文丨郭小兴 编辑丨杜海 来源丨正经社（ID：zhengjingshe） （本文约为1100字） "改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金 公司'旱涝保收'的现象。" 5月7日，在国务院新闻办公室举行的新闻发布会上，中国证监会主席吴清说道。 根据吴清介绍，证监会将会发布《推动公募基金高质量发展行动方案》。具体而言，这一回的公募基金改革，可以划出四大重点： 一是突出强化与投资者利益绑定。重点是改革基金运营模式，督促行业回归"受人之托、代人理财"的本源，优化主动权益基金收费模式，业绩差 的必须少收管理费；通过浮动管理费收取机制，扭转基金公司"旱涝保收"现象，同时把"业绩是不是跑赢了基准""投资者盈亏情况"等直接关乎投 资者切身利益指标，纳入基金公司和基金经理考核体系，督促基金公司从"重规模"向"重回报"转变；提高基金公司高管、基金经理用奖金跟投自 己产品的比例要求，并且适度延长锁定期，让关键少数与投资者利益更为一致。 二是突出增强基金投资行为的稳定性。针对基金风格漂移、"货不对板"等问题，要求每只基金产品设定清晰的业绩比较基准， ...

Core Viewpoint - The article discusses the recent differentiation in the scale of the CSI A500 index funds, highlighting the occurrence of significant redemptions and the varying performance among different funds since their establishment [1][3][8]. Group 1: Fund Performance and Redemption - The Fuyanda CSI A500 Index Enhanced Fund, established on April 1, 2023, experienced a large redemption on May 6, marking the first instance of such a phenomenon among CSI A500 index-related funds [1][3]. - As of May 6, 2023, the Fuyanda fund had a scale of 4.25 billion yuan and had not performed well, with a net value decline of 0.02% since inception [3]. - Market conditions around the fund's establishment were relatively stable, but a significant market drop on April 7 impacted its performance negatively [3]. Group 2: Scale Differentiation Among Funds - There are currently 10 CSI A500 index funds with scales below 200 million yuan, while another 10 funds maintain scales above 10 billion yuan [1]. - The overall scale of CSI A500 index funds has decreased recently, with the total market scale dropping from over 350 billion yuan to 298.973 billion yuan [5]. - Among 99 CSI A500 index-related funds, 24 have seen growth in scale compared to their initial issuance, primarily older ETF products [5]. Group 3: Market Sentiment and Future Outlook - The article notes a decline in enthusiasm for CSI A500 index funds due to the broader market's performance, particularly in the technology sector [8]. - Despite the current challenges, CSI A500 index funds are expected to remain important vehicles for "patient capital" in the long term, with potential core institutional holders emerging by 2025 [8]. - Recent market policy signals from high-level meetings are anticipated to boost market sentiment, with expectations for increased fiscal policies to stimulate consumption [9].

21世纪经济报道记者崔文静 北京报道美国加征所谓"对等关税"后，国际形势更加复杂多变，当前，A股 市场稳在3300点，表现出较强韧性。持续稳住股市，成为市场广泛关注之处。 5月7日，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、证监会主席吴清共同参加国新 办发布会，提出一揽子金融政策支持稳市场稳预期相关政策，为资本市场送上一颗"定心丸"。 上次三大部委联手发布一揽子政策是在2024年9月，彼时，A股迎来一波大涨。在业内人士看来，此次 发布会召开后，A股有望延续4月上旬以来的回稳态势。 5月7日，股市已经给出积极反应。根据Wind数据，截至收盘，上证指数、深证成指、科创50等主要指 数纷纷上涨。其中，上证指数当日上涨0.80%，报收3342.67点。两市及北交所共3293只股票上涨，其中 100只股票涨超9%。 就资本市场而言，一系列利好政策即将相继发布。 5月7日傍晚，《推动公募基金高质量发展行动方案》（下称《行动方案》）已经出台。其优化主动管理 权益类基金收费模式，打破基金公司"旱涝保收"现象；强化基金公司与投资者的利益绑定，将业绩比较 基准对比、基金利润率等直接关乎投资者利益的指标引入考核体系， ...

Group 1 - The A-share market has been recovering this year, but several funds under Chang'an Fund have performed poorly, with net values declining [1] - Chang'an Xinxi Mixed A and Chang'an Yusheng Mixed A have seen their net values drop significantly since inception, with declines of 67.72% and 51.45% respectively [1] - Chang'an Fund has a total public asset management scale of only 139.94 billion yuan as of the first quarter of this year, with 24 products, including 19 mixed funds [2] Group 2 - Chang'an Fund has not launched any new products in recent years, with the last new fund issued in September 2022 [3] - Several funds under Chang'an Fund have small scales, posing a risk of liquidation, with some funds having scales below 10 million yuan [3] - The only equity fund under Chang'an Fund is a passive index fund, which has not been able to attract significant investment despite the strong performance of index products in recent years [3]

此外，中信建投智享生活C、华夏优势精选、南方成长先锋、北信瑞丰产业升级等跑输幅度超15%。 据Wind数据，截至5月6日，主动权益基金中，有103只（不同份额分开计算）年内净值跑输业绩比较基准超10%。银河君荣I今年以来净 值增长为-37.89%，同期业绩比较基准增长率为-0.99%，跑输36.90%。这只灵活配置型基金在去年重仓酒水、能源、消费等板块，股票占 比基金净值超52%，但今年一季度，该基金基本清仓上述重仓持股。 财通基金旗下多只产品跑输幅度在20%左右，包括匠心优选一年持有、景气甄选一年持有、智慧成长、多策略福鑫、成长优选、价值动 量等，上述基金管理者均包含金梓才，其管理的财通景气甄选一年持有曾为2024年全市场基金中的"亚军基"。金梓才管理的基金在重仓 股上重合度较高，因此业绩表现会趋同，而较为激进的配置风格也让其管理的基金波动偏高。 | 名称 | 最新基金净值(元) | 今年以来净值增长率(%) | 今年以来业绩比较基准增长率(%) | 今年以来净值超越基准增长率(%) | | --- | --- | --- | --- | --- | | 银河君荣I | 1. 0000 | -37.89 | ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on a performance-based floating management fee model for actively managed equity funds [1][2]. Group 1: Fee Structure and Performance Linkage - The action plan introduces a floating management fee model linked to the performance of actively managed equity funds, allowing for differentiated management fees based on the fund's performance during the holding period for eligible investors [1]. - Funds that significantly underperform compared to their benchmarks will be required to charge lower management fees [1]. - The plan aims to strengthen the alignment of interests between fund companies and investors by establishing a performance-based evaluation system that prioritizes investment returns [1]. Group 2: Industry Evaluation and Management Practices - The action plan emphasizes the need to reduce the weight of metrics such as product management scale and fund company income in the evaluation system, while increasing the focus on direct indicators affecting investor interests [1]. - It mandates higher proportions of fund managers' investments in their own products and sets requirements for lock-in periods [1]. - Fund companies are encouraged to develop compensation management systems linked to fund investment returns, with significant reductions in performance-based compensation for underperforming fund managers [1]. Group 3: Enhancing Investor Services and Fund Stability - The action plan calls for fund companies and sales institutions to optimize resource allocation around the best interests of investors, promoting long-term, value, and rational investment practices [2]. - It aims to increase the scale and stability of public fund equity investments by optimizing fund registration processes and introducing more index funds and low-volatility products [2]. - The plan reinforces the importance of performance benchmarks for fund products and implements long-term assessments of fund performance over three years to enhance stability in public fund investment behavior [2].

【导读】新增机构覆盖上海市、江苏省、湖北省、北京市、深圳市等9个省市 中国证券投资基金业协会官网显示，2025年4月，全国共有16家私募基金管理人在协会完成登记备案，数量较3月减少3家。从业务类型来看，新增机构中 包括12家私募股权、创业投资基金管理人和4家私募证券投资基金管理人。 从注册地来看，新增机构覆盖上海市、江苏省、湖北省、北京市、深圳市等9个省市，但区域集中度仍较高。具体而言，上海市以6家新增机构位列首位， 江苏省、湖北省各新增2家，北京市、深圳市、四川省等6省市各有1家。值得注意的是，尽管新增机构在地域分布上较上月有所扩散，但上海、北京、深 圳三大传统金融中心仍占据主导地位，合计占比达一半。 这一趋势与私募行业长期形成的资源集聚效应相吻合。3月末数据显示，上海、北京、深圳等6大辖区私募基金管理规模合计占比达74.96%，其中上海、 北京、深圳三地的管理规模分别达4.93万亿元、4.66万亿元和1.96万亿元，头部区域在资本、产业资源、人才及政策支持上的优势持续显现。 4月新增机构中，12家注册地与办公地保持一致，4家则呈现分离状态。例如，武汉北格私募基金管理有限公司注册于湖北省武汉市，但办公地设于 ...

"改革的要点就是引导绝对收益考核、构建差异化产品体系，并加速行业供给侧改革，我认为还是非常切中要害的。"一位业内人士表示。 在今日上午举办的国新办新闻发布会上，证监会主席吴清表示，随着改革方案的落地实施，公募基金行业将更加突出投资者最佳利益导向，投资者的获得感 也将进一步提升。 2024年，基金公司管理费普遍下调。据天相投顾数据，去年基金公司管理费收入为1226.78亿元，相比2023年的1333.46亿元，减少106.68亿元，下降约8%。 出品 | 搜狐财经 作者 | 汪梦婷 公募基金改革持续推进。 5月7日下午，证监会印发的《推动公募基金高质量发展行动方案》全文公布，方案提出25条改革措施，涉及权益基金收费模式、基金公司绩效考核机制、行 业薪酬管理制度等市场关切问题。 公募改革方案正式落地 5月7日，国务院新闻办公室举行新闻发布会，央行、金管局、证监会相关负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记者问。 发布会上，证监会主席吴清表示，公募基金将迎来重要改革，证监会将于当日发布《推动公募基金高质量发展行动方案》（下称《方案》）。 5月7日下午，上述《方案》如期公布。方案共提出包括优化主动 ...

Market Overview - The Shanghai Composite Index rose by 1.13% to close at 3316.11 points, with a daily high of 3316.45 points [1] - The Shenzhen Component Index increased by 1.84% to close at 10082.34 points, reaching a high of 10082.34 points [1] - The ChiNext Index saw a rise of 1.97%, closing at 1986.41 points, with a peak of 1988.05 points [1] ETF Market Performance - The median return for stock ETFs was 1.42%, with the highest return from the FTSE China 2000 ETF at 6.4% [2] - The top-performing industry ETF was the Southern China Securities All-Index Computer ETF, yielding 4.28% [2] - The top strategy ETF was the Huaxia Growth Value ETF, returning 1.8% [2] - The best thematic ETF was the Harvest China Securities Rare Earth Industry ETF, which returned 5.22% [2] ETF Gains and Losses - The top three ETFs by gain were: FTSE China 2000 ETF (6.4%), Harvest China Securities Rare Earth Industry ETF (5.22%), and Huatai-PB China Securities Hong Kong-Deep Internet ETF (5.07%) [4] - The three ETFs with the largest losses were: CCB Shanghai Composite 180 Corporate Governance ETF (-1.28%), China Merchants China Securities Bank AH Price Preferred ETF (-0.71%), and Galaxy Shanghai Composite State-Owned Enterprises Dividend ETF (-0.51%) [4] ETF Fund Flows - The top three ETFs by inflow were: Huaxia Shanghai 50 ETF (5.55 billion), Huaxia China Securities Robot ETF (3.33 billion), and Harvest Shanghai Science and Technology Innovation Board Chip ETF (3.17 billion) [6] - The ETFs with the largest outflows were: Huaxia Shanghai Science and Technology Innovation Board 50 Component ETF (1.93 billion), Guolian An China Securities All-Index Semiconductor Products and Equipment ETF (1.84 billion), and Tianhong Shanghai and Shenzhen 300 ETF (1.73 billion) [6] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia Shanghai Science and Technology Innovation Board 50 Component ETF (420 million), Huatai-PB Shanghai and Shenzhen 300 ETF (312 million), and E Fund ChiNext ETF (290 million) [8] - The ETFs with the highest margin selling were: Southern China Securities 500 ETF (37.38 million), Huatai-PB Shanghai and Shenzhen 300 ETF (20.88 million), and Huaxia 500 ETF (5.84 million) [8] Institutional Insights - According to China Merchants Securities, May is expected to see a recovery in market risk appetite, with a potential rebound in heavyweight indices and active technology growth [10] - Bank of China International emphasizes the importance of domestic demand policies and tariff developments for A-share performance, suggesting that internal demand and self-sufficiency remain key investment themes [11] - The market may return to a growth style, with the AI industry chain expected to regain prominence once tariff uncertainties stabilize [12]

Market Overview - As of May 6, the total ETF margin balance in the two markets reached 100.38 billion yuan, an increase of 0.17 billion yuan from the previous trading day [1] - The financing balance was 95.476 billion yuan, up by 45.2416 million yuan, while the securities lending balance was 4.904 billion yuan, increasing by 124 million yuan [1] - In the Shanghai market, the ETF margin balance was 65.57 billion yuan, with a financing balance of 61.372 billion yuan (down by 57.5987 million yuan) and a securities lending balance of 4.198 billion yuan (up by 104 million yuan) [1] - In the Shenzhen market, the ETF margin balance was 34.81 billion yuan, with a financing balance of 34.104 billion yuan (up by 103 million yuan) and a securities lending balance of 706 million yuan (up by 20.7248 million yuan) [1] Top ETF Margin Balances - The top three ETFs by margin balance on May 6 were: - Huaan Yifu Gold ETF (8.841 billion yuan) - E Fund Gold ETF (7.063 billion yuan) - Huaxia Hang Seng (QDII-ETF) (5.389 billion yuan) [2][3] Top ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on May 6 were: - Huaxia Hang Seng Technology (QDII-ETF) (941 million yuan) - Huatai-PB Southern Dongying Hang Seng Technology Index (QDII-ETF) (805 million yuan) - Haifutong CSI Short Bond ETF (659 million yuan) [4][5] Top ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on May 6 were: - Huaan Yifu Gold ETF (87.0136 million yuan) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (54.4009 million yuan) - Huatai-PB CSI 300 ETF (41.8344 million yuan) [6][7] Top ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on May 6 were: - Southern CSI 500 ETF (37.378 million yuan) - Huatai-PB CSI 300 ETF (20.8873 million yuan) - Huaxia CSI 500 ETF (5.8475 million yuan) [8][9]