Core Insights - The new guidelines from the China Securities Investment Fund Industry Association impose strict performance-based salary adjustments for fund managers, with potential salary cuts exceeding 30% for those underperforming benchmarks over the past three years [1][9]. Group 1: Key Features of the New Guidelines - The new guidelines establish a rigid performance assessment framework, emphasizing "investor returns" as the sole core focus, addressing the industry's issue of funds making profits while investors do not [3][8]. - A binding mechanism is introduced, requiring key personnel to invest a significant portion of their performance bonuses into the funds they manage, ensuring alignment of interests between fund managers and investors [5][11]. - A dynamic accountability system is created, featuring a tiered salary adjustment mechanism where fund managers with poor performance face mandatory salary reductions, while those with strong long-term performance can receive reasonable salary increases [7][12]. Group 2: Implications for the Industry - The implementation of the new guidelines is expected to lead to increased talent mobility, with high-performing fund managers potentially moving to private equity due to more flexible strategies and higher compensation [11]. - The industry landscape will be reshaped, benefiting established fund companies with stable long-term performance while putting pressure on smaller firms, leading to a "Matthew Effect" where larger firms gain more advantages [11][12]. - The guidelines mark a shift from a "scale-driven" approach to one focused on "return binding," influencing fund manager behavior and sales strategies, promoting a long-term investment perspective [12][13].