证券研究报告 | 策略专题研究 | 中国策略 股票基金经理如何最大化跑赢率，最小化薪酬调整风险？ ——从 2022-2025 年样本的回测与模拟中找出的九条规律 核心观点 策略专题研究 报告日期：2025 年 12 月 25 日 基金经理任职年限长短与整体市场的回测跑输率无显著差异。任职超 10 年的基 金跑输率较市场全局并无显著优势，任职少于 3 年的基金跑输率略高于任职超 10 年的基金，但差异并不明显。 基金是否有港股仓位与市场全局的回测跑输率无显著差异，主要取决于 AH 相对 强弱。无论是跑输率还是显著跑输率，配置港股与否与整体并无显著差异，跑输 率的高低主要取决于港股的相对强弱。 ❑ 风险提示 回测设计具有一定主观性；过去不代表将来，回测时间短；超额收益无法持续。 http://www.stocke.com.cn 1/15 请务必阅读正文之后的免责条款部分 分析师：廖静池 执业证书号：S1230524070005 liaojingchi@stocke.com.cn 分析师：王大霁 公募基金绩效考核新规建立阶梯化薪酬调整机制，将基金经理薪酬与过去滚动三年基 金业绩直接挂钩。我们以全部普通股票型基金为样 ...

Core Viewpoint - The newly issued "Guidelines for Performance Evaluation of Fund Management Companies (Draft for Comments)" aims to address the issue of "heavy scale, light returns" in the public fund industry, promoting long-term investment and improving investor experience [1][4]. Group 1: Impact on Fund Industry - The guidelines propose specific requirements for compensation structure, performance evaluation, internal control, and self-regulation, which will comprehensively promote high-quality development in the public fund industry [2]. - The guidelines emphasize long-term performance evaluation, mandatory co-investment, and deferred compensation to strengthen the binding of interests and risk constraints, guiding the industry to focus on long-term investment and enhance active management capabilities [2][5]. - The guidelines signal a return to internal governance and core principles, which is expected to boost market confidence and improve the overall ecosystem of the public fund industry [2][3]. Group 2: Performance Evaluation System - The guidelines establish a performance evaluation system centered on fund investment returns, requiring that long-term performance indicators account for no less than 80% of the evaluation, thereby weakening the value of scale indicators [4][5]. - The introduction of a tiered performance evaluation mechanism will link the assessment of sales personnel to "client profit and loss," promoting a shift from a "product-driven" to a "client-centered" approach [15][21]. - The guidelines aim to create a binding mechanism that aligns the interests of fund companies, employees, and investors, enhancing the focus on long-term performance and risk control [5][19]. Group 3: Long-term Development and Market Stability - The guidelines are expected to foster the development of long-term, stable capital in the market, encouraging rational investment behaviors and reducing irrational volatility [6][12]. - By promoting long-term investment behaviors, the guidelines will help public funds become a stabilizing force in the capital market, optimizing resource allocation and improving the efficiency of capital market services to the real economy [6][12]. - The guidelines will also enhance investor confidence in long-term returns, thereby cultivating more stable long-term capital in the public fund industry [6][12]. Group 4: Industry Transformation and Challenges - The implementation of the guidelines marks a significant shift from "scale-driven" to "performance-driven" paradigms in the public fund industry, necessitating a re-evaluation of industry structure, talent ecology, and development logic [8][9]. - The core challenges in executing the guidelines include balancing short-term performance with long-term development goals, reshaping the evaluation and compensation systems, and ensuring deep collaboration among management, research, and sales teams [9][10]. - The guidelines may exacerbate the "Matthew Effect" in the industry, leading to accelerated differentiation among large, medium, and small fund companies, each facing different paths in the new landscape [12][13]. Group 5: Talent Development and Stability - The guidelines are expected to stabilize the talent pool in the fund industry by reducing the pressure on fund managers who rely on short-term performance, leading to a more rational flow of talent [13][14]. - Over the long term, the guidelines will encourage fund managers to focus on long-term performance rather than short-term incentives, enhancing the overall research and investment capabilities of the industry [14][19]. - The guidelines will promote a shift from a "star model" to a "craftsman model" in the career paths of fund managers, emphasizing the importance of platform support over short-term rewards [13][14]. Group 6: New Business Model and Client-Centric Approach - The guidelines will drive a transformation in the business model of fund companies, shifting from a product-driven approach to a service-driven one, enhancing asset allocation and investor advisory capabilities [21]. - The focus will be on creating a sustainable business model that prioritizes long-term investor satisfaction and performance, moving away from the previous emphasis on scale [19][21]. - The guidelines will facilitate a collaborative environment where investment, sales, and management teams work together towards a common goal of client profitability, enhancing internal synergy within fund companies [19][20].

不同岗位的考核重点也不一样： 新规要求，基金公司董事长、高管这些人，当年的绩效工资至少拿30%买自家基金；基金经理更狠，得 拿40%以上买自己管的基金。而且这笔钱不是马上发完，要分期递延支付，还得跟着投进去，比以前的 要求提高了不少。 具体来说： 从内容上看，包括工资结构、考核标准，到钱怎么发、出问题怎么追责，都做了全面规定，核心就一 条：买基金的人利益永远排第一。 接下来，咱们简单聊聊新规的内容，仅作为抛砖引玉。 一、考核只看短期收益不行了，主要看重三年以上业绩 新规最强调的就是"长期业绩"，盈利情况直接和考核挂钩。整体来看，基金投资收益的考核里，三年以 上的中长期指标占比必须不低于80%——这就意味着，基金经理再也不能为了冲短期排名瞎操作了。 百亿基金经理内参 今日（12月6日）下午，一份最新下发的《基金管理公司绩效考核管理指引》征求意见稿，引发了行业 内的广泛讨论。 四、和旧规比，还有这些新变化 公司高管的考核里，基金投资收益指标至少占50%； 主动权益类基金经理（就是咱们常说的股票型基金经理）更严格，业绩指标占比得超80%，其中 和业绩比较基准的对比情况，占比不能低于30%； 负责销售的高管和核心销售 ...