Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2] Group 1: Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a "lifeline" for public fund products, establishing clear guidelines for setting, modifying, disclosing, and evaluating these benchmarks [2][3] - Fund companies are expected to be more cautious in setting performance benchmarks, potentially shifting the evaluation logic from beta returns to alpha returns [3][4] - The emphasis on performance benchmarks aims to constrain fund managers' investment behavior, ensuring they adhere to the agreed-upon industry or style, thereby reducing arbitrary deviations [2][3] Group 2: Theme Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for theme funds, enhancing monitoring and analysis of fund investment transactions [4][5] - Historically, theme funds have been prone to style drift, with instances of funds misaligning their investments with their stated themes, which the new regulations aim to address [4][5] - The plan encourages clearer definitions of investment directions in fund names and contracts to prevent misleading practices [4][5] Group 3: Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, mandating that at least 80% of the evaluation weight be based on performance over three years or more [5][6] - This mechanism is designed to reduce short-term market fluctuations' impact on investment performance evaluations, promoting a shift from a focus on scale to a focus on returns [6][7] - By encouraging a long-term investment approach, the plan aims to attract more stable capital into the stock market, enhancing market stability and resource allocation efficiency [6][7]

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at addressing long-standing issues such as the disconnect between fund company profits and investor returns, with a focus on performance-based fee structures and manager compensation [1][2][3] Summary by Sections Industry Reform - The public fund industry has experienced rapid growth, with total assets exceeding 32 trillion yuan and over 12,600 products as of Q1 2023 [1] - Recent regulatory changes, including the "Action Plan for Promoting High-Quality Development of Public Funds," target key pain points in the industry, particularly fee structures and manager compensation [1][2] Fee Structure Changes - A new floating fee model linked to fund performance will be implemented for actively managed equity funds, moving away from the traditional fixed fee model [3][4] - This floating fee mechanism aims to align the interests of fund managers with those of investors, addressing the issue of "funds making money while investors do not" [3][4] - Historical examples show that some funds have already returned management fees when performance was below benchmarks, indicating a shift towards accountability [3] Manager Compensation Reform - Fund manager compensation will now be directly tied to fund performance, with at least 80% of performance evaluations based on investment returns [6][7] - A significant portion of funds has underperformed their benchmarks, with 23.25% of funds lagging by over 10 percentage points, indicating potential salary reductions for many managers [6][7] - The reform aims to create a more competitive environment where only capable managers and high-performing funds thrive [8] Performance Benchmarking - The establishment of clear performance benchmarks for each fund is a critical aspect of the reforms, intended to prevent "style drift" and ensure that investment actions align with fund names and objectives [9][10] - Over 60 funds have already adjusted their performance benchmarks this year to better reflect their investment strategies [10] - This focus on performance benchmarks is expected to enhance transparency and stability in risk-return profiles, improving investor confidence [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On May 7th, the China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High - quality Development of Public Offering Funds", which is of milestone significance in the asset management industry. The plan proposes seven major aspects and 25 specific measures to promote the high - quality development of the public offering fund industry [2][7]. - The "Action Plan" has four major impacts on the public offering fund industry: different management fees among fund companies in the same echelon; exploration of performance comparison benchmarks and how to outperform them; emphasis on "investor profit and loss"; and focus on market opportunities for medium - low volatility products with equity and asset - allocation products [2]. - There are three paths that public offering funds need to focus on in the future: determining the appropriate tracking error for active equity funds, improving the investor profit - and - loss situation through a performance - based assessment system, and exploring investment strategies for medium - low volatility products with equity and asset - allocation products [2]. 3. Summary According to the Directory 3.1 The Four Major Impacts of the "Action Plan" on the Public Offering Fund Industry - **Management Fee Differences**: The "Action Plan" establishes a floating management fee collection mechanism linked to fund performance. In the future, there may be significant differences in management fees among fund companies in the same echelon, and second - echelon companies may charge higher fees than first - echelon ones [2][8]. - **Performance Comparison Benchmark**: The plan strengthens the binding effect of performance comparison benchmarks. The setting, modification, disclosure, and evaluation of benchmarks will be regulated. The concentration of benchmarks will enhance index Beta and reduce volatility. Attention to conventional SmartBeta indices will increase significantly. Active investment will become more passive, rule - based, and disciplined [2][9][10]. - **Investor Profit and Loss**: The "investor profit and loss situation" will be highly emphasized. Two directions are recommended: reducing product volatility and increasing the Sharpe ratio, and gradually shifting to an investment - advisory sales model [2][12]. - **Market Opportunities**: In addition to equity products, attention should be paid to market opportunities for medium - low volatility products with equity (such as fixed - income + funds) and asset - allocation products (such as FOF) [2][12]. 3.2 Three Paths that Public Offering Funds Need to Focus on in the Future 3.2.1 Appropriate Tracking Error for Active Equity Funds - Historical data on the proportion of active equity funds outperforming or underperforming the benchmark has little reference value due to the lack of emphasis on benchmarks in the past. The ratio of outperforming or underperforming is accidental and cannot predict the future [13][14]. - Enlarging the tracking error is a double - edged sword. Reducing the tracking error can improve the winning rate and safeguard the lower limit of excess returns. An 8% tracking error is an effective control indicator. When the tracking error is below 8%, the proportion of underperforming the benchmark by more than 10% decreases significantly [20]. 3.2.2 Improving Investor Profit and Loss through a Performance - Based Assessment System - **Low - Volatility Products**: Products with lower volatility result in lower investor return losses and stronger sense of gain [24]. - **High - Sharpe - Ratio Products**: Products with a high Sharpe ratio generally have stronger value - creation ability. Fund companies and investors can achieve a win - win situation by emphasizing the Sharpe ratio in product management [26]. - **Investment - Advisory Sales Model**: Fund managers and sales platforms should break the current hot - topic - chasing sales model and adopt an investment - advisory sales model [29]. 3.2.3 Investment Strategies for Medium - Low Volatility Products with Equity and Asset - Allocation Products - **Multi - level Fixed - Income + Strategy Matrix**: To address the structural differentiation in the demand side of the fixed - income + market, leading institutions are accelerating the construction of a multi - level fixed - income + strategy matrix, including asset - allocation, growth - oriented, dividend - based, quantitative, low - volatility, high - elasticity, stock - bond matching, multi - asset multi - strategy, small - cap stock strategy, and ETF - based fixed - income + strategies [32][33]. - **FOF Strategy Transformation**: FOF products are focusing on strategic transformation to release the effectiveness of asset allocation. Since 2024, the allocation ratio of QDII, commodities, and alternative assets in FOF has increased significantly. The TREE Long - Term Growth Plan, a one - stop asset - allocation solution jointly developed by China Merchants Bank's wealth management team and public offering fund management institutions, is widely recognized by the market. The FOF products included in the plan attracted a total of 19.515 billion yuan in the first quarter of 2025 [41][44][48].

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" outlines policies aimed at reforming the public fund industry and enhancing its quality, focusing on optimizing fund operation models, improving industry assessment systems, increasing equity investment scale and proportion, and ensuring risk management [1][2]. Group 1: Fund Operation Model - The plan proposes establishing a floating fee rate mechanism linked to fund performance, enhancing the constraint of performance benchmarks, and creating a binding mechanism between fund company income and investor returns [1][2]. - The introduction of floating fee products is seen as a beneficial exploration of charging models, promoting a healthier industry development and aligning investor interests [2]. Group 2: Performance Benchmarking - The plan emphasizes strengthening the role of performance benchmarks by developing regulatory guidelines for their setting, modification, disclosure, and evaluation, which will guide industry institutions in selecting benchmarks rigorously [3]. - This will help ensure product style stability and assist investors in better evaluating fund performance [3]. Group 3: Industry Assessment and Investment Scale - The plan includes specific requirements for improving industry assessment systems, significantly increasing the scale and proportion of equity investments, and accelerating the establishment of top-tier investment institutions [4]. - Companies are encouraged to innovate and launch more floating fee products that are linked to fund performance and investor returns, promoting long-term holding [4]. Group 4: Compliance and Risk Management - Companies are expected to enhance compliance and risk management proactively, ensuring that all business operations run smoothly and securely [4]. - The focus will be on creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4]. Group 5: Commitment to Investor Interests - Companies like E Fund are committed to prioritizing investor interests and promoting a financial culture that aligns with China's modernization goals, contributing to the stability of the capital market and high-quality economic development [5].

Core Viewpoint - The public fund industry in China is set to undergo significant fee rate reforms, introducing a floating management fee mechanism linked to fund performance, aiming to align the interests of fund managers and investors more closely [1][3]. Group 1: Floating Management Fee Mechanism - Over 20 large fund companies are expected to submit products based on performance benchmarks with a management fee structure comprising a basic fee, potential fees, and excess management fees [2][5]. - The new floating fee products will charge management fees based on the annualized return during the holding period compared to the benchmark, with differentiated fees for different investors based on their actual returns [2][4]. - This innovation emphasizes the anchoring role of performance benchmarks, incentivizing fund managers to pursue excess returns while penalizing them with reduced fees if performance falls short [2][3]. Group 2: Regulatory Emphasis on Investor Interests - The China Securities Regulatory Commission (CSRC) has highlighted the importance of binding fund company income to investor returns, aiming to eliminate the "guaranteed income" model for fund managers [3][4]. - The action plan mandates that new actively managed equity funds adopt a floating management fee model based on performance benchmarks, with specific fee rates determined by the fund's performance relative to the benchmark [3][4]. - The CSRC aims for leading fund institutions to issue at least 60% of their actively managed equity funds under this floating fee mechanism within the next year [3]. Group 3: Historical Context and Future Outlook - Previous fixed fee structures led to dissatisfaction among investors, prompting the introduction of floating fee products in late 2019, which allowed for performance-based fee extraction [5][6]. - Recent floating fee products have shown positive returns, with some exceeding 28% and others achieving over 40% returns, indicating a successful alignment of interests between fund managers and investors [6]. - The floating management fee model is expected to enhance the competitive edge of fund companies by focusing on research and investment capabilities, promoting long-term investment strategies among investors [6].

强化业绩比较基准约束作用 《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25条改革措 施，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。 具体来看，《行动方案》全面建立以基金投资收益为核心的行业考核评价体系，将业绩比较基准对比、基金利润率等直接关乎投资者利益的指标引入考核体 系。 "强化业绩比较基准的约束作用在本次公募基金改革中发挥着较为关键的作用。"业内人士指出，这既关系到新的浮动管理费率产品的整体架构，也关系到基 金公司、高管及基金经理的绩效考核与薪酬激励。 通俗地说，业绩比较基准相当于基金投资的"锚"和"尺"，是基金公司根据产品类型、投资策略等因素选择的参考标准。其中"锚"的作用主要表现为明晰投资风 格、约束投资行为，防止基金产品在投资运作过程中，大幅偏离产品名称和定位；"尺"的作用主要表现为衡量基金是否跑赢市场，并据此对基金公司高管和 基金经理进行考核。从境外成熟市场经验看，业绩比较基准能够在很大程度上确保投资者对自己所投资的产品有一个客观的认识，并对这类产 ...

未来一年内，引导管理规模居前的行业头部机构，发行此类基金数量不低于其主动管理权益类基金发行 数量60%；试行一年后，及时开展评估，并予以优化完善，逐步全面推开。 同时，制定公募基金业绩比较基准监管指引，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，对基金公司选用业绩比较基准的行为实施严格监管，切实发挥其确定产品定位、明晰投 资策略、表征投资风格、衡量产品业绩、约束投资行为的作用。 《方案》明确，大力推行基于业绩比较基准的浮动管理费收取模式；督促基金公司建立健全与基金投资 收益相挂钩的薪酬管理机制。 5月7日，证监会印发《推动公募基金高质量发展行动方案》（下称《方案》），明确建立与基金业绩表 现挂钩的浮动管理费收取机制，强化业绩比较基准的约束作用。 具体来看，包括对新设立的主动管理权益类基金，将大力推行基于业绩比较基准的浮动管理费收取模 式；要求基金公司全面建立以基金投资收益为核心的考核体系，适当降低规模排名、收入利润等经营性 指标的考核权重；督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制等。 业内人士认为，强化业绩比较基准的约束作用，在此次公募基金改革中发挥着较为关键的作用，既关系 ...

《方案》指出，强化业绩比较基准的约束作用。制定公募基金业绩比较基准监管指引，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，对基金公司选用业绩比较基准的行为实施严格 监管，切实发挥其确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为的作 用。 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《方案》）。《方案》聚焦 广大投资者特别关心的堵点、难点、痛点问题，针对公募基金存在的"旱涝保收""重规模轻回报""风格 漂移""货不对板""追涨杀跌"等问题，系统性提出25项改革举措。 当日，中国证监会主席吴清在国新办新闻发布会上表示，这次改革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。 基金管理费率与业绩表现挂钩 业绩明显低于基准适用低档费率 《方案》提出，建立与基金业绩表现挂钩的浮动管理费收取机制。对新设立的主动管理权益类基金大力 推行基于业绩比较基准的浮动管理费收取模式，对符合一定持有期要求的投资者，根据其持有期间产品 业绩表现确定具体适用管理费率水平。 如持有期间产品实际业绩表现符合同期业绩比较基准 ...

基金频换"零件"。 "万基时代"下，基金更换业绩比较基准已不少见，但这并非孤立动作，而是基金公司为提升基金运行效率采取的众多举措之 一。其他的还有更换基金经理、更换销售或托管机构。券商中国记者发现，近期还有基金公司将旗下ETF所跟踪的指数进行了 更换。 基金业内人士在接受券商中国记者采访时直言，和更换基准、基金经理等相比，ETF更换跟踪指数较为少见，不过也都是为了 提升基金投资效率，但新指数的效果是否能显著提升则有待观察。基金产品好比基金公司的"孩子"，除"父母"外基金自身"零 部件"和对外的社会关系，只要不损害持有人利益，按照相关规定替换都是允许的。 ETF更换跟踪指数 基金变更业绩比较基准并不少见，从最新情况来看既有债券基金、混合基金等传统基金，还出现了北交所等热门基金变更基 准。 根据富荣基金4月18日公告，拟调整富荣富兴纯债基金的业绩比较基准，调整前为中债综合指数（总财富）收益率×90%+1年 期定期存款利率（税后）×10%，调整后为中债综合全价（总值）指数收益率×90%+1年期定期存款利率（税后）×10%。根 据中信建投基金公告，从4月15日中信建投北交所精选两年定开混合基金的业绩比较基准，从中证1 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Insights - The banking wealth management market saw a slight increase in the total scale, reaching 29.92 trillion yuan by the end of February 2025, with a month-on-month growth of 150.4 billion yuan [4][9] - The issuance scale of bank wealth management products in February 2025 was 466.2 billion yuan, an increase of 60.5 billion yuan from the previous month, with a notable rise in the proportion of medium to long-term products [18] - The performance benchmark for newly issued wealth management products has declined across various terms, reflecting the impact of a low-interest-rate environment [21][22] Summary by Sections 1. Existing Wealth Management Market Overview - As of the end of February 2025, the existing scale of bank wealth management products was 29.92 trillion yuan, with cash management products accounting for 23.4%, fixed income products 74.4%, mixed products 2.0%, equity products 0.1%, and commodity and financial derivatives 0.05% [9][12] 2. Wealth Management Product Issuance Market Overview - The issuance scale of bank wealth management products in February 2025 was 466.2 billion yuan, with a significant increase in the proportion of products with a term of over one year, which accounted for 56.2% of the total issuance [18] - The performance benchmarks for various terms of wealth management products have decreased, with the 1-3 month benchmark at 2.39%, down 6 basis points from the previous month [21][22] 3. Wealth Management Product Net Value Tracking - The annualized yield for cash management products was 1.60%, while fixed income products saw a significant decline to 1.02%, down 95 basis points from the previous month [31] - The number of wealth management products with a net value below par increased to 2,996, representing 4.31% of the total, indicating a rise in the breaking net value ratio [38] 4. Industry Dynamics - Several banks have lowered the performance benchmarks for their wealth management products, with some products now having a benchmark below 2%, reflecting the ongoing low-yield environment and regulatory adjustments [43]