去年以来，"引长钱"系列制度落地。推动中长期资金入市的指导意见和实施方案先后出台，着力打通社 保、保险、理财等资金入市的堵点痛点，为实现"长钱长投"创造了更有利的制度环境。 数据显示，从去年9月到今年3月初，各类中长期资金所持A股流通市值从14.6万亿元增长到17.8万亿 元，增幅达到22%。保险资金、各类养老金在A股市场净买入约2900亿元，有力支持市场企稳向好。 着力形成"回报增、资金进、市场稳"良性循环 ◎记者 梁银妍 中长期资金是资本市场健康运行的"稳定器""压舱石"。5月7日，中国证监会主席吴清在国新办新闻发布 会上表示，将更大力度"引长钱"，协同各方继续提升各类中长期资金入市规模和占比。 在业内人士看来，更大力度"引长钱"，既是"稳市场"的关键一环，更是"活市场"的重要举措。一方面， 持续推动中长期资金成为资本市场重要增量资金，有助于熨平短期波动，护航市场行稳致远；另一方 面，"长钱"持续入市有望催发出更具活力的资本市场，进而形成"回报增、资金进、市场稳"的良性循 环。 "引长钱"是"稳市场"的关键一环。"引长钱"系列制度持续落地，有助于推动解决中长期资金总量不足、 结构不优、引领作用发挥不够充分 ...

21世纪经济报道记者 翁榕涛 实习生 马雨欣 广州报道 近日，证监会印发《推动公募基金高质量发展行动方案》(以下简称《行动方案》)。在基金运营模式、 基金考核模式、基金功能发挥和投资机构建设四个方面做出部署，以增强投资者获得感为核心。 "新规在考核模式指引的层面可能对基金经理的投资策略和基金公司的产品策略产生重大影响。"中信证 券研究报告指出，基准约束和盈利客户比率可能是公募考核新规影响最大的两个规则。 其中，对于三年维度跑输基准的薪酬惩罚一定程度上会约束基金风格偏离的问题；对基金公司管理层考 核盈利客户比例，可能会导致押注明星产品在行情高点冲量的经营模式受到控制。 21世纪经济报道记者从多家基金公司了解到，公募考核新规中对于费率改革以及业绩考核的部分，是业 内最为关注的焦点问题。 多位基金公司相关负责人表示，公司已经在收费模式优化和业绩考核方面做出一定探索，将结合新规要 求进一步完善基金管理，提升投资者体验，更好地服务居民财富管理需求和实体经济发展。 优化收费机制 打破"旱涝保收"传统模式 近年来，公募基金规模增长迅速，总规模从2019年的13万亿元增长至2025年3月底的约32万亿元。 但受股市波动较大等 ...

Investment Rating - The industry rating is "Overweight" indicating that the expected performance of the industry stocks will exceed the benchmark [7]. Core Insights - The total asset scale of the ETF market has surpassed 4 trillion yuan, with a month-on-month growth of 6.9%, and the stock ETF scale increased by 4.5% due to significant adjustments in the equity market caused by equal tariffs [11][12]. - The "Action Plan for Promoting the High-Quality Development of Public Funds" has been implemented, aiming to enhance the ecosystem of public funds and significantly increase the scale and proportion of equity investments in public funds, which is expected to accelerate the development of stock ETFs [5][31][32]. Summary by Sections Total Scale - As of the end of April 2025, the net asset value of stock ETFs reached 29,484 billion yuan, a month-on-month increase of 4.5%. The total net asset value of all ETFs exceeded 40,604 billion yuan, with a month-on-month growth of 6.9% [2][12]. Competitive Landscape - The concentration of leading fund companies has slightly increased, with the CR3, CR5, and CR10 reaching 45.1%, 57.8%, and 77.9% respectively, showing a month-on-month increase [3][17]. New Product Launches - In April 2025, stock ETFs raised a total of 9.6 billion yuan through batch issuance, including various thematic ETFs such as those focused on the aerospace and digital economy [4][23]. Policy Dynamics - The recently released "Action Plan for Promoting the High-Quality Development of Public Funds" outlines a comprehensive reform roadmap, emphasizing the need to bind fund company revenues to investor returns and enhance the scale of equity investments [5][31][32].

证券研究报告 金融 公募改革落地，政策组合拳共振 华泰研究 2025 年 5 月 11 日│中国内地 行业周报（第十九周） 本周观点 投资机会方面银行>证券>保险。央行降准 50bp+降息 10bp 并引导存款利率 下调，平衡稳息差与降成本。银行系 AIC 布局加速，兴业银行获批筹建国 内第六家 AIC，招商银行、中信银行拟出资设立。国新办新闻发布会召开， 支持资本市场和稳定金融体系的政策组合拳落地；公募基金改革方案发布， 推动行业从"重规模"向"重投资者回报"转型，用 3 年左右形成高质量 发展"拐点"。权益投资偿付能力风险因子下调 10%，有助于推动险资入市， 降低保险公司偿付能力压力。 子行业观点 1）银行：央行降准 50bp+降息 10bp 并引导存款利率下调，平衡稳息差与 降成本。3 月按揭利率边际回升，下一步将出台金融促消费一揽子政策举措， 增加信贷资金供给支持。银行系 AIC 布局加速，为股权投资市场再添活水。 2）证券：公募基金改革方案有望加速行业生态重构，推动头部集中与差异 化竞争。国新办发布会是继去年"924"后的新一轮政策组合拳，从制度、 生态、资金多维度呵护市场平稳运行，权益市场底部有 ...

看到一组公开数据，截至25年1月底，我国境内公募基金管理机构有163家，公募基金的资产净值达到31.93万亿 元。30万亿以上的公募基金规模，如何进行规范运作，将会对整个A股市场的运行走向有着重要的影响。 5月7日，《推动公募基金高质量发展行动方案》出炉，意味着我国公募基金将面临着重要性的改革。与以往相 比，这一次公募行业的改革力度很大，特别对基金经理的投资风格、薪酬待遇有着重要的影响。 除此以外，还会考虑合理调降公募基金的认申购费和销售服务费等，进一步降低投资者的投资成本。 过去很长一段时间，公募基金往往过分追求基金管理规模的增长，因为基金管理规模的大小，与基金经理、基金 管理团队的薪酬待遇有着密不可分的联系性。然而，在基金过分追求管理规模的同时，却疏忽了投资者的盈亏问 题，导致不少投资者的持有体验并不佳。 针对公募基金而言，随着管理规模的不断变化，基金的投资风格、资产配置方式也会发生显著变化。 举一个例子，过去某基金的管理规模只有20亿元，基金经理可以灵活配置大盘股、中小盘股等资产。考虑到基金 管理规模不大，所以基金经理在持仓上有着明显的变化，也不会对相关的股票价格造成较大的影响。 随着基金管理规模的大幅 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a significant reform plan aimed at enhancing the quality of public fund development, addressing issues such as "guaranteed returns" and "scale-centric" approaches in the industry [2][9]. Group 1: Reform Measures - The reform plan proposes a comprehensive set of actionable measures to transform public funds from mere asset management entities into wealth management partners that share risks with investors [2][9]. - Fund companies are actively organizing meetings to dissect the plan and implement specific tasks, focusing on product layout and performance assessment [3][4]. - The plan encourages the innovation of floating fee rate mechanisms and the restructuring of performance evaluation systems, emphasizing the need for long-term investor engagement [3][4][10]. Group 2: Product Development - The plan supports the development of actively managed equity funds and encourages the creation of floating fee rate products linked to fund performance and investor returns [3][6]. - Fund companies are preparing to launch floating fee rate products that align management fees with individual investor performance, enhancing the alignment of interests between fund managers and investors [6][10]. - There is a growing interest among leading fund institutions to collaborate on low-volatility products and asset allocation strategies, indicating a new competitive landscape [4][9]. Group 3: Performance Evaluation - The reform plan introduces a new performance evaluation framework that shifts focus from net asset growth to relative benchmark performance and investor returns [4][11]. - Fund evaluation agencies are expected to play a crucial role in designing metrics that reflect the performance of actively managed equity funds, enhancing transparency for investors [5][11]. - Companies are exploring ways to optimize their research and investment teams' assessment and incentive structures, aiming for a long-term performance evaluation system [7][8]. Group 4: Compliance and Risk Management - The plan emphasizes the importance of compliance and risk management, urging firms to strengthen their proactive and forward-looking risk control measures [5][11]. - Fund companies are expected to enhance their compliance frameworks to ensure stable and regulated operations, safeguarding against potential risks [5][11]. Group 5: Industry Response and Expectations - Major fund companies have expressed strong support for the reform measures, highlighting the plan's alignment with investor interests and the need for a return to fiduciary responsibilities [9][10]. - The industry anticipates the release of additional detailed regulations to support the implementation of the reform plan, particularly regarding performance benchmarks and sales fee management [12][13].

行 业 银行 2025 年 05 月 11 日 研 究 行 业 动 态 跟 踪 银行 公募基金改革方案出台，银行股配置需求有望系 统性提升 投资要点： 证监会印发《推动公募基金高质量发展行动方案》 中国证监会于近日公开印发《推动公募基金高质量发展行动方案》（下 文简称"行动方案"），推动公募基金改革。行动方案共提出 25 条举 措，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。 行动方案强化业绩比较基准要求 行动方案强化基金产品业绩比较基准的业绩对比作用、考核作为、约 束力，具体要求包括： 1）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。业绩明显低于比较基准的，须少收管理费。 2）将业绩比较基准对比等指标引入考核体系，建立健全与基金投资收 益相挂钩的薪酬管理机制。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。 3）强化基金产品业绩比较基准的约束力，充分发挥其体现产品定位、 衡量产品业绩的作用。 以上方案的提出强化了业绩比较基准的核心 ...

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, Shenzhen Component Index, and CSI 1000 Index leading gains at 3.27%, 2.29%, and 2.22% respectively, while the Sci-Tech 50, SME Index, and CSI 500 Index lagged behind with returns of -0.60%, 1.49%, and 1.60% respectively [6][14] - The total net withdrawal of funds through the central bank's reverse repos was 781.7 billion yuan, with 1.6178 trillion yuan maturing and a net open market injection of 836.1 billion yuan [22] - The People's Bank of China has been increasing its gold reserves for six consecutive months, with the official gold reserves reaching 73.77 million ounces as of April 2025, an increase of 70,000 ounces from March [9] Fund Performance - Last week, the performance of actively managed equity, flexible allocation, and balanced mixed funds was 1.22%, 1.01%, and 0.91% respectively. Year-to-date, alternative funds have shown the best performance with a median return of 5.45% [34][36] - The total net asset value of public funds remained above 32 trillion yuan for two consecutive months, standing at 32.22 trillion yuan as of March 2025, showing little change from February [12] Fund Issuance - A total of 15 new funds were established last week, with a total issuance scale of 6.345 billion yuan, a decrease from the previous week. Among these, 8 were passive index funds and 4 were enhanced index funds [4][45][46] - 40 new funds were reported for issuance last week, including various ETFs and FOFs, indicating an increase in the number of fund applications compared to the previous week [5][6] Regulatory Developments - On May 7, the China Securities Regulatory Commission (CSRC) released an action plan to promote the high-quality development of public funds, addressing issues such as operational model optimization, industry evaluation system improvement, and risk management enhancement [7][8]

Core Viewpoint - The public fund industry is undergoing significant transformation, with a focus on aligning the interests of sales institutions with investor profitability through a new classification evaluation mechanism for fund sales institutions [1][2][3]. Group 1: Classification Evaluation Mechanism - The newly introduced classification evaluation mechanism will incorporate various metrics, including investor profit and loss, holding period, and the scale of equity fund holdings [2][3]. - The mechanism aims to shift the assessment of sales institutions from a sales volume focus to an investor profitability focus, thereby enhancing the accountability of sales channels [1][2]. Group 2: Impact on Sales Institutions - The reform will prioritize institutions with better classification evaluation results in product access, license applications, and innovative business opportunities [3]. - Sales institutions are encouraged to improve their internal assessment and incentive mechanisms, emphasizing the importance of investor profit and loss [3][4]. Group 3: Fund Sales Fee Reform - The upcoming reform will include a reduction in fund sales fees, with expectations of a 50% decrease in sales service fees and a 30% reduction in trailing commissions, potentially leading to a total revenue decline of 39% for sales channels [4][5]. - The fund industry is projected to generate management fee income of 124.7 billion yuan in 2024, with sales service fees and trailing commissions contributing significantly to this figure [4]. Group 4: Shift to Buy-side Advisory Model - Sales institutions are advised to transition towards a buy-side advisory model, focusing on long-term investor relationships and asset appreciation rather than short-term sales [6]. - The demand for investment advisory services is expected to increase, necessitating a shift in sales strategies to accommodate investor needs [6]. Group 5: Growth of Equity Index Funds - The reform is anticipated to boost the scale and proportion of equity funds, particularly index funds, with securities firms expected to benefit from their existing advantages in this area [7][8]. - The market share of securities firms in equity index products is projected to reach 58% by the second half of 2024, highlighting their competitive position [7]. Group 6: Challenges and Opportunities - Despite the growth potential for equity index funds, there are concerns about the ongoing trend of fee reductions, which may impact overall profitability [8]. - The industry is expected to see a rapid development of thematic and strategy-based index funds, driven by regulatory guidance and changing investor demands [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The banking sector is expected to benefit from the entry of long-term funds and a relatively low allocation compared to indices, along with stable dividends, indicating continued upward momentum for bank stocks [5][6] - The report anticipates stable performance in the banking sector for 2025, with steady growth in revenue and net profit, driven by improved credit structure and reduced risk in retail lending [6] Summary by Sections Industry Trends - The banking sector's active equity holdings as of Q1 2025 accounted for 3.75%, which is approximately 10 percentage points lower than the CSI 300 index [4][9] - The report highlights a decrease of 0.23 percentage points in bank stock holdings compared to Q4 2024 [4] Fund Allocation - As of Q1 2025, the banking sector is underweighted in active equity funds compared to major indices, with specific underweights of 9.92 percentage points against the CSI 300 and 7.01 percentage points against the CSI 800 [4] - The top five banks held by active equity funds by market value include China Merchants Bank (13.5 billion), Ningbo Bank (6.1 billion), Jiangsu Bank (4.7 billion), Chengdu Bank (4.6 billion), and Industrial and Commercial Bank of China (3.3 billion) [4][11] Investment Recommendations - The report recommends a strategy focused on stable dividends and cyclical recovery, favoring banks that are expected to benefit from long-term fund allocation and growth policies [6] - Specific bank recommendations include Citic Bank, Agricultural Bank of China, China Merchants Bank, and Beijing Bank, with cyclical stocks like Suzhou Bank also highlighted [6]