Core Viewpoint - The action plan emphasizes a shift from "scale" to "investor returns," addressing current issues in the industry and providing specific requirements for fund companies to focus on long-term investor returns rather than short-term growth [1] Group 1: Industry Transformation - The plan aims to create a turning point for high-quality industry development within three years, addressing operational philosophy biases and enhancing investor satisfaction [1] - A new floating management fee mechanism will be introduced to link fund performance with company income, encouraging fund managers to prioritize long-term performance [2] - The evaluation system will be restructured to reduce the weight of scale rankings and increase the emphasis on performance rankings, promoting a focus on long-term results [2] Group 2: Performance and Compensation - The compensation management system will be improved to provide reasonable rewards for outstanding fund managers, avoiding a one-size-fits-all approach that could lead to conflicts of interest [3] - The plan supports the rapid registration of ETFs and the development of floating fee products, enhancing the focus on equity investment and product innovation [3] Group 3: Governance and Risk Management - Fund company governance will be enhanced to prevent undue interference from major shareholders, ensuring independent board members fulfill their responsibilities [4] - The evaluation system for investment research capabilities will be strengthened, incorporating AI and big data while balancing traditional fundamental analysis [4] - Measures will be implemented to limit the number of products managed by individual fund managers, ensuring they can focus on a few high-performing funds [4] Group 4: Market Dynamics - The plan encourages the development of niche products by small and medium-sized institutions to compete effectively against larger firms, addressing the increasing head effect in the industry [5]