Core Viewpoint - The performance of funds managed by Liao Hanbo from Great Wall Fund has shown significant disparity, with some products experiencing losses exceeding 20%, reflecting both individual investment style issues and the broader transformation challenges facing the public fund industry [1]. Group 1: Fund Performance - Liao Hanbo's managed products have seen a drastic decline in management scale, dropping from nearly 5 billion yuan in 2022 to 1.627 billion yuan in 2025 [1]. - The fund "Great Wall Vision Growth Mixed A" has recorded a cumulative loss of approximately 28% since its inception on September 28, 2022, with a unit net value of 0.7293 as of May 21, 2025 [3]. - The "Great Wall Competitive Advantage Six-Month Mixed A" fund has suffered a loss exceeding 30%, with its scale shrinking from 1.2 billion yuan to around 200 million yuan, a decline of 80% [3]. Group 2: Fund Comparison - Among the funds managed by Liao Hanbo, "Great Wall Jiuding Mixed A" and "Great Wall Balanced Growth Mixed A" have performed relatively well, with annualized returns exceeding 10% [2]. - The C-class shares of some funds have underperformed compared to their A-class counterparts, with "Great Wall Jiuding Mixed C" showing an annualized return of -36.3% [3]. - The average performance of similar funds has been better than some of Liao's funds, with a one-year return of -0.79% compared to the average of 7.92% for similar funds [5].

Core Insights - The article highlights the ongoing efforts of the company to explore and promote new quality enterprises in China through investor service activities, focusing on sectors such as robotics, low-altitude economy, new energy vehicles, and intelligent manufacturing [2][3]. Group 1: Investor Service Activities - Since 2025, the company has organized nearly 10 investor service events across major cities in China, aiming to enhance investor understanding of innovative enterprises [2]. - The activities combine on-site visits to industries with educational services, creating a bridge between investors and the forefront of technological innovation [2][3]. - The initiative emphasizes the importance of direct engagement with companies to gain authentic insights into their operations and innovations [4]. Group 2: Industry and Economic Impact - The capital market is positioned not only as an economic indicator but also as a facilitator of industrial transformation, with public funds playing a crucial role in this dynamic [3]. - The company aims to build an ecosystem involving new quality enterprises, public funds, and investors, fostering a multi-perspective understanding of the industry [3]. - The cultivation of new productive forces requires a synergy of technology, capital, and application scenarios, with the company facilitating the flow of social capital into strategic emerging industries [3]. Group 3: Investor Education and Engagement - Investor education is deemed essential for informed decision-making, with the company focusing on deepening investor knowledge through direct interactions with industry players [4][5]. - The ongoing activities allow investors to experience the charm of the real economy and understand the innovative achievements of companies in the context of national modernization efforts [5]. - The company plans to continue inviting investors to engage with more core enterprises involved in innovation and industrial upgrades, thereby identifying investment opportunities in new productive forces [5].

多位公募业内人士向记者表示，近日关于公募考核基准导致市场调仓的有关分析不准确、不专业，缺乏 基本常识和依据。公募基金近期不存在大规模调仓现象。即使未来要优化业绩比较基准，调整的也是基 准本身，目的是使基金产品更加"名副其实"，根本无需大规模调仓。记者向接近监管部门的专业人士求 证，也印证了前述观点。最近银行股、小盘股行情频繁切换，很可能与个别人借机炒作有关。上述公募 基金人士还表示，行业机构将始终秉持长期投资、价值投资的理念，坚决抵制那些对投资者利益和市场 平稳运行不利的行为。(中证金牛座) ...

Group 1 - The core viewpoint of the article is the implementation of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds," which links fund manager compensation to long-term performance, shifting the industry focus from "scale expansion" to "performance-oriented" [1] - The plan highlights the success of fund manager Bao Wuke from Invesco Great Wall, whose fund, Invesco Great Wall Energy Infrastructure A, has achieved significant excess returns, outperforming its benchmark by over 33% in the past three years [1][3] - Bao Wuke's investment strategy emphasizes long-term value extraction from "high-barrier enterprises," focusing on bottom-up stock selection to avoid short-term volatility [1] Group 2 - As of Q1 2025, Bao Wuke manages eight funds with a total scale of 16.207 billion yuan, with his flagship fund achieving a three-year return of 36.47% [1][3] - The fund's performance over various time frames is impressive, with returns of 79.32% over five years and 124.8% over ten years, consistently outperforming benchmarks [3] - The top holdings of Invesco Great Wall Energy Infrastructure A include resource and manufacturing sectors, indicating a focus on structural opportunities amid economic differentiation [5] Group 3 - Bao Wuke has expressed concerns about the AI industry's future, stating that the recent advancements may lead to a plateau in AI capabilities unless new iterative points are found [5] - The market is expected to be influenced by tariff policies, geopolitical conflicts, and the evolution of AI technology, but the long-term value of high-barrier enterprises is anticipated to remain intact [5] - The regulatory shift towards "performance-oriented" metrics is reshaping the public fund industry, making the ability to generate excess returns the primary measure of fund manager value [5]

其二，参考 2024 年 11 月 7 日与 2025 年 3 月 14 日，当前强预期弱现实阶段，上证 50 单日强攻后行情持续性往往不强，短期可能需要防范市场情绪见顶回落的风险。 1） 优化基金运营模式，建立健全基金公司收入报酬与投资者回报绑定机制。如，设 立浮动管理费机制，引导管理规模居前的行业头部机构发行此类基金数量不低于 其主动管理权益类基金发行数量的 60%；降低投资者成本，调降认申购费和销售 服务费，引导下调大规模指数基金、货币市场基金的管理费率与托管费率等。 2） 完善行业考核评价制度，强化长周期考核与激励约束机制。如，要求基金公司建 立以基金投资收益为核心的考核体系，降低规模排名、收入利润等指标权重；对 高管和基金经理的考核分别设定投资收益指标权重，并实施长周期考核机制，三 年以上中长期收益考核权重不低于 80%等。 3） 大力提升公募基金权益投资规模与占比。如，在基金公司监管分类评价中显著提 升权益类基金相关指标权重，制定公募基金参与金融衍生品投资指引；大力发展 场内外指数基金，研究创设场外宽基指数基金试点产品等。 4） 推进强监管防风险促高质量发展等… 5 月 14 日，大金融板块大涨带 ...

Investment Rating - The industry rating is "Overweight" with expectations of a relative increase of 6-12% against the benchmark index in the next 6-12 months [32]. Core Insights - The report emphasizes a shift from a "scale-oriented" approach to a "return-oriented" strategy, focusing on investor returns and long-term value [11][25]. - Key measures include the introduction of a floating management fee mechanism, enhanced transparency in information disclosure, and a restructured performance evaluation system for fund managers [6][12][25]. Summary by Sections Policy Background and Development History - The report outlines the evolution of the public fund industry in China, highlighting significant reforms since the revision of the Securities Investment Fund Law in 2013, including the introduction of net value management and enhanced information disclosure [11][10]. Core Measures Interpretation - **Investor Interest Protection**: The report details reforms aimed at reducing fixed fees and implementing a floating management fee structure linked to fund performance, with a target for leading institutions to adopt this for 60% of new active equity funds within a year [10][12]. - **Restructuring Industry Evaluation Mechanism**: It emphasizes the need for improved transparency in fund performance metrics, including long-term returns and investor gains, to enhance investor decision-making [12][13]. - **Optimizing Product Supply and Industry Structure**: The report advocates for increasing the proportion of equity investments and expediting the registration process for equity funds, aiming to diversify product offerings and attract long-term capital [14][20]. - **Strengthening Regulation and Compliance**: It discusses the establishment of a multi-layered liquidity risk prevention mechanism and stricter oversight of fund management practices to ensure industry stability [21][24]. Policy Changes and Impacts - The report identifies five key areas of transformation: incentive mechanism reform, enhanced investor protection, strengthened regulatory enforcement, optimized industry structure, and a focus on long-term investment [25][26]. - The anticipated impact includes increased stability in the capital market, a shift towards quality in asset management, and improved investor experiences through better cost structures and transparency [28][29].

非银行金融行业：优化监管标准， 推动公募基金行业高质量发展 事件：为落实 2024 年 9 月 26 日中央政治局会议"稳步推进公募基金改革" 决策部署，中国证监会于近日公开印发《推动公募基金高质量发展行动方案》。 点评： 《方案》共 25 条举措，涉及基金运营、评价考核、风险管理等多方面，是近 年来涉及面最广的公募基金监管政策。政策重点主要包含以下几个方面： 1.推动浮动管理费收取机制的落地实施。将管理费率与业绩比较基准挂钩，未 来一年内行业头部机构发行此类基金数量不低于其主动管理权益类基金发行 数量的 60%； 2.加强基金信息披露透明度。综合展示产品中长期业绩、业绩比较基准对比、 投资者盈亏情况、换手率、产品综合费率水平、管理人实际收取管理费等信息； 3.稳步降低投资者成本。合理调降公募基金的认申购费和销售服务费。引导行 业机构适时下调大规模指数基金、货币市场基金的管理费率与托管费率； 4.改革基金公司绩效考核机制。适当降低规模排名、收入利润等经营性指标的 考核权重。同时，基金投资收益指标应当涵盖基金产品业绩和投资者盈亏情况， 该指标将在基金公司高管和基金经理考核中占据较高比例，同时加大三年以上 中长期 ...

Group 1 - The core viewpoint of the news is the announcement of a comprehensive financial policy package aimed at stabilizing the market and expectations, including 10 monetary policy measures from the central bank and 8 incremental policies from the financial regulatory authority [1] - The current year is seen as a critical transition period for asset allocation, with a potential shift towards a balance between stocks and bonds, as bond yield decline may be limited and reflect weak economic recovery expectations [1][2] - The stock market is expected to gradually strengthen amidst fluctuations, with domestic policy support anticipated to increase in response to tariff impacts and ongoing global geopolitical tensions enhancing the attractiveness of the Greater China region for foreign capital [1][2] Group 2 - In terms of investment direction, key areas to focus on include the influence of new public fund regulations on institutional investment behavior during market fluctuations [3] - The military industry remains a significant theme, with attention on overseas geopolitical conflicts and related opportunities, particularly in military trade and upstream sectors that can quickly convert orders into performance [3] - Consumer sectors should be monitored for potential policy developments, with a specific focus on service consumption areas for targeted investment [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a new action plan aimed at promoting high-quality development in the public fund industry, emphasizing the need to link fund manager compensation to fund performance, addressing long-standing issues of misalignment between manager pay and investor interests [1][3]. Group 1: Reform Objectives - The new regulations aim to establish a risk-sharing mechanism where active fund managers must invest a portion of their personal wealth in the funds they manage, fostering a sense of shared responsibility with investors [3]. - The reform emphasizes a meritocratic approach, where fund manager compensation will be closely tied to fund performance, with at least 80% of performance evaluation based on product performance metrics [3]. - Transparency and fairness are prioritized, with new disclosure requirements for active management equity funds to provide comprehensive information on long-term performance, investor losses, and management fees, thereby reducing information asymmetry [4]. Group 2: Industry Context - Historically, fund manager compensation has been linked to fund size rather than performance, leading to significant management fees despite poor fund performance, with the industry collecting over 270 billion yuan in management fees during a period of substantial losses [1][2]. - The proposed changes draw inspiration from the performance-based compensation models prevalent in Western capitalist countries, where managers are incentivized to generate excess returns for shareholders [2]. - The action plan is seen as a significant step towards enhancing the quality of the fund industry in China, protecting investor rights, and addressing the issue of excessive compensation in the financial sector [4].

Core Viewpoint - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission is a strategic guideline for the long-term healthy development of the public fund industry, emphasizing a shift from "scale-driven" to "return-driven" growth, and aims to reshape the industry's value system and profit distribution mechanisms [1][2][3] Group 1: Fee Structure and Management - The reform of floating management fee rates breaks the traditional "guaranteed income" model, linking management fees to fund performance, which encourages institutions to return to the essence of asset management [1] - The differentiated fee structure, where management fees are reduced if performance is below benchmarks, aims to enhance active management capabilities and create sustainable long-term returns for investors [1] Group 2: Evaluation and Incentive Mechanisms - The introduction of long-term performance assessments and salary incentive mechanisms will reshape industry evaluation standards, focusing on three-year performance to guide fund managers towards long-term value investment [2] - The restructuring of compensation mechanisms and the shift towards absolute return assessments will further align the interests of practitioners with those of investors, promoting a culture centered on the interests of fund holders [1][2] Group 3: Product Supply and Service Optimization - The optimization of product supply and service systems will open new growth opportunities for the industry, with a rapid registration mechanism accelerating the innovation of equity funds and the development of diverse tools to meet wealth management needs [2] - The establishment of direct sales platforms for institutional investors and the promotion of standardized advisory services will enhance business efficiency and guide long-term capital into the market [2] Group 4: Regulatory and Compliance Framework - Strong regulatory measures and improved liquidity risk prevention mechanisms will enhance the governance level and risk resistance of the industry, while the advocacy of a "five musts and five must nots" financial culture will provide value guidance for reputation management and sustainable development [2] - The industry is committed to enhancing professional capabilities and focusing on the best interests of investors, while also strengthening compliance culture and deepening the concept of long-term value investment [2][3]