不同岗位的考核重点也不一样： 新规要求，基金公司董事长、高管这些人，当年的绩效工资至少拿30%买自家基金；基金经理更狠，得 拿40%以上买自己管的基金。而且这笔钱不是马上发完，要分期递延支付，还得跟着投进去，比以前的 要求提高了不少。 具体来说： 从内容上看，包括工资结构、考核标准，到钱怎么发、出问题怎么追责，都做了全面规定，核心就一 条：买基金的人利益永远排第一。 接下来，咱们简单聊聊新规的内容，仅作为抛砖引玉。 一、考核只看短期收益不行了，主要看重三年以上业绩 新规最强调的就是"长期业绩"，盈利情况直接和考核挂钩。整体来看，基金投资收益的考核里，三年以 上的中长期指标占比必须不低于80%——这就意味着，基金经理再也不能为了冲短期排名瞎操作了。 百亿基金经理内参 今日（12月6日）下午，一份最新下发的《基金管理公司绩效考核管理指引》征求意见稿，引发了行业 内的广泛讨论。 四、和旧规比，还有这些新变化 公司高管的考核里，基金投资收益指标至少占50%； 主动权益类基金经理（就是咱们常说的股票型基金经理）更严格，业绩指标占比得超80%，其中 和业绩比较基准的对比情况，占比不能低于30%； 负责销售的高管和核心销售 ...

Group 1 - The core viewpoint emphasizes that understanding the intrinsic value of companies is more important than short-term market trends [1] - Companies that cannot provide cash returns to shareholders are deemed unsustainable, regardless of their short-term performance [2][3] - Historical examples illustrate that companies requiring continuous capital investment for growth often fail to deliver real shareholder value [2][3] Group 2 - Short-term performance can lead to inflated valuations, but sustainable growth is essential for long-term investment success [5][6] - The risk of valuation decline and unsustainable growth is highlighted, as seen in past market trends [5][6] - Investors should focus on companies with stable historical performance and consistent cash flow to mitigate risks associated with short-term volatility [8]

Core Viewpoint - The article emphasizes the importance of evaluating the intrinsic value of companies rather than focusing solely on short-term performance, highlighting that sustainable growth and cash returns to shareholders are crucial for long-term investment success [2][3]. Group 1: Market Sentiment and Company Performance - Recent trends in the A-share market show a warming sentiment, with various hot topics emerging, leading to a focus on the question of "value" rather than just market direction [1]. - Companies often release positive earnings reports during periods of high market enthusiasm, which can serve as a window for major shareholders to reduce their stakes or raise funds [2]. Group 2: Long-term vs. Short-term Performance - Companies that fail to provide cash returns to shareholders are deemed "hollow," and investors should focus on companies with strong fundamentals, such as capital structure and business model [2][3]. - Historical examples illustrate that companies requiring continuous capital investment for growth, like AT&T, often fail to deliver shareholder value, while those with stable cash flows, like Thompson Publishing, succeed in enriching their shareholders [3]. Group 3: Risks of Short-term Focus - The article warns against the risks associated with short-term performance evaluations, citing past instances where high-growth stocks faced significant declines due to unsustainable growth expectations [5][6]. - High-growth stocks are particularly vulnerable to valuation drops if growth expectations are not met, leading to severe price corrections [6][7]. Group 4: Investment Strategy Recommendations - Investors are advised to focus on companies with a stable historical performance and a track record of consistent dividend payments, ideally over a 20-year period [7]. - Defensive investors should be cautious of high-growth stocks due to their inherent uncertainties and risks, suggesting that more stable, reasonably valued large companies may be better suited for the average investor [7].