Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a comprehensive action plan aimed at promoting the high-quality development of public funds, which includes 25 reform measures focusing on optimizing fund operation models, enhancing performance evaluation systems, and strengthening regulatory enforcement to ensure investor interests are prioritized [1][2]. Group 1: Reform Measures - The action plan emphasizes the importance of binding investor returns to fund performance, introducing measures such as strengthening the constraints of performance benchmarks and establishing a floating management fee mechanism linked to fund performance [2][3]. - A significant highlight is the introduction of a regulatory guideline for performance benchmarks, which will clarify the setting, modification, disclosure, and evaluation of these benchmarks, thereby stabilizing market expectations and improving investor confidence [2][3]. - The plan aims to optimize the fee structure for funds, including reducing subscription fees and management fees, to lower investor costs and enhance industry competitiveness [3][4]. Group 2: Performance Evaluation and Incentives - The action plan seeks to reform the performance evaluation system of fund companies, shifting the focus from scale and short-term performance to long-term investment returns and investor profitability [5][7]. - Fund managers will be evaluated based on a long-term performance mechanism, with a minimum of 80% weight on three-year performance metrics, ensuring that their compensation is directly linked to investor returns [7][8]. - The plan encourages fund companies to increase the issuance and management of equity funds, which are crucial for providing long-term capital support to the real economy [7][9]. Group 3: Focus on Equity Funds - The action plan addresses the declining scale of actively managed equity funds, which have decreased by approximately 36.59% over the past three years, and aims to enhance the proportion of equity investments in public funds [10][13]. - It proposes various measures, including optimizing the registration process for equity funds and enhancing the evaluation criteria for fund sales institutions to promote equity fund growth [14][15]. - The emphasis on equity funds is intended to improve market stability and effectiveness, as well as to align with international financial market standards [15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to address long-standing issues in the public fund industry, such as the focus on scale over returns and the "guaranteed income" phenomenon [1][11]. Group 1: Key Measures of the Action Plan - The Action Plan outlines 25 reform measures across six areas, including optimizing fund operation models, improving assessment and evaluation systems, promoting equity funds, ensuring risk management, strengthening regulatory enforcement, and facilitating high-quality development [1][11]. - A significant focus is on aligning the interests of fund managers with those of investors, particularly through the introduction of a performance-based floating management fee model for actively managed equity funds [11][12]. Group 2: Industry Impact - The implementation of the Action Plan is expected to shift the industry from a focus on scale to a focus on returns, enhancing the quality of public funds and investor satisfaction [1][12]. - The plan mandates that at least 60% of newly registered actively managed equity funds adopt the floating fee structure within a year, which is anticipated to improve the performance accountability of fund managers [11][12]. Group 3: Addressing Fund Management Issues - The Action Plan aims to tackle issues such as "style drift" and misalignment of fund investments with their stated objectives, requiring clear performance benchmarks for each fund to ensure transparency and accountability [14]. - It emphasizes long-term performance assessments, with at least 80% of the evaluation weight given to three-year performance metrics, thereby discouraging short-term speculative trading by fund managers [12][14].

万众期待的公募基金改革方案终于来了！ 1、通过费率的改革，破除旱涝保收的商业模式，督促基金公司从重规模向重回报转变。接下来也会有 越来越多的小公司开始出清。 2、设定业绩比较基准，对三年以上产品业绩低于业绩比较基准超过10个百分点的基金经理，要求其绩 效薪酬应当明显下降；对三年以上产品业绩显著超过业绩比较基准的基金经理，可以合理适度提高其绩 效薪酬。在这一点上，我们可以通过数据先来观察偏股混合基金与沪深300偏离度。 3、考核指标中，基金产品业绩指标权重不得低于80%，且三年以上中长期收益考核占比需超80%。这 意味着"冠军基金"昙花一现的业绩不再构成薪酬保障，持续稳健的超额收益成为硬指标。 4、听到机构投资者直销服务平台，这个或会对以机构投资者为主的基金代销平台冲击较大。 昨日三部门开会，股民基民们最关注的当然是证监会，而酝酿了很久的《推动公募基金高质量发展行动 方案》也在5月7日下午挂网，而证监会领导也做了提前预告"吴清：业绩差的基金必须少收管理费！"也 为公募行业的改革指明了方向。 认真阅读《行动方案》，我们还是看到了在维护基民利益方面的明确性规定。 5、大幅提高股票基金及其它有一定比例股票仓位基金的注 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," marking a systematic reform in the public fund industry, which exceeds 30 trillion yuan, addressing the long-standing issue of "emphasizing scale over returns" [2] Group 1: Key Reforms - The reform targets 25 measures, including floating management fees and interest binding, aiming to link management fees to performance, ensuring that funds with poor performance will charge lower management fees [2][3] - A floating fee mechanism will end the "guaranteed income" model, requiring active management equity funds to implement performance-linked floating management fees, addressing investor dissatisfaction with the "charging regardless of profit or loss" model [3] Group 2: Performance Assessment Changes - The plan replaces short-term rankings with long-term assessments, incorporating performance benchmarks and fund profitability into the evaluation system, with a focus on three-year assessments [3] - Fund managers whose products underperform benchmarks by over 10 percentage points for more than three years will see a significant decrease in performance-related compensation, while those who exceed benchmarks can receive moderate increases [3] Group 3: Strengthening Accountability - The plan enhances the responsibility of fund company executives and managers by increasing their investment proportion and lock-up period, linking compensation to investment returns [4] - The reform aims to address issues where fund managers manage multiple products with poor performance, directly impacting their personal income [4] Group 4: Implementation Timeline - The CSRC aims to implement these policies over approximately three years, facilitating a substantial shift in the industry from "emphasizing scale" to "emphasizing returns" [4]

Investment Rating - The report maintains an "Overweight" rating for the multi-financial sector, indicating an expectation that the sector will outperform the benchmark index [7]. Core Insights - The report highlights the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to reform the public fund industry by enhancing governance, product issuance, investment operations, and assessment mechanisms [1]. - The plan emphasizes a shift from a focus on scale to prioritizing investor returns, with a target to achieve a high-quality development "turning point" within approximately three years [1]. - The industry is expected to undergo a transformation, moving from a "scale competition" model to one that values "performance," leading to increased concentration among leading firms and differentiated competition [1]. Summary by Sections Investment Fee Reform - The plan introduces a floating management fee mechanism linked to fund performance, aiming to reduce investor costs and enhance transparency in fee structures [2][11]. - It mandates that leading institutions issue at least 60% of their actively managed equity funds as floating fee products within the next year [2][11]. Long-Term Assessment and Incentive Mechanisms - The reform requires that performance indicators for fund managers and executives have significant weight in assessments, with long-term performance being a key focus [3][12]. - The plan aims to enhance the evaluation system by increasing the weight of long-term performance metrics and investor outcomes in the assessment criteria [3][12]. Equity Investment Growth - The report stresses the need to boost the scale and proportion of equity investments within public funds, promoting innovative products that align with performance and investor returns [4][19]. - It outlines plans for expedited registration processes for various equity fund types, including ETFs and actively managed funds [4][19]. Market Consolidation and Institutional Development - The plan supports market-driven mergers and acquisitions among fund companies, aiming to enhance the capabilities of leading institutions while fostering differentiated development for smaller firms [5][18]. - It emphasizes the establishment of a first-class investment institution through improved product development and research capabilities [5][18]. Investor Service Enhancement - The report highlights the importance of improving investor services, including the launch of a centralized platform for institutional investors to access public fund investments [17]. - It outlines regulatory measures to promote standardized investment advisory services tailored to investor needs [17]. Overall Industry Outlook - The report anticipates a significant restructuring of the public fund industry, with a focus on long-term performance and investor-centric strategies, which is expected to reshape the competitive landscape [1][18].

▲证监会印发的《推动公募基金高质量发展行动方案》，颇有看点。图/IC ohoto 5月7日，中国人民银行、国家金融监管总局、中国证监会三大金融管理部门负责人齐聚国新办发布会， 重磅推出一揽子金融政策。全方位发力稳市场、稳预期，为经济回升向好提供强有力的金融支撑。同 日，证监会印发了《推动公募基金高质量发展行动方案》（下称《行动方案》），颇有看点。 坦率地说，现在证券市场产品的数量和种类日趋繁多，金融交易工具也越来越多样化。普通投资者进行 直接投资的难度不断提高。"股民"变"基民"可谓一种大趋势。中国基金业协会发布的数据显示，截至 2024年底，我国境内公募基金资产净值合计32.83万亿元。 不过，"小基民"和"小股民"一样，小而散，面临着被基金管理人和公司管理人侵害的风险。证监会作为 证券市场的监督管理者，对此当然责无旁贷。 此次《行动方案》在宏观方向上反映了各界的诸多共识，比如推动市场发展，推出更多类型的产品，简 化审批程序，促进规则细化，加强基金产品业绩和费用的信息披露，鼓励基金公司进行治理优化、制度 建设和专业能力提升，对违法行为依法进行处罚等。而且，全文9次提及"引导"，体现了一定的谦抑性 而非强制性 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new phase focused on investor returns and high-quality transformation in the public fund industry [2][3][4]. Summary by Sections Industry Background - The public fund industry in China has played a positive role in serving the real economy, promoting capital market stability, and meeting residents' wealth management needs, but it faces issues such as inadequate operational concepts and uneven development [4]. Key Measures of the Action Plan - The Action Plan consists of 25 measures organized around five core areas aimed at enhancing the public fund industry's quality [5]. 1. Optimize Fee Structures - Implement a floating management fee model linked to fund performance for actively managed equity funds, reducing fees when performance is below benchmarks [5][11]. 2. Strengthen Investor-Manager Alignment - Establish an evaluation system focused on investment returns, reducing the emphasis on management scale and profits, and increasing the proportion of fund managers' investments in their own products [5][6]. 3. Enhance Investor Services - Encourage fund companies to optimize research, product design, and risk management to better serve investors, including the introduction of investment advisory regulations [6][9]. 4. Increase Equity Investment Scale and Stability - Promote the development of more index funds and low-volatility products, and implement long-term performance assessments for funds [6][9]. 5. Strengthen Regulation and Risk Management - Improve regulatory frameworks and enhance governance standards within fund companies to ensure compliance and risk management [6][9]. Industry Expert Opinions - Experts believe the Action Plan will enhance investor confidence and attract long-term capital into the stock market, leading to a more stable investment environment [3][8][13]. Market Impact - The reforms are expected to improve the operational mechanisms of public funds, leading to a focus on long-term returns and a healthier market ecosystem [8][14].

文丨郭小兴 编辑丨杜海 来源丨正经社（ID：zhengjingshe） （本文约为1100字） "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。" 5月7日，在国务院新闻办公室举行的新闻发布会上，中国证监会主席吴清说道。 根据吴清介绍，证监会将会发布《推动公募基金高质量发展行动方案》。具体而言，这一回的公募基金改革，可以划出四大重点： 一是突出强化与投资者利益绑定。重点是改革基金运营模式，督促行业回归"受人之托、代人理财"的本源，优化主动权益基金收费模式，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"现象，同时把"业绩是不是跑赢了基准""投资者盈亏情况"等直接关乎投 资者切身利益指标，纳入基金公司和基金经理考核体系，督促基金公司从"重规模"向"重回报"转变；提高基金公司高管、基金经理用奖金跟投自 己产品的比例要求，并且适度延长锁定期，让关键少数与投资者利益更为一致。 二是突出增强基金投资行为的稳定性。针对基金风格漂移、"货不对板"等问题，要求每只基金产品设定清晰的业绩比较基准， ...

Monetary Policy Measures - The People's Bank of China (PBOC) announced a package of ten monetary policy measures to enhance macroeconomic control, including quantitative, price, and structural policies [1] - Key measures include lowering the reserve requirement ratio (RRR), reducing policy interest rates, and creating new policy tools to support technology innovation and expand consumption [1] Public Fund Development - The China Securities Regulatory Commission (CSRC) aims to promote long-term capital inflow into the market through the "Action Plan for High-Quality Development of Public Funds" [2][4] - The plan includes 25 specific reform measures to shift the focus from scale to returns, optimizing fee structures and enhancing investor engagement [4] IPO Challenges for Small Banks - Small banks face challenges in the IPO process, including capital replenishment pressures and asset verification difficulties, with 15 banks currently in the listing guidance phase [3] - The competitive market environment necessitates a focus on sustainable development strategies for these banks [3] Stock Market Performance - On May 7, A-shares experienced a positive trend, with major indices rising due to policy support, particularly in the financial and real estate sectors [5][6] - The Shanghai Composite Index closed at 3342.67 points, up 0.80%, with significant trading volume [5] Insurance Capital Inflows - Insurance capital has increased its market presence, with 13 instances of capital injection into listed companies this year, indicating a growing willingness to invest [11][12] - New policies are expected to further enhance the investment enthusiasm of insurance capital [12] Share Buybacks by Listed Brokers - Listed brokers have initiated share buybacks totaling over 6.43 billion yuan this year, reflecting confidence in their value and future prospects [13] - Nearly 350 companies have disclosed buyback plans, indicating a broader trend of enhancing shareholder returns [13]

作 者丨庞华玮 崔文静 编 辑丨姜诗蔷 图 源丨AI 公募基金改革方案落地。 5 月 7 日 ， 中 国 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》）。 《行动方案》从优化基金运营模式、完善考核评价制度、大力发展权益类基金、守牢风险底 线、强化监管执法、促进高质量发展等六方面提出了2 5条改革措施 。 总体来看，《行动方案》回应市场和社会关切，探索建立适合中国国情、市情的公募基金发展 新模式，着力引导行业机构努力实现从"重规模"向"重投资者回报"转型，形成行业高质量发展 的"拐点"，加快建设一流投资机构。 业内认为，《行动方案》从多方面发力，在稳定市场、吸引资金、促进经济结构调整等方面有 着积极意义，有望构建更健康、可持续的市场生态。 五大改革要点 《行动方案》共提出2 5条举措，包括五大重点内容： 一、优化主动管理权益类基金收费模式。 《行动方案》显示，对主动管理权益类基金，推行与基金业绩表现挂钩的浮动管理费率收取模 式，对于符合一定持有期要求的投资者，根据其持有期间产品业绩表现适用差异化的管理费 率。业绩明显低于比较基准 ...