Core Viewpoint - The issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant transformation in China's public fund industry, shifting from a "scale-oriented" approach to a "quality-oriented" one, focusing on investor interests and long-term stable capital inflow [2][3][4]. Policy Design Logic - The core logic of the policy is to establish a floating management fee mechanism linked to fund performance and implement long-term assessments for fund companies, aiming to break the traditional "scale-first" mentality and reshape the industry ecosystem [3][4]. - The floating management fee directly ties fund company income to investor returns, ending the fixed fee model and promoting performance-driven growth [3][4]. - Long-term assessments discourage short-term speculative behaviors and guide funds towards assets with long-term growth potential, addressing issues like short-termism and misaligned interests in the industry [3][4]. Impact on Fund Companies - Fund companies are required to enhance active management capabilities, optimize investment strategies, and cultivate professional investment teams to adapt to the new quality-oriented focus [5][6]. - The long-term assessment mechanism will attract institutional investors like insurance and pension funds, helping to stabilize market fluctuations caused by retail investor behaviors [5][6]. Focus on Small and Medium Fund Companies - Small and medium fund companies are encouraged to adopt differentiated competition strategies, such as focusing on niche markets and developing thematic ETFs or enhanced index products [7]. - These companies should leverage their flexibility to concentrate on specific investment areas, enhancing their research capabilities and improving customer service to attract investors [7][8]. Index Fund Expansion and Product Innovation - The plan aims to increase the scale and stability of equity investments and optimize the registration mechanism for index funds, which is expected to enhance market stability and support the "slow bull" market goal [8][9]. - Shenzhen is positioned to leverage its status as a technology innovation center to expand index funds and innovate low-volatility products, attracting long-term capital into hard technology sectors [9]. Investor Experience Improvement - The action plan includes measures to reduce investor costs, such as lowering subscription fees and enhancing transparency, which will improve the overall investment experience for fund investors [10][11]. - The shift from a "sales-oriented" to a "service-oriented" model aims to protect investor rights and enhance confidence in the market [10][11].