文 罗辑 2025年，公募基金行业在市场环境变化和政策引导下，呈现出结构性机遇与深刻转型并存的特征。 在行业发展上，A股走高，公募行业规模快速攀升，指数化投资全面提速。政策层面，《推动公募基金 高质量发展行动方案》的出台成为关键分水岭，推动行业分化出"头部深耕综合能力、中小聚焦特色赛 道"的新生态。 在此背景下，公募机构精耕专研，摆脱"规模至上"旧模式，转向以投资者长期回报为核心。 中国证券投资基金业协会数据显示，截至2025年11月底，公募基金规模为37.02万亿元，已连续数月创 下历史新高。Wind数据显示，截至2025年三季度末，公募基金已为持有人创造超2.7万亿元的收益，同 样创下历史新高。 规模提升vs结构分化 2025年，公募行业规模提升明显加快，总规模连续刷新历史纪录。 中国证券投资基金业协会数据显示，截至2025年11月底，公募基金规模为37.02万亿元。这已是2025年4 月公募基金规模刷新历史纪录、突破33万亿元后，连续7个月再创新高，规模持续稳健增长。 而在此行业机遇下，规模提升之外，2025年权益基金快速增长，同时指数化投资也迎来全面提速。 从投资范畴来看，Wind数据显示，截至202 ...

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，提高基金经理等跟投比例等。 虽名为《指引》，但这实际上是一份有着强约束的行业管理规则。 其一是薪酬和绩效挂钩。基金经理要涨薪必须"显著超过业绩比较基准且基金利润率为正"，即既要跑赢 基准还要有绝对收益，这两项任何一项不达标，基金经理要么降薪要么不得涨薪。这一要求也符合普遍 认知：跑赢基准是基金经理专业能力高于行业平均水准的体现，绝对收益则关系到投资者的本金安全， 若两者均能实现，基金经理理应涨薪。 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 ...

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 ...

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。 据此，《指引》也要求，负责销售的高管及核心业务人员，投资者盈亏情况指标考核权重应当不低于 50%，这直指行业长期以来"重规模、重销售、轻保有"的沉疴，有望改变销售人员的行为模式。过 去"一锤子买卖"的行为将升级为长期的投顾陪伴，投资者只有留得下，才能真正收获产品净值增长的收 益。 跟着产品短期排名买、跟着年度冠军基金经理买，投资者凭借模糊的信任挑选基金产品，这是公募基金 行业发展过程中的阶段性现象。如今，"投资者利益优先"已成为行业的共识和原则，这也是整个行业对 投资者的庄重承诺，是双方建立长期互信的前提。 薪酬和绩效挂钩、跟投、递延、问责这些明确的规则已在路上，一份崭新的严肃契约已经成型，这是双 方建立长期互信的基础。有长期互信，才有长期投资，才有稳定收益，"基民赚钱基金也赚钱"的 ...

华南一位公募人士表示，《指引》构建了精细化、差异化的考核生态系统，从单一的薪酬管理扩展至薪 酬总额管理、绩效考核机制、持基回购制度、追索问责机制和中长期激励方式等全方位管理，体现出监 管思路从"打补丁"向"建系统"的升级，标志着公募基金行业治理进入新阶段。 【导读】机构解读《基金管理公司绩效考核管理指引（征求意见稿）》 近日，《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》）下发。 多位业内人士表示，此次《指引》将基金公司、管理层、基金经理的利益与投资者利益深度绑定，一系 列"组合拳"将有效推动基金行业生态进一步从"重规模"向"重回报"转变。 直击投资者获得感不足等痛点 进一步促进行业健康发展 对于《指引》发布的意义，多位业内人士表示，《指引》系统性强化了"持有人利益优先"原则，通过一 系列可量化、可操作的具体指标，致力于实现管理人与投资者利益的深度绑定，进一步促进行业健康发 展。 东吴证券研究所联席所长、非银金融首席分析师孙婷表示，《指引》从薪酬结构、绩效考核、支付机 制、问责制度等多个维度作出系统性规定，通过一系列量化指标和刚性约束，引导基金管理公司将员工 激励与基金长期业绩深度绑定，进一 ...

Core Viewpoint - The public fund fee reform has significantly reshaped the industry ecosystem, prioritizing investor interests and leading to a reduction in costs for investors, with expected annual savings exceeding 45 billion yuan [2][4][5]. Group 1: Fee Reduction Impact - The average management fee for actively managed equity funds that have been established for over three years has decreased by approximately 20% over the past three years [5]. - In 2024, the total fees, including management, custody, sales service, and trading commissions, are projected to be 188.42 billion yuan, a reduction of 7.07% compared to the same period in 2023 [2][4]. - The rapid development of passive products, particularly ETFs, has contributed to the overall reduction in industry fees, with some large ETFs lowering management and custody fees from 0.5% and 0.1% to 0.15% and 0.05% respectively [5][6]. Group 2: Industry Transformation - The fee reform has prompted a shift from a "scale expansion" model to a "performance-driven" approach within fund companies, leading to the emergence of floating fee rate funds [2][5][10]. - The industry is witnessing a new landscape characterized by "passive rise and active focus," as firms adjust their product offerings to align with investor interests [6][8]. - The focus on research and investment has intensified, with institutions moving from a scale-oriented strategy to one that emphasizes investor returns, thereby enhancing trust in the industry [7][8]. Group 3: Product Innovation and Strategy - The introduction of floating fee rate funds and the expansion of passive investment products have diversified market offerings, with low-fee products gaining a larger market share [5][10]. - Fund companies are increasingly adopting a dual-driven service model that combines performance and service, enhancing the overall investor experience [12]. - The industry is expected to see a rise in customized products and floating fee structures that are closely tied to investor interests, with ongoing reforms in the sales fee structure anticipated [18][19][24]. Group 4: Future Directions - The third phase of the fee reform, focusing on sales fees, is expected to be implemented soon, aiming to balance investor interests with the sustainable development of the industry [24][25]. - Future reforms may include optimizing sales service fee structures and introducing tiered pricing based on investor holding periods to encourage long-term investment [25][28]. - The industry is encouraged to learn from overseas experiences, particularly in transitioning to a buyer's advisory model, which could enhance the value provided to investors [26][28].

Core Viewpoint - The introduction of the first batch of 26 new floating rate funds marks a significant reform in China's public fund industry, aiming to prioritize investor interests and create a "co-prosperity ecosystem" through performance-linked management fees [1][2]. Group 1: Fund Overview - The new floating rate funds, including the Xinao Advantage Industry Mixed Fund, are designed to align management fees with investor returns, breaking away from the traditional fixed fee model [2][3]. - The Xinao Advantage Industry Mixed Fund will have a management fee structure that varies based on performance, with rates of 1.2%, 0.6%, and 1.5% depending on the fund's performance relative to its benchmark [3][4]. - The fund's investment strategy will focus on technology growth sectors, with a stock allocation of 60% to 95% and a maximum of 50% in Hong Kong stocks [5][6]. Group 2: Manager and Investment Strategy - The fund will be managed by Wu Qingyu, who has a strong background in technology investments and a proven track record in the sector [6][12]. - Wu Qingyu's investment approach will utilize a GARP (Growth at a Reasonable Price) strategy, focusing on sectors such as AI, electronics, and automotive innovation [7][8]. - The fund aims to leverage the company's existing strengths in technology investments to deliver superior returns to investors [8][9]. Group 3: Performance and Market Context - Since its inception on May 29, 2023, the Xinao Advantage Industry Mixed Fund has achieved a performance growth rate of 15.94%, significantly outperforming its benchmark [7]. - The fund's recent performance has positioned it among the top 5% of similar funds, reflecting its resilience and adaptability in a challenging market environment [7][10]. - The current market conditions, characterized by liquidity and a favorable environment for technology stocks, are expected to support the fund's growth trajectory [8].

Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Core Viewpoint - The article discusses the recent rumors regarding "closure" and product dividends from the quantitative private equity firm Kuande Investment, clarifying that there is no unified "closure" plan at the company level, but rather adjustments in fundraising pace to better match strategy capacity and enhance investor experience [1][3]. Group 1: Kuande Investment's Response - Kuande Investment addressed media reports about a potential "closure" on June 30, stating that the adjustments in fundraising are aimed at improving strategy capacity and ensuring a good experience for investors [3]. - The company emphasized that it will cautiously advance the subsequent opening of products while controlling the scale of similar strategies [3]. Group 2: Industry Trends - Several private equity firms have announced partial product "closures," indicating a trend in the industry [6]. - For instance, Yanfeng Investment plans to close new customer subscriptions for certain products starting July 1, while existing investors can still add funds [7]. - The trend of "closure" among top private equity firms is driven by the need to prioritize investor interests and manage product performance effectively [9]. Group 3: Driving Forces Behind the Closure Trend - The article identifies three main driving forces behind the trend of closures among top private equity firms: 1. Strategy capacity and diminishing returns issues, where the "scale curse" becomes evident post-regulation changes, particularly in quantitative strategies [11]. 2. A shift from "scale worship" to "performance supremacy," where firms prioritize maintaining performance over merely increasing scale [12]. 3. Structural market conditions that create pressure on strategy adaptation, particularly in sectors like technology, where high trading activity contrasts with limited liquidity in quality stocks [12].