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]

·"五一"假期全国重点零售和餐饮企业销售额同比增长6.3% 家电、汽车、通讯器材呈两位数增长 ·2025世界品牌莫干山大会5月10日在浙江德清开幕：搭建品牌交流对话平台发出全球品牌声音 【重点关注】 ·李强主持召开国务院常务会议研究深化国家级经济技术开发区改革创新有关举措 ·一揽子金融政策稳市场稳预期！降准、降息、降公积金贷款利率、扩大保险资金长期投资试点、构建 债市"科技板"、公募基金改革等重磅举措出炉 ·《推动公募基金高质量发展行动方案》印发：建立健全基金公司收入报酬与投资者回报绑定机制大力 提升公募基金权益投资规模与占比 ·中国人民银行设立5000亿元再贷款激励引导金融机构加大对服务消费重点领域和养老产业的金融支持 ·美联储连续第三次维持利率在4.25%至4.50%之间不变警示关税影响 【国内要闻】 ·国务院总理李强5月9日主持召开国务院常务会议。会议研究深化国家级经济技术开发区改革创新有关 举措。会议指出，要深入推进国家级经济技术开发区改革创新，以高水平对外开放促进深层次改革、高 质量发展。要深化管理制度改革，大力推进"高效办成一件事"，解决企业反映突出的堵点卡点问题。要 强化土地、人才、资金等要素保 ...

5月7日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），新规锚定"基 民赚钱"，告别"规模至上"，吹响了公募基金行业进一步深化改革、推进高质量发展的"号角"。 《行动方案》发布后，公募基金行业反响热烈。业内人士表示，《行动方案》围绕完善行业考核评价制 度、全面强化长周期考核与激励约束机制等提出诸多措施，将有效引导行业更加注重长期投资价值的创 造，有利于强化基金公司与投资者利益绑定，为投资者提供长期稳健的投资回报。 考核模式将从"规模导向" 转向"回报导向" 国联基金产品开发负责人许超认为，新考核机制将彻底打破公募基金"旱涝保收"的旧有格局，成为行业 优胜劣汰的关键转折点。基金经理为保薪酬、谋发展，必须重视投资者体验，与投资者"同甘共苦"。在 此机制下，基金经理将更关注投资策略的可持续性，自觉规避"风格漂移"、过度投机等行为，让基金收 益更稳定、可预期，切实满足投资者长期财富增值需求，实现行业与投资者共赢，推动公募基金健康长 远发展。 《行动方案》提出，改革基金公司绩效考核机制，包括出台基金公司绩效考核管理规定，全面建立以基 金投资收益为核心的考核体系，适当降低规模排名、收入利润等经营性 ...

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]

5月7日，中国证监会正式发布《推动公募基金高质量发展行动方案》，标志着规模超30万亿元的公募基金行业迎来系统性改革。 此次改革直指行业长期存在的"重规模轻回报"问题，涉及浮动管理费、利益绑定等25项举措。方案的核心在于扭转基金公司"旱涝保收"的收费模式，将管理 费与业绩挂钩，业绩差的必须少收管理费，实现基金公司与基民"同甘共苦"。 浮动费率机制终结"旱涝保收"。方案明确对主动管理权益类基金推行与业绩表现挂钩的浮动管理费率，业绩明显低于比较基准的须少收管理费。这一改革直 接回应了基民对"无论盈亏都收费"模式的不满。比如，工银中证传媒A成立十年累计亏损70%，基金公司仍收取管理费1833万元。 长周期考核取代短期排名。方案将业绩比较基准对比、基金利润率等投资者利益指标纳入考核体系，实施三年以上长周期考核。对三年以上产品业绩低于基 准超10个百分点的基金经理，要求绩效薪酬明显下降；显著超基准的则可适度提高。这一调整将有效遏制基金经理追涨杀跌、押注单一行业等短期行为。如 广发诚享混合A因长期重仓新能源板块，导致该基金4年净值下跌超50%。 利益绑定机制强化责任。方案提高基金公司高管、基金经理跟投比例和锁定期要求，薪酬 ...

一揽子金融政策有效提振市场情绪。 5月7日，央行、金融监管总局、证监会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 本次发布会出台了降准降息、结构性货币政策工具降价扩容、险资入市加码、公募费率改革等众多增量政策。 公募基金普遍认为，会议释放积极政策信号，有效提振市场情绪。 发布会超预期 此次发布会上，央行发布三类共10项货币政策，延续货币政策适度宽松基调，强化逆周期调节和支持实体经济 发展。 金融监管总局发布8项增量政策，覆盖房地产、资本市场、小微民营企业、外贸及科技创新等多个领域。 证监会强调以下举措：巩固市场回稳向好势头，支持汇金公司发挥好"平准基金"作用；服务新质生产力发展， 出台深化科创板、创业板改革措施，抓紧发布新修订的《上市公司重大资产重组管理办法》和相关监管指引， 发展科技创新债券；推动中长期资金入市，抓紧落实《推动公募基金高质量发展行动方案》。 "这一次'一揽子金融政策'对市场的影响更偏细水长流。"招商基金指出，虽然市场对本次发布会第一反应的超 预期是央行"双降"，但随着关税冲击的显现，真正能让经济和市场行稳致远的仍在于货币金融政策和财政政策 的协同，预计随着"一揽子金融政策"在今年 ...

公募基金重磅改革方案落地 公募基金迎来重大行业变革。5月7日，《推动公募基金高质量发展行动方案》正式发布。《方案》以25 条举措直击行业痛点，通过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等重点内容，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"。在《方案》发布 后，证券时报记者第一时间采访了多家基金公司，对《方案》带来的行业意义进行解读。受访基金公司 表示，《方案》的出台为公募基金改革提供了明确的行动指引，未来基金公司与投资者利益更加紧密绑 定，投资者回报、基金公司报酬和投研人员激励将更为统一。公募基金行业将更加突出投资人利益导 向，以更合理的收费机制与更多的创新产品为投资者带来更好的投资体验，切实提升投资者的"获得 感"和"安全感"。（人民财讯） 公募基金行业2024年业绩全景透视：头部机构韧性凸显 随着上市公司2024年年报披露收官，公募基金行业整体经营画像清晰呈现。在资本市场深化改革、费率 调整和国际金融市场动荡的背景下，行业呈现出"强者恒强、特色突围"的发展态势。 ...