专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 中国证券投资基金业协会最新数据显示，截至2025年8月末，公募基金总规模突破36万亿元大关，达到 36.25万亿元，再创历史新高。这一数字标志着中国公募基金行业正式进入36万亿时代，成为了服务实 体经济与国家战略、促进资本市场稳定发展的中流砥柱。 政策引领行业变革 为有效推动行业高质量发展，2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》， 精准锁定行业发展症结，提出建立与基金业绩表现挂钩的浮动管理费收取机制、强化业绩比较基准的约 束作用、全面强化长周期考核等举措，推动基金管理人与投资者利益绑定，实现"同甘共苦"。这份纲领 性文件的推出，也标志着中国公募基金行业迎来从"重规模"向"重回报"的历史性转变。 《行动方案》深度聚焦投资者长期关切的问题，通过一系列有力措施引导公募基金行业强化"以投资者 为本"的核心价值观，有助于打造行业长期健康发展的第二增长曲线，用高质量的行业发展服务好老百 姓普惠理财、服务好现代化产业建设。 本次改革的核心举措之一是浮动管理费机制。《行动方案》明确对新设立的主动管理权益类基金大力推 行基于业绩比较基准 ...

基金公司旱涝保收，基民却血本无归！广发基金明星经理刘格菘，曾被捧上神坛，如今却成为无数投资者噩梦的代名词。 巨额亏损背后，是高达140亿的管理费，更是无数家庭财富的蒸发，这不禁让人质疑：究竟是谁在收割谁？当神话破灭，谁又该为这场资本的狂欢买单？ 一台印钞机如何变成绞肉机 一个神话的诞生，往往需要天时、地利与人和。刘格菘的崛起，完美踩中了时代的节拍。他2017年加入广发基金，起初并未激起太大水花。真正的转折点发 生在2019年下半年，当时市场正热切地寻找着能够承载国家意志的投资主线，半导体自主可控的浪潮汹涌而来。 刘格菘敏锐地抓住了这个风口，果断下重注，将圣邦股份、兆易创新等半导体龙头纳入囊中。这一搏，让他一战成名。紧接着，新能源的东风吹来，他又毫 不犹豫地调转船头，将隆基绿能、阳光电源、亿纬锂能等名字写满了自己的持仓列表。 市场需要英雄，而广发基金则看到了一个绝佳的"造神"机会。他们毫不吝惜资源，用尽营销手段为刘格菘打造个人IP。在其官方公众号的标题里，"十倍"这 样极具煽动性的字眼频频出现，不断刺激着投资者的神经，将他塑造成一个能点石成金的投资奇才。 基民们的热情被彻底点燃。当市场处于2020至2021年的 ...

在公募基金行业的激烈竞争中，广发基金近年来的表现备受争议。曾经作为行业头部企业，如今却面临着业绩不佳、激励机制失衡以及战略调整风险等多 重困境，引发了投资者和市场的广泛关注。 在业绩表现方面，广发基金的处境也不容乐观。证监会《推动公募基金高质量发展行动方案》落地后，广发基金旗下66只主动权益产品近三年跑输业绩基 准超10%，涉及刘格菘、郑澄然等8位百亿级基金经理。这一数据不仅反映了其投资管理能力的不足，也让广发基金成为行业降薪"重灾区"。 从广发基金与控股股东广发证券的关系来看，二者深度绑定。截至2024年末，广发证券持有广发基金54.53%股权，并为易方达基金并列第一大股东。 2025年一季度，广发证券营收72.4亿元，同比大增46.3%，但环比下滑10.2%。其中，经纪业务受市场调整影响，手续费收入环比降15%；投行业务因项目 周期因素收入环比降20%。广发证券一季度归母净利润27.57亿元，同比增79.2%，但环比降10.2%，投资收益环比浮亏30%成主因。其经营状况的波动直 接影响对广发基金的资源支持稳定性。 在行业新规的冲击下，广发基金陷入降薪压力与激励机制失衡的双重困局。根据证监会新规，三年跑输基 ...

Core Viewpoint - The introduction of floating management fee mechanisms in public funds aims to enhance investor confidence and align the interests of fund companies with those of investors [1][4]. Group 1: Fund Launch and Market Response - The first batch of 26 floating fee rate funds has been approved, with 16 funds from companies like E Fund, Harvest, and GF Fund starting issuance on May 27 [1][2]. - As of May 28, the cumulative sales of these funds exceeded 1.6 billion yuan, although there was significant disparity in individual fund performance, with some raising over 100 million yuan while others struggled to reach 400,000 yuan [1][2]. - Market reactions to the new fund model are mixed, reflecting a learning curve for investors regarding the innovative fee structure [2][3]. Group 2: Fee Structure and Investor Impact - The new floating fee structure includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), contingent on the fund's performance relative to a benchmark and the holding period of at least one year [3][4]. - This mechanism aims to address the long-standing issue of "funds making money while investors do not," by linking management fees to actual investor returns [4][5]. - The new fee model emphasizes a performance-driven approach, encouraging fund managers to focus on delivering better returns for investors [5][6]. Group 3: Industry Outlook and Investor Behavior - The floating fee rate products represent a significant reform in the public fund industry, with expectations for more such products to emerge as the market evolves [6]. - Analysts suggest that the new fee structure could help restore investor interest in actively managed equity funds, which have seen a decline in confidence over recent years [5][6]. - The performance of actively managed equity funds has shown signs of recovery, with the Wind data indicating a cumulative return of 3.13% for the year as of May 27, contrasting with negative returns for major indices [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, encouraging the optimization of fund operation models and the establishment of a mechanism linking fund company income with investor returns [1] Group 1: Floating Management Fee Mechanism - The floating management fee model breaks the fixed management fee structure, aligning the interests of fund managers and investors, thereby enhancing investor experience and incentivizing fund managers to improve performance [2][3] - The "Pingan Value Enjoy Mixed Securities Investment Fund" adopts a daily open operation model, with management fees varying based on the holding period and performance relative to benchmarks, promoting long-term investment [2][4] - This mechanism encourages long-term holding, reduces irrational trading by investors, and fosters a symbiotic relationship between fund managers and investors, emphasizing a stakeholder-centric development philosophy [3][4] Group 2: Quality and Performance Focus - The action plan guides fund companies to enhance product and service quality, ensuring that investment behaviors align with fund names and objectives, thus providing clarity to investors [4] - The floating management fee structure establishes a market-driven incentive mechanism that emphasizes performance over scale, encouraging fund managers to focus on research and risk management [5] - The mechanism aims to reinforce the core value of "investor-centric" in the public fund industry, promoting a return to fundamental investment principles and enhancing investor satisfaction [5] Group 3: Fund Manager Profile and Market Outlook - The proposed fund manager, He Jie, has 15 years of experience, with a strong track record of outperforming peers and benchmarks, showcasing his investment capability and risk management skills [6] - He Jie expresses a relatively positive outlook on the market, suggesting that current valuations present good opportunities for value investment, particularly in high-quality Chinese assets [7] - The launch of the "Pingan Value Enjoy Mixed Securities Investment Fund" reflects the company's commitment to responding to policy initiatives and meeting investor needs, contributing to the high-quality development of the public fund industry [7]

Group 1 - The core viewpoint of the articles emphasizes the need for the public fund industry to shift from scale-oriented to performance-oriented operations, driven by a high-quality development action plan [1][2] - The action plan aims to align the behavior of the fund industry with investor interests, addressing behavioral issues within the industry [2] - There is a recognition of the phenomenon where "products make money, but investors do not," highlighting the need to reduce the gap between product returns and investor account returns [1][3] Group 2 - Industry leaders discussed the importance of a floating management fee mechanism linked to performance, which could enhance high-quality development [1][2] - Investment education and the responsibility of wealth management institutions, particularly buy-side advisors, are crucial for improving investor behavior and outcomes [2] - The future scarcity of alpha returns suggests that funds generating excess returns will become increasingly rare, necessitating a focus on passive index investing for most investors [2]

Core Viewpoint - The public fund industry in China is set to undergo significant fee rate reforms, introducing a floating management fee mechanism linked to fund performance, aiming to align the interests of fund managers and investors more closely [1][3]. Group 1: Floating Management Fee Mechanism - Over 20 large fund companies are expected to submit products based on performance benchmarks with a management fee structure comprising a basic fee, potential fees, and excess management fees [2][5]. - The new floating fee products will charge management fees based on the annualized return during the holding period compared to the benchmark, with differentiated fees for different investors based on their actual returns [2][4]. - This innovation emphasizes the anchoring role of performance benchmarks, incentivizing fund managers to pursue excess returns while penalizing them with reduced fees if performance falls short [2][3]. Group 2: Regulatory Emphasis on Investor Interests - The China Securities Regulatory Commission (CSRC) has highlighted the importance of binding fund company income to investor returns, aiming to eliminate the "guaranteed income" model for fund managers [3][4]. - The action plan mandates that new actively managed equity funds adopt a floating management fee model based on performance benchmarks, with specific fee rates determined by the fund's performance relative to the benchmark [3][4]. - The CSRC aims for leading fund institutions to issue at least 60% of their actively managed equity funds under this floating fee mechanism within the next year [3]. Group 3: Historical Context and Future Outlook - Previous fixed fee structures led to dissatisfaction among investors, prompting the introduction of floating fee products in late 2019, which allowed for performance-based fee extraction [5][6]. - Recent floating fee products have shown positive returns, with some exceeding 28% and others achieving over 40% returns, indicating a successful alignment of interests between fund managers and investors [6]. - The floating management fee model is expected to enhance the competitive edge of fund companies by focusing on research and investment capabilities, promoting long-term investment strategies among investors [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to address the issue of high management fees in public funds despite poor performance through a floating management fee mechanism, highlighting the industry's long-standing problem of "guaranteed returns" regardless of fund performance [1]. Group 1: Fund Performance and Management Fees - The report indicates that the fund "Guangfa High-end Manufacturing A" has the worst three-year return at -53.01%, while it collected management fees totaling 456 million yuan over the same period [3]. - "China Europe Medical Health A," with a scale of 31.179 billion yuan, experienced a 32.55% decline in three-year performance but still charged 2.2 billion yuan in management fees [3]. - The trend shows that larger funds tend to incur greater losses while charging higher fees, raising concerns about the reasonableness of fees relative to fund managers' performance [3][4]. Group 2: Fund Manager Performance - Fund manager Liu Gesong's funds have underperformed, with a three-year return of -27% and a two-year return of -17%, significantly lagging behind the CSI 300 index [4]. - The total assets under Liu's management decreased by 5.7% to 32.171 billion yuan as of the end of the first quarter of 2024 [4]. - The floating management fee reform may lead to a significant reduction in management fee income for fund managers like Liu, as poor performance could result in a "double whammy" effect [4]. Group 3: Industry Outlook - The CSRC's reform is expected to shift the focus of fund companies from merely pursuing scale to emphasizing investment returns, marking a significant change in the industry [11]. - The industry may witness a trend where stronger firms thrive while smaller institutions face accelerated elimination, making investment research capabilities and risk control systems increasingly critical [11]. - In the long run, more competitive products are likely to attract additional capital and new investors, benefiting investors and promoting sustainable industry development [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to reform the public fund industry by implementing a floating management fee mechanism to address the issue of high management fees despite poor fund performance [1][7]. Group 1: Fund Performance and Management Fees - The performance of equity funds over the past three years has shown a significant decline, with many funds experiencing substantial losses while still charging high management fees [1][4]. - For instance, the fund "Guangfa High-end Manufacturing A" reported a return of -53.01% over three years, yet collected management fees totaling 4.56 billion yuan during the same period [4]. - "China Europe Medical Health A," despite a 32.55% decline in net value, managed to collect 2.2 billion yuan in management fees over three years, indicating a disconnect between performance and fees [4][5]. Group 2: Impact of the Reform - The proposed floating management fee reform is expected to shift the focus of fund companies from merely pursuing scale to emphasizing investment returns, thereby aligning the interests of fund managers and investors [7]. - The reform aims to create a virtuous cycle of increased returns, inflows of funds, and market stability, which could lead to a more sustainable growth model for the industry [7]. - The CSRC's initiative is seen as a critical step towards normalizing the equity market and addressing the long-standing issue of funds profiting from poor performance [7]. Group 3: Industry Challenges - The current model has led to a situation where larger funds often incur greater losses while still charging higher fees, creating a "vicious cycle" [5][6]. - Notable fund managers, such as Guo Lan and Liu Ge Song, have seen their fund sizes shrink significantly while their performance remains below market benchmarks, raising concerns about their future management fee income [6]. - The industry is facing a transformation as it moves away from the "scale-driven" model towards a performance-driven approach, which may result in short-term challenges for fund managers [7].