此次倡议书的发布，标志着"北京公募基金高质量发展系列活动"圆满落下帷幕。通过为期一个多月的系 列活动，北京辖区公募基金行业进一步凝聚了高质量发展共识，展现了积极响应政策号召、主动拥抱行 业变革的新风貌。 倡议书提出，要加大权益投资，构建科学完善的权益资产配置体系。恪守合规底线，坚持"合规创造价 值"理念。深入践行"五要五不"中国特色金融文化，不断提升行业公信力和社会认同度。 倡议书还提出，各机构要以建设现代一流投资机构为目标，全面提升市场竞争力与行业影响力。基金管 理人要积极发挥行业引领作用，构建良性互动、协同发展的行业新格局。 ● 本报记者 张凌之 在"北京公募基金高质量发展系列活动"圆满收官之际，北京证券业协会近日向辖区各公募基金管理人、 基金销售机构、基金托管人、基金评价机构及相关行业机构发出《北京公募基金行业高质量发展倡议 书》，号召全行业深入贯彻落实党中央决策部署和证监会工作要求，推动北京辖区公募基金业在新时代 展现新作为。 倡议书从七个方面对北京公募基金行业高质量发展提出明确要求。在强化使命担当方面，倡议书明确， 各机构要胸怀"国之大者"，主动融入国家发展大局，聚焦科技金融、绿色金融、普惠金融、养 ...

Core Viewpoint - The appointment of Chen Yu as the new General Manager of Bosera Fund marks a significant leadership change, aligning with the evolving trends in the public fund industry and aiming to enhance the company's investment management capabilities [1][2][5]. Group 1: Leadership Changes - Chen Yu has officially taken over as General Manager of Bosera Fund, following the appointment of Zhang Dong as Chairman [1][2]. - Chen Yu has extensive experience in various financial sectors, including banking, insurance asset management, and insurance companies, which is expected to bring synergistic benefits to Bosera Fund [2][3]. - The new leadership team is seen as well-rounded, with expertise in wealth management and asset management, which will help Bosera Fund leverage its resources for high-quality development [2][5]. Group 2: Company Performance and Strategy - As of the end of Q3, Bosera Fund manages 399 public funds with total assets exceeding 1.8 trillion RMB, serving over 180 million clients [2][6]. - The company is optimistic about the long-term growth of the Chinese economy and capital markets, aiming to adapt to the ongoing transformation in the public fund industry [5][6]. - Bosera Fund plans to focus on high-quality development, aligning its strategies with market demands and prioritizing investor interests [5][6]. Group 3: Market Context - The public fund industry is undergoing significant changes, with regulatory bodies emphasizing the need for improved asset management and comprehensive wealth management capabilities [5][6]. - The new management team is expected to drive innovation and development within Bosera Fund, particularly in the context of increasing market competition [6].

Core Viewpoint - The appointment of Chen Yu as the new General Manager of Bosera Fund is expected to positively impact the company's future development and inject new vitality into its ongoing growth [2][4][8]. Management Change - Bosera Fund has completed a core management adjustment with Chen Yu officially taking over as General Manager, following the appointment of Zhang Dong as Chairman [2][4]. - This change marks a significant leadership transition for the company, which manages over 1.8 trillion RMB in assets [2][11]. Chen Yu's Background - Chen Yu has a rich background in finance, having worked in various sectors including banking, insurance asset management, and insurance companies [8]. - His previous roles include positions at China Industrial Bank, Huaxia Bank, and Taikang Asset Management, among others, showcasing a diverse and comprehensive skill set [7][8]. Current Status of Bosera Fund - As of September 30, 2025, Bosera Fund manages 399 public funds with a total asset scale exceeding 1.8 trillion RMB and has served over 180 million clients [11]. - The company expresses confidence in the long-term growth of the Chinese economy and capital markets, aiming for high-quality development in alignment with national strategies [11]. Strategic Focus - Bosera Fund aims to create value for clients by prioritizing their interests and maintaining a long-term perspective in investment decisions [11][12]. - The company plans to enhance its investment research capabilities and provide multi-asset allocation solutions to discover investment value [12]. - Bosera Fund is committed to contributing to the construction of a "financial power" by actively participating in public fund reforms and innovations [13].

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to enhance the public fund industry in China by focusing on investor interests, optimizing fund operations, and improving governance and research capabilities [1][4]. Group 1: Investor-Centric Reforms - The public fund market in China has surpassed 36 trillion yuan, highlighting its growing value in supporting direct financing for the real economy and meeting diverse wealth allocation needs [1]. - A floating management fee system linked to fund performance will be implemented, particularly for newly established active equity funds, to align the interests of investors and fund managers [2]. - The China Securities Regulatory Commission (CSRC) has initiated a fee rate reform that is expected to save investors over 50 billion yuan annually through a phased approach [2]. Group 2: Performance and Accountability - New guidelines will strengthen the role of performance benchmarks, linking fund manager compensation to their ability to outperform these benchmarks, thereby enhancing transparency and investor trust [2][3]. - A long-term assessment and incentive mechanism will be established, with a focus on medium to long-term returns, to ensure alignment of interests between fund managers and investors [3]. Group 3: Governance and Research Enhancement - The action plan emphasizes the need for improved corporate governance and research capabilities within public fund companies to ensure stable operations and high-quality development [4][5]. - Companies are encouraged to build a comprehensive, integrated research system and enhance the capabilities of their research teams to provide reliable long-term investment performance [5]. Group 4: Service Improvement and Compliance - The plan calls for enhanced investor services, including standardized and automated data interaction services for institutional investors, which will lower operational costs and support long-term business development [5]. - Compliance is highlighted as a fundamental operational principle, with measures to improve liquidity risk management and ensure adherence to legal and regulatory standards [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing investor-centric principles and enhancing core research capabilities, which aligns with the strategic direction of Huitianfu Fund [1][11]. Group 1: Investment Philosophy and Strategy - Huitianfu Fund has consistently focused on active equity investment, achieving significant performance with five funds doubling their returns, the highest exceeding 200%, and 20 funds gaining over 70% in the past year [1][6]. - The company emphasizes a deep analysis of fundamental business aspects to select high-quality securities, aiming for stable long-term growth and high returns [4][6]. Group 2: Research and Development - The action plan calls for strengthening core research capabilities and establishing evaluation metrics for fund companies, which Huitianfu has already implemented through a unique integrated research system [3][4]. - Huitianfu has developed a vertical integrated research system that includes industry teams and regular overseas research, enhancing its research foundation [3][4]. Group 3: Team and Talent Development - The company has focused on building a diverse investment team by nurturing talent and attracting experienced managers, fostering a culture of collaboration and stability [4][5]. - Huitianfu emphasizes the importance of aligning fund managers' capabilities with product positioning to meet client needs effectively [5][6]. Group 4: Fee Structure and Performance Evaluation - The action plan encourages optimizing fund operation models and linking management fees to fund performance, which Huitianfu has proactively adopted by reducing fees for active equity funds [7][8]. - Huitianfu has established a performance evaluation system based on product positioning and benchmark performance, focusing on long-term assessments of fund managers [7][8]. Group 5: Client Service and Market Adaptation - Huitianfu prioritizes a client-first approach, aiming to enhance investor satisfaction through tailored investment solutions and a robust service network [9][10]. - The company is adapting its services to meet changing market conditions and client needs, particularly in institutional business, by providing customized solutions [10][11]. Group 6: Future Outlook - The public fund industry is expected to play a more significant role in wealth management and economic development, with Huitianfu committed to high-quality growth and long-term investor returns [10][11].

Core Insights - The article emphasizes the importance of the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission, which aims to enhance the scale and proportion of equity investments in public funds, guiding the industry towards high-quality development [1][8] - Huatai Fund, known for its active equity capabilities, has aligned its strategic reforms with the guidelines of the Action Plan, reinforcing its commitment to enhancing research and service levels [1][2] Investment Philosophy and Research System - The company has consistently adhered to a deep fundamental analysis approach, focusing on selecting high-quality securities for long-term investment, which has become the foundation of its high-quality research system [3][4] - Huatai Fund has established a unique vertical integrated research system, emphasizing teamwork and collaboration across various investment styles and sectors, which has created a competitive edge in active equity investment [2][3] Team Development and Management - The company has focused on building a diverse investment team by nurturing talent internally while also attracting experienced investment managers, thereby enhancing team stability and research effectiveness [3][4] - A structured management system has been implemented to ensure alignment between client needs, product positioning, and investment strategies, enhancing the overall investment process [4][5] Fee Structure and Performance Evaluation - Huatai Fund has proactively responded to the Action Plan by lowering management and custody fees for active equity funds, aiming to enhance investor satisfaction and align interests with clients [5][6] - The company has established a performance evaluation system that emphasizes long-term assessments and accountability, ensuring that fund managers are incentivized to achieve superior returns [5][6] Client Service and Market Adaptation - The company prioritizes a client-first approach, developing a comprehensive wealth management system that includes various fund solutions tailored to meet investor needs [6][7] - Huatai Fund has adapted its service offerings to better align with market conditions and client demands, enhancing the efficiency and professionalism of its service teams [7][8] Future Outlook - The implementation of the Action Plan is expected to significantly enhance the role of public funds in wealth management, capital market stability, and support for the real economy, with equity investment being a key area for future growth [7][8] - Huatai Fund aims to leverage the Action Plan to further its mission of delivering stable investment returns and contributing to the development of a robust financial market in China [8]

Core Viewpoint - The Chinese public fund industry is transitioning from rapid growth to high-quality development, with Shanghai leading this transformation by implementing the "Action Plan for Promoting High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Industry Transformation - Shanghai has gathered 75 public fund managers, accounting for nearly half of the national total, and maintains the largest management scale in the country [1]. - The Shanghai Securities Regulatory Bureau is actively promoting the implementation of reform measures, which are showing initial results [1][2]. - The collaborative efforts of regulatory bodies, local governments, industry associations, and market participants are crucial for the effective transmission and implementation of the action plan [2]. Group 2: Market Initiatives - The Shanghai Securities Regulatory Bureau supports the issuance of actively managed equity funds and index stock funds, achieving significant results [5]. - As of the end of September, the scale of equity public funds in Shanghai exceeded 3.5 trillion yuan, a year-on-year increase of 26%, representing 26% of the total public fund scale [6]. - The bureau encourages the launch of innovative products, including floating rate funds linked to fund performance and thematic index funds aligned with national strategies [6]. Group 3: Cost Reduction and Investor Benefits - Since the fee reform in the public fund industry, institutions in Shanghai have reduced costs for investors by approximately 18.7 billion yuan [7]. - Over 2,000 actively managed equity funds and index funds have lowered management and custody fees, benefiting investors by about 12.8 billion yuan [7]. - The number of public fund managers offering social security, annuity, and pension products has increased by 10% year-on-year, with a management scale of 1.5 trillion yuan, up 28% [7]. Group 4: Strategic Focus Areas - Shanghai is focusing on pension finance and opening up to foreign investment, with 107 products included in the personal pension fund catalog, accounting for 35% of the national total [8]. - The region supports foreign institutions in establishing or holding shares in fund companies, with several foreign and joint venture fund companies operating in Shanghai [8]. - Over the past five years, local institutions have participated in over 20,000 shareholder meetings, voting on more than 200,000 proposals to enhance corporate governance [8]. Group 5: Future Directions - The Shanghai Securities Regulatory Bureau aims to transform short-term achievements into long-term advantages, creating a mature and resilient industry ecosystem [10]. - The bureau emphasizes a dual approach of "grasping implementation" and "daring to take responsibility" to ensure the steady advancement of reform tasks [11][12]. - Future efforts will focus on optimizing measures based on external environmental changes and feedback from implementation, contributing to the high-quality development of the public fund industry [12].

Core Viewpoint - The Chinese public fund industry is transitioning from a focus on scale to a focus on returns, driven by regulatory reforms and the introduction of new floating management fee models [1][2]. Fee Structure and Investor Alignment - The "Action Plan" emphasizes optimizing fund operation models and establishing mechanisms that align fund company revenues with investor returns [1]. - The ongoing fee reform marks the third phase of transformation, guiding market participants from a scale-oriented approach to one focused on investor returns [1]. - As of November 6, 2023, 45 new floating management fee funds have been established, with a total issuance scale exceeding 53 billion [2]. Research and Investment Focus - The "Action Plan" highlights the importance of enhancing core research and investment capabilities, advocating for a platform-based, integrated, and multi-strategy research system [3]. - Fund companies are increasingly adopting collaborative research models, with firms like China Europe Fund and Tianhong Fund implementing innovative research frameworks [3][4]. - There is a notable increase in the experience and stability of fund managers, reflecting a trend towards long-term and value-based investment strategies [4]. Industry Structure and Competitive Landscape - The "Action Plan" supports the innovation and development of leading fund companies while promoting high-quality growth for smaller firms [5]. - The industry is witnessing a significant head effect, with major players like E Fund and Huaxia Fund managing over 2 trillion, indicating a clear differentiation in development paths between large and small fund companies [5][6]. - The future competitive landscape is expected to feature a strong emphasis on comprehensive capabilities for large firms and specialized strategies for smaller firms [6].

Core Viewpoint - The departure of fund manager Yuan Zuodong from Xingyin Fund marks a significant change in the company's equity investment team, with implications for its fund management strategy and performance [2][8]. Group 1: Manager Departure - Yuan Zuodong announced his resignation due to personal reasons, effective October 28, impacting eight funds he managed [2]. - Yuan had a management scale of 2.039 billion yuan, with all funds under his management achieving positive returns during his tenure [2][6]. - His departure follows a trend of increasing managerial changes within Xingyin Fund, indicating potential instability in the management team [8][13]. Group 2: Fund Performance and Structure - Under Yuan's management, the Xingyin Fund's performance was notable, with the Xingyin Yield Enhancement Fund returning 48.06% from February 19, 2020, to his departure [2]. - The company currently manages 113 funds, with a total public fund scale of 102.739 billion yuan, where bond funds dominate the portfolio [5][6]. - The largest fund, Xingyin Cash Growth, reached 17.3 billion yuan, while many funds have low individual scales, indicating a concentration of assets in a few products [6]. Group 3: Management Changes and Strategy - Xingyin Fund has experienced significant management turnover since 2021, with multiple high-level positions changing hands, including the chairman and general manager [8][10][12]. - The company aims to enhance its equity investment capabilities and adapt to regulatory changes, focusing on product precision and deep customer engagement [14]. - The recent appointment of a new management team is expected to maintain the company's investment philosophy and product strategy despite the changes [2][14].

Group 1 - The report discusses the release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC) on October 31, which aims to promote high-quality development in the public fund industry [1][7] - The guidelines emphasize the internal control responsibilities of fund managers and the external responsibilities of market institutions, highlighting the need for a robust internal control system covering benchmark selection, disclosure, monitoring, evaluation, and accountability [8][10] - The guidelines require that performance benchmarks be representative and objective, with a focus on selecting indices that accurately reflect the market and establishing a benchmark element library [10] Group 2 - As of October 31, 2025, 79 actively managed equity funds have changed their performance benchmarks this year, compared to only 54 in the entire year of 2024, indicating a significant acceleration in benchmark adjustments [2][11] - The changes in performance benchmarks are more aligned with actual investment characteristics, with over half of the changes involving the selection of more representative stock indices, such as transitioning from the CSI 300 to industry or thematic indices [11][13] - The report notes a shift in the distribution of active equity funds' performance relative to benchmarks, with a decreasing proportion of funds showing significant negative deviations, reflecting the reform direction of emphasizing excess returns relative to benchmarks [2][11]