浮动管理费率改革

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公募新规下对港股配置影响几何?
Ge Long Hui A P P· 2025-05-15 02:56
招商证券认为,强化业绩比较基准的约束作用后,公募基金的整体行业配置与基准指数的行业分布差异 可能在中长期缩小。 根据华泰证券统计数据显示,从全部公募基金来看,截至2025年一季度,国内共有2875只公募基金持有 港股,所持港股规模共计8592亿港币,占南向资金总持仓规模18.7%,占港股自由流通市值3.7%。 一季度公募基金猛加仓港股,新规下有投资者担忧,部分资金由于超配需要再平衡港股仓位? 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》,提出25条改革举措。其中对市场影响 较大的规定: 1.推动浮动管理费率改革。即持有期间产品实际业绩表现符合同期业绩比较基准的,适用基准档费率; 明显低于同期业绩比较基准的,适用低档费率;显著超越同期业绩比较基准的,适用升档费率。 2. 调整基金经理考核机制。一方面是逐步更侧重于长周期考核(三年以上业绩权重不低于80%);另一 方面,薪酬与业绩直接挂钩——若基金三年以上业绩低于基准超10个百分点,基金经理绩效薪酬将明显 下降。 华泰证券筛选出跟踪恒生指数和中证港股通指数的基金作为样本,这些基金的港股持仓总规模约4000余 亿港币,涵盖了同时投资了A股和港股基金的7 ...
公募管理新规如何影响港A股?买银行股、卖港股?
Ge Long Hui A P P· 2025-05-12 08:11
中信证券认为主动权益基金未来向基准靠拢是大势所趋,但过程是动态的,绝非简单做多低配行业,未来主动型公募会更加聚焦核心资产的定价而不是边 际信息流定价。 5月7日,中国证监会正式印发《推动公募基金高质量发展行动方案》,在基金运营模式、基金考核模式、基金功能发挥和投资机构建设四个方面,提出25 条改革举措,其中对市场影响较大的规定包括: 对此,市场正在形成的一个共识是:《方案》将在中长期影响公募基金的产品布局和投资行为,越来越多偏股型主动基金的投资框架,会向"指数"靠拢。 第一,推动浮动管理费率改革。即持有期间产品实际业绩表现符合同期业绩比较基准的,适用基准档费率;明显低于同期业绩比较基准的,适用低档费 率;显著超越同期业绩比较基准的,适用升档费率。 在这一趋势下,那些当前在主流指数中被公募系统性低配的行业与个股,有可能在未来迎来较为确定的增量资金。 第二,调整基金经理考核机制。一方面是逐步更侧重于长周期考核(三年以上业绩权重不低于80%);另一方面,薪酬与业绩直接挂钩——若基金三年以 上业绩低于基准超10个百分点,基金经理绩效薪酬将明显下降。 从基准分布来看,沪深300和中证800是公募基金产品最常用的业绩基准 ...
永赢基金:以投资者最佳利益为核心,共筑公募高质量发展新生态
Sou Hu Cai Jing· 2025-05-12 06:32
Core Viewpoint - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission is a strategic guideline for the long-term healthy development of the public fund industry, emphasizing a shift from "scale-driven" to "return-driven" growth, and aims to reshape the industry's value system and profit distribution mechanisms [1][2][3] Group 1: Fee Structure and Management - The reform of floating management fee rates breaks the traditional "guaranteed income" model, linking management fees to fund performance, which encourages institutions to return to the essence of asset management [1] - The differentiated fee structure, where management fees are reduced if performance is below benchmarks, aims to enhance active management capabilities and create sustainable long-term returns for investors [1] Group 2: Evaluation and Incentive Mechanisms - The introduction of long-term performance assessments and salary incentive mechanisms will reshape industry evaluation standards, focusing on three-year performance to guide fund managers towards long-term value investment [2] - The restructuring of compensation mechanisms and the shift towards absolute return assessments will further align the interests of practitioners with those of investors, promoting a culture centered on the interests of fund holders [1][2] Group 3: Product Supply and Service Optimization - The optimization of product supply and service systems will open new growth opportunities for the industry, with a rapid registration mechanism accelerating the innovation of equity funds and the development of diverse tools to meet wealth management needs [2] - The establishment of direct sales platforms for institutional investors and the promotion of standardized advisory services will enhance business efficiency and guide long-term capital into the market [2] Group 4: Regulatory and Compliance Framework - Strong regulatory measures and improved liquidity risk prevention mechanisms will enhance the governance level and risk resistance of the industry, while the advocacy of a "five musts and five must nots" financial culture will provide value guidance for reputation management and sustainable development [2] - The industry is committed to enhancing professional capabilities and focusing on the best interests of investors, while also strengthening compliance culture and deepening the concept of long-term value investment [2][3]