南京证券（601990）也表示，坚持突出功能性定位，围绕做实金融"五篇大文章"、新质生产力培育和发 展等重点任务，制定系统化的专项工作方案，构建常态化运行机制，开展"宁心聚力"专项服务行动，依 托"投资+投行+研究+财富管理"的全业务链服务模式，不断增强工作合力。 坚持投资者为本理念 从各家券商公告的上半年"提质增效重回报"进展及2025年相关行动方案来看，以投资者为本也是各家券 商秉持的重要理念。 兴业证券在2025年度"提质增效重回报"行动方案中表示，公司每三年制定《公司未来三年股东回报规 划》，建立对投资者持续、稳定、科学的回报机制，保持利润分配政策的连续性和稳定性。 近期，多家券商公布上半年"提质增效重回报"相关行动的进展或新发布2025年相关行动方案，多数聚焦 服务国家战略的进展、可持续发展成效、投资者权益保障等领域。 积极服务国家战略 2024年4月12日，《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》发布，其中明 确，"引导行业机构树立正确经营理念，处理好功能性和盈利性关系"。近两年来，证券行业也积极服务 国家战略，助力实体经济高质量发展。 在服务国家战略方面，西南证券表示，公司 ...

Group 1 - The first batch of 26 new floating rate funds has successfully raised a total of 22.68 billion yuan, with 24 funds already established as of the end of June [1][2] - The average fundraising scale for the established funds is approximately 944.5 million yuan per fund, with three funds exceeding 1.5 billion yuan and four funds between 1 billion and 1.5 billion yuan [1][2] - The design of the new floating rate funds reflects a shift towards prioritizing investor returns, aligning with the regulatory push for high-quality development in the public fund industry [2] Group 2 - The fee structure for the new floating rate funds includes three tiers: 1.2% for the base rate, 1.5% for the elevated rate, and 0.6% for the reduced rate, depending on the fund's performance relative to its benchmark [3] - The management fee will be adjusted based on the annualized return compared to the performance benchmark after one year of holding the fund [3]

Group 1 - The core viewpoint of the article emphasizes the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to align the interests of investors and fund managers, fostering long-term returns for investors [1][2] - The plan is seen as a significant regulatory innovation in China's capital market, focusing on optimizing fund operation models, evaluation systems, and encouraging the development of equity products [2][3] - The introduction of a new batch of floating management fee funds is set to deepen the binding of investor interests, utilizing a performance-based fee structure that adjusts management fees according to fund performance relative to benchmarks [3][4] Group 2 - As of the end of 2024, there will be 75 products in the market operating under the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked, accounting for 84% of the number and 98% of the scale [5] - The floating management fee funds have undergone several market tests since their inception in 1999, with 20 funds set to trial the new fee structures in 2023, linking fees to performance, scale, and holding period [4][5] - The future of public funds is expected to focus on long-term and value investing, as the interests of investors, fund managers, shareholders, and sales parties become more aligned following the implementation of the new plan [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines 25 specific measures aimed at reforming the public fund industry and enhancing its quality of development, focusing on long-term investor concerns [1] Group 1: Investor-Centric Approach - The core of high-quality development in the public fund industry is the protection of investor interests, emphasizing a shift from scale to investor returns [2] - The Action Plan encourages innovation in equity fund products, supporting the development of actively managed equity funds and introducing performance-linked fee structures to promote long-term holding [2] - A performance evaluation system centered on fund investment returns will be established, with at least 80% weight on fund performance metrics for fund manager assessments [2] Group 2: Research and Investment Capability - The Action Plan calls for the establishment of a fund company research and investment capability evaluation system, promoting resource investment in human capital and technology [4] - Fund companies are encouraged to adopt new technologies such as artificial intelligence and big data, and to establish technology and operational service subsidiaries [4] - Strengthening research and investment capabilities is identified as a key competitive advantage for fund companies, essential for gaining investor trust and achieving high-quality development [4] Group 3: Compliance and Risk Management - The Action Plan emphasizes the importance of compliance and risk management, requiring fund companies to maintain a robust risk control system and improve liquidity risk prevention mechanisms [5] - It includes revisions to regulations governing risk reserves and the management of fund managers' dual roles to enhance risk isolation [5] - The implementation of these measures aims to strengthen the compliance culture within the industry and improve the overall risk management framework [6] Group 4: Implementation and Future Outlook - The Action Plan provides clear policy guidance and strong support for the high-quality development of the public fund industry, with a goal to see tangible results within three years [6] - Fund companies are expected to align with the principles of the Action Plan, focusing on enhancing research capabilities and customer service to create sustained value for investors [6]

投资要点 分析师： 王骅 登记编号： S0890522090001 分析师： 宋逸菲 登记编号： S0890524080003 分析师： 冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 《推动公募基金高质量发展行动方案》落地： 2025年5月7日，为落实2024年9月26日中央政治局 会议"稳步推进公募基金改革"决策部署，证监会发布《推动公募基金高质量发展行动方案》。结 合《行动方案》和5月7日吴清主席在国新办新闻发布会上的发言总结，公募基金高质量发展的要 点是"四个突出"：突出强化与投资者的利益绑定、突出发展壮大权益类基金、突出服务投资者的 能力和突出增强投资行为稳定性。 突出强化与投资者的利益绑定： 《行动方案》从浮动管理费机制、业绩比较基准监管、进一步降 费、绩效考核改革等维度继续优化基金运营模式，健全基金管理人收入报酬与投资者回报绑定机 制。 突出发展壮大权益类基金： 从 2022 年的《关于加快推进公募基金行业高质量发展的意见》开 始，每一次和公募行业相关的政策均提及了高质量发展权益基金，本次《行动方案》继续这一导 向。 突出服务投资者的能力： ...

Group 1: Key Points on Investor-Centric Transformation - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" on May 7, 2025, emphasizing an investor-centric approach[3]. - The plan outlines four key focuses: strengthening the alignment of interests with investors, expanding equity funds, enhancing investor service capabilities, and increasing industry stability[9]. - The introduction of a floating management fee mechanism aims to align fund managers' compensation with investor returns, with a target for leading firms to issue at least 60% of new equity funds under this model[10]. Group 2: Focus on Equity Fund Development - The plan continues the emphasis on the growth of equity funds, which has been a consistent theme since the 2022 guidelines[13]. - Public funds will have expanded access to financial derivatives, allowing for better risk management and absolute return strategies[13]. - The registration process for equity funds will be expedited, with a commitment to complete registrations for ETFs within 5 working days and for actively managed equity funds within 10 working days[14]. Group 3: Enhancing Investor Services - Fund companies are required to improve their research and investment capabilities, moving towards a team-based investment approach to enhance performance stability[15]. - The establishment of a centralized data platform for institutional investors aims to streamline investment processes and improve service quality[16]. - The plan encourages the development of low-volatility and asset allocation products to cater to conservative investors, alongside the introduction of new fund types like "fixed income plus" products[16]. Group 4: Strengthening Industry Stability - The plan introduces measures for liquidity management and long-term investment strategies to enhance the stability of public funds[17]. - Regulatory frameworks will be established to ensure compliance and protect the reputation of fund companies, addressing issues like dual roles of fund managers and conflicts of interest[18]. - The overall goal is to shift the industry focus from scale-driven growth to prioritizing investor interests, fostering a sustainable investment environment[18].

2025年两会，全国政协委员、民建中央法制委员会委员、证监会处罚委办公室一级巡视员罗卫关注的问题 均和强化资本市场监管执法，加大投资者保护力度有关。她建议探索在北京上海试点金融案件"三合一"审 判机制，加快出台背信损害上市公司利益罪司法解释。 罗卫在接受证券时报·券商中国记者专访时表示，"打假护秩序、护市场"始终是资本市场监管执法的重点，一 个活力与秩序兼备的资本市场是证监会行政执法的工作目标。证监会将一以贯之依法从严打击证券期货违法行 为，坚持做到"严而有度、严而有方、严而有效"，并将"以投资者为本的理念"始终贯穿在监管执法过程中。 证券时报·券商中国记者：2024年，证监会坚决落实党中央关于金融监管"长牙带刺"、有棱有角要求，依法严 惩资本市场违法行为，请问"以投资者为本的理念"在监管执法层面应该如何体现？ 罗卫：证监会在监管执法中始终坚持投资者的主体价值和中心地位，努力让投资者在每一个执法行为、每一项 处罚决定中感受到公平正义，以法治力量促进资本市场生态改善，持续提升投资者安全感。监管执法要更加强 调"以投资者为本的理念"，需要从四个方面着手： 一是坚持从严执法形成有力震慑。对欺诈发行、财务造假、操纵市 ...

Core Viewpoint - The article emphasizes the importance of strengthening capital market regulation and investor protection, highlighting the need for a robust legal framework to address financial misconduct and enhance market integrity [1][2][10]. Group 1: Regulatory Focus - The proposal to explore a "three-in-one" trial mechanism for financial cases in Beijing and Shanghai aims to streamline the handling of criminal, administrative, and civil cases related to financial misconduct [2][4]. - The current practice in Shenzhen's financial court serves as a model for this reform, which is expected to improve judicial efficiency and provide better services for investors [5]. - The article stresses the necessity of expediting the judicial interpretation of the crime of breaching trust that harms the interests of listed companies, as existing regulations are seen as too vague [5][6]. Group 2: Investor-Centric Regulation - The regulatory approach should prioritize the interests of investors, ensuring that enforcement actions reflect fairness and justice [7][8]. - The article outlines four key aspects of investor-focused regulation: strict enforcement to deter violations, enhancing public confidence through transparent actions, precise enforcement to avoid collateral damage, and collaborative enforcement to ensure comprehensive accountability [7][8][9]. Group 3: Market Integrity and Development - The relationship between regulatory enforcement and market vitality is discussed, asserting that a well-regulated market fosters both order and dynamism [11][12]. - The article argues that effective regulation is essential for restoring market integrity and investor confidence, which in turn supports long-term investment [12][13]. - Future regulatory efforts will focus on distinguishing the severity of violations, improving legal standards, and enhancing collaborative mechanisms among regulatory bodies to ensure comprehensive accountability [13][14].