专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见，引发热 议。 指引中，对基金公司给股东的分红约束进行规定。指引要求，基金公司应据基金产品中长期业绩和投资 者盈亏情况，审慎确定分红频率与分红比例。对于过去三年基金产品业绩不佳、投资者亏损较大的，应 当适当降低分红频率与分红比例。 根据兴业证券财报数据，2024年兴证全球基金营收32.79亿元，净利润14.13亿元。外资股东荷兰全球人 寿保险国际公司持有兴证全球基金49%的股份，获得分红2.42亿元。即兴证全球基金给股东分红金额为 4.93亿元，分红率34.89%。 依此类推，近十年（从2015到2024）期间，兴证全球基金累计营收316.04亿元，累计净利润115.09亿 元，累计给股东分红47.78亿元，平均分红率41.52%。外资股东荷兰全球人寿保险国际公司十年累计收 到分红23.41亿元。 回顾2007年3月5日，国家开发投资公司持有的兴业基金（即现在的兴证全球基金 ...

Core Viewpoint - The revised "Guidelines for Performance Evaluation Management of Fund Management Companies" aims to reshape the asset management industry, which has a scale of 36 trillion and involves over 700 million investors, by emphasizing long-term value creation for investors [2]. Group 1: Key Design Features of the Guidelines - The guidelines extend the evaluation period, requiring at least 80% of performance indicators to be based on a three-year horizon, encouraging institutions to develop investment capabilities that endure market fluctuations [3]. - Performance compensation is closely tied to fund performance, with increased mandatory co-investment ratios, effectively aligning the interests of practitioners with those of investors, and introducing accountability measures that apply even to departing employees [4]. - The guidelines allow for differentiated assessments, focusing on performance deviations for fund managers, enhancing credit and liquidity management for fixed-income investments, and emphasizing client profit and loss for sales personnel, reflecting a nuanced regulatory approach [4][5]. Group 2: Industry Concerns and Challenges - Industry concerns include how sales personnel can be held accountable for uncontrollable client timing decisions and whether fund managers might adopt overly conservative strategies to avoid penalties, potentially harming market vitality and long-term investor returns [4]. - The intent behind assessing sales personnel is to shift their role from "seller" to "buyer advisor," promoting a service-oriented approach that requires collaboration across the distribution ecosystem [5]. - Balancing risk prevention with the encouragement of innovation will be crucial in evaluating the effectiveness of the guidelines, as a compatible incentive system can support a healthy industry ecosystem in the long run [5]. Group 3: Overall Impact and Future Outlook - The guidelines aim to transition the industry from a "scale competition" to a "value creation" focus, aligning with the fundamental interests of investors and the public [5]. - The implementation process will involve ongoing adjustments among regulatory intentions, institutional transformations, and public perceptions, fostering a dynamic consensus [5].

Core Viewpoint - The revised "Guidelines for Performance Assessment Management of Fund Management Companies" aims to reshape the value logic of China's asset management industry, which manages approximately 36 trillion yuan and involves over 700 million investors [1] Group 1: Key Design Features of the Guidelines - The guidelines extend the assessment period, requiring that at least 80% of performance indicators be based on a three-year horizon, encouraging institutions to develop investment capabilities that endure market fluctuations [2] - Performance compensation is closely tied to fund performance, with increased mandatory co-investment ratios, effectively aligning the interests of practitioners with those of investors, promoting a "shared risk and shared benefit" mechanism [2] - The guidelines allow for differentiation in assessments, focusing on performance deviations for fund managers, credit and liquidity management for fixed-income investments, and customer profit and loss for sales personnel, reflecting a nuanced regulatory approach [2] Group 2: Industry Concerns and Challenges - There are concerns regarding how sales personnel can be held accountable for uncontrollable client timing decisions, and whether fund managers might adopt overly conservative strategies to avoid penalties, potentially harming market vitality and long-term investor returns [3] - The intent behind assessing sales personnel is to shift their role from "seller" to "buyer advisor," encouraging a focus on servicing client accounts rather than merely selling products, which requires collaboration across the distribution ecosystem [3] - Balancing risk prevention with the encouragement of innovation is crucial for evaluating the effectiveness of the guidelines, as ensuring long-term investor interests and providing reasonable incentives for managers are not mutually exclusive [3] Group 3: Implementation and Industry Transformation - The guidelines represent a shift from a "scale competition" to a "value creation" focus, aligning with the fundamental interests of investors and the public [4] - The implementation process will involve ongoing adjustments among regulatory intentions, institutional transformations, and public perceptions, aiming for a consensus that fosters a healthier and more sustainable industry ecosystem [4]