Group 1 - In April 2025, eight funds under Jinying Fund Company experienced a decline of over 8% [1] - The worst-performing fund was Jinying Transformation Dynamic Mixed, with a drop of -11.86%, managed by Yang Fan and Li Longjie [1] - Jinying Smart Life Mixed C and A followed closely with declines of 11.82% and 11.78%, respectively, both managed by Yang Fan and Zhang Zhanhua [1] Group 2 - Yang Fan has over 6 years of management experience, having previously worked at various financial institutions before joining Jinying Fund in August 2022 [1] - Li Longjie is a newcomer with less than 1 year of management experience, while Zhang Zhanhua has just over 1 year [1] - Despite not managing these funds from inception, Yang Fan's management period has seen significant underperformance compared to peers, with Jinying Smart Life Mixed C showing a return of -26.02% against a peer average increase of 6% [1][3] Group 3 - Jinying Smart Life Mixed A has a return of -50.31% over its management period of less than 3 years [3] - Other funds managed by different managers, such as Hongli Transformation Opportunity Stocks C and A, also saw declines of 9.35% and 9.29% respectively [5] - Jinying Era Navigation One-Year Holding Mixed C and A, managed by star manager Han Guangzhe, experienced declines of 8.83% and 8.79% [5]

Group 1 - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 measures aimed at optimizing the fee structure for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] - Multiple free cash flow ETFs, including the Jiashi National Index Free Cash Flow ETF and the Fangzheng Fubon CSI All Index Free Cash Flow ETF, are set to be listed for trading on May 13 [1] - A significant redemption occurred in the Fuan Da CSI A500 Index Enhanced Fund, marking the first instance of large-scale redemptions for funds related to the CSI A500 Index [1] Group 2 - The market experienced a low open but closed higher, with the Shanghai Composite Index rising by 0.28%, the Shenzhen Component Index by 0.93%, and the ChiNext Index by 1.65%. The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 174.9 billion yuan from the previous trading day [2] - Key sectors that saw gains included aerospace, communication equipment, and transportation equipment, while only a few sectors like precious metals and fertilizers experienced declines [2] - Specific stocks such as Galaxy Electronics, Hainengda, and Sichuang Electronics reached their daily limit up, with communication equipment ETFs and 5G ETFs showing strong performance, with a peak increase of 4.36% [2] Group 3 - Several gold-related ETFs experienced collective declines, with the highest drop recorded at 1.94% [4] - The performance of various gold ETFs included a drop of 1.94% for the Gold Stock ETF 1 and a decrease of 1.79% for the Gold Stock ETF [4] Group 4 - The digital economy and new infrastructure policies are expected to bolster the upgrade of computing networks, with the communication and new infrastructure sectors likely to see upward adjustments in expectations [5] - The recovery of the ICT foundational optical network industry chain is anticipated to stimulate further demand for optical modules and energy-saving temperature control [5]

▲证监会印发的《推动公募基金高质量发展行动方案》，颇有看点。图/IC ohoto 5月7日，中国人民银行、国家金融监管总局、中国证监会三大金融管理部门负责人齐聚国新办发布会， 重磅推出一揽子金融政策。全方位发力稳市场、稳预期，为经济回升向好提供强有力的金融支撑。同 日，证监会印发了《推动公募基金高质量发展行动方案》（下称《行动方案》），颇有看点。 坦率地说，现在证券市场产品的数量和种类日趋繁多，金融交易工具也越来越多样化。普通投资者进行 直接投资的难度不断提高。"股民"变"基民"可谓一种大趋势。中国基金业协会发布的数据显示，截至 2024年底，我国境内公募基金资产净值合计32.83万亿元。 不过，"小基民"和"小股民"一样，小而散，面临着被基金管理人和公司管理人侵害的风险。证监会作为 证券市场的监督管理者，对此当然责无旁贷。 此次《行动方案》在宏观方向上反映了各界的诸多共识，比如推动市场发展，推出更多类型的产品，简 化审批程序，促进规则细化，加强基金产品业绩和费用的信息披露，鼓励基金公司进行治理优化、制度 建设和专业能力提升，对违法行为依法进行处罚等。而且，全文9次提及"引导"，体现了一定的谦抑性 而非强制性 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，为公募基金行业发展指引方向。 《推动公募基金高质量发展行动方案》的核心要点为：第一，通过长期考核、收益率与基金管理费率挂钩等机制强化基金公司与投资者的利益绑定，督促 基金公司从"重规模"向"重回报"转变；第二，要求设置清晰有效的业绩比较基准，提高长期考核权重，增强基金投资行为的稳定性；第三，强调提升服务 投资者的能力，包括信息披露透明度提升、直销平台建设、促进投顾业务发展等，明确重视投资者获得感的工作导向；第四，突出发展壮大权益类基金。 《推动公募基金高质量发展行动方案》提出，对三年以上产品业绩低于业绩比较基准超过10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年 以上产品业绩显著超过业绩比较基准的基金经理，可以合理适度提高其绩效薪酬。 国泰海通证券对公募基金历史滚动3年的超额收益情况进行了统计，结果如下： 从所有公募基金的角度来看，历史上3年期间累计跑输业绩比较基准10%以上的比例较低。2017年至2025年4月底期间，所有公募基金3年累计跑输业绩比 较基准10%以上的平均占比为1 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which marks a shift from the previous focus on scale to performance-based metrics [1][11]. Summary by Category Fund Manager Compensation Changes - The new policy stipulates that fund managers will face salary reductions if they underperform their benchmarks by more than 10%, while those who outperform will receive salary increases [1][11]. - This change highlights a significant performance disparity among fund managers, with 24 managers potentially facing substantial pay cuts and 38 outperformers likely to benefit from the new rules [1][3]. Performance Data - Among the 111 fund managers with over 10 billion yuan in assets under management, 45 underperformed their benchmarks, with 24 of them lagging by more than 10% [3]. - Notable fund managers facing pay cuts include Zheng Chengran from GF Fund, who had a return of -45.12%, and others like Feng Bo and Ge Lan, who also significantly underperformed [5][6]. High Performers - In contrast, fund managers such as Zhai Xiangdong from China Merchants Fund achieved a remarkable return of 98.81%, significantly outperforming their benchmarks [9]. - Other high performers include Bao Wuke and Chen Zhezhong, with returns of 44.47% and 42.04%, respectively, showcasing the potential for smaller funds to excel [9]. Industry Implications - The new regulations are expected to accelerate industry reshuffling, moving from a "star-making" era to one focused on genuine performance and adaptability [10]. - The performance of fund managers does not necessarily correlate with their years of experience, indicating that market adaptability and strategy evolution may become more critical for success [10][11]. - The new rules may encourage fund companies to strengthen their research and investment teams, reducing reliance on individual star managers [10].

近日，中国证监会印发《推动公募基金高质量发展行动方案》，行动方案指出要坚持以投资者为本的发 展理念，探索建立适合中国国情、市情的公募基金发展新模式。其中，优化主动管理权益类基金收费模 式，推行主动管理权益类基金与基金业绩表现挂钩的浮动管理费率收取模式，不仅是行业发展的必然趋 势，更是提升投资者获得感、推动行业高质量发展的重要举措。 第一，引入浮动管理费率产品将有效提升投资者获得感。基金费率是影响投资者决策和持有体验的重要 因素，收费模式的优化在提升投资者获得感的同时，也有助于增强投资者对公募基金的信任。 第二，优化模式双向激励，超额收益共享与业绩不佳返还机制并行，强化管理人责任。将管理费与基金 业绩表现密切挂钩，激励投研团队在防控风险，追求稳定收益的同时适度追求更好业绩。这不仅有利于 优质基金公司脱颖而出，也有助于提升整个行业的服务质量和投资绩效。 第三，费率改革助力行业高质量发展。公募基金行业费率改革促使基金公司更加注重投研能力和风险管 理，提升核心竞争力，吸引更多中长期资金进入市场，为资本市场注入稳定力量。 随着公募基金费率改革的持续深入，主动权益基金的收费模式将更加科学合理，投资者将享受到更优 质、更低 ...

长江商报奔腾新闻记者 李璟 公募业迎来重大改革。 《方案》既涉及公募基金行业机构内部产品设计、投资运作、市场推广等方面制度机制的改革调 整，也涉及行政监管、行业自律等方面制度机制的优化完善。据悉，文件中涉及的改革举措，需要20余 件配套法规细化落地，证监会已逐一制定各项政策举措的落实时间表，后续将把握好改革推进节奏，成 熟一项推出一项。 同时，督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制。对三年以上产品业绩低于业 绩比较基准超过10个百分点的基金经理，要求其绩效薪酬应当明显下降；对三年以上产品业绩显著超过 业绩比较基准的基金经理，可以合理适度提高其绩效薪酬。强化跟投要求，在现有20%、30%基础上， 进一步提高基金公司高管、主要业务部门负责人、基金经理对本公司管理基金产品的跟投比例，并对现 行1年的跟投锁定期适当予以延长，以更好实现与投资者的利益绑定。 奔腾新闻记者了解到，《方案》通过全面深化改革，强化公募基金行业与投资者的利益绑定，增强 公募基金投资行为的稳定性，提升公募基金服务投资者的能力，发展壮大权益类公募基金，进而更好发 挥行业功能。 责编：ZB 具体来看，《方案》优化了主动管理权益类基金收 ...

一系列回应市场和社会关切的改革措施，着力督促基金公司、基金销售机构等行业机构从"重规模"向"重回报"转变，形成行业高质量发展的"拐点"。 文｜ 《财经》记者 黄慧玲 编辑 | 陆玲 从"三瓜两枣"的费率改革到与基民利益的深度绑定，再到绩差基金经理降薪、高管"连坐"。过去三年里，公募基金行业的改革，变得愈发"可感可及"。 5月7日，证监会发布《推动公募基金高质量发展行动方案》。（下称"方案"）与此前发布的政策对比可发现，此次方案既是对"压舱石""稳定器"要求的延 续，亦是近三年的市场波动中不断发现问题、逼近公募基金行业症结的结果呈现。 "当前中国公募基金公司的收费模式的确存在一定问题，'重规模'的考核机制造成了基金经理过度追求短期业绩，基民过度关注短期业绩而忽视风险，同 时公募基金销售收入与承销基金费率挂钩，使得基金投资顾问难以秉持信义义务，他们不是从客户的需求出发，而是从个人利益出发，推销那些费率高的 基金，造成了基金投资市场的扭曲。"上海交通大学上海高级金融学院副教授李楠告诉《财经》。 "经营理念有偏差、功能发挥不充分、发挥结构不均衡、投资者获得感不强"，证监会在通知中提及当前行业面临的种种问题，在行动方案 ...

Market Overview - As of May 7, the total ETF margin balance in the two markets reached 100.882 billion yuan, an increase of 0.502 billion yuan from the previous trading day [1] - The financing balance was 95.953 billion yuan, up by 0.477 billion yuan, while the securities lending balance was 4.929 billion yuan, increasing by 24.4921 million yuan [1] - In the Shanghai market, the ETF margin balance was 65.894 billion yuan, rising by 0.325 billion yuan, with a financing balance of 61.668 billion yuan (up 0.296 billion yuan) and a securities lending balance of 4.227 billion yuan (up 28.7286 million yuan) [1] - In the Shenzhen market, the ETF margin balance was 34.987 billion yuan, increasing by 0.177 billion yuan, with a financing balance of 34.285 billion yuan (up 0.182 billion yuan) and a securities lending balance of 0.702 billion yuan (down 4.2366 million yuan) [1] ETF Margin Balance - The top three ETFs by margin balance on May 7 were: 1. Huaan Yifu Gold ETF (8.74 billion yuan) 2. E Fund Gold ETF (7.041 billion yuan) 3. Huaxia Hang Seng (QDII-ETF) (5.394 billion yuan) [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on May 7 were: 1. Huaxia Hang Seng Technology (QDII-ETF) (1.013 billion yuan) 2. Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (0.963 billion yuan) 3. Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (0.765 billion yuan) [4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on May 7 were: 1. Huaxia Hang Seng Internet Technology Industry (QDII-ETF) (0.105 billion yuan) 2. Guotai Zhongzheng All Index Securities Company ETF (83.0992 million yuan) 3. Huaxia Hang Seng Technology (QDII-ETF) (74.0538 million yuan) [6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on May 7 were: 1. Huatai-PB CSI 300 ETF (30.5324 million yuan) 2. Southern CSI 500 ETF (29.9549 million yuan) 3. Huaxia CSI 50 ETF (12.3824 million yuan) [8]

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].