《行动方案》提出25条核心举措，聚焦五大关键方向精准发力：一是优化主动权益类基金收费模式；二 是强化基金公司与投资者的利益绑定；三是提升服务投资者的能力；四是提高公募权益投资规模和稳定 性；五是一体推进强监管防风险促高质量发展。 业内人士表示，《行动方案》的出台是公募行业发展的关键拐点，25条举措精准回应市场关切与行业痛 点。 专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、 热门产业发展变化和大事件，展望2026年股市机会和基金行业发展前景，以飨读者。 1．《推动公募基金高质量发展行动方案》印发 25条举措重塑行业生态 为落实中央政治局会议"稳步推进公募基金改革"决策部署，5月7日，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》）。 《行动方案》坚持以投资者为本的发展理念，以强监管、防风险、促进高质量发展为主线，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 ...

Core Viewpoint - The public fund industry in China is expected to continue its growth trajectory, with projections indicating that the total scale may surpass 40 trillion yuan in 2026, driven by long-term capital inflows and favorable policy reforms [3][4][6]. Group 1: Industry Growth and Trends - The public fund scale is projected to exceed 40 trillion yuan in 2026, supported by long-term funds such as insurance and pension funds entering the market [3][4]. - The public fund industry has seen its net asset value grow from approximately 9.1 trillion yuan in 2016 to about 36 trillion yuan in 2025, with an average annual growth rate of around 16% [4]. - The low interest rate environment is driving a shift of savings into public funds, with equity and "fixed income plus" products expected to be the main growth drivers [3][4]. Group 2: Investor-Centric Approach - The industry is shifting towards an investor-centric model, emphasizing the importance of investor returns and experience in fund management [5][6]. - Regulatory changes are reinforcing the principle of prioritizing investor interests, which is expected to reshape the public fund ecosystem and operational models [6][11]. - The focus on long-term performance and investor satisfaction is anticipated to lead to a healthier industry environment, fostering a virtuous cycle of returns and growth [6][11]. Group 3: Product Innovation - There is a growing trend towards product innovation in the public fund sector, with new offerings such as REITs and thematic funds emerging to meet market demands [7][8]. - Future innovations are expected to focus on technology-driven products, low-volatility options, and diversified asset allocation strategies [7][8]. - The introduction of more diversified ETFs and thematic funds is anticipated, catering to specific industry sectors and investment themes [9][10]. Group 4: ETF Development - The ETF market is expected to enter a new phase of differentiated competition, with a focus on thematic and sector-specific ETFs [9][10]. - The demand for passive investment products is increasing, driven by a structural shift towards low-cost, high-transparency options [10][11]. - The competitive landscape for ETFs will focus on tracking accuracy, fee structures, and niche market offerings [10][11]. Group 5: Active Equity Funds - Active equity funds are moving towards a value investment approach, with a reduction in style drift and a focus on long-term performance [11][12]. - Regulatory frameworks are expected to enforce stricter performance benchmarks, promoting a return to fundamental research and value discovery [11][12]. - The emphasis on long-term performance metrics is likely to reshape the competitive dynamics within the active fund management space [12][13]. Group 6: Sales and Distribution Transformation - The sales model in the fund industry is transitioning towards a focus on maintaining existing client relationships rather than solely on new product launches [16][17]. - Fund sales strategies will increasingly prioritize client service and long-term investment experiences, moving away from a purely transactional approach [16][17]. - The revenue model for fund sales is expected to shift from transaction-based fees to advisory service fees, aligning more closely with client outcomes [17][18]. Group 7: AI and Digital Transformation - The integration of AI technology is becoming crucial for the asset management industry, enhancing efficiency and redefining service delivery [18][19]. - AI applications are expected to permeate various aspects of fund management, including product development, risk management, and customer service [19][20]. - The future of the industry will likely see a collaborative approach between human expertise and AI capabilities, optimizing operational processes and client interactions [20][21]. Group 8: Long-Term Focus and Specialization - The public fund industry is anticipated to return to a long-term investment philosophy, aligning more closely with wealth management and pension fund strategies [21][22]. - The industry is expected to see increased specialization, with firms focusing on niche markets and tailored investment solutions [22][23]. - The trend towards floating fee structures is likely to gain traction, linking fees more closely to fund performance and investor returns [22][23].

Group 1: Core Insights - The "Action Plan for Promoting High-Quality Development of Public Funds" was issued by the China Securities Regulatory Commission (CSRC) on May 7, 2025, aiming to reshape the industry ecosystem with 25 key measures focused on investor-centric development, strong regulation, and risk prevention [1] - The public fund industry is transitioning from a focus on scale to a focus on quality, with improvements in investment research capabilities, investor services, and market ecology [2] - The public fund fee reform has entered its final stage, with annual savings for investors exceeding 50 billion yuan, enhancing investor experience and promoting long-term capital market investment [3][4] Group 2: Industry Growth and Trends - As of October 2025, the total scale of public funds reached 36.96 trillion yuan, marking a historical high and reflecting a shift towards high-quality development [5][6] - The proportion of equity products in public funds has significantly increased, with stock and mixed funds reaching a combined scale of 10.18 trillion yuan, up by 22,205.99 billion yuan from the previous year [6] - The ETF market has also seen substantial growth, with a total scale of 5.7 trillion yuan as of October 2025, representing a 53% increase from the end of 2024 [8] Group 3: Regulatory Developments - New performance assessment guidelines for fund management companies were released, emphasizing a shift from scale expansion to value creation, which may lead to a differentiated industry landscape [10] - The introduction of performance comparison benchmarks aims to curb "style drift" and promote capability competition within the public fund industry [11][12] - The establishment of a performance benchmark element library by the China Fund Industry Association is a key measure to enhance industry governance and address issues related to benchmark selection [11] Group 4: Technological Advancements - The fund industry is accelerating its intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and advisory services [12][13] - AI technologies are being integrated into core investment research processes, providing more accurate and transparent decision-making tools for fund managers [13] Group 5: REITs and Thematic Funds - The public REITs market has expanded significantly, with 77 products listed and a total market value of 216.03 billion yuan, reflecting a 38% increase from the end of 2024 [14][15] - New guidelines for thematic funds have been introduced to prevent style drift and ensure that fund names align with actual investment directions [16] Group 6: Internationalization and Cross-Border Investment - The public fund industry is enhancing its internationalization efforts, with the number of cross-border ETFs reaching 200 and a total scale nearing 920 billion yuan [17] - The establishment of overseas subsidiaries by public fund companies is accelerating, with over 30 subsidiaries set up in various international markets [17]

Group 1 - The core viewpoint of the article is the significant developments in the public fund industry in 2025, highlighting reforms, growth in fund size, and the shift towards high-quality development [1][2][3] Group 2 - The "Action Plan for Promoting High-Quality Development of Public Funds" was issued, featuring 25 measures aimed at reshaping the industry ecosystem, focusing on investor-centric development, strong regulation, and risk prevention [2][19] - The plan emphasizes a shift from "scale" to "return" for fund companies and sales institutions, with key areas including optimizing fee structures and enhancing investor services [2][19] Group 3 - The public fund fee reform has entered its final phase, with annual savings for investors exceeding 50 billion yuan, achieved through three stages of fee reductions [3][20][21] - The first phase reduced management and custody fees for active equity funds, saving approximately 14 billion yuan annually [20] - The second phase lowered trading commission fees, saving around 6.8 billion yuan, while the third phase targeted subscription and purchase fees, saving about 30 billion yuan [20][21] Group 4 - The public fund industry reached a record size of 36.96 trillion yuan by the end of October 2025, marking a continuous growth trend [5][22] - The increase in fund size is attributed to improved industry ecology, driven by product innovation and enhanced services [22] - Equity products have become a core focus, with stock and mixed funds reaching a combined size of 10.18 trillion yuan, reflecting a significant structural upgrade [22][23] Group 5 - The ETF market has also seen substantial growth, with total assets surpassing 5.7 trillion yuan, a 53% increase from the previous year [7][24] - The rapid growth of the ETF market indicates a shift towards index-based investment strategies becoming mainstream [24] Group 6 - The introduction of new performance evaluation guidelines for fund companies aims to shift the focus from scale to value creation, promoting a more differentiated and healthy ecosystem [9][26] - The guidelines are expected to accelerate industry differentiation, with larger firms likely to attract more capital and talent [26] Group 7 - The public fund industry is undergoing an intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][29] - AI technologies are being integrated into core investment research processes, providing more accurate market predictions and personalized investment advice [29] Group 8 - The public REITs market has expanded significantly, with 77 products listed and a total market value of 216.03 billion yuan, reflecting a 38% increase from the previous year [30][31] - The asset types for REITs are diversifying beyond traditional infrastructure to include commercial properties, indicating a growing market potential [30][31] Group 9 - The cross-border ETF market has seen rapid development, with nearly 200 products and a total scale approaching 920 billion yuan, highlighting the industry's internationalization efforts [10][33] - The expansion of QDII quotas supports the internationalization of public funds, with over 170.87 billion USD approved for investment [33]

【导读】2025公募基金十大新闻 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 1.《推动公募基金高质量发展行动方案》印发 25条举措重塑行业生态 为落实中央政治局会议"稳步推进公募基金改革"决策部署，5月7日，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》）。 《行动方案》坚持以投资者为本的发展理念，以强监管、防风险、促进高质量发展为主线，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。 《行动方案》提出25条核心举措，聚焦五大关键方向精准发力：一是优化主动权益类基金收费模式；二是强化基金公司与投资者的利益绑 定；三是提升服务投资者的能力；四是提高公募权益投资规模和稳定性；五是一体推进强监管防风险促高质量发展。 业内人士表示，《行动方案》的出台是公募行业发展的关键拐点，25条举措精准回应市场关切与行业痛点。 业内 ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][6][21] Core Insights - Recent regulatory changes by the China Securities Regulatory Commission (CSRC) aim to enhance the quality of the public fund industry, focusing on performance evaluation, sales behavior, and aligning the interests of fund managers with those of investors [3][4][17] - The new regulations emphasize a shift from "scale-driven" to "investor return-driven" approaches, promoting a healthier investment culture and protecting investor interests [4][14][17] - The performance evaluation system has been refined to include specific quantitative requirements, linking fund managers' compensation to long-term performance metrics [5][7][17] Summary by Sections Regulatory Changes - The CSRC has issued guidelines for performance evaluation and sales behavior, which include stricter management of compensation, performance assessment, and accountability mechanisms [3][4] - The new rules require that at least 80% of performance evaluation metrics focus on long-term results, with significant weight given to investor outcomes [5][7] Market Impact - The regulations are expected to lead to a strategic shift towards passive and enhanced index products, as fund managers will face reduced incentives for short-term performance chasing [8][14][17] - There may be short-term market volatility as fund managers adjust to the new evaluation criteria, potentially leading to increased "herding" behavior in investment strategies [14][17] Investment Recommendations - The report suggests that sectors currently underweighted by public funds, such as securities, may see increased capital inflows, leading to valuation improvements [17] - Specific recommendations include leading brokerage firms like CITIC Securities and Huatai Securities, which are currently undervalued compared to industry averages [17]

Core Viewpoint - The public fund dividend distribution has significantly increased this year, with total dividends exceeding 220 billion yuan, reflecting a shift towards investor returns and high-quality development in the public fund industry [1][2][3] Fund Dividend Overview - As of December 12, 2023, public fund dividends totaled 225.46 billion yuan, marking a year-on-year increase of approximately 17% [2][7] - A total of 3,459 funds participated in dividend distribution, with over 7,000 distributions made, representing a 23.59% increase in the number of distributions compared to the previous year [2][7] - Equity funds have seen a notable increase in dividends, with total distributions reaching 51.48 billion yuan, up 66.47% from the previous year [2][7] Market Factors Influencing Dividends - The increase in dividends is attributed to favorable regulatory policies, strong performance in the equity market, and a shift in focus from scale to investor returns among fund managers [2][3][9] - The overall positive performance of the A-share market and the strong performance of core broad-based indices have contributed to the accumulation of distributable earnings for equity funds [2][7] ETF Fund Performance - ETF funds have outperformed other fund products in terms of dividend distribution, with the Huatai-PB CSI 300 ETF leading with a total dividend of 8.394 billion yuan [4][9] - Other notable ETFs include E Fund CSI 300 ETF, Huaxia CSI 300 ETF, and Harvest CSI 300 ETF, with dividends of 7.150 billion yuan, 5.554 billion yuan, and 5.394 billion yuan respectively [4][9] - The dividend distribution from ETFs is seen as a way to provide tangible cash returns to investors, enhancing their holding experience and confidence [4][9][10] Industry Evolution - The public fund industry is transitioning from a focus on scale expansion to a model that emphasizes both revenue realization and investor returns [3][9] - The growing preference for stable cash flows among investors has led to an increase in dividend distributions, which can help mitigate irrational redemptions during market volatility [3][8]

Core Viewpoint - The public fund industry is set to undergo significant changes, with fund managers facing potential salary reductions due to poor performance as outlined in the draft "Guidelines for Performance Assessment and Salary Management of Fund Management Companies" [1][2][3] Group 1: Guidelines Overview - The new guidelines focus on long-term incentives and binding the interests of fund companies with fund shareholders, particularly emphasizing performance assessments for active equity fund managers [1][3] - The guidelines require fund management companies to strengthen salary budget management and link salary changes to fund investment returns and company performance [4] - A comprehensive performance assessment system centered on fund investment returns is mandated, with at least 80% weight on long-term indicators over three years [4] Group 2: Salary Structure and Performance Assessment - The guidelines introduce a tiered salary adjustment mechanism for active equity fund managers, where those underperforming by more than 10% against benchmarks and with negative profit margins face salary cuts of at least 30% [5][7] - Fund managers are required to invest a portion of their performance-based salary back into the funds they manage, with specific thresholds set for different roles [5][6] - The guidelines specify differentiated assessment methods for various roles, ensuring that performance metrics are tailored to the responsibilities of each position [4][5] Group 3: Industry Impact and Expectations - The implementation of the guidelines is expected to shift the focus of the public fund industry towards prioritizing investor interests, marking a new phase of high-quality development [2][10] - The guidelines aim to address the issue of funds generating profits while investors do not, by deeply binding the interests of fund managers and investors [11] - The industry anticipates a more rigorous assessment environment for fund managers, potentially leading to a talent shift towards private equity for top-performing managers [9][11]

党的二十届四中全会就推进国家治理体系和治理能力现代化作出系统部署，为我国未来经济社会发展擘 画了清晰蓝图、指明了前进方向，也为金融业的转型升级与高质量发展注入了澎湃动力，更为资本市场 与基金行业未来发展提供了行动指南。 围绕深化金融改革，公司持续激发强大的内生创新动能。一方面，不断夯实投研专业化体系，扎实推进 投研能力建设；另一方面，积极探索业务与产品创新，先后推出多只契合国家战略与市场需求的创新产 品，并成功发行央企仓储物流公募REITs，展现出敏锐的市场洞察力和布局能力。 以创新驱动发展，增强投资者获得感 展望"十五五"新发展阶段，提升投资者获得感已成为行业发展的核心主线。如何更有效地践行以投资者 为本的理念，强化行业功能定位、提升价值贡献，是推动公募基金业高质量发展需要回答的关键课题。 中银基金将紧密围绕"为投资者创造价值"这一本源，进一步强化机构功能性，在资本市场深化改革中稳 步推进自身的高质量发展。 加强投研体系与人才队伍建设是提升投资管理能力的关键一环。公司着力构建"平台化、团队制、一体 化、多策略"的投研体系。在投研管理上，全面提升投资管理的精细化水平，致力于为投资者创造可持 续的回报；在平台建 ...

● 广东证监局 ■ 编者按 公募基金行业进入深化改革、提质增效的新发展阶段，一系列改革掷地有声。立足"十五五"新起点，公 募基金以改革促发展，以服务稳根基。广东作为资本市场活跃度高、开放程度高的前沿阵地，汇聚了多 家头部公募基金公司。中国证券报联合广东证监局今起推出"稳根基·促共赢·向未来广东公募基金高质量 发展在行动"系列报道，展现广东公募基金行业在提升投资者获得感、服务新质生产力、推动中长期资 金入市、助力养老体系建设等方面的成效，为行业高质量发展提供"广东样本"。 公募基金高质量发展绝非"单兵突进"，而是监管部门、地方政府、基金机构同频共振的"集体行动"。广 东构建了"省级统筹+监管落实+机构响应"的三级联动机制，确保改革举措层层递进、落地见效。 年初，广东省政府印发《关于高质量发展资本市场助力广东现代化建设的若干措施》，在省级层面率先 作出顶层设计，明确支持公募基金管理公司提升投研核心能力和长期回报水平，为辖区行业发展提供坚 实政策支撑。 广东证监局坚守公募基金改革的监管主责。《行动方案》印发后，广东证监局积极谋划部署，加快推动 政策落地，第一时间组织辖区基金公司对照25条具体举措逐一检视、落实。组织 ...