2026.01. 25 本文字数：1734，阅读时长大约3分钟 作者 | 一财评论员 基金行业将迎来一个专业创造价值的回归之旅。 23日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》，中国基金业协会同步发 布《公开募集证券投资基金业绩比较基准操作细则》。这一于3月1日正式实施的规则，从明确业绩 比较基准与产品定位和风格匹配、建立覆盖全流程的基准管控机制、构建以投资者收益为核心的考核 与薪酬体系，及强化基准的外部监管等各方面，掀起了国内公募基金领域面向市场的适度变革。 这是投资者翘首期待已久的诉求，预示着专业能力，而非牌照身份，正在成为中国公募基金行业在国 内财富管理市场安身立命的核心驱动力。新规是政策与市场最实在的有效沟通，也是公募基金业必须 历经的一份成长礼。 这一切的问题都指向了国内基金业深层次的问题，即制度评价性的激励约束不兼容，投资者制衡渠道 的匮乏等。 而此次新规明确业绩比较基准的硬约束和强化薪酬与基金挂钩的激励约束机制，将为公募基金提供一 个一致性业绩评价标准，让基金公司不再用相对业绩等来制定考核和薪酬体系，降低了出现基民亏损 而基金经理高薪等业绩背离现象。这将为公募基金走出牌照身份 ...

Core Viewpoint - The public fund industry is entering a new stage focused on high-quality development, with recent policy signals indicating deepening reforms and regulatory measures aimed at enhancing product and service quality [1][3]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has officially revised and released the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," marking the implementation of the third phase of fee rate reform in the public fund industry [3]. - The new regulations aim to lower overall costs for investors, standardize the sales market order, and protect investors' legal rights by adjusting subscription fees, optimizing redemption fee arrangements, and clarifying that interest on fund sales settlement funds belongs to investors [3]. Group 2: Company Response - The company actively responds to the new regulations by assessing their differentiated impact on various product lines and expanding sustainable product offerings, including distinctive active equity funds, clearly defined ETF products, and "fixed income plus" products [3]. - The company views the CSRC's guidelines on performance comparison benchmarks as an opportunity to enhance product transparency and strengthen investor trust, aiming to make performance benchmarks a clear measure of product risk and return characteristics [3][4]. Group 3: Industry Development - The industry is experiencing a turning point towards high-quality development, with the company prioritizing investor interests and leveraging reforms as opportunities to enhance professional capabilities and market reputation [4]. - By providing higher quality products and services that align with market demands, the company aims to contribute to the industry's high-quality development while creating sustainable long-term returns for investors [4].

Core Viewpoint - The Chinese public fund industry is undergoing a significant transformation in 2025, shifting from a focus on scale expansion to prioritizing investor returns, as indicated by a series of regulatory policies aimed at enhancing the quality of development in the sector [1][2]. Policy Overview - The China Securities Regulatory Commission (CSRC) has released several key policy documents for 2025, including the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to establish a framework for high-quality industry development [1]. - Other notable documents include regulations on sales expense management, performance comparison benchmarks, and investor suitability management, all designed to lower costs for investors and standardize sales practices [1]. Systemic Reform - The 2025 reforms address deep-rooted issues in the industry, such as the disconnect between fund managers and investors, short-term sales behaviors, and style drift in investments [2]. - The reforms are characterized as a comprehensive restructuring of the system, aiming to align the interests of fund managers with those of investors [2]. Investor-Centric Focus - The "Action Plan" emphasizes a "return-based" approach, introducing a floating management fee model for newly established actively managed equity funds, linking fees to fund performance [3]. - New requirements mandate that at least 60% of new actively managed equity funds must adopt floating fee rates within a year, disrupting the traditional fixed management fee model [3]. Performance Assessment Changes - The new regulations stipulate that the assessment of fund company executives must prioritize investment return metrics, with at least 50% weight on fund performance for executives and 80% for fund managers [3]. - Long-term performance metrics are emphasized, with a minimum of 80% weight on assessments over three years, discouraging short-term performance chasing [3]. Investment and Sales Regulations - The "Performance Comparison Benchmark Guidelines" aim to ensure that each fund's performance benchmark aligns strictly with its investment strategy, preventing arbitrary changes [4]. - Sales expense management regulations propose significant reductions in subscription and service fees, potentially saving investors hundreds of millions annually [6]. - The sales behavior regulations prohibit misleading short-term performance promotions and require sales personnel's performance assessments to be linked to investors' long-term outcomes [6]. Talent Demand and Industry Evolution - The reforms are expected to reshape talent requirements in the public fund industry, moving away from the "star manager" model towards a focus on disciplined, process-oriented investment strategies [8]. - Sales personnel are transitioning from product sales roles to asset allocation advisors, necessitating a broader skill set that includes financial planning and client relationship management [8]. - There is an anticipated surge in demand for compliance, risk management, and financial technology professionals to support the new regulatory environment [9]. Conclusion - The ongoing reforms in the public fund industry are part of a broader effort to enhance investor satisfaction and align the industry's operational framework with long-term growth and stability [9].

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a draft guideline for performance assessment of fund management companies, emphasizing a strong linkage between performance and compensation, investor interest alignment, and accountability measures [1][2][3][4] Group 1: Performance and Compensation - Fund managers with poor performance over the past three years, resulting in significant investor losses, will see their performance compensation reduced by at least 30% [1] - Compensation increases for fund managers are contingent upon significantly outperforming performance benchmarks and achieving positive fund profit margins; failure to meet either criterion will result in salary reductions or no raises [2] - A minimum of 80% of long-term performance indicators must be based on three-year metrics, ensuring a focus on sustained performance [1] Group 2: Investor Interest Alignment - Fund company executives, key department heads, and fund managers are required to invest a certain percentage of their performance compensation into the funds they manage, with a minimum holding period of one year; fund managers must invest at least 40% of their annual performance compensation [2] - The guideline aims to bind the interests of fund managers with those of investors, reducing the likelihood of managers taking excessive risks with client funds [2] Group 3: Accountability Measures - Fund companies can hold personnel accountable for negligence or violations, including reducing or halting compensation and requiring the return of a portion of performance pay; this accountability extends to former employees [3] - The guideline mandates that sales executives and core business personnel have at least 50% of their performance evaluation based on investor profit and loss, addressing the industry's historical focus on sales volume over client retention [3] Group 4: Industry Reform and Investor Trust - The guideline is part of broader reforms in the public fund industry aimed at enhancing investor satisfaction, which has been lacking due to poor fund performance and frequent trading behaviors by investors [3] - The industry is moving towards a consensus on prioritizing investor interests, establishing a serious contract that fosters long-term trust between investors and fund managers, ultimately leading to mutual financial success [4]

Core Viewpoint - The departure of renowned fund managers from small and medium-sized fund companies has significant impacts, but it also presents opportunities for these firms to rethink their strategies and diversify their product lines [1][5][7]. Group 1: Impact of Departures - Since 2024, several well-known fund managers have left their positions, leading to noticeable declines in the managed equity scale of small and medium-sized fund companies [1]. - The exit of a "star" manager often results in substantial changes in fund performance, with some successor managers maintaining or even improving the investment strategies [2][3][4]. Group 2: Performance of Successor Managers - After the departure of Qiu Dongrong, Liu Sheng took over the management of Zhonggeng Value Navigation, achieving a return of 15.90% year-to-date and 18.83% since the departure date, outperforming the CSI 300 Index [3]. - Other funds managed by successors also showed varied performance, with Zhonggeng Value Quality achieving an 11.31% return year-to-date, while Zhonggeng Small Cap Value had a return of 16.53% since the departure but underperformed year-to-date [3]. Group 3: Industry Trends and Responses - The frequent turnover of fund managers is attributed to various factors, including performance pressure, industry competition, and personal career plans [6]. - The China Securities Regulatory Commission's recent action plan aims to shift the focus of fund companies from "scale" to "returns," providing new guidance for the development of small and medium-sized fund companies [8][9]. Group 4: Strategic Shifts in Fund Companies - The departure of key talent is prompting fund companies to reflect on their governance mechanisms and long-term incentives to retain core personnel [7]. - Companies are encouraged to adopt a platform-based survival strategy, focusing on building brand value and investment capabilities independent of individual managers [7][9].

Core Viewpoint - The resignation of Zhang Kun, a prominent figure in the mutual fund industry, reflects significant adjustments in the management structure of E Fund this year, indicating a strategic shift towards focusing on investment management rather than executive roles [2][4]. Management Changes - E Fund announced the resignation of Zhang Kun as Vice President due to "work adjustments," effective May 15, 2025, while he will continue to focus on investment management [2][4]. - Zhang Kun has been with E Fund since 2008 and has played a crucial role in the active equity research team, managing funds totaling 60.822 billion yuan as of the first quarter [4]. - This resignation is part of a broader trend within E Fund, as other executives like Chen Hao and Xiao Nan have also stepped down from management roles to concentrate on fund management [8]. Industry Trends - There is a growing trend in the mutual fund industry where executives with investment backgrounds are choosing to "lighten their load" by stepping down from management positions to focus on investment [11]. - The increasing competition and market volatility in the mutual fund sector have led to heightened performance pressure on fund managers, making it more beneficial for them to concentrate on investment rather than administrative duties [11][12]. - Regulatory reforms are pushing fund companies to establish performance-based assessment systems, which may further incentivize fund managers to prioritize investment performance over management responsibilities [13].