5月7日，《推动公募基金高质量发展行动方案》（以下简称《方案》）发布。坚持"以投资者为 本"的核心价值观，携手投资者实现长期回报，已成为公募行业的共识。上海证券报记者从业内了解 到，新一批浮动管理费基金即将上报，将从产品设立和运作等层面与投资者利益深度绑定，共赴未来。 以投资者为本 在兴证全球基金看来，《方案》是近年来中国资本市场最具系统性、前瞻性的监管创新之一。 具体而言，兴证全球基金认为，《方案》围绕基金运营模式、行业考核评价制度、权益类产品发展 等关键环节，着力引导基金管理人回归"受人之托，代客理财"的本源，与投资者利益绑定，切实提升投 资者获得感，推动公募基金行业实现高质量发展。具体体现在以下三点：第一，优化考核评价体系，强 化以投资者获得感为导向；第二，突出业绩比较基准作用，锚定风格，回归本源；第三，鼓励权益类产 品创新，完善利益绑定机制。 回溯过往，2019年至2021年，重量轻质的快速扩张方式拖累了主动权益类基金的业绩，严重影响了 投资者的获得感。 行稳致远 自1999年问世以来，浮动管理费基金经历了多轮的市场淘洗。2023年，随着公募基金费率改革，20 只浮动管理费基金集中试点发行，挂钩业绩、 ...

Core Insights - The core proposition of the article emphasizes the importance of enhancing investor satisfaction as a fundamental aspect of the public fund industry, especially in the context of high-quality development [2][3]. Industry Context - The public fund industry has evolved from a niche sector 20 years ago to a significant player with over 800 million investors, impacting national economic transformation and technological development [3]. - Recent years have seen widespread losses in the industry, particularly in equity funds, leading to poor customer experiences [3]. Business Philosophy - The company prioritizes customer interests above all, asserting that misalignment of this principle jeopardizes long-term sustainability [4]. - A formula for quantifying investor satisfaction is proposed: 20%-30% from active management (Alpha), 50% from macroeconomic and industry trends (Beta), and 20%-30% from investor behavior optimization (Gamma) [4]. Product Strategy - The company avoids chasing market trends and focuses on long-term asset allocation, starting with technology investments and gradually expanding into consumer, healthcare, and value investment sectors [4]. - The sales strategy includes "reverse selling," promoting equity products during market downturns and guiding clients towards fixed-income assets during market highs [5]. Performance and Assessment - The company emphasizes long-term performance metrics for fund managers, focusing on three to five-year results rather than short-term gains [5]. - The company has achieved notable performance, ranking 8th out of 166 in equity fund performance as of June 30, with a two-year average return of 18.95%, the highest among funds over 100 billion [7]. Future Outlook - The company is actively pursuing a license for advisory services and is building a team to empower wealth management institutions rather than directly targeting end clients [7]. - The introduction of a floating fee structure aligns the interests of fund managers and investors, moving away from a sole focus on relative returns [9]. - The company aims to enhance its capabilities in cross-border investments, commodity investments, and talent retention to ensure long-term value creation for investors [10][11].

Core Viewpoint - The enhancement of investor satisfaction is a fundamental issue for the public fund industry, which is crucial for the long-term brand building of asset management companies [3][4][16]. Group 1: Investor Satisfaction - Investor satisfaction is the foundation of the fund industry and the core of asset management companies' long-term brand building [3]. - The industry has historically paid insufficient attention to investor satisfaction under the traditional relative return evaluation system, but this is changing with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" [4]. Group 2: Balancing Interests - The relationship between commercial interests and client interests is interdependent, akin to "fish and water," where the absence of investors would eliminate the platform and opportunities for managers [6]. - Ensuring client interests requires a combination of management capabilities and rigid mechanisms, rather than merely adjusting product strategies or service models [6]. Group 3: Investment Philosophy - The core of absolute return philosophy is to balance risk and return, focusing on investment win rates and stable returns [9]. - The asset management industry's primary function is to achieve asset preservation and appreciation through professional management, with absolute return assets directly reflecting this function [9]. Group 4: Professional Management - West China Fund emphasizes absolute return orientation, which aligns with matching client needs and being responsible for client trust [11]. - The sales process in the fund industry is ongoing, where the moment of purchase marks the beginning of service, necessitating professional guidance to help investors establish rational investment perspectives [11]. Group 5: Long-term Vision - The industry should integrate long-termism into daily operations, even at the cost of short-term scale expansion opportunities, as demonstrated by West China Fund's decision to limit purchases during high market sentiment [12]. - The regulatory framework aims to guide the industry towards a scientific, long-term, and professional development model [14]. Group 6: Institutional Development - The establishment of a first-class institution requires a correct understanding of the industry's development rules and cycles, along with the use of financial technology and robust risk management systems [14]. - Continuous diligence and review are essential for achieving excellence in asset management and research teams, emphasizing that investment is not merely a numerical transaction but also involves historical analysis and philosophical depth [14][16].

Group 1 - The core viewpoint of the articles is that Huaxia Fund has launched an innovative "Investment Satisfaction Evaluation Model" to enhance investor satisfaction and adapt to the evolving asset allocation era [2][3] - Huaxia Fund emphasizes the importance of real returns for investors as a standard for high-quality development, aiming to create a seamless investment experience through professional services and diverse product offerings [2] - The company has established an Investor Return Research Center to analyze customer feedback and trading data, which supports the development of the "Investment Satisfaction Evaluation Model" [2] Group 2 - The ETF market in China has reached a significant milestone, surpassing 4 trillion yuan in total scale and entering the "thousand product era," indicating rapid growth and providing strong support for asset allocation [4] - Huaxia Fund has upgraded its "Red Rocket 2.0" platform, which includes new services like "LetfGo" and "Industry Data," focusing on improved user experience and practical asset allocation features [4] - Dr. Chen Peng, a senior strategic advisor, highlighted that long-term returns for fund investors primarily come from market returns (Beta), and diversification is the only "free lunch" in investing, while also introducing the concept of "Gamma" to address behavioral inefficiencies [4]

Core Insights - The core theme of the conference is to enhance the sense of gain for index fund investors, emphasizing a people-centered approach in capital market reforms and development [2][3]. Group 1: Investment Strategy and Services - The company proposes a "co-constructed scenario-based sense of gain ecosystem" to tailor investment solutions based on specific family needs and reasonable annualized expectations of certain indices [1][11]. - The focus is on multi-asset allocation to effectively control risks while meeting long-term wealth planning goals for families [1][11]. - Index funds are positioned not just as trading tools but as essential vehicles for asset allocation and wealth management [1][11]. Group 2: Research and Insights - The company has conducted extensive research, including surveys of over 70,000 clients and more than 30 in-depth interviews, to understand factors influencing investor satisfaction [4][5]. - A quantitative evaluation system has been developed to measure and track investor satisfaction, utilizing machine learning to identify key factors affecting this sense of gain [5][6]. - Findings indicate that index investors generally experience higher satisfaction levels compared to non-index investors, particularly those engaging in multi-asset allocations [6][10]. Group 3: Client Engagement and Education - The company emphasizes the importance of guiding investors to avoid irrational behaviors during market fluctuations, providing real-time market analysis and investment advice [1][3]. - A variety of investment strategies are recommended, including multi-asset allocation and core-satellite index investing, to match clients' risk preferences and investment goals [9][10]. - The development of the "Red Rocket" service aims to enhance client engagement and facilitate better access to investment solutions [11]. Group 4: Future Directions - The company aims to create a closed-loop ecosystem that connects insights and empowerment to enhance the tangible sense of gain for investors [11]. - Continuous efforts will be made to refine the evaluation model and improve the overall investment experience for clients [8][11].

Core Viewpoint - The public fund industry in China is experiencing a milestone year of high-quality development, with total assets surpassing 33 trillion yuan, reflecting the growing demand for wealth management among residents and the effectiveness of capital market reforms [2][6]. Group 1: Industry Development - The public fund industry has reached a new high in total scale, exceeding 33 trillion yuan, indicating a continuous increase in residents' wealth management needs [2]. - The industry is undergoing a structural shift from "scale-driven" to "quality-driven" development, with significant growth in the ETF market, which has surpassed 4 trillion yuan [10]. - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" is leading to a systematic reshaping of the industry ecosystem [6]. Group 2: Investor Experience - The core commitment of the company is to be customer-centric, emphasizing that the true measure of high-quality development is the real returns experienced by investors [4]. - To enhance investor experience, the company has established an Investor Return Research Center and developed the industry's first "Investor Satisfaction Evaluation Model" based on extensive data analysis [6][4]. - The company aims to improve investor satisfaction and happiness by providing comprehensive wealth management solutions and simplifying the investment process [5][10]. Group 3: New Services and Innovations - The launch of the "LetfGo" service aims to provide users with a new tool for asset allocation, featuring multiple asset management scenarios and real-time adjustments [9]. - The upgraded "Red Rocket 2.0" service focuses on broader coverage, deeper data, and better asset allocation functionalities to enhance investor satisfaction [8][9]. - The company is committed to continuous innovation and service upgrades to meet the evolving needs of investors and ensure a reliable investment experience [10].

Core Viewpoint - The annual index conference of Huaxia Fund highlighted the significant growth of public funds in China, emphasizing the importance of asset allocation to enhance investor satisfaction and experience [1][2][3]. Group 1: Industry Overview - The public fund management scale has surpassed 33 trillion yuan, with over 1.6 billion effective accounts and more than 12,000 products available [1][2]. - The release of the "Public Fund High-Quality Development Action Plan" has established "investor best interests" as the core principle of the industry [2]. Group 2: Investor Experience - Enhancing investor satisfaction is crucial, and asset allocation is identified as a key factor in achieving this goal [3]. - The challenge has evolved from merely selecting products to effectively allocating multiple assets in a complex investment environment [3]. Group 3: Asset Allocation Strategy - Huaxia Fund aims to create a multi-asset platform using a "Lego thinking" approach, allowing investors to easily construct diversified portfolios [4]. - The company has over 479 products, including 104 listed ETFs, which provide low-cost and transparent investment options for ordinary investors [4]. Group 4: Future Developments - Huaxia Fund is set to launch a one-stop index service platform called "Red Rocket," designed to simplify asset allocation and enhance investor accessibility to professional solutions [5]. - The company is committed to providing better wealth solutions and easier implementation paths for investors based on its decade-long experience in asset allocation [5].

Core Viewpoint - The article emphasizes the importance of enhancing investor satisfaction as a strategic focus for the mutual fund industry, particularly in the context of the ongoing transformation towards high-quality development in 2025 [1][5][16]. Group 1: Strategic Shift in the Industry - The mutual fund industry is transitioning from a "product-driven" approach to a "demand-driven" model, focusing on the real needs of investors [5][7]. - Enhancing "investor satisfaction" is crucial for measuring service quality and building long-term brand value for fund companies [5][7]. Group 2: Client-Centric Business Model - The company prioritizes client interests as the core of all business activities, aiming to create value and ensure stable asset growth for clients [7][14]. - The company implements a three-pronged mechanism to uphold this principle: product innovation, long-term performance assessment, and a focus on investor protection [7][8][14]. Group 3: Product and Service Innovation - The company is committed to developing innovative products that cater to long-term investment needs, including low-volatility and asset allocation products [8][14]. - A diverse product matrix is essential for meeting the varied demands of investors, covering different asset classes and investment strategies [10][11]. Group 4: Research and Technology Integration - The company aims to strengthen its investment research capabilities by establishing a specialized, integrated research system that enhances decision-making and investment performance [13][14]. - Utilizing technology and data analysis, the company seeks to create a comprehensive view of investors to facilitate precise matching of products to their needs [10][11]. Group 5: Collaborative Industry Development - The article calls for a collaborative effort among regulatory bodies, industry associations, and fund companies to achieve high-quality development and enhance investor satisfaction [16][17]. - The focus should be on establishing a regulatory framework, promoting self-discipline within the industry, and ensuring that client interests are integrated into all aspects of fund management [16][17].

Group 1 - The core viewpoint emphasizes that 2025 is a critical year for the public fund industry, with the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" driving systemic changes in the industry [3][10] - Enhancing investor satisfaction is identified as a cornerstone for the healthy development of the industry and a core pursuit for the company [3][4] Group 2 - The "Action Plan" focuses on aligning the interests of fund managers and investors, shifting the industry from a "scale-first" approach to a "return-first" transformation [4] - The company aims to differentiate itself through exceptional customer experience, which is crucial for building a strong brand image and accumulating a good reputation [4] Group 3 - The company believes that commercial interests and customer interests are complementary rather than adversarial, with long-term customer trust being essential for sustainable commercial development [5] - A diversified product system is being constructed to cater to market trends and customer risk preferences, ensuring that clients with different risk tolerances can find suitable options [5] Group 4 - The company integrates the "customer profitability first" philosophy into all operational aspects, including investment research, sales, and product supply [6] - A unified research platform is being developed to enhance research efficiency and support a team-based management model, fostering innovation among research personnel [6] Group 5 - The company is addressing challenges posed by short-term performance fluctuations by enhancing investor education and communication, ensuring that marketing personnel prioritize investor protection and education [7] - Increased live educational sessions are being organized to help investors manage their emotions during market volatility [7] Group 6 - The implementation of the "Action Plan" presents new development opportunities for small and medium-sized fund companies, with the company leveraging its flexible mechanisms and market insights to achieve breakthroughs in niche areas [8] - The company is focusing on "specialized, refined, distinctive, and innovative" strategies to build competitive advantages, particularly in quantitative investment [8] Group 7 - The company calls for regulatory support for small and medium-sized fund companies, including the establishment of innovation development funds and expedited product approval processes [9] - It advocates for more collaborative platforms within the industry to enhance management capabilities and business skills among smaller firms [9] Group 8 - The company is committed to adhering to policy requirements and fulfilling social responsibilities, with a focus on optimizing interest alignment mechanisms and fee structures to lower investment costs and enhance returns [10] - There is an emphasis on product innovation to meet diverse investment needs and strengthen research capabilities through the integration of financial technology [10]

Core Viewpoint - The 2025 Fund High-Quality Development Conference emphasizes the transition of the public fund industry from "scale expansion" to "quality improvement," focusing on enhancing investor satisfaction as a key driver for future growth [1][3]. Group 1: Industry Transformation - The public fund industry has surpassed a historic scale of 32 trillion yuan, marking the beginning of a new round of capital market reforms [1][3]. - The industry is shifting its competitive focus from "flow competition" to "investor satisfaction competition," indicating a significant transformation towards high-quality development [1][3]. Group 2: Company Initiatives - Sina Finance has launched the "Enhancing Investor Satisfaction Nationwide Tour" to strengthen professional financial information services and bridge the last mile of inclusive finance [2][4]. - The company is committed to upgrading its AI investment research assistant to serve as a digital infrastructure for inclusive finance, while also enhancing the social investment ecosystem on Weibo [2][4]. - A leadership ranking list for the fund industry will be released, along with an award for the fund company with the highest investor satisfaction, aimed at establishing industry benchmarks and improving user experience [2][5]. Group 3: Future Outlook - The conference aims to foster collaboration within the industry to inject transparency, innovation, and sustainable long-term momentum into the capital market, positioning it as a starting point for high-quality development in public funds [5].