行业研究 证 券 研 究 报 告 非银金融行业深度研究报告 推荐（维持） 公募基金业改革：利益一致性的全面平衡 1、 全面重塑利益一致性问题 改革内涵：利益一致性问题是长期困扰中国公募基金行业发展的痛点，也是近 年行业舆论压力显著增加的重要原因，建设符合中国式现代化本质要求的公募 基金行业，需要围绕公募基金"受人之托、忠人之事"的信义义务，实现从重 规模向重投资者回报的方向转型。 2、 建立并实施长周期考核机制，完善薪酬管理制度 改革内涵：长周期考核机制建立是引导公募基金行业建立长期价值观的重要手 段，同时有效平滑业绩波动对持有体验带来的影响，本次政策充分考虑市场化 发展的必要性，薪酬机制可升可降实现对基金经理的价值创造的正确定价。 3、 提升行业经营透明度 改革内涵：提升行业评价、投资盈利、费率收取的透明度，进一步减少持有人 及代销机构与基金产品运作之间的信息不对称。 4、 从规模收费模式向服务收费模式进阶 改革内涵：费率改革走实走深，ETF 工具属性明确，通过降费来稳步降低基金 投资者成本，引导长期资金入市，在产品收益水平及费率水平之间进行平衡， 同时通过多个文件鼓励投顾业务发展，引导行业重视服务型收费。 ...

5月8日，A股市场在利好消息中走出"高开低走"的纠结行情。沪指全天振幅超1.5%，深成指与创业板指盘中一度翻绿，最终勉强收红。两市成交额突破1.46 万亿元，较昨日再放量的1300亿元，显示资金活跃度不减。但这份"热闹"背后，市场情绪却透着几分谨慎——利好兑现不彻底、外围不确定性、做空机制未 受限，三大矛盾点正牵制着反弹步伐。 利好当前，A股为何"犹豫"？ 今日盘面呈现三大反常现象： 政策力度超预期，市场反应却平淡。尽管证监会午间发布《推动公募基金高质量发展行动方案》，从降费率、强监管到提权益投资规模，条条直指行业痛 点，但资金并未因此疯狂追涨。 指数红盘，个股赚钱效应不足。上涨个股虽超2800只，但涨跌中位数仅0.3%，半数投资者账面未跑赢指数。 外资动向矛盾。北向资金全天净买入32亿元，但尾盘集合竞价阶段却出现集中撤单，显示海外资金对美联储利率决议仍存顾虑。 这种"纠结"背后有三重逻辑： 点位压力：沪指已逼近3350点压力位，此处堆积着2023年8月以来的套牢盘，解套抛压需时间消化； 外围干扰：明日凌晨美联储将公布最新利率决议，尽管市场普遍预期维持利率不变，但鲍威尔的表态仍可能引发全球资产波动； 做空漏洞 ...

Group 1 - The core viewpoint of the news is the release of the "Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which aims to optimize fund fee structures and reduce investor costs [1][3] - Specific measures proposed by CSRC Chairman Wu Qing include optimizing the fee structure for actively managed equity funds, linking performance assessments to investor gains or losses, and establishing clear performance benchmarks [3] - The average management fee for actively managed equity funds has decreased from 1.5% to 1.2%, and the custody fee has dropped to 0.2%, resulting in significant cost savings for investors [3] Group 2 - The top-performing funds since 2025 are primarily equity mixed funds focused on new energy and advanced manufacturing, with a notable performance gap of 90.39% between the best and worst performing products [4] - The top fund, Penghua Carbon Neutrality Theme Mixed A, achieved a 67.67% annual return but also experienced a maximum drawdown of -30.94%, highlighting the coexistence of high returns and high risks [4] - The underperforming funds, particularly those managed by Caitong Fund, have shown significant losses, with all top ten underperformers returning below -17% [5][6] Group 3 - The underperforming funds exhibit a concentration risk, particularly in sectors like semiconductors and pharmaceuticals, which have faced challenges due to policy changes and market conditions [7] - The CSRC's high-quality development policies and market performance signal the need for investors to focus more on long-term risk management capabilities rather than short-term performance rankings [7] - As fee reforms progress, low-fee and tool-based products such as index funds and sector ETFs may become more popular due to their cost-effectiveness and transparency [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," marking a systematic reform in the public fund industry, which exceeds 30 trillion yuan, addressing the long-standing issue of "emphasizing scale over returns" [2] Group 1: Key Reforms - The reform targets 25 measures, including floating management fees and interest binding, aiming to link management fees to performance, ensuring that funds with poor performance will charge lower management fees [2][3] - A floating fee mechanism will end the "guaranteed income" model, requiring active management equity funds to implement performance-linked floating management fees, addressing investor dissatisfaction with the "charging regardless of profit or loss" model [3] Group 2: Performance Assessment Changes - The plan replaces short-term rankings with long-term assessments, incorporating performance benchmarks and fund profitability into the evaluation system, with a focus on three-year assessments [3] - Fund managers whose products underperform benchmarks by over 10 percentage points for more than three years will see a significant decrease in performance-related compensation, while those who exceed benchmarks can receive moderate increases [3] Group 3: Strengthening Accountability - The plan enhances the responsibility of fund company executives and managers by increasing their investment proportion and lock-up period, linking compensation to investment returns [4] - The reform aims to address issues where fund managers manage multiple products with poor performance, directly impacting their personal income [4] Group 4: Implementation Timeline - The CSRC aims to implement these policies over approximately three years, facilitating a substantial shift in the industry from "emphasizing scale" to "emphasizing returns" [4]

Core Viewpoint - The recent financial policy package introduced by the central bank, financial regulatory authority, and securities commission aims to stabilize the market and boost expectations, with measures including interest rate cuts and structural monetary policy tools [1][2][3]. Monetary Policy Measures - The central bank announced three categories of ten monetary policy measures, maintaining a moderately loose monetary policy stance and reinforcing counter-cyclical adjustments to support the real economy [2][3]. - The policy includes a 50 basis point cut in the reserve requirement ratio and a 10 basis point reduction in the policy interest rate, which exceeded market expectations [6]. Regulatory Policies - The financial regulatory authority introduced eight incremental policies covering various sectors such as real estate, capital markets, small and private enterprises, foreign trade, and technological innovation [3][4]. - The securities commission emphasized measures to consolidate market recovery, support the role of stabilizing funds, and promote the development of technology innovation bonds [3][4]. Market Reactions - Public funds generally view the meeting as a positive signal, effectively boosting market sentiment [1][3]. - Analysts noted that the coordinated efforts of multiple departments signal a strong commitment to stabilizing the market and enhancing investor confidence [4][5]. Future Outlook - The policies are expected to have a long-term impact on market structure, industry allocation, and risk appetite, with a focus on sectors like technology, high-end manufacturing, and consumer goods [5][9]. - The market is anticipated to experience fluctuations as it rebounds to previous highs, but the combination of policy support and market resilience is expected to enhance mid-term performance [7][10]. Investment Focus - Analysts suggest focusing on sectors benefiting from domestic demand policies, including finance, real estate, and consumer sectors, as well as innovation-driven industries like robotics and technology [9][11]. - The financial sector, particularly banks and insurance, is expected to benefit directly from improved liquidity conditions, while undervalued sectors like real estate and infrastructure may also see price increases due to policy support [10][11].

Group 1: Public Fund Industry Reform - The public fund industry is undergoing significant reform with the release of the "Action Plan for Promoting High-Quality Development of Public Funds" on May 7, which includes 25 measures targeting industry pain points [1] - The plan aims to shift the focus of fund companies and sales institutions from "scale" to "returns," enhancing the alignment of interests between fund companies and investors [1] - The public fund industry is expected to improve investor experience through more reasonable fee structures and innovative products, ultimately increasing investors' sense of "gain" and "security" [1] Group 2: Public Fund Industry Performance - By the end of 2024, the public fund industry is projected to grow to 32.83 trillion yuan, an increase of 5.23 trillion yuan or 18.95% year-on-year, with a total of 12,367 products, up by 839 from the end of 2023 [1] - The performance of the industry shows significant differentiation, with leading public fund institutions demonstrating resilience while some smaller institutions achieve breakthroughs by focusing on niche markets [1] Group 3: Insurance Asset Management Institutions - A total of 34 insurance asset management institutions reported a combined operating income of 41.6 billion yuan, a growth of 14.4%, and a net profit of 18.4 billion yuan, up 18.1% [2] - Among these institutions, 33 reported profits while one incurred losses, indicating a stable overall industry structure with a few changes in rankings [2] - The three largest insurance asset management companies manage over 16 trillion yuan, with at least eight institutions managing over 1 trillion yuan each [2] Group 4: Property and Casualty Insurance Companies - As of May 7, 85 property and casualty insurance companies reported a total insurance business income of approximately 516.15 billion yuan and a net profit of about 25.60 billion yuan for the first quarter [3] - The performance of the property and casualty insurance industry has been strong, driven by improvements in auto insurance business and the gradual release of investment income from the previous year [3] Group 5: Securities Firms' Dividends - In the 2024 annual report season, listed securities firms plan to distribute over 38.7 billion yuan in year-end dividends, with 39 firms having distributed dividends for three consecutive years [4] - Among 42 listed securities firms, only two will not distribute dividends due to negative distributable profits, while 17 firms have a cash dividend ratio exceeding 40% [4] - Approximately 70% of securities firms maintain a cash dividend ratio of 30% or higher over the past three reporting periods, indicating a trend towards stable shareholder returns [4]

Macro - The Federal Reserve has maintained its interest rate target range at 4.25% to 4.50% for the third consecutive time, aligning with market expectations. Powell expressed a cautious stance on rate cuts, emphasizing the resilience and good condition of the U.S. economy [1] Industry - The Trump administration plans to modify AI chip restrictions from the Biden era, with the U.S. Department of Commerce indicating that the previous rules were overly complex. This news led to a more than 3% increase in Nvidia's stock [2] Market - The China Securities Regulatory Commission has issued a significant reform plan aimed at enhancing the alignment of interests between fund companies and investors. The plan promotes a performance-based floating management fee model for newly established actively managed equity funds and requires a comprehensive performance-based assessment system for fund companies [3] Macro - China's foreign exchange reserves increased by 1.27% month-on-month to $3,281.7 billion as of the end of April 2025, with the central bank having increased its gold reserves for six consecutive months, reaching 7.377 million ounces by the end of April [4] Policy Focus - Guangdong has issued a plan to boost consumption, particularly in the automotive sector, with expectations of a 2.5% year-on-year increase in domestic car sales, reaching 26.21 million units in 2025 [9] Market Buzz - The first humanoid robot sports competition is set to take place in August 2025, with the humanoid robot industry expected to experience explosive growth driven by mass production and new product releases [10] - Apple is considering adding AI search capabilities to its browser, which could challenge Google's dominance in the search market, potentially leading to significant business opportunities [11]

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission (CSRC), which aims to reform the public fund industry to better align with investor interests and enhance the stability of investment behaviors [1][2]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, focusing on transitioning the industry from "scale-oriented" to "investor return-oriented" to achieve high-quality development [2][4]. - A core aspect of the reform is the establishment of an industry evaluation system centered on fund investment returns, incorporating performance benchmarks and profit rates that directly affect investor interests [2][3]. Group 2: Performance Benchmarking - The performance benchmark serves as a "anchor" and "yardstick" for fund companies, helping to clarify investment styles and constrain investment behaviors, thus preventing significant deviations from product names and positioning [3][4]. - The plan emphasizes the need for a regulatory guideline on performance benchmarks and the establishment of a performance benchmark database, which will include mechanisms for setting, modifying, disclosing, and evaluating benchmarks [4][5]. Group 3: Fee Structure - The introduction of a floating management fee structure linked to fund performance is a key point of the "Action Plan," allowing for differentiated management fees based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to adjust their fee structures gradually, with a focus on ensuring that management fees are reduced for underperforming funds and increased for those that significantly exceed benchmarks [5][6]. Group 4: Incentive Alignment - The "Action Plan" aims to strengthen the alignment of interests between fund companies, executives, fund managers, and investors by enhancing the weight of investment returns in performance evaluations [6][7]. - Fund companies are encouraged to establish a compensation management mechanism linked to fund investment returns, with specific performance metrics influencing the compensation of fund managers [6][7]. Group 5: Institutional Development - The plan outlines measures to accelerate the development of first-class investment institutions, including improving governance, enhancing investor service capabilities, and supporting the coordinated development of equity and fixed-income funds [8]. - It also proposes a high-quality development demonstration plan for small and medium-sized fund companies, promoting their unique operational characteristics and improving overall industry competitiveness [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," aiming to deepen reforms in the public fund industry, enhance investor service capabilities, and strengthen the binding of interests between the industry and investors [1][9]. Group 1: Reform Measures - The "Action Plan" proposes 25 reform measures across six areas, including optimizing fund operation models and enhancing risk management, to shift the industry focus from "scale" to "investor returns" [2][9]. - A new industry evaluation system centered on fund investment returns will be established, incorporating performance benchmarks and profit margins into the assessment framework [2][4]. Group 2: Performance Benchmarking - The performance benchmark will serve as a "anchor" and "ruler" for fund investments, clarifying investment styles and constraining investment behaviors to prevent significant deviations from product names and positioning [3][4]. - The plan aims to address issues of performance volatility and style drift in actively managed equity funds by reinforcing the constraints of performance benchmarks [3][4]. Group 3: Floating Management Fee Mechanism - The "Action Plan" introduces a floating management fee model linked to fund performance, allowing for differentiated fee rates based on the fund's performance relative to benchmarks [5][6]. - Fund companies will be required to implement this model for 60% of newly registered active equity funds within a year, with a phased approach for larger and smaller institutions [6][9]. Group 4: Compensation and Evaluation - The plan emphasizes the need for fund companies to align the interests of executives and fund managers with those of investors, with performance metrics weighted heavily towards fund investment returns [7][8]. - Fund managers with performance significantly below benchmarks will see a reduction in performance-based compensation, while those exceeding benchmarks may receive increases [7][8]. Group 5: Development of Investment Institutions - The "Action Plan" outlines measures to enhance fund company governance, improve investor service capabilities, and support the coordinated development of equity and fixed-income funds [8]. - It encourages the development of small and medium-sized fund companies through specialized operations and aims to improve the competitive landscape of the industry [8][9].

方案坚持党对公募基金行业的全面领导，突出行业发展的政治性与人民性，坚持以投资者为本的发展理 念，以强监管、防风险、促高质量发展为主线，探索建立适合中国国情、市情的公募基金发展新模式； 坚持问题导向、目标导向，提出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"。 《每日经济新闻》记者注意到，行动方案共提出25条举措，重点包括：优化主动管理权益类基金收费模 式，强化基金公司与投资者的利益绑定，提升行业服务投资者的能力，提高公募基金权益投资的规模和 稳定性，一体推进强监管防风险促高质量发展等等。 公募行业重要改革来了：行动方案正式发布 5月7日上午，国新办举行新闻发布会，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。中国证监会主席吴清在发布会上介绍，证监会将于当日发布《推动公募基金高质量发展行动方 案》。 每经记者｜李蕾 每经编辑｜赵云 下午，行动方案正式印发，公募基金行业迎来重要改革。 公募基金行业迎来重要改革。 据悉，方案共提出25条举措，重点如下： 5月7日下午，中国证监会正式发布《推动公募基金高质量发展 ...