Core Insights - The report emphasizes the need for the public fund industry to shift from focusing on scale to prioritizing returns, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [3][5][6]. Group 1: Key Highlights of the Action Plan - The Action Plan highlights four main focuses: strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, improving investor service capabilities, and promoting the growth of equity funds [4][6]. - A floating management fee mechanism will be established, linking fund managers' income to the performance of their products, thereby addressing the issue of guaranteed income regardless of performance [6][11]. - The plan mandates a reduction in subscription and sales service fees for public funds, aiming to lower investor costs and enhance their experience [6][18][21]. Group 2: Focus Areas for Fund Companies - Fund companies are required to reform their assessment and incentive schemes, incorporating investor profit and loss into their evaluation systems, which marks a shift towards a more investor-centric approach [4][17]. - The plan encourages the development of passive equity products, with a clear distinction between active and passive strategies, promoting low-fee models for passive investments [4][24]. - The registration process for equity products will be expedited, with specific timelines set for different types of funds to enhance market responsiveness [24]. Group 3: Implications for the Industry - The report suggests that the ongoing reforms will enhance the pricing power of allocation funds and optimize the structure of active equity investments, especially in a low-interest-rate environment [41]. - The floating fee index-enhanced products are expected to become a key focus for fund companies, as they seek to improve management fee income while controlling performance deviation [45]. - The demand for investment advisory and strategy services is anticipated to rise significantly, necessitating a shift towards a more comprehensive service model for both institutional and individual investors [50][55].

2025 年 05 月 07 日 建设百年投资机构需要经历的调整 期 ——证监会《推动公募基金高质量发展行动方案》点评 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 证 券 研 究 报 告 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 韦春泽 A0230524060005 weicz@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 韦春泽 (8621)23297818× weicz@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 A 股 相关研究 - ⚫ 关于政策影响的讨论： ⚫ 强化被动权益产品发展趋势的"三个共振"：(1) 投资者需求 + 政策鼓励(此次行动方案 中直接体现为：权益类产品注册，ETF 5 个工作日，主动权益 10 个工作日，约定最低持 股比例要求的混合和债券基金 15 个工作日)的共振。(2) 激励边际弱化 + 约束增加限制 超额收益实现 = 被动化长期趋势。(3) 更低费率 + 更大规模 = 被动化长期趋势。 ...