| 政策领域 | 文件名称 | 发布机构 | 发布时间 | 核心目标 | | --- | --- | --- | --- | --- | | 行业综合改革 | 《推动公募基金高质量发展行动方案》 | 证监会 | 2025年5月 | 构建行业高质量发展框架体系 | | 销售费用改革 | 《公开募集证券投资基金销售费用管理规定《征求意见稿)》 | 证监会 | 2025年9月 | 降低投资者成本,规范销售行为 | | 投资行为规范 | 《公开募集证券投资基金业绩比较基准指引《征求意见稿) | 证监会 | 2025年10月 | 解决"风格训练",规范投资行为 | | 适当性管理 | | 《公开幕集证券投资基金投资者适当性管理期间(任求意见稿)》 基金业协会 2025年11月 强化销售适当性,保护投资者 | | | | 销售行为规范 | 公开募集证券投资基金销售行为规范(征求意见稿) | | 基金业协会 2025年12月 强化销售行为监管. 引动长期投资 | | 2025年公募基金行业主要政策文件概览 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 2025年，中国公募基金行业在资产管理规模突破3 ...

近日，中国证券投资基金业协会向各家基金管理人下发《基金管理公司绩效考核管理指引（征求意见 稿）》（以下简称《指引》）。据《每日经济新闻》报道，其内容有七大看点， 比如基金经理过去三 年业绩差，投资者亏损较大的，绩效薪酬至少降低30%；明确三年以上中长期指标占比不少于80%；建 立与投资者利益绑定机制，提高基金经理等人跟投比例等。 其二是跟投。基金公司高管、主要业务部门负责人、基金经理应当将一定比例的绩效薪酬购买本公司或 者本人管理的公募基金，且持有期限不得少于一年，其中基金经理至少应将当年全部绩效薪酬的40%跟 投其管理的基金。基金经理既是在为客户也是在为自己管理资产，双方利益高度捆绑可以实现"激励相 容"，基金经理用他人资金冒进博取高收益的情况将被有效遏制。 其三是薪酬递延。《指引》规定，基金公司董事长、高管、核心业务人员等应当纳入递延支付人员范 围，递延支付比例原则上不少于40%，递延支付期限不少于三年。递延支付速度应当不快于等分比例， 以3年计算，即每年不得超过33.3%。递延支付是三年长周期考核和事后追责的保障措施，可以对基金 经理形成实质性的约束。 其四是问责。《指引》规定，相关人员未能勤勉尽责，对 ...

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].