● 本报记者 万宇 从分红金额来看，居前的基金类型是ETF，且都是沪深300ETF。截至12月5日，今年以来分红总额最多 的是华泰柏瑞沪深300ETF，分红83.94亿元；易方达沪深300ETF紧随其后，今年以来分红71.50亿元； 华夏沪深300ETF和嘉实沪深300ETF今年以来分别分红55.54亿元、24.35亿元。除了上述4只沪深 300ETF，今年以来还有10只基金分红总额超10亿元。 从分红次数来看，西部利得央企优选今年以来分红次数最多，共有17次；广发中证红利ETF、中欧中证 红利低波动100指数A、湘财鑫睿A、国泰中证港股通高股息投资ETF等17只基金今年以来分红次数均为 12次。南方标普中国A股大盘红利低波50ETF联接A、华富荣盛一年持有A、国投瑞银中高等级C等基金 分红次数达到或超过10次。不过，这些分红次数较多的基金分红总额并不大。 值得一提的是，被动型基金成为股票型基金分红的绝对主力。今年以来，共有314只被动指数型基金和 增强指数型基金分红，总额达381.20亿元，股票型基金分红总额前十榜单中，有9只为ETF。 提高持有人获得感 今年以来，基金分红合计逾2000亿元，其中权益类基金 ...

● 财通基金管理有限公司党委书记、董事长 吴林惠 当前，我国公募基金行业正经历一场从规模扩张向质量提升的深刻变革。随着《推动公募基金高质量发 展行动方案》的深入实施，一个以投资者获得感为核心标尺的高质量发展新时代已经到来。 这场变革，对每个市场参与主体都意味着发展逻辑的重构。尤其对中小基金公司而言，这既是一场关乎 生存的挑战，更是一次摆脱同质化内卷、凭借特色与专业实现价值跃升的契机。财通基金深刻认识到， 唯有回归"受人之托、代人理财"的行业本源，通过构建"投研、产品、服务"三位一体的价值创造体系， 坚定走出一条特色化、差异化的发展道路，才能真正与投资者同频共振，在时代浪潮中行稳致远。 行业大变局下，中小基金公司的路径选择 在我国公募基金行业高速发展多年后，投资者获得感不足，已成为行业可持续发展的核心关切。"选择 了绩优基金，但没挣到钱？""为什么收益和产品业绩相去甚远？"这些投资者时常提及的痛点问题背 后，是基金产品净值表现与部分投资者获得感之间依然存在差距的现实。如何弥补这个差距，正是公募 基金行业需要正视的命题。 《方案》的推出恰逢其时，它直指行业长期存在的深层痛点，它要求基金公司不仅要对投资过程负责， ...

Core Insights - The article discusses the collaboration between various companies to enhance the synchronization of investment and financing cycles in China's capital market [1][2] - It highlights the importance of REITs (Real Estate Investment Trusts) as a significant component of the financial market in China, emphasizing their role in providing low-threshold investment opportunities in real estate [1][2] Group 1: REITs Development - Since the launch of the first public REITs in June 2021, a total of 77 products have been listed, offering investors new options for real estate investment [1] - The National Development and Reform Commission has issued a notice to support the expansion and innovation of REITs, providing ongoing momentum and policy guidance for the industry [1] Group 2: Investment Opportunities - The article poses questions regarding how the public REITs industry can seize development opportunities, improve the quality of underlying asset management, and ensure smooth investment and financing cycles [2] - A discussion is set to take place among representatives from various REITs and investment management institutions to explore how to achieve synchronization between asset, operation, and investment sectors [2]

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][4][6]. Group 1: Industry Development and Trends - The public fund industry has undergone significant reforms aimed at prioritizing investor interests, including fee reductions and enhanced performance benchmarks [2][3]. - There is a notable shift in wealth management needs, with residents moving from real estate investments to diversified financial assets, indicating a new phase in wealth management during the "15th Five-Year Plan" [4][5]. - The industry anticipates a transformation in wealth management trends, emphasizing long-term, diversified, and experience-focused investment strategies [5][6]. Group 2: Investment Research and Product Innovation - Investment research capability is deemed essential for asset management, with firms like China Europe Fund implementing a "professional, industrialized, and intelligent" research strategy to enhance product quality [3][7]. - Companies are focusing on product innovation and aligning offerings with investor needs, aiming to provide stable long-term returns and improve investor experiences [7][8]. - The emphasis on performance benchmarks is expected to guide investment strategies and enhance accountability within the industry [3][8]. Group 3: Enhancing Investor Experience - The industry aims to improve investor satisfaction by prioritizing long-term sustainable returns and adjusting performance evaluation metrics to focus on long-term outcomes [8]. - Companies are adopting service principles that emphasize regular communication and innovation to enhance investor engagement and experience [7][8]. - The public fund sector is transitioning from a scale-driven approach to one that prioritizes investor interests, aiming for a symbiotic relationship between value creation and investor satisfaction [8].

Core Viewpoint - The public fund industry is positioned to play a significant role in wealth management and economic development during the "15th Five-Year Plan" period, focusing on enhancing investor experience and adapting to new wealth management demands [1][3][5]. Industry Development - The public fund industry has evolved into a crucial institutional investor in the capital market, contributing to the real economy, promoting common prosperity, and maintaining financial stability [1]. - The industry aims to enhance investor satisfaction as a primary focus, improving research and investment capabilities to better serve investors and meet their long-term wealth management needs [1][5]. Recent Reforms - A series of significant reforms have been implemented in the public fund industry, including fee rate adjustments, strengthening performance benchmarks, and restructuring research and investment systems, which have shown positive results [1][2][3]. - Companies like Guotai Fund and HSBC Jintrust have actively reduced management fees and other costs to benefit investors, while also enhancing investor experience through improved service quality and diversified product offerings [2][3]. Wealth Management Trends - The public fund industry recognizes a shift in wealth management needs, moving from single asset allocation to diversified investments, and from short-term speculation to long-term, stable returns [4][6]. - The industry anticipates that the capital market will become a primary vehicle for wealth management as real estate transitions back to its residential role, prompting residents to seek new investment avenues [3][4]. Enhancing Investor Experience - The industry is committed to improving investor experience by focusing on long-term sustainable returns, establishing performance evaluation mechanisms that prioritize long-term gains over short-term metrics [6][7]. - Companies are adopting strategies that emphasize product innovation, investor education, and enhanced service standards to foster a better investment experience and reduce irrational trading behaviors [6][7]. Future Outlook - The public fund industry is entering a new phase of high-quality development, shifting from a scale-oriented approach to one that prioritizes investor interests and value creation [7]. - The focus will be on long-term investment strategies and maintaining a strong alignment between product performance and investor outcomes, ensuring that the industry meets evolving wealth management demands [7].

Core Viewpoint - The China Securities Regulatory Commission has released a draft guideline and operational details for the performance comparison benchmarks of publicly offered securities investment funds, emphasizing higher quality development in the public fund industry [1][2]. Group 1: Regulatory Changes - The new guidelines and operational details propose five specific requirements: comprehensive process control mechanisms, elevated decision-making levels for benchmark selection, independent departmental responsibility, enhanced compliance management, and linking performance compensation to benchmark performance [2]. - The new regulations serve as both a "yardstick" and a hard constraint for fund managers, encouraging prudent benchmark setting and comprehensive risk control [2]. Group 2: Industry Development - The public fund industry is entering a new phase of high-quality development, shifting focus from traditional scale competition to comprehensive governance, research capabilities, and compliance risk control [2]. - Compliance and risk control are viewed as core competitive advantages, particularly in a rapidly evolving market, with a strong emphasis on building long-term trust and brand value [2]. Group 3: Company Strategy - The company has achieved significant excess returns in its products by leveraging the recent structural market trends, indicating a successful differentiation strategy [3]. - The company aims to become a first-class asset management firm by focusing on distinctive, diversified development and customer trust, emphasizing sustainable talent development, high-recognition product systems, and a customer-centric approach [3]. - The company has launched a service brand "With Finance" and conducted over 150 customer service activities this year to systematically implement its customer-centric service philosophy [3].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the need for systematic transformation in operational models and investment philosophies [2][4][24]. Transition from "Scale" to "Quality" - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the focus from scale-driven growth to quality-oriented development [4][25]. - This transformation encourages a positive cycle between scale and performance, where funds with strong performance are more likely to attract investment, thus avoiding the vicious cycle of "scale expansion leading to performance decline" [4][5]. Upgrade of Research and Investment Capabilities - Enhancing core research and investment capabilities is fundamental to achieving high-quality development, with a shift from individual-driven to system-driven investment research [7][9]. - Fund companies are exploring unique paths for upgrading their research systems, with trends towards integrated and team-based approaches [8][9]. - The integration of technology, such as AI and big data, is becoming a key accelerator for enhancing research capabilities [9][10]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [11][12]. - Fee reforms have led to a decrease in management fees across various fund categories, fundamentally changing the competitive landscape of the industry [11][14]. - Fund companies are actively controlling the scale of new products to prioritize investor interests and improve the investment experience [12][14]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, shifting from supply-driven to demand-led product development [14][15]. - Fund companies are focusing on creating clear product positioning and competitive product lines, including the introduction of floating fee rate products [17][18]. - Compliance and risk management are critical to supporting the industry's transformation, with companies enhancing their compliance frameworks and risk control measures [20][22]. Challenges and Industry Restructuring - The transition to high-quality development faces internal challenges, such as entrenched performance evaluation systems and the need for deeper research capabilities [25][26]. - External challenges include the existing sales channel models that favor high-commission products, which may conflict with the industry's shift towards long-term investment strategies [26][27]. - The high-quality development wave is expected to reshape the competitive landscape, with a focus on value competition rather than scale [27][28]. Future Outlook - Over the next three to five years, the public fund industry is expected to prioritize high-quality development, with a focus on value competition and the emergence of firms with core capabilities [28][29]. - Companies that can provide comprehensive services and enhance investor engagement will likely gain a competitive edge in the evolving market [29].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the importance of investment research, investor services, and market ecology [1][2][10]. Transition from Scale to Quality - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the operational logic from scale-driven to quality-driven [2][3]. - This transformation encourages a positive cycle between scale and performance, where high-performing products attract more funds based on their merits rather than solely on marketing [3][10]. Strengthening Research and Investment Capabilities - Enhancing core investment research capabilities is fundamental to high-quality development, with a shift from individual-driven to system-driven approaches [4][5]. - Fund companies are focusing on building integrated and team-based research systems, leveraging technology to enhance research capabilities [6][9]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [7][8]. - Fee reforms have begun, with management fees across various fund types being reduced, fundamentally changing the competitive landscape towards performance-driven models [7][10]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, focusing on diverse and refined product offerings that meet investor needs [11][12]. - Compliance and risk management are critical to supporting the industry's transformation, with a focus on optimizing fee structures and enhancing operational efficiency [13][14]. Challenges in the Transition - The transition to a quality-focused model faces internal challenges, including entrenched performance metrics and external pressures from sales channels and investor behavior [15][16]. - The industry is exploring solutions that involve internal governance reforms and external ecological adjustments to align with long-term investment strategies [17][18]. Future Outlook - The next three to five years will see a continued emphasis on high-quality development, with a shift from scale competition to value competition, favoring firms with strong core capabilities [18][19]. - Companies that adapt to industrialization and digitalization trends while providing comprehensive services will likely gain a competitive edge in the evolving market landscape [19].

Core Viewpoint - The event "Financial Education Promotion Week - Fund Industry in Action" aims to enhance financial consumers' and investors' risk identification and prevention capabilities, emphasizing the importance of investor-centric services in the mutual fund industry [1][2]. Group 1: Industry Initiatives - The China Securities Regulatory Commission has introduced the "Action Plan for Promoting High-Quality Development of Public Funds," focusing on transforming the industry from "scale-oriented" to "customer-centric" [2]. - The future of the public fund industry relies on building investor trust, which is fundamentally linked to tangible investor satisfaction [2]. Group 2: Customer-Centric Approach - Financial institutions should prioritize "customer interests first" by optimizing product design and fee structures to benefit investors [5]. - Providing professional support and educational content is essential for guiding investors through market cycles [5]. - Establishing transparent communication mechanisms is crucial for safeguarding investors' rights and building trust [5]. Group 3: Service Principles - The "Service Charter" released by the company includes four key service principles: frequent engagement with investors, sharing market insights, maintaining open communication, and innovating products centered around investor needs [8][9]. - Since its establishment, the company has conducted over 3,000 offline events to understand and address investors' needs [9]. - The company has produced 4.5 million words of market insights and achieved over 2.6 billion views on various video platforms, demonstrating its commitment to investor engagement [9][10]. Group 4: Product Innovation - The company emphasizes product innovation from the investor's perspective, having launched the first floating management fee fund in the industry [10]. - The development of Smart Beta multi-strategy products aims to provide investors with clear positioning and stable styles, addressing their core needs for reliable investment tools [12]. Group 5: Investor Engagement - The event attracted over a hundred participants, highlighting the company's commitment to integrating long-term investor interests into every service aspect [19]. - Continuous communication and support are essential for enhancing the investment experience and ensuring investor satisfaction [15].

Group 1 - The core viewpoint of the article emphasizes the importance of transforming the public fund industry from focusing on scale to prioritizing investor returns, as outlined in the "Action Plan" issued by the China Securities Regulatory Commission [1][11] - The "Action Plan" aims to enhance the role of public funds in serving the real economy, optimizing resource allocation, and meeting residents' wealth management needs, contributing to sustainable and healthy industry development [1][11] - Companies are encouraged to strengthen their core investment research capabilities and align their services with long-term value creation and national strategic directions [2][11] Group 2 - The company has established a "1+3+5" decision-making system to enhance investment research performance, breaking traditional departmental barriers and fostering collaboration across various asset classes [3] - A comprehensive strategy management system has been developed, integrating asset allocation, style, and trading strategies to better meet diverse investor needs [3][4] - The company has implemented a clear growth path for investment professionals, promoting a culture of teamwork and knowledge transfer among fund managers [4] Group 3 - The company has proactively developed equity products in response to the "Action Plan," focusing on low-volatility and asset allocation products to support inclusive finance [5][6] - A robust product matrix has been created to cater to different risk preferences and life cycles, allowing investors to capitalize on market opportunities [6][7] - The company has accelerated its investment in technology-focused funds, providing investors with access to high-growth sectors and comprehensive research on the technology industry [6][7] Group 4 - The company emphasizes the importance of long-term performance in its evaluation mechanisms, shifting focus from short-term fluctuations to sustainable returns for investors [4][8] - A significant portion of the company's products has been designed to align with investor interests, including floating fee rate products that enhance investor satisfaction [8] - The company has established a risk management framework that adheres to national policies, ensuring a balanced approach to risk and return [9] Group 5 - The company has prioritized investor education and support, creating a comprehensive investment education platform and innovative advisory solutions tailored to client needs [10] - The company aims to enhance the quality of investor engagement through various educational initiatives and personalized investment strategies [10] - The commitment to long-term value and sustainable development is reflected in the company's operational strategies and product offerings [11]