系统性改革拉开帷幕 头部公募响应落实 ◎记者 赵明超 5月7日，《推动公募基金高质量发展行动方案》（下称《方案》）发布，拉开了公募基金行业系统性改 革的帷幕。多家头部公募表示，《方案》提出25条措施，聚焦行业发展痛点、堵点，聚焦投资者回报， 聚焦行业未来发展，为行业高质量发展提供了行动指南，公募基金将更加突出投资人最佳利益导向，行 业生态格局或将重塑。 具体来看：一是强调长期投资，鼓励投资者长期持有。二是强调扶优限劣，以提升投资者获得感为核 心。根据投资者实际盈亏情况来对应收取不同费率，真正践行以投资者为中心的价值取向。三是强调超 额收益，考验专业化投研能力。四是强调风格明晰，增强投资稳定性。 华安基金表示，基金管理费与业绩比较基准高度相关的设计模式，使得基金管理人在设置基金业绩比较 基准时更为审慎，也使得基金经理在管理基金时，更加重视业绩比较基准的约束作用。优化主动管理权 益类基金收费模式，引入浮动管理费率产品，对提升投资者获得感、推动行业高质量发展具有重要意 义。 聚焦本源 公募发展迈入新阶段 在多家头部公募看来，《方案》聚焦投资者回报与行业长期发展，标志着公募基金行业进入以回报为导 向、高质量转型的新阶 ...

Group 1 - The core viewpoint of the news is the introduction of a comprehensive financial policy package aimed at stabilizing the market and expectations, presented by key financial authorities in China [1] Group 2 - The People's Bank of China has launched ten monetary policy measures, including a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [2] - A policy rate cut of 0.1 percentage points has been implemented, reducing the 7-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lower the Loan Prime Rate (LPR) by about 0.1 percentage points [2] - The current external environment's uncertainty has increased, necessitating measures to boost domestic consumption and stabilize confidence, while the real estate market shows signs of downward pressure [2] Group 3 - The Financial Regulatory Authority has proposed eight incremental policies, including expanding the pilot scope for insurance funds' long-term investments, with a recent approval of 60 billion yuan to inject more capital into the market [3] - Adjustments to the solvency regulatory rules will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase market participation [3] - The upper limit for insurance funds' equity asset allocation is set to rise from 45% to 50%, potentially releasing several hundred billion yuan in incremental funds [3] Group 4 - The China Securities Regulatory Commission has introduced three major initiatives emphasizing value investing, long-term investment, and rational investment, inspired by Warren Buffett's investment philosophy [4] - The focus is on investing in undervalued companies that can generate sustainable free cash flow, which is a key indicator of a company's intrinsic value [4] Group 5 - Investment direction includes Free Cash Flow ETFs, specifically the Huaxia National Index Free Cash Flow ETF, which has the largest index scale and the lowest fee rate, with a consistent positive return over the past six years [5]

然而，当股市出现了一定变化，尤其是波动加大之后，广大股民和基民才发现，所谓的基金，原来与普通股民没有任何区别，他们的投资，也是赌博。尤 其是近年来，随着基金业"内幕"被揭开，一些不规范、暗箱操作、内幕交易式投资被曝光，股民和基民才发现，所谓的"明星经理"，原来是靠内幕交易等 非法手段成为"明星"的，他们头上的光环，原来是"乌云"，是压在股民和基民头上的"乌云"，甚至是带有严重有害物质的"乌云"。无论是公募基金还是私 募基金，他们的眼里，都只有基金和基金经理的个人利益，只要能够满足他们的利益，什么手段都能使出，什么行为也都能做出。那个早期最有名的"明 星经理"，不是已经消失了吗？各个时期的"明星经理"，还有一个敢公开表示，我的"明星经理"当之无愧吗？ 实际上，对基金，不管是公募还是私募，股民也好，基民也罢，对他们的要求都不高，那就是讲点良心就好。为什么提如此低的要求呢？道理也很简单， 基金是机构资金，是常说的投资主力，从市场来说，应当扮演"稳定器"角色，发挥"稳定器"作用，要依据市场变化情况，做出投资的决策，而不是与散户 一样，追高抛低。如此，还要成立基金干嘛。基金不仅要自己赚钱，也要为市场的平稳健康运行发挥作 ...

本报北京5月7日电 （记者赵展慧）7日，中国证监会公开发布《推动公募基金高质量发展行动方案》， 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。 行动方案共提出25条措施，突出一系列改革重点。比如在强化基金公司与投资者的利益绑定方面，明确 全面建立以基金投资收益为核心的行业考核评价体系，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，更好体现与投资 者的"同甘共苦"。 《 人民日报 》（ 2025年05月08日 11 版） (责编：胡永秋、杨光宇) 关注公众号：人民网财经 行动方案明确，提高公募基金权益投资的规模和稳定性。优化基金注册安排，推出更多场内外指数基金 和中低波动含权型产品，促进权益类基金创新发展，同时强化基金产品业绩比较基准的约束力、对基金 投资业绩全面实施三年以上长周期考核等，从而提升公募基金投资行为稳定性，促进资本市场投融资平 衡发展。 此外，行动方案要求提升行业服务投资者的能力。引导基金公司、基金销售机构围绕投资者最佳利益， 全面优化投资研究、产品设计、风险 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on a performance-based floating management fee model for actively managed equity funds [1][2]. Group 1: Fee Structure and Performance Linkage - The action plan introduces a floating management fee model linked to the performance of actively managed equity funds, allowing for differentiated management fees based on the fund's performance during the holding period for eligible investors [1]. - Funds that significantly underperform compared to their benchmarks will be required to charge lower management fees [1]. - The plan aims to strengthen the alignment of interests between fund companies and investors by establishing a performance-based evaluation system that prioritizes investment returns [1]. Group 2: Industry Evaluation and Management Practices - The action plan emphasizes the need to reduce the weight of metrics such as product management scale and fund company income in the evaluation system, while increasing the focus on direct indicators affecting investor interests [1]. - It mandates higher proportions of fund managers' investments in their own products and sets requirements for lock-in periods [1]. - Fund companies are encouraged to develop compensation management systems linked to fund investment returns, with significant reductions in performance-based compensation for underperforming fund managers [1]. Group 3: Enhancing Investor Services and Fund Stability - The action plan calls for fund companies and sales institutions to optimize resource allocation around the best interests of investors, promoting long-term, value, and rational investment practices [2]. - It aims to increase the scale and stability of public fund equity investments by optimizing fund registration processes and introducing more index funds and low-volatility products [2]. - The plan reinforces the importance of performance benchmarks for fund products and implements long-term assessments of fund performance over three years to enhance stability in public fund investment behavior [2].

4月初以来，美政府关税政策严重冲击国际经贸秩序，国际金融市场剧烈动荡，也给国内资本市场带来 很大压力。 面对突如其来的严峻考验，证监会会同相关部门迅速行动，从政策对冲、资金对冲、预期对冲等方面打 出一揽子稳市"组合拳"，维护股价稳定。 "所谓众人拾柴火焰高，风雨同舟浪自平。在广大投资者和市场参与各方共同努力下，A股市场经历了 初期实际上也就一天的大幅波动后持续反弹、回稳向好，展现出较为强劲的韧性和抗风险能力。"中国 证监会主席吴清说。 5月7日上午9时，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。 一揽子金融政策涉及"几降几增"："降"，包括降低存款准备金率0.5个百分点，下调政策利率0.1个百分 点，降低个人住房公积金贷款利率0.25个百分点；"增"，包括设立5000亿元服务消费与养老再贷款、增 加3000亿元科技创新和技术改造再贷款额度等。此外，稳住楼市、稳住和活跃股市、支持小微民营企业 等也均有政策出台。 央行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清集体亮相。记者注意到，这是自去年 9月24日以来，三部门"一把手"时隔近8个月再次齐聚国新办新闻发布会。 资本市场的 ...

Core Viewpoint - The article discusses the recent action plan issued by the China Securities Regulatory Commission (CSRC) aimed at promoting the high-quality development of public funds, emphasizing the importance of investor interests and regulatory measures to shift the industry focus from scale to returns [1][2]. Group 1: Key Measures for Fund Development - The action plan includes 25 measures to address market and social concerns, focusing on transforming the industry towards high-quality development [1]. - A new fee structure for actively managed equity funds will be implemented, linking management fees to fund performance, with lower fees for underperforming funds [1]. - A comprehensive evaluation system will be established for fund companies, prioritizing investment returns over management scale and profits [2]. Group 2: Enhancing Investor Services - Fund companies and sales institutions are encouraged to optimize resources for better investment research, product design, and risk management, promoting long-term and value investing [2]. - Regulations for public fund investment advisory services will be introduced to provide tailored investment solutions for investors [2]. - A direct sales platform for institutional investors will be launched to facilitate their participation in fund investments [2]. Group 3: Stability and Innovation in Fund Investments - The plan aims to increase the scale and stability of equity investments by optimizing fund registration and promoting innovative products [3]. - A three-year performance evaluation cycle will be implemented to enhance the stability of fund investment behaviors [4]. Group 4: Regulatory Enhancements - The action plan emphasizes strong regulation and risk prevention, enhancing governance levels within fund companies and improving compliance standards [4]. - A multi-layered liquidity risk prevention mechanism will be established to ensure the industry's reputation and stability [4]. - The CSRC will continue to implement policies that support wealth management, capital market reforms, and the real economy [4].

秒速！ 伊藤 up 指导单位 05.09 15:00 播出平台 上海证券交易所 第一财经客户端 主办单位 05.10 17:00 上海资产管理协会 播出平台 第一财经电视 为贯彻中央金融工作会议精神和新"国九条"部署要求，大力推动中长期资金入市，树立理性投资、价值投资、长期投资的理念，2024年，由中共上海市委 金融委员会办公室和上海证券交易所作为指导单位，上海资产管理协会组织会员单位中的资产管理机构，开展了首届资产管理行业践行"三投资"理念优秀 实践展示活动。 为倡导"三投资"理念，帮助广大投资者加深对资管行业和管理人的理解，上交所、上海资产管理协会和第一财经组织首届优秀实践资管机构接受访谈，共 同打造了《秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈》专题节目，来自公募基金、银行理财、保险资管、信托公司、券商资管等资管领域 优秀实践展示机构的相关人士将分享"三投资"理念、实践经验以及所思所想。 "三投资"理念会给资本市场带来什么样的影响和变化？券商资管应当如何通过践行"三投资"理念，有效应对复杂多变的市场环境、提升核心竞争力以及满 足投资者日益多元化的需求？ 本期节目邀请到国泰君安资管泛权益投资负责 ...

具体来看，对于第一个改革点，吴清介绍，改革突出强化公募基金与投资者的利益绑定，将优化主动权 益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的 现象。同时，把业绩是否跑赢基准、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 和基金经理的考核体系，督促基金公司从"重规模"向"重回报"转变。 中国证监会主席吴清5月7日在国新办新闻发布会上表示，今年以来，资本市场运行总体稳中有进、稳中 有好。证监会将坚持两强两严，坚定不移办好自己的事，既努力在市场运行上体现"稳"，同时也在激发 市场活力、强化市场功能上体现"进"，主要提及三点： 一是全力巩固市场回稳向好势头。二是突出服务新质生产力发展这个重要着力点。三是大力推动中长期 资金入市。 其中在第三点提及抓紧印发和落实《推动公募基金高质量发展行动方案》，今天就发布，表示这将更好 体现基金管理人与投资者同甘共苦、共同发展、相互成就，努力形成"回报增—资金进—市场稳"的良性 循环。 他介绍，即将发布的公募基金改革将有四个改革重点： 一、改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业绩差的必须少收 ...

Core Viewpoint - The article emphasizes the Chinese government's commitment to stabilizing the capital market and enhancing investor confidence through a series of financial policies and measures in response to external economic pressures, particularly from U.S. tariff policies [2][3][6]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) has implemented a comprehensive set of policies to stabilize the market, including actions from various financial authorities and encouraging companies to buy back shares to maintain stock price stability [3][4]. - The central government has highlighted the importance of maintaining a stable and active capital market, reflecting its high priority on market stability and expectations [3][6]. - The CSRC aims to consolidate the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [4][6]. Group 2: Support for Innovation and Long-term Investment - The CSRC plans to introduce reforms for the Science and Technology Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability [4]. - There is a focus on developing technology innovation bonds and optimizing the issuance process to provide comprehensive financial services for innovative enterprises [4][5]. - The CSRC is committed to increasing the participation of long-term funds in the market, promoting high-quality development of public funds, and fostering a virtuous cycle of returns, capital inflow, and market stability [5][6]. Group 3: Response to Tariff Impacts - The article discusses the impact of U.S. tariffs on A-share listed companies, noting that most companies derive a significant portion of their revenue from domestic markets, which provides resilience against external shocks [8][9]. - A substantial increase in export revenue from 4.9 trillion yuan in 2018 to 9.4 trillion yuan in 2024 is highlighted, indicating a diversification of export markets and reduced reliance on the U.S. [8]. - The CSRC is actively helping affected companies by enhancing regulatory flexibility and supporting their transformation and upgrading through mergers and acquisitions [9][10]. Group 4: Foreign Investment and Market Openness - The CSRC is focused on enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign investor confidence in the Chinese market [13]. - The CSRC plans to expand institutional openness, enrich product offerings, and deepen market access for foreign investors, thereby enhancing the overall investment environment [13][14]. Group 5: Public Fund Development - The CSRC has launched the "Action Plan for Promoting the High-Quality Development of Public Funds," aimed at aligning fund operations with investor interests and enhancing long-term investment stability [16][17]. - Key reforms include optimizing fund fee structures, improving performance evaluation metrics, and increasing the accountability of fund managers to ensure better returns for investors [17][18]. - The growth of equity funds from 7 trillion yuan to 8.3 trillion yuan since September indicates a positive trend in public fund development, with ongoing efforts to promote innovative fund products [18].