Core Viewpoint - The public fund industry in China is undergoing systematic reform aimed at promoting high-quality development through 25 specific measures that shift the focus from "scale" to "returns" for fund companies and sales institutions [1][2]. Group 1: Fee Structure and Performance Linkage - The reform plan introduces a floating management fee model for actively managed equity funds, linking fees to fund performance and allowing differentiated rates based on performance during the holding period [1]. - Fund companies are required to reduce management fees for underperforming funds that fall significantly below benchmark performance, addressing the issue of guaranteed income for fund companies regardless of performance [1]. - The plan mandates a reduction in subscription and sales service fees for public funds, encouraging timely fee adjustments for large index funds and money market funds [1]. Group 2: Performance Evaluation and Compensation - Fund company executives will have at least 50% of their performance evaluation based on fund investment returns, while fund managers will have at least 80% of their evaluation based on fund performance metrics [2]. - A long-term performance evaluation mechanism will be implemented, with a minimum of 80% weight on three-year performance metrics [2]. - Fund companies must establish a compensation management system linked to fund performance, with significant salary reductions for managers of funds underperforming by over 10 percentage points compared to benchmarks over three years [2]. Group 3: Enhancing Investor Services - The reform emphasizes optimizing resources for investment research, product design, risk management, and marketing to better serve investors' best interests [2]. - New regulations for fund investment advisory services will be introduced to ensure that services are tailored to meet the specific needs of investors [2]. - The establishment of a direct sales platform for institutional investors is planned to facilitate their participation in fund investments [2]. Group 4: Fund Product Development and Regulation - The plan aims to enhance the scale and stability of equity investments by optimizing fund registration processes and promoting the development of more index funds and low-volatility products [3]. - Performance benchmarks for fund products will be strengthened, with a focus on long-term performance evaluation over three years [3]. - The evaluation system will include metrics such as the retention scale and proportion of equity funds, investor gains and holding periods, and the scale of systematic investment plans [3]. Group 5: Regulatory Oversight - The reform includes stricter entry requirements for fund companies and sales institutions, with enhanced scrutiny of shareholder qualifications and funding sources [3]. - Measures will be taken to combat illegal practices such as shareholding by proxy and unauthorized transfer of shares [3]. - The China Securities Regulatory Commission will ensure the smooth implementation of these policies to enhance the industry's ability to serve wealth management, capital market stability, and national strategies [3].

围绕提升行业服务投资者的能力，《方案》突出引导基金公司、基金销售机构围绕投资者最佳利益，全 面优化投资研究、产品设计、风险管理、市场推广等资源配置，践行长期投资、价值投资、理性投资， 努力给投资者带来更优的回报。 《方案》还提出，抓紧出台公募基金投资顾问管理规定，促进基金投顾业务规范发展，为投资者提供适 配其特点和需求的组合投资服务。同时，加快推出机构投资者直销服务平台，便利各类机构投资者参与 基金投资。 针对强化基金公司与投资者的利益绑定，《方案》提出，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，相应降低产品 管理规模排名、基金公司收入利润等指标的考核权重。提高基金公司高管、基金经理跟投本公司管理产 品的比例和锁定期要求。 其中，基金公司股东和董事会对公司高管的考核，基金投资收益指标权重不低于50%；对基金经理的考 核，基金产品业绩指标权重不低于80%。对基金投资收益全面实施长周期考核机制，其中三年以上中长 期收益考核权重不低于80%。 《方案》还督促基金公司建立健全与基金投资收益挂钩的薪酬管理制度。对三年以上产品业绩低于业绩 比较 ...