【导读】机构解读《基金管理公司绩效考核管理指引（征求意见稿）》 机构解读《基金管理公司绩效考核管理指引（征求意见稿）》：破解"重规模、轻 收益"顽疾 培育资本市场"长钱、稳钱" 中国基金报记者 李树超 张玲 盈米基金认为，将业绩跑赢基准、投资者盈亏等关乎投资者切身利益的指标纳入基金管理人 考核体系，督促基金公司从 " 重规模 " 向 " 重回报 " 转变，这或将深刻影响公募基金行业 日前，中国证券投资基金业协会下发《基金管理公司绩效考核管理指引（征求意见稿）》 （以下简称《指引》）。 业内人士表示，《指引》对公募基金行业意义重大且影响深远，通过利益绑定、考核重构等 措施解决 " 重规模、轻收益 " 问题，强化长期导向，培育长期资金，改善投资者体验，全面 推动公募行业的高质量发展。 全面推动公募行业高质量发展 《指引》对基金行业薪酬结构、绩效考核、薪酬支付、内控管理、自律管理等提出了具体要 求，将全面推动公募行业高质量发展。 华南一家公募基金表示，《指引》通过长周期考核、强制跟投、薪酬递延等方式，加强利益 绑定和风险约束，引导行业聚焦长期投资，提升主动管理能力。同时，《指引》传递出行业 加强内部治理、回归本源的 ...

Group 1: Market Overview - As of November 2025, the total net asset value of public funds in the market is 36 trillion yuan, with a month-on-month decrease of 0.06% [1] - The total share of public funds in the market is 31.36 trillion shares, showing a month-on-month increase of 0.37%, with equity funds at 6.5 trillion shares (up 1.55%) and bond funds at 9.15 trillion shares (up 0.21%) [1] - New fund issuance in November 2025 reached 94.567 billion shares, a month-on-month increase of 30.81%, accounting for 82.64% of the month's public fund share increment [1] Group 2: Investor Behavior - Personal investor risk appetite has slightly improved, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41% respectively [2] - QDII and FOF funds continue to see net inflows, with month-on-month growth rates of 3.97% and 8.88% respectively [2] - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, showing month-on-month increases of 0.50% and 1.10% respectively [2] Group 3: Industry Trends - The bond market is experiencing increased volatility, making capital gains harder to achieve, leading to a shift towards more attractive fixed-income plus products [3] - Mixed FOF products are seeing sustained month-on-month growth in new issuance, driven by large-scale issuances supported by the招商银行长盈计划 [3] - The "TREE 长盈计划" aims to provide a one-stop asset allocation solution, focusing on risk control and stable returns for clients [3] - The new performance evaluation guidelines for fund management companies have been issued for consultation, emphasizing the alignment of fund managers' interests with those of investors and enhancing investor experience [3]

Core Viewpoint - The article discusses the new performance evaluation regulations in the non-bank financial sector, emphasizing the importance of investor experience and the growth of mixed FOF products [5]. Group 1: Fund Market Overview - As of November 2025, the total net asset value of public funds in the market reached 36 trillion yuan, with a slight decrease of 0.06% month-on-month [3]. - The total number of public fund shares was 31.36 trillion, reflecting a month-on-month increase of 0.37%. Equity funds accounted for 6.5 trillion shares, up 1.55%, while bond funds totaled 9.15 trillion shares, up 0.21%. Money market fund shares were 14.61 trillion, down 0.44% [3]. - In November 2025, 945.67 billion new fund shares were issued, marking a month-on-month increase of 30.81%, with equity funds contributing 546.69 billion shares (up 42.27%) and bond funds 216.66 billion shares (up 49.2%) [3]. Group 2: Investor Behavior - There was a slight recovery in individual investors' risk appetite, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41%, respectively. QDII and FOF funds continued to see net inflows, with growth rates of 3.97% and 8.88% [4]. - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, which saw month-on-month increases of 0.50% and 1.10% [4]. Group 3: Industry Trends - The industry is placing greater emphasis on investor experience, with the issuance of mixed FOF products continuing to grow month-on-month. The new performance evaluation regulations are currently under consultation [5]. - The 10-year government bond yield has fluctuated upwards, leading to increased volatility in the bond market. This has made capital gains more challenging, prompting new fixed-income products to shift towards more attractive fixed-income plus products [5]. - The "TREE Changying Plan," launched by China Merchants Bank in collaboration with public funds, aims to provide a one-stop asset allocation solution for clients, focusing on risk control and stable returns through optimal FOF selection [5].