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" 近期，基金行业薪酬体系的改革持续引发市场关注。 根据中基协新规指引，若基金经理过去三年产品收益率低于业绩比较基准10个百分点以上且基金利润率 为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公司对管理多只产品的基金经理，需依 据基金规模、管理时长等对业绩表现进行加权考核，任职不满一年的基金不纳入评估范围。 在这一新的考核框架下，各家资深基金经理的长期业绩表现正成为市场关注的焦点。摩根士丹利基金研 究管理部总监、基金经理王大鹏便是其中备受关注的一位。 Wind数据显示，截至12月10日，摩根士丹利基金旗下近三年有业绩记录的基金产品中，共有13只基金 跑输业绩比较基准超过10个百分点。值得注意的是，由王大鹏管理的4只产品全部位列其中，且跑输幅 度较为显著。 数据来源：Wind 截止 值得关注的是，在旗下多只产品长期业绩表现不佳的背景下，王大鹏仍参与管理新发产品。 | 序号 | 证券代码 | 证券简称 | 近三年净值 超越星准收益率 | 近三年 最大回撤 | 基金规模 合计(亿) | 基金经理 | 任职日期 | | --- ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 监管部门近日制定并下发了《基金管理公司绩效考核管理指引（征求意见稿）》。该文件聚焦长期投资业绩，强调建立以基金投资收益为核心的考核体系。 公司薪酬总额变动需与基金投资收益及公司效益联动。新规明确要求，业绩指标占基金公司高管和基金经理的考核权重应当"不低于80%"。 薪酬调整与业绩基准挂钩 新规对主动权益类基金经理的薪酬调整机制进行了细化。基金管理公司需根据过去三年业绩比较基准对比及基金利润率情形建立阶梯化机制。若基金经理过 去三年产品业绩低于业绩比较基准超过10个百分点且基金利润率为负，其绩效薪酬应当较上一年明显下降。文件规定此类情况下的降幅"不得少于30%"。若 业绩显著超过比较基准且利润为正，绩效薪酬则可合理适度提高。 长效激励约束机制在文件中得到进一步明确。高管、主要业务部门负责人和基金经理需将薪酬一定比例用于购买公司旗下或本人所管基金产品。高级管理人 员及主要业务部门负责人应当将不少于当年全部绩效薪酬的30%购买本公司管理的公募基金。其中购买权益类基金的比例"不得低于60%"。基金经理的跟投 要 ...

近日，《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。 《指引》的上一版本在2022年6 月发布，其作为行业首份系统性的薪酬考核规则，提出绩效薪酬递延、 高管、基金经理自购等开创性要求，引发市场强烈反响。当时投资者纷纷叫好，认为"终于倒逼基金公 司为投资者赚钱"，但行业内部也涌现出诸多争议。在基金经理看来考核指标不够清晰，在投资者看来 仍然难以打破公募旱涝保收模式。 作为2022年版规则的迭代升级版本，《指引》以"持有人利益优先"为核心锚点，通过量化考核指标、强 化薪酬约束、封堵监管漏洞等多维度系统性改革，精准直击行业长期存在的规模导向、短期投机、利益 失衡、旱涝保收等痛点，从明确考核权重、建立阶梯降薪机制，到细化自购锁定期、扩大监管范围，实 现了从制度破冰到精细落地的跨越。 值得关注的是，在业绩与薪酬强绑定的机制约束下，未来主动管理型产品的超额收益（阿尔法）获取难 度或将有所提升，其稀缺价值也将进一步凸显。这一变化，或将倒逼部分基金经理调整既有投资策略， 逐步从追求超额收益的阿尔法策略，转向以贝塔收益为基础的增强型策略，以此降低主动操作带来的潜 在风险。 要想长期跑赢"基准- ...

重要的消息有哪些 1.2025年《国家基本医疗保险、生育保险和工伤保险药品目录》12月7日发布，本次目录调整新增114种药品，其中50 种为1类创新药。首版《商业健康保险创新药品目录》同日发布，共纳入19种药品，既有CAR-T等肿瘤治疗药品，也 有社会关注度较高的阿尔茨海默病治疗药品。新版药品目录自2026年1月1日起正式执行。 据证券时报记者统计，12月7日晚间，共有15家A股药企公告其相关产品被纳入目录，尤其是不少创新药企创新药产品 被纳入目录。 科创板创新药企泽璟制药公告显示，其自主研发的盐酸吉卡昔替尼片通过国家医保谈判，被纳入国家医保药品目录。 该药品用于治疗中危或高危原发性骨髓纤维化（PMF）、真性红细胞增多症继发性骨髓纤维化（PPV-MF）和原发性 血小板增多症继发性骨纤维化（PET-MF）的成人患者。 泽璟制药表示，盐酸吉卡昔替尼片被纳入2025年国家医保药品目录将有利于产品的销售，有助于公司进一步提高该药 物在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销售规模，对公司的长期经营发展具有 积极影响，预计短期内不会对经营业绩产生重大影响。 君实生物、智翔金泰、艾力斯等创新药企 ...

Group 1: Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List was released on December 7, 2023, adding 114 new drugs, including 50 innovative drugs [1] - A new Commercial Health Insurance Innovative Drug List was also published, including 19 drugs, such as CAR-T therapies and Alzheimer's disease treatments [1] - The updated drug list will take effect on January 1, 2026 [1] Group 2: Company Announcements - On December 7, 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly many innovative drug companies [2] - Zai Lab announced that its self-developed drug, Jikaxitinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market accessibility [2] - Junshi Biosciences and other innovative drug companies also had products included, with Junshi's products gaining new indications in the National Medical Insurance List [2][3] Group 3: Market Impact - Heng Rui Medicine reported that the total sales of its newly included drugs are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [3] - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales and long-term business development for the companies involved [2][3]

Group 1 - The National Financial Regulatory Administration has adjusted risk factors for insurance companies, reducing the risk factor for stocks held over three years from 0.3 to 0.27 and for stocks held over two years from 0.4 to 0.36 [2][5] - The risk factor for export credit insurance and overseas investment insurance premiums has been lowered from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [5] - Insurance companies are encouraged to improve internal controls and enhance long-term investment management capabilities [5] Group 2 - The China Securities Regulatory Commission emphasizes the need for securities firms and investment institutions to meet diverse wealth management demands and enhance their service offerings [3] - The focus is shifting from price competition to value competition, with larger institutions encouraged to integrate resources and smaller firms to specialize in niche markets [3] Group 3 - Baidu Group is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, with no guarantee that the process will proceed [4] - There are reports of price adjustments for the core product of Wuliangye, with discounts leading to a potential effective price drop to around 800 yuan per bottle, although the company clarifies that the factory price remains unchanged [4] Group 4 - The China Securities Association has appointed new leadership, with Zhu Jian from Guotai Junan Securities as the new president [7] - China People's Insurance Group is under investigation for alleged serious violations by its vice president, but this does not affect the company's operations [7] Group 5 - The European Union has fined Elon Musk's social media platform X 120 million euros for non-compliance under the Digital Services Act [9] - Musk has publicly criticized the EU's actions, claiming they are targeted at American companies and threatening retaliatory measures [8][9] Group 6 - OpenAI is set to launch its latest model, GPT-5.2, earlier than planned in response to competition from Google's Gemini 3 [10] - The upcoming model is expected to outperform Gemini 3 in reasoning capabilities [10] Group 7 - The new performance assessment guidelines for fund management companies emphasize linking performance pay to fund performance, with specific penalties for underperformance [19][24] - The guidelines require that fund managers whose products underperform by more than 10% must see a significant reduction in their performance pay [24] Group 8 - The Sichuan Provincial Government has launched a three-year action plan to promote enterprise listings and mergers, focusing on various stages of the listing process [14] - The plan includes measures to enhance the quality of listed companies and support their growth [14]

Core Viewpoint - The newly released "Guidelines for Performance Assessment of Fund Management Companies" aims to standardize performance evaluation and compensation management, enhancing the alignment of interests between fund management companies and fund shareholders [1][2]. Performance Assessment System - Fund management companies are required to establish a performance assessment system centered on fund investment returns, incorporating quantitative indicators such as net asset value growth rate, performance benchmark comparison, fund profit margin, and the proportion of profitable investors [1][4]. - The weight of investment return indicators in the assessment of senior executives should not be less than 50%, while for active equity fund managers, the weight should be at least 80% [5][6]. Compensation Management - The total compensation of fund management companies must be linked to fund investment returns, operational performance, financial status, market levels, risk management, development strategies, and personnel conditions [3]. - A deferred payment system for performance compensation is mandated, with a minimum deferral period of three years and a deferred payment ratio of at least 40% for senior management and key personnel [10]. Long-term Incentives - Long-term incentives may include equity-based and cash incentives, with mechanisms designed to align with the long-term interests of the company and fund shareholders [3]. - Fund management companies are encouraged to optimize compensation distribution structures, ensuring a balance between different positions and levels, while controlling excessive pay disparities [3]. Performance Adjustment Mechanism - A tiered performance salary adjustment mechanism is to be established, where significant underperformance (more than 10% below the benchmark with negative profit margin) results in a salary reduction of at least 30% [11]. - Conversely, significant outperformance with a positive profit margin allows for reasonable salary increases [11]. Deferred Payment and Investment Requirements - Senior management and key personnel must invest a portion of their performance compensation into the company's managed public funds, with specific requirements for the proportion and type of funds [10]. - The guidelines stipulate that at least 30% of the total performance compensation for senior management should be invested in the company's managed public funds, with a minimum of 60% in equity funds [10]. Dividend Distribution Guidelines - Fund management companies are required to establish a scientific and reasonable shareholder dividend mechanism, adjusting dividend frequency and proportion based on the long-term performance of fund products and investor profitability [12].

12月6日，多家媒体报道，中国证券投资基金业协会修订形成了《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"），该指引已下发至部分基金公司，就指引条文内容以及指引是否损害 公平竞争、中小投资者权益保护事项征求意见。 一是明确基金公司薪酬管理要求。要求基金公司建立薪酬总额管理机制、优化内部薪酬分配结构等要 求，并将递延支付金额不少于40%的人员范围扩展至董事长、高管及主要业务部门负责人、分支机构负 责人和核心业务人员。鼓励基金公司按照有关法律法规规定建立企业年金，支持员工参加个人养老金制 度，实现薪酬机制与养老保险制度有机结合。 二是改革基金公司绩效考核机制。要求基金公司全面建立以基金投资收益为核心的考核体系，纳入产品 实际盈亏、业绩比较基准对比情况等指标，明确三年以上中长期指标占比不少于80%，并对高管、投资 人员、销售人员设置差异化考核指标和权重。 三是建立与投资者利益绑定机制。要求基金公司高管、主要业务部门负责人、基金经理等各类人员在原 跟投比例基础上提高10%，且持有期限不得少于一年。要求过去三年业绩不佳、投资者亏损较大的基金 产品，相关基金经理绩效薪酬：分红频率与分红比例应当下降，强化 ...

12月6日，多家媒体报道，中国证券投资基金业协会修订形成了《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"），该指引已下发至部分基金公司，就指引条文内容以及指引是否损害 公平竞争、中小投资者权益保护事项征求意见。 基金绩效考核指引最新修订 据悉，指引共7章32条，本次主要修订内容如下： 一是明确基金公司薪酬管理要求。要求基金公司建立薪酬总额管理机制、优化内部薪酬分配结构等要 求，并将递延支付金额不少于40%的人员范围扩展至董事长、高管及主要业务部门负责人、分支机构负 责人和核心业务人员。鼓励基金公司按照有关法律法规规定建立企业年金，支持员工参加个人养老金制 度，实现薪酬机制与养老保险制度有机结合。 三是建立与投资者利益绑定机制。要求基金公司高管、主要业务部门负责人、基金经理等各类人员在原 跟投比例基础上提高10%，且持有期限不得少于一年。要求过去三年业绩不佳、投资者亏损较大的基金 产品，相关基金经理绩效薪酬：分红频率与分红比例应当下降，强化基金经理绩效薪酬、股东分红与投 资者利益绑定。 四是明确指标计算方式、人员范围等其他要求。统一基金利润率、盈利投资者占比的计算式，明确主要 业务部门包括基 ...

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Guangdong Provincial Government Investment Fund Management Measures," which outlines the investment strategies and performance evaluation criteria for government investment funds [1]. Group 1: Investment Strategies - Government investment funds can invest through either a mother-fund and sub-fund structure or direct project investments [1]. - Sub-funds are primarily expected to invest in direct projects, including single-project special funds, to control fund levels and prevent excessive layering that could hinder policy objectives [1]. Group 2: Performance Evaluation - The performance evaluation of the funds will focus on the comprehensive achievement of policy objectives rather than profit maximization [1]. - There will be no internal benchmark return rate set, and evaluations will not be based on the profit or loss of individual projects or single fiscal years [1]. - Generally, there will be no penetration assessment of individual investment projects within sub-funds [1]. Group 3: Management Fees - Management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the results of fund evaluations [1]. - Management fees should generally be calculated based on the actual contributions or investment amounts, with reasonable standards for fee determination [1]. - Fees will be paid from fund earnings or interest, and it is generally not allowed to charge fees against the principal; however, if the fund has not yet generated earnings or interest, fees may be advanced from the principal and later reimbursed once earnings are available [1].