编者按：中国证监会于近日公开印发《推动公募基金高质量发展行动方案》。随着改革方案的落地实 施，公募基金将更加突出投资者利益导向，投资者的获得感将进一步提升。在此背景下，本报推出"公 募基金高质量发展在行动"系列报道，观察、思考和前瞻公募基金行业的新动向、新需求、新趋势、新 挑战，助力公募基金行业高质量发展。 ● 本报记者王雪青魏昭宇 中国证监会近日印发《推动公募基金高质量发展行动方案》，正式拉开公募基金行业系统性改革的大 幕。行动方案共提出25条举措，推动基金公司从"重规模"向"重回报"转变，通过建立长效考核机制、强 化基金公司与投资者利益绑定等制度设计，推动公募行业回归"受人之托、代客理财"的本源。 多位公募人士向中国证券报记者表示，本次行动方案充分贯彻了以投资者为本的理念。其中，有关建立 健全基金公司收入报酬与投资者回报绑定机制、全面强化长周期考核与激励约束机制等内容，给予公募 机构在市场营销、投研建设等方面诸多启示，有助于基金公司建立与投资者利益一致的薪酬考核体系， 从而激励基金公司更好为投资者服务。 从"收费模式"到"收益共享" 业内人士认为，《行动方案》的一大突破性改革在于对公募传统收费模式的颠覆。 ...

业内人士表示，这25条改革措施，既涉及行业机构内部产品设计、投资运作、市场推广、绩效考核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。总的来看，行动方案通过完善长效制度机制，强化激励约束作 用，督促、引导基金公司、基金销售机构等行业机构回归初心使命，努力提升投资者获得感。 对于业绩比较基准，业内人士表示，这相当于基金投资的"锚"和"尺"，是基金公司根据产品类型、投资策略等因素选择的 参考标准。其中，"锚"的作用主要表现为明晰投资风格、约束投资行为，防止基金产品在投资运作过程中，大幅偏离产品名称 和定位；"尺"的作用主要表现为衡量基金是否跑赢市场，并据此对基金公司高管和基金经理进行考核。 "强化业绩比较基准的约束作用在本次公募基金改革中发挥着较为关键的作用，既关系到新的浮动管理费率产品的整体架 构，也关系到基金公司、高管及基金经理的绩效考核与薪酬激励。"上述业内人士进一步解释称。 据记者了解，下一步，监管部门一方面将尽快出台公募基金业绩比较基准监管指引，同步建立公募基金业绩比较基准库， 明确业绩比较基准的设定、修改、披露、持续评估及纠偏机制；针对存量主动管理权益类基金，指导基金公 ...

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 sector, enhancing investor experience and binding the interests of fund companies and investors more closely [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, particularly through the implementation of a floating management fee structure linked to fund performance [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 [2][3]. - The China Securities Regulatory Commission (CSRC) aims for leading fund companies to issue floating fee funds that account for at least 60% of their actively managed equity fund issuance within a year [3]. Group 2: Performance Evaluation and Incentives - The plan highlights the importance of a stable investment behavior and calls for a comprehensive evaluation system that focuses on long-term performance rather than short-term metrics [5][6]. - Fund companies must implement a performance evaluation system where investment returns are the core metric, reducing the weight of operational indicators like scale and profit [6]. - The plan mandates that the performance metrics for fund managers should have a weight of at least 80% based on fund performance over a three-year period [6]. Group 3: Innovation and Market Activity - The plan encourages the innovation and development of equity funds, aiming to enhance their role as stabilizers in the A-share market [8][9]. - It proposes a rapid registration mechanism for equity funds, allowing for quicker market entry of new products, which is expected to increase market liquidity and attract long-term capital [9][10]. - The plan also emphasizes the need for fund companies to enhance their research capabilities and service levels to better meet investor needs [11][12]. Group 4: Risk Management and Compliance - The plan outlines measures to improve risk management and compliance within the industry, including the establishment of a mechanism for fund manager co-investment and stricter oversight of fund performance [12]. - It stresses the importance of maintaining a stable and compliant industry environment to attract long-term investments and ensure sustainable growth [12].

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 宏观】货币宽松"再发力"——5月7日央行一揽子货币政策点评 降准降息落地，在关键时点释放出"适度宽松"来"稳增长、稳市场"的明确信号，体现了央行前瞻部署、主 动作为。 一揽子三大类 10 项货币政策组合，体现了货币政策总量与结构协同发力，对实体和资本市场的 全面支持。在外部关税冲击、内需还待提振的背景下，央行宽松周期预计将延续，接下来如果经济压力进 一步增加，降息降准等仍有空间。 财政或继续加快债券发行节奏，尤其是增加对消费领域支持力度，如有必要，下半年或继续增加全年财政 额度；房地产政策也有望进一步放松。另外 ，出口方面的针对性支持政策也在加码。 短期来看，关税摩擦对市场预期的影响相比于前期可能已在减弱，预期冲击最大的时候可能已经过去。 不 过从对经济的影响来看，实际冲击可能从 4 月数据开始逐步显现，再加上当前内需还要进一步巩固的背景 下，更需关注接下来国内经济基本面变化：一是 4 月出口可能还有前期抢出口的支撑，但 5 、 6 月份数 据可能会明显体现关税的冲击；二是地产的止跌企稳可能还需要更多政策支持，三是居民部门资产负债表 压力或未明显缓解。 ...

重要的消息有哪些 1．5月8日（周四）申购提示：新股方面，太力科技申购代码301595，发行价17.05元/股，申购上限0.65 万股。威高血净申购代码732014，发行价26.50元/股，申购上限1.10万股。投资有风险，申购需谨慎。 2．国务院新闻办公室将于2025年5月8日（星期四）上午10时举行新闻发布会，请司法部副部长王振江 和全国人大常委会法工委、国家发展改革委、金融监管总局、全国工商联负责人介绍《中华人民共和国 民营经济促进法》有关情况，并答记者问。 3．5月7日，外交部发布消息，何立峰副总理将于5月9日—12日访问瑞士，其间与美方举行会谈。外交 部发言人林剑表示，美方近期不断表示，希望同中方进行谈判。这次会谈是应美方请求举行的，中方坚 决反对美国滥施关税这一立场没有任何变化。同时我们也多次说过，中方对对话持开放态度，但任何对 话都必须建立在平等、尊重、互惠的基础上，任何形式的施压、胁迫，对中国都是行不通的。中方将坚 定维护自身的正当利益，维护国际的公平正义。（央视新闻） 4．中国人民银行7日发布公告，从5月8日起，下调公开市场7天期逆回购操作利率0.1个百分点。自5月 15日起，下调金融机构存 ...

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission (CSRC), which aims to reform the public fund industry to better align with investor interests and enhance the stability of investment behaviors [1][2]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, focusing on transitioning the industry from "scale-oriented" to "investor return-oriented" to achieve high-quality development [2][4]. - A core aspect of the reform is the establishment of an industry evaluation system centered on fund investment returns, incorporating performance benchmarks and profit rates that directly affect investor interests [2][3]. Group 2: Performance Benchmarking - The performance benchmark serves as a "anchor" and "yardstick" for fund companies, helping to clarify investment styles and constrain investment behaviors, thus preventing significant deviations from product names and positioning [3][4]. - The plan emphasizes the need for a regulatory guideline on performance benchmarks and the establishment of a performance benchmark database, which will include mechanisms for setting, modifying, disclosing, and evaluating benchmarks [4][5]. Group 3: Fee Structure - The introduction of a floating management fee structure linked to fund performance is a key point of the "Action Plan," allowing for differentiated management fees based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to adjust their fee structures gradually, with a focus on ensuring that management fees are reduced for underperforming funds and increased for those that significantly exceed benchmarks [5][6]. Group 4: Incentive Alignment - The "Action Plan" aims to strengthen the alignment of interests between fund companies, executives, fund managers, and investors by enhancing the weight of investment returns in performance evaluations [6][7]. - Fund companies are encouraged to establish a compensation management mechanism linked to fund investment returns, with specific performance metrics influencing the compensation of fund managers [6][7]. Group 5: Institutional Development - The plan outlines measures to accelerate the development of first-class investment institutions, including improving governance, enhancing investor service capabilities, and supporting the coordinated development of equity and fixed-income funds [8]. - It also proposes a high-quality development demonstration plan for small and medium-sized fund companies, promoting their unique operational characteristics and improving overall industry competitiveness [8].

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].