Core Viewpoint - The new regulatory guidelines aim to address the issue of fund managers profiting while investors do not, by linking their compensation to long-term performance and establishing a rigid reward and punishment mechanism [3] Group 1: Regulatory Changes - The recently issued "Performance Assessment Management Guidelines for Fund Management Companies (Draft for Comments)" mandates that the compensation of active equity fund managers be closely tied to long-term performance [3] - Nearly 1,000 fund managers are expected to face at least a 30% salary reduction due to underperformance, while high-performing managers may see salary increases [3] Group 2: Performance Metrics - A total of 3,757 active equity fund products were analyzed, with 1,444 (38.43%) underperforming their benchmarks by over 10 percentage points, affecting 996 fund managers [4] - Notable underperforming funds include those managed by well-known managers, such as Guotou Ruijin's fund with a cumulative return of -26.12%, lagging its benchmark by over 45 percentage points [4] Group 3: Incentive Alignment - The guidelines enhance the alignment of interests by increasing the proportion of fund managers' performance pay tied to their own investments in the funds they manage, from 30% to 40% [5] - Senior management and key business department heads are now required to invest at least 30% of their performance pay in public funds, with a minimum of 60% in equity funds [5] Group 4: Assessment Criteria - The assessment framework now includes metrics such as "fund profit margin" and "percentage of profitable investors," reflecting the actual gains and losses of investors [6] - This shift represents a move from evaluating "product net value" to focusing on "investor wallet" outcomes, deepening the assessment criteria [6]

Group 1 - The core point of the article is the personnel change at China Aviation Fund, where Deng Haiqing is no longer the fund manager of the China Aviation Mixed Reform Selected Fund (Fund Code: 004936), effective May 6, 2025, and Fang Cen will take over the management of the fund [1][2][3] - The change in fund management coincides with the release of the CSRC's "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund manager compensation to long-term performance [6] - Deng Haiqing's departure is attributed to internal company adjustments, and he will continue to serve as the company's deputy general manager and chief investment officer [3] Group 2 - The fund has faced criticism for its heavy investment in the real estate sector, failing to reflect the diversity of the "mixed reform" theme and not aligning with recent policy support for high-end manufacturing and technology [7][8] - Performance metrics indicate that the China Aviation Mixed Reform Selected Fund has significantly underperformed both its peers and market benchmarks, with a year-to-date decline of 4.33% and a six-month drop of 22.16% [8] - Over the past two and three years, the fund has seen cumulative declines exceeding 31%, underperforming its performance benchmarks by 30% and 36%, respectively, which could lead to substantial salary reductions for the fund manager under the new regulations [8]