The Hong Kong stock market closed with the Hang Seng Index up 0.13% and the Hang Seng Tech Index down 0.75% [12] Company Dynamics - Geely Automobile announced plans to fully acquire Zeekr, which it currently holds approximately 65.7% of, marking a significant consolidation in its automotive business [13] - TEMU has ceased its full custody model in the U.S. market, indicating a shift in its operational strategy [14] - Taobao and Xiaohongshu have entered a strategic partnership to enhance the shopping experience by linking product recommendations directly to Taobao [15][16] - WoFei ChangKong has secured a financing lease credit line of 6 billion yuan, the highest in the domestic eVTOL sector [17] - Shanghai Lego Land Resort is set to open on July 5, 2025, with tickets now available for purchase [18] - Country Garden Services announced a 1 billion yuan revolving loan to assist its major shareholder in fulfilling delivery commitments [19] - Changan Automobile has refuted rumors of merging with Dongfeng Group and is taking legal action against those spreading false information [20]

方案坚持党对公募基金行业的全面领导，突出行业发展的政治性与人民性，坚持以投资者为本的发展理 念，以强监管、防风险、促高质量发展为主线，探索建立适合中国国情、市情的公募基金发展新模式； 坚持问题导向、目标导向，提出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"。 《每日经济新闻》记者注意到，行动方案共提出25条举措，重点包括：优化主动管理权益类基金收费模 式，强化基金公司与投资者的利益绑定，提升行业服务投资者的能力，提高公募基金权益投资的规模和 稳定性，一体推进强监管防风险促高质量发展等等。 公募行业重要改革来了：行动方案正式发布 5月7日上午，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，并答记者 问。中国证监会主席吴清在发布会上介绍，证监会将于当日发布《推动公募基金高质量发展行动方 案》。 每经记者｜李蕾 每经编辑｜赵云 下午，行动方案正式印发，公募基金行业迎来重要改革。 公募基金行业迎来重要改革。 据悉，方案共提出25条举措，重点如下： 5月7日下午，中国证监会正式发布《推动公募基金高质量发展 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," aiming to transform the public fund industry from focusing on scale to prioritizing returns, enhancing investor satisfaction, and providing a clear roadmap for future development [2] Group 1: Reform Measures - The plan addresses the long-standing issue of "guaranteed returns" in the public fund industry, where management fees are disconnected from performance, thus failing to protect investor interests [3] - A floating management fee mechanism linked to fund performance will be established for newly set up actively managed equity funds, with fee rates adjusted based on performance relative to benchmarks [4] - Regulatory requirements mandate that leading institutions must issue at least 60% of their actively managed equity funds under this new fee structure within one year [5] Group 2: Performance Evaluation Changes - The plan emphasizes long-term performance evaluation, shifting the focus from short-term metrics to a system that prioritizes fund investment returns [6] - Fund companies must ensure that the performance indicators for executives and fund managers reflect long-term investment returns, with at least 50% weight on investment returns for executives and 80% for fund managers [7] - Key performance indicators for fund companies will now include investor returns and benchmark comparisons, with a significant increase in the weight of long-term performance metrics [7] Group 3: Salary Management - The plan aims to improve salary management systems within fund companies, linking compensation to fund investment returns and enforcing stricter requirements for fund managers regarding performance [8] - Fund managers with long-term performance below benchmarks will see a significant reduction in their performance pay, while those exceeding benchmarks can receive increased compensation [8] Group 4: Focus on Equity Investment - The plan seeks to enhance the scale and proportion of equity investments within public funds, with regulatory measures to support this shift [9] - A classification evaluation mechanism for fund sales institutions will be established, prioritizing those that focus on equity fund sales and long-term investor returns [10] - The registration process for equity funds will be expedited, significantly reducing the time required to bring quality products to market [10] Conclusion - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant milestone for the public fund industry, aiming to resolve long-standing issues and drive the industry towards high-quality development, ultimately benefiting investors and contributing to the stability of the capital market [10]

5月7日，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》），以25条具体举措直 击行业痛点，从收费模式改革、利益绑定机制、投资者服务能力到权益投资规模等多维度发力，旨在构建规范、 透明、开放、有活力的资本市场生态。 证监会主席吴清在国新办新闻发布会上指出，此次改革的核心是 "以投资者为本"，通过优化基金运营模式、完善 考核评价体系、提升权益投资能力等措施，推动行业回归 "受人之托、代人理财" 的本源。 值得关注的是，改革直指行业考核 "指挥棒"，要求提高基金公司高管、基金经理跟投本公司管理产品的比例和锁 定期要求。具体来看，基金公司股东和董事会对公司高管的考核，基金投资收益指标权重不低于50%；对基金经 理的考核，基金产品业绩指标权重不低于80%。对基金投资收益全面实施长周期考核机制，其中三年以上中长期 收益考核权重不低于80%。 此外，《行动方案》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。 《行动方案》 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, focusing on optimizing the fee structure for actively managed equity funds and enhancing the performance evaluation and compensation mechanisms for fund managers [1]. Group 1: Fee Structure Optimization - The action plan promotes a performance-based floating management fee model for newly established actively managed equity funds, where the fee rate is determined based on the fund's performance relative to a benchmark [2]. - Fund companies are encouraged to issue at least 60% of their actively managed equity funds under this new fee structure within a year [2]. Group 2: Performance Evaluation and Compensation - Fund managers' performance pay will be reduced if their funds underperform the benchmark by more than 10 percentage points over three years [2]. - The action plan mandates that the performance evaluation of fund companies should prioritize investment returns, with at least 80% of the evaluation weight on long-term performance metrics [3]. Group 3: Registration and Sales Mechanisms - A fast registration mechanism for ETFs will be implemented, aiming to complete the registration process within five working days [4]. - A classification evaluation mechanism for fund sales institutions will be established to enhance the issuance and sales of equity funds [5]. Group 4: Investor Services and Product Development - The action plan emphasizes improving services for long-term investors and creating more suitable fund products for personal retirement investments [7]. - It also aims to enhance the flexibility of public fund operations and expand investment strategies to meet diverse investor needs [7]. Group 5: Regulatory Enhancements - The action plan includes measures to strengthen regulatory enforcement and increase penalties for violations, ensuring stricter governance and compliance within the industry [9][10]. - It emphasizes the need for improved governance structures and higher entry standards for fund companies and sales institutions [9].