一、构建投资者和基金公司利益绑定机制 《行动方案》最显著突破在于推行浮动管理费率机制，将基金管理费与基金业绩直接挂钩，深度改革基 金业运营模式。当基金业绩低于基准时，管理费率自动下调，反之则适度上浮，这一设计将彻底扭转机 构重规模轻回报的惯性。基金公司通过投资业绩与管理费率的联动机制，使投资者实际承担的管理成本 与投资收益水平动态匹配，真正实现创造价值后共享价值分配的共赢理念。 同时，政策强化长周期考核，要求基金经理绩效薪酬与三年以上投资业绩挂钩，将有效抑制基金经理的 短期投机行为。随着公募基金调整投研体系，将深度研究与长期价值挖掘纳入核心考核指标，将引导资 金流向具备持续成长性的优质标的，践行真正的价值投资。 二、优化投资者基金投顾服务供给 登录新浪财经APP 搜索【信披】查看更多考评等级 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 编者按：近期，在北京证监局指导下，北京证券业协会携手行业机构共同启动了"北京公募基金高 质量发展系列活动"。中航基金积极响应号召，深度参与这一行业盛事，以实际行动践行"新时代·新基 金·新价值"的主题理念。我们坚信，《推动公募基金高质量发展行动方案》的出台，不 ...

Core Viewpoint - The introduction of a floating management fee structure in wealth management products signifies a shift from a focus on scale to a focus on quality and performance in the industry [1][2] Group 1: Product Launch and Features - The "Zhao Zhi Rui Yuan Balanced (An Ying You Xuan) 68th" product was launched on July 8, with an issuance scale of 20 billion yuan and a closed period of 36 months [1] - The product is classified as R3 (medium risk) and primarily invests in high-grade credit bonds, high-dividend stocks, bank preferred shares, and low-correlation quantitative neutral strategies [1] Group 2: Management Fee Structure - The management fee is linked to the product's annualized return, with three tiers: 0.25% for returns at or below 1.5%, up to 0.4% for returns between 1.5% and 4%, and up to 0.5% for returns above 4% [1] - This innovative fee structure aims to align the interests of the management company and investors, enhancing transparency and trust [1][2] Group 3: Industry Trends and Implications - The wealth management industry has seen a trend of fee reductions, but reliance on low fees is deemed unsustainable for long-term growth [1] - The floating fee mechanism encourages wealth management companies to focus on performance rather than merely expanding their asset base, fostering a culture of risk-sharing and accountability [2] - Experts suggest that this shift will compel companies to enhance their research and risk management capabilities, ultimately benefiting investors through better product offerings [2]

Core Viewpoint - The approval of 26 floating fee rate funds marks a significant innovation in the public fund industry, breaking away from traditional fixed management fee structures and introducing a performance-based fee mechanism [2][15]. Group 1: Floating Fee Rate Structure - The floating fee rate structure includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), with performance benchmarks set at annual returns exceeding 6% or falling below -3% [16][18]. - For holdings of less than one year, the management fee is charged at 1.2% per annum [16][18]. - After one year, the management fee is determined based on the annualized excess return compared to the performance benchmark [18][22]. Group 2: Fund Characteristics and Offerings - Sixteen funds are set to launch on May 27, with varying end dates for fundraising, the longest being August 26 for the FuGuo Balanced Allocation Fund [9][22]. - Most of the funds are equity-oriented mixed funds, with stock allocations ranging from 60% to 95% of the net asset value [9][22]. - The performance benchmarks for these funds include indices such as the CSI 800 Growth Index and the CSI 500 Index, reflecting a focus on growth-oriented investments [22][24]. Group 3: Management and Operational Requirements - The floating fee rate funds require enhanced operational management capabilities and robust data processing systems to track each fund share's holding period and performance accurately [25][26]. - Fund companies are preparing by establishing comprehensive management guidelines and risk control measures to ensure efficient operation during the product issuance and management phases [25][26]. - The new fee structure aims to align the interests of fund managers and investors, promoting a shared responsibility for investment returns [23][26].

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" marks a systematic reform phase in the public fund industry, focusing on investor interests and returning to the essence of "entrusted management" [1] Fee Reform - The plan promotes a floating management fee mechanism for actively managed equity funds, linking fees to performance against benchmarks, addressing the issue of "funds making money while investors do not" [2][3] - The floating fee model aims to enhance the accountability of fund companies, compelling them to improve investment capabilities and focus on long-term value creation [2] Interest Binding - The core of the public fund reform is "interest binding," which strengthens the alignment of interests among fund companies, fund managers, and investors, marking a shift towards prioritizing "investor returns" [4][5] - The plan defines fund performance metrics and emphasizes long-term performance in fund manager evaluations, with at least 80% weight on product performance metrics [6] Future Outlook - The shift in evaluation focus from management scale to investor returns is expected to create a virtuous cycle of "increased returns—capital inflow—market stability," fostering a healthier and more vibrant capital market ecosystem [7]