第三，壮大权益类基金，提升市场活力。改革突出发展权益类基金导向，加上此前提及的助力持有A股 流通市值未来三年每年增长的目标。权益类基金规模扩大，有助于增加股市资金供给，推动股价合理上 升，提升市场活跃度。而且权益类基金投资分散，能带动不同行业发展，促进产业升级和经济结构调 整，为股票市场中长期繁荣奠定经济基础。 总体而言，《推动公募基金高质量发展行动方案》从多方面发力，对股票市场中长期发展在稳定市场、 吸引资金、促进经济结构调整等方面有着积极意义，有望构建更健康、可持续的市场生态。 风险提示：本材料所载信息不构成对买卖任何证券或提供任何投资决策建议的服务。该等信息在任何时 候均不构成对任何人的具有针对性的、指导具体投资的操作意见，投资者应当对本材料的信息进行评 估，根据自身情况自主做出决策并自行承担风险。我们对所载材料的准确性、可靠性、时效性及完整性 不作任何明示或暗示的保证。本材料所载内容仅为该资料出具日的信息，后续可能发生变更。未经授权 禁止第三方机构或个人以任何形式进行商业用途的传播、剪辑。 专题：证监会印发《推动公募基金高质量发展行动方案》 文/博时基金首席权益策略分析师 陈显顺 第一，《推动公募基金 ...

Core Viewpoint - The article outlines the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), aiming to address existing issues in the public fund industry and enhance its contribution to the economy and investor satisfaction [4][5]. Group 1: Overall Requirements - The plan is guided by Xi Jinping's thoughts and aims to implement decisions from various key meetings, emphasizing strong regulation, risk prevention, and high-quality development [5]. - It stresses the importance of aligning fund company operations with investor interests and transitioning from a focus on scale to investor returns [5]. Group 2: Optimizing Fund Operation Models - A floating management fee mechanism linked to fund performance will be established, encouraging fund companies to align fees with investor returns [6][7]. - Transparency will be enhanced through improved disclosure templates for actively managed equity funds, showcasing performance, fees, and investor outcomes [8]. Group 3: Improving Industry Assessment and Evaluation - Fund companies will be required to adopt a performance-based assessment system, prioritizing investment returns over size and profit metrics [9][10]. - The evaluation system will incorporate long-term performance metrics, with a significant weight on three-year returns [9][10]. Group 4: Enhancing Equity Investment Scale - The plan aims to increase the proportion of equity investments in public funds, with regulatory support for equity fund development [11]. - Innovations in equity fund products will be encouraged, including performance-linked fee structures and the development of index funds [11]. Group 5: Promoting High-Quality Development - Governance structures of fund companies will be improved, emphasizing the role of independent directors and preventing undue influence from major shareholders [14]. - The plan supports the enhancement of investment research capabilities and the adoption of new technologies in fund management [14][15]. Group 6: Risk Management and Compliance - A multi-layered liquidity risk prevention mechanism will be established, along with guidelines for fund participation in swap transactions [18][19]. - The plan emphasizes the need for strict compliance and regulatory enforcement to enhance the industry's reputation and operational integrity [20][21].

证监会印发《推动公募基金高质量发展行动方案》，其中提出，进一步加大法制供给。推动《中华人民 共和国证券投资基金法》修订，加强基金公司股东股权、公司治理、基金运作、人员管理、市场退出等 重点领域制度供给，丰富监管执法手段，大幅提高违法违规成本。推动加强行政执法与刑事司法衔接， 从严打击利用未公开信息交易、内幕交易、操纵市场等严重违法犯罪行为。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, supporting the coordinated development of various fund products [1] Group 1: Regulatory Changes - The CSRC has revised the "Public Fund Operation Management Measures" to improve and optimize the establishment standards, ongoing conditions, and exit mechanisms for public funds [1] - The action plan aims to further refine product classification standards and orderly expand the investment scope and strategies of public funds, enhancing operational flexibility [1] Group 2: Product Development - There will be an increased focus on creating low-volatility products with rights and asset allocation products, as well as revising the rules for Fund of Funds (FOF) and target-date funds to cater to different risk preferences of investors [1] - The initiative promotes the coordinated development of equity investments and fixed-income investments [1]

中国证监会印发《推动公募基金高质量发展行动方案》，优化行业发展格局。支持优质头部基金公司业 务创新发展，促进资产管理和 综合财富管理能力双提升。制定中小基金公司高质量发展示范方案，支 持特色化经营、差异化发展。出台《公募基金运营服务业务管理办法》，推动降低信息技术系统租赁与 使用费，助力行业机构降本增效。支持基金公司市场化 并购重组，推动严重违规机构依法出清。 ...

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。 ...