中国证监会官网显示，5月16日，易方达、华夏、嘉实、富国、交银施罗德、汇添富、中欧基金等26家 基金管理人集中申报了首批基于业绩比较基准的创新浮动费率基金。证券时报记者从业内人士处了解 到，上述集中申报的26只基金为《推动公募基金高质量发展行动方案》(以下简称《行动方案》)发布后 首批上报的新模式浮动管理费率产品，即投资者持续持有一定时间后，根据投资者持有期间的收益情况 来确定管理费率档位。 ...

Core Viewpoint - The recent reduction in reserve requirements and interest rates by the central bank has led to a downward trend in interest rates, prompting banks' wealth management subsidiaries to adjust their strategies and product offerings to adapt to the low-interest environment [1][2][4]. Group 1: Market Response to Monetary Policy Changes - Major wealth management institutions, including ICBC Wealth Management and Agricultural Bank of China Wealth Management, have issued recommendations for asset allocation in a low-interest environment [1][2]. - The reduction in interest rates is expected to lower the yields on wealth management products, with many institutions adjusting their performance benchmarks downward [1][4]. - The anticipated "deposit migration" could lead to a significant increase in the wealth management market size, potentially exceeding 33 trillion yuan this year [1][6]. Group 2: Investment Strategies - Agricultural Bank of China Wealth Management suggests that investors should focus on short-term debt assets to capture opportunities before deposit rates decline further [2][7]. - ICBC Wealth Management recommends extending investment horizons to lock in favorable rates and mitigate short-term volatility [2][7]. - Experts indicate that the current low-interest environment may lead to a shift in asset allocation towards higher-risk assets, such as equities and credit bonds, as investors seek better returns [4][6]. Group 3: Performance Benchmark Adjustments - As of May 19, a wealth management product from China Merchants Bank will see its performance benchmark reduced significantly, reflecting the overall trend in the market [3]. - The average annualized yield for open-ended fixed-income wealth management products has decreased, with a notable drop of 0.29 percentage points in the past month [4]. - Several wealth management products have introduced temporary fee reductions to attract investors in the current market conditions [3][4].

Group 1: Regulatory Impact - The introduction of a performance comparison evaluation system in the "Action Plan for Promoting the High-Quality Development of Public Funds" will significantly influence investment behavior in public funds, especially actively managed equity funds[1] - The new regulations link management fees to fund performance relative to benchmarks, enhancing accountability for fund managers[12] Group 2: Benchmark Composition - The existing performance benchmarks for actively managed equity funds are primarily concentrated in the CSI 300, CSI 800, government bonds, and Hong Kong stock indices, with the top 15 benchmarks accounting for 83.7% of the total weight[2][14] - The overall benchmark weight distribution includes A-share broad-based indices at 48.5%, bonds at 22.9%, industry and thematic indices at 16.2%, Hong Kong stocks at 8.5%, deposit rates at 3.5%, and fixed income at 0.4%[19] Group 3: Asset Allocation Discrepancies - As of Q1 2025, the bond allocation in actively managed equity funds is only 4.5%, significantly below the benchmark weight of 22.9%, indicating an underweight of approximately 638.9 billion yuan[3][21] - Conversely, the equity allocation stands at 84.2%, exceeding the benchmark weight of 73.2%, resulting in an overweight of about 382 billion yuan[3][21] Group 4: Sector Allocation Insights - The electronic sector shows the highest overweight at 18.8%, surpassing the CSI 300 and CSI 800 weights by 8.5 and 7.9 percentage points, respectively[5][26] - The banking sector is notably underweight at 3.8%, falling short of the CSI 300 and CSI 800 weights by 9.7 and 6.7 percentage points, respectively[5][27] Group 5: Future Changes in Benchmarks - A significant number of funds (87) have adjusted their performance benchmarks between early 2024 and May 2025, indicating a trend towards aligning benchmarks with existing investment strategies[33]

Core Viewpoint - The recent action plan issued by the China Securities Regulatory Commission aims to address long-standing issues in the public fund industry, promoting high-quality development by linking fund company income to investor returns [1][3][6]. Summary by Relevant Sections Fund Management Fees - The new regulations require a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [5][9]. - Management fees for different fund types vary, with stock and mixed funds typically charging between 1.2% and 1.5% [3]. - In 2023, only about 39% of the 4,510 fund products had positive returns, highlighting the disparity between high management fees and poor investor returns [3]. Performance Benchmark Changes - Following the action plan's release, several fund companies have already adjusted their performance benchmarks to align with the new regulations [10]. - The performance benchmark serves as a reference for evaluating fund performance, often based on a combination of market indices [5]. Impact on Fund Companies - The new policy is expected to shift fund companies' focus from scale-driven to performance-driven strategies, enhancing their investment strategies and risk management [6][12]. - Fund companies are encouraged to invest more in research and development to improve their investment capabilities [6]. Fund Manager Accountability - The action plan imposes stricter salary management for fund managers, linking their compensation to fund performance [13][14]. - Fund managers whose products underperform relative to benchmarks will see a significant decrease in performance-based pay, while those who exceed benchmarks may receive higher compensation [13]. Market Reactions and Concerns - The changes have sparked discussions among investors, with many believing that the new performance-linked compensation will improve fund management effectiveness [13][14]. - However, some investors express concerns that an overemphasis on performance benchmarks may lead to homogenized investment strategies, potentially increasing market volatility [15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at enhancing the quality of the public fund industry, marking a significant reform milestone in the asset management sector [1] Group 1: Impacts of the Action Plan on the Public Fund Industry - The introduction of a floating management fee mechanism linked to fund performance may lead to significant differences in management fees among fund companies within the same tier, with top firms expected to issue at least 60% of their actively managed equity funds under this new structure [2] - The focus on performance benchmarks will drive fund companies to explore how to outperform these benchmarks, with strict performance evaluations for fund managers tied to their ability to meet or exceed these benchmarks [3][4] - The emphasis on performance benchmarks will encourage a more objective assessment of fund managers' performance, potentially correcting investor biases in evaluating growth and value style fund managers [5] Group 2: Future Paths for Public Funds - Active equity funds will need to control tracking error effectively, with an optimal threshold identified at 8%, as exceeding this level has historically correlated with significant underperformance against benchmarks [10][11] - Fund companies should prioritize the creation of low-volatility products and those with high Sharpe ratios, as these are associated with better investor outcomes and lower loss rates [12][14] - A shift towards a more advisory-based sales model is recommended, moving away from chasing market trends to better align with investor needs and enhance trust in fund management [15][16]

Investment Rating - The report maintains a "Recommendation" rating for the non-bank financial industry, expecting the industry index to rise more than 5% compared to the benchmark index in the next 3-6 months [55]. Core Insights - The report emphasizes the importance of performance benchmarks in the mutual fund industry, particularly following the recent regulatory changes aimed at enhancing the quality of public fund performance [1][18]. - It highlights the evolution of performance benchmark regulations in the U.S., detailing how the SEC has progressively refined disclosure requirements since 1993 [10][12]. - The report notes that U.S. investors place significant importance on comparing fund performance against benchmarks, with 93% of households with mutual funds doing so [19][20]. Summary by Sections 1. U.S. Regulatory Requirements for Performance Benchmarks - The SEC has established a comprehensive framework for mutual fund performance benchmarks, requiring funds to disclose performance comparisons with broad market indices [10][11]. - Recent amendments to the Investment Advisers Act have increased the disclosure requirements for investment advisers regarding performance benchmarks [14]. - The Global Investment Performance Standards (GIPS) provide guidelines for the establishment and disclosure of performance benchmarks, promoting industry self-regulation [15][16]. 2. Importance of Performance Benchmarks from the Investor's Perspective - U.S. investors recognize the significance of performance benchmarks, which greatly influence their investment decisions [19][26]. - The report indicates that experienced investors are more sensitive to benchmark comparisons, highlighting the need for clarity in benchmark selection [26]. 3. Performance of U.S. Active Equity Funds Against Benchmarks - Analysis shows that approximately 32%, 37%, and 39% of active equity funds outperformed their benchmarks over the past 1, 3, and 5 years, respectively [30]. - The report notes a trend where the longer the evaluation period, the higher the likelihood of funds outperforming their benchmarks [30]. 4. Factors Influencing Fund Manager Compensation and Management Fees - Fund manager compensation is often linked to fund performance, with 79.04% of managers having their pay tied to investment results [38]. - The report discusses the "Fulcrum Fee" model, where management fees are adjusted based on performance relative to benchmarks, ensuring alignment of interests between managers and investors [40].

Core Viewpoint - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the binding force of performance benchmarks for fund products, transforming them into crucial metrics for investment behavior, product performance evaluation, and fund positioning [1][3]. Group 1: Importance of Performance Benchmarks - The industry has historically undervalued performance benchmarks due to a focus on overall market rankings, leading to issues such as style drift among fund managers and concentrated industry allocations [2][3]. - Data indicates that a significant number of actively managed equity funds have underperformed their benchmarks, with 2,532 out of 4,243 funds failing to beat their benchmarks over the past year, and nearly half underperforming by over 10 percentage points over three years [2][3]. Group 2: Regulatory Measures - The Action Plan proposes to strengthen the regulatory framework surrounding performance benchmarks, including guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks [3][4]. - Fund managers whose products underperform their benchmarks by over 10 percentage points for three years will see a significant decrease in performance compensation, while those who exceed benchmarks may receive reasonable increases [3]. Group 3: Industry Transformation - The Action Plan is viewed as a new pillar for the high-quality development of the fund industry, adding a "benchmark as anchor" concept to the existing foundational structures established since 1998 [3][4]. - The focus on performance benchmarks is expected to lead to a reduction in the pursuit of star fund managers and short-term products, promoting a more stable investment environment [7]. Group 4: Impact on Fund Management - Fund managers will face increased pressure to align with performance benchmarks, necessitating adjustments in investment methodologies and enhanced risk control [8]. - The industry may see a shift towards more passive investment strategies, with ETFs and stable active management funds becoming more prevalent as performance benchmarks are strictly adhered to [8].

(0) 财通证券 CAITONG SECURITIES 1、5月7日，证监会发布《推动公募基金高质量发展行动方案》，政策旨在鼓励基金确定合理的业绩比较基准、规范投资行为。《推动公募基金高质 量发展行动方案》提出：1）建立与基金业绩表现挂钩的浮动管理费收取机制，根据其持有期间产品业绩表现确定具体适用管理费率水平。2）强化业 绩比较基准的约束作用，明确基金产品业绩比较基准的设定、修改、披露、持续评估及纠偏机制。 2、相关政策背景在于近三年跑赢业绩基准的主动基金占比偏低。2015年至今，主动基金相对业绩基准的表现在不同市场环境下波动较大，其中 2016-2018年、2022-2024年间，跑赢基准的基金占比持续偏低，这与基金配置长期偏离基准不无联系。此次强化约束有利于纠偏基金业绩比较基准 设立不合理、基金风格漂移的现象，强化投资者信心。 3、当前以沪深300、中证800、中证500为业绩比较基准的基金规模，占全部生动基金的71%，普遍低配金融、公用。截至1Q25，以沪深300/中证 800/中证500为业绩比较基准的主动基金规模合计约2.5万亿元，三类基金分别占3.5万亿元主动基金的48%/19%/4%。其中：a） ...

作为衡量基金业绩的标尺，业绩比较基准有望发挥更重要的作用。 近日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），提出强化业绩比 较基准的约束作用，明确基金业绩比较基准的设定、修改、披露、持续评估及纠偏机制，并对基金公司 选用基准的行为实施严格监管。 业内人士指出，此举旨在解决当前市场中存在的"风格漂移""赌赛道"等问题。业绩基准将成为更清晰的 标尺，帮助投资者精准识别基金的真实水平，推动公募基金迈向更高质量发展新阶段。 重塑行业生态 《行动方案》明确要求强化业绩比较基准的刚性约束，从设定、披露到纠偏全链条升级监管。 在新规约束下，基金产品业绩基准设定的逻辑以及基金经理的投资策略将面临深刻调整。 天相投顾基金评价中心表示，新规要求基金所选基准必须与产品类型和投资策略高度匹配，这一举措有 助于提高行业的透明度和一致性，确保基准能准确反映产品的投资方向和风险特征。 新规规定基金经理绩效薪酬需与三年以上的业绩表现挂钩，跑输基准将面临降薪压力，取得超额收益则 可能获得奖励，这将促使基金经理减少短期博弈行为，致力于获取长期稳定的超额收益。 以往部分基金"赌赛道"的做法也将受到制约。盈米基金研究院权 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to optimize the fee structure for actively managed equity funds, shifting from a fixed management fee model to a performance-based floating management fee model, thereby addressing the issue of fund companies benefiting regardless of performance [1][3]. Group 1: Fund Management Fee Structure - The current fixed management fee model incentivizes fund companies to increase fund size, as larger funds generate higher fees, leading to a phenomenon referred to as "guaranteed income" for fund companies [1][3]. - The CSRC emphasizes the need for fund companies to balance fund size and profitability, as larger fund sizes can dilute performance due to limited investment opportunities [3][6]. Group 2: Performance Metrics and Incentives - The introduction of performance benchmarks will serve as a standard for measuring fund performance, with funds required to report whether they outperform these benchmarks in their financial disclosures [5][6]. - The floating management fee model will link fees to fund performance, encouraging fund managers to achieve better returns for investors, as higher performance will result in higher fees [6]. Group 3: Long-term Investment Focus - The CSRC's action plan mandates a long-term assessment of fund performance, with at least 80% of the evaluation weight given to returns over a three-year period, promoting a culture of long-term investment among investors [6].