买主动管理权益类基金时，不少人都有过"找信息费劲"的困扰。《推动公募基金高质量发展行动方案》 里的"加强透明度建设"，就是专门解决这个问题，让基金的关键信息能让普通投资者轻松看懂。 方案明确要修订主动管理权益类基金的信息披露模板，以后基金得把大家最关心的核心信息都集中展示 出来，一个都不能少。 比如会重点给大家看基金的中长期业绩，像3年、5年的表现，毕竟买基金常是长期事，短期收益说明不 了啥。 登录新浪财经APP 搜索【信披】查看更多考评等级 更实在的是，会告诉大家有多少比例的投资者真的赚了钱、整体平均利润率多少，让你知道自己的收益 在其他持有人里啥水平。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 作者：新浪仓石基金 还会直接对比基金实际收益和它设定的"业绩比较基准"，比如基金目标是跑赢沪深300指数，就会说清 楚到底有没有达标，不用再只看到"赚了钱"却不知道没达到目标。 这样的改革好处很直接，大家选主动权益基金不用再"凭感觉"，看披露文件就能快速搞懂基金长期行不 行、费用贵不贵、自己能不能赚钱；对基金公司来说，信息透明了就像多了层监督，会更看重业绩和费 用合理性。这也是公募基金高质量发展 ...

Core Viewpoint - The public fund industry is undergoing significant transformation with the release of the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to shift the focus from scale to returns, enhancing investor experience and aligning interests between fund companies and investors [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the establishment of a performance-based floating management fee system to bind the interests of fund companies and investors, moving away from the traditional fixed fee model [2][3]. - Fund companies are required to report the first batch of innovative fee structure funds, which will charge management fees based on the performance of the fund during the holding period [2][3]. - The plan mandates that leading fund management firms issue at least 60% of their new active management equity funds as floating fee products within a year [3]. Group 2: Performance Evaluation and Incentives - The plan introduces a performance evaluation system that prioritizes investment returns, reducing the weight of operational metrics like scale and profit in assessing fund companies [5][6]. - Fund managers will be evaluated with a focus on long-term performance, with at least 80% of their assessment based on returns over three years [6][7]. - A salary management mechanism linked to fund performance will be established, ensuring that fund managers' compensation reflects their investment success [6][7]. Group 3: Innovation and Market Development - The plan encourages the innovation of equity funds, including the development of products that link fees to performance and promote long-term holding [8][9]. - A rapid registration mechanism for equity funds will be implemented, allowing for quicker market entry of new products [9]. - The expansion of equity funds is expected to enhance market liquidity and stability, attracting long-term capital into the stock market [9][10]. Group 4: Investor Services and Compliance - The plan calls for improved investor service capabilities and the establishment of a classification evaluation mechanism for fund sales institutions [11][12]. - It emphasizes the importance of risk control and compliance, aiming to create a stable and self-regulating industry environment [13]. - The plan outlines measures to enhance internal management and accountability within fund companies, ensuring adherence to regulatory standards [12][13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to deepen reforms, enhance the binding of interests between the public fund industry and investors, and improve the stability of investment behaviors while expanding equity funds [1][2]. Group 1: Reform Measures - The plan includes 25 reform measures that focus on transitioning the industry from "scale-oriented" to "return-oriented," marking a turning point for high-quality development in the public fund sector [1][2]. - Key reforms involve adjustments in product design, investment operations, market promotion, and performance evaluation, such as implementing a floating management fee model for actively managed equity funds [1][4]. - The plan also emphasizes optimizing administrative regulation and industry self-discipline, including enhancing regulatory evaluation, improving salary management, and reducing investment costs [1][2]. Group 2: Performance Benchmarking - The CSRC will soon introduce regulatory guidelines for performance benchmarks, which are crucial for the new floating management fee products and the performance evaluation of fund companies and managers [3][4]. - The performance benchmark serves as a "anchor" and "ruler" for fund investments, clarifying investment styles and measuring whether funds outperform the market [3][4]. Group 3: Fee Structure Changes - The plan promotes a floating management fee model for actively managed equity funds, where management fees are determined based on the fund's performance relative to the benchmark during the holding period [5][6]. - For example, if a fund meets the benchmark, it will charge a standard fee (e.g., 1.2%), while significantly underperforming funds will charge a lower fee (e.g., 0.6%), and those that exceed the benchmark will charge a higher fee (e.g., 1.5%) [6]. Group 4: Evaluation and Compensation - The plan aims to establish a comprehensive evaluation system for fund companies, focusing on investment returns and investor profits, with a minimum weight of 50% for investment return metrics in executive evaluations [8][9]. - Fund managers with poor performance relative to benchmarks will see a significant decrease in their performance-based compensation, while those with strong performance may receive increased compensation [9]. Group 5: Institutional Development - The plan outlines measures to enhance the governance of fund companies, ensuring that large shareholders do not exert undue influence and that governance structures are sound [11][12]. - It also encourages the development of a robust investment research team and the creation of fund products tailored for individual pension investments [11][12]. Group 6: Implementation Timeline - The overall reform is expected to be completed within three years, aligning with previous regulatory opinions aimed at establishing a "textbook-style" regulatory model and industry standards [13][14]. - The CSRC will implement the reforms in phases, allowing industry participants adequate time to adjust and ensuring that the measures are practical and effective [13][14].

Core Viewpoint - The newly released "Action Plan for Promoting the High-Quality Development of Public Funds" introduces significant reforms aimed at aligning fund company revenues with investor returns, enhancing long-term performance assessments, and implementing a reward and punishment mechanism for fund managers based on their performance relative to benchmarks [1][2][4]. Group 1: Key Measures of the Reform - The plan includes 25 measures focusing on optimizing fund operation models, establishing a performance-linked floating management fee system, and enhancing long-term assessment and incentive mechanisms [2][3]. - A floating management fee model will be implemented for newly established actively managed equity funds, linking fees to performance relative to benchmarks, with a target for leading firms to issue at least 60% of their new funds under this model within a year [2][3]. Group 2: Performance Assessment and Manager Accountability - The plan emphasizes the importance of performance benchmarks, with strict regulations on how fund companies select and use these benchmarks to ensure they effectively guide investment strategies and assess performance [4][6]. - Fund managers whose products underperform benchmarks by over 10 percentage points for three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive increased compensation [4][5]. Group 3: Market Impact and Future Outlook - The reforms are expected to shift the focus of fund companies from scale to returns, encouraging managers to prioritize long-term performance and investor interests, thereby enhancing market stability and resource allocation efficiency [6][7]. - The introduction of clear performance benchmarks aims to improve investor confidence in public funds, potentially attracting more long-term capital into the stock market [6][7].

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 deepening reforms, enhancing the stability of investment behaviors, and improving services for investors [1] Group 1: Reform Measures - The action plan includes 25 reform measures across six areas, emphasizing a shift from "scale" to "investor returns" to achieve high-quality development in the industry [2] - A performance evaluation system centered on fund investment returns will be established, incorporating benchmarks and profit margins that directly affect investor interests [2][3] - The plan aims to strengthen the constraints of performance benchmarks, addressing issues such as style drift and excessive pursuit of market trends in actively managed equity funds [3] Group 2: Implementation Details - The CSRC will issue regulatory guidelines for performance benchmarks and establish a benchmark library, detailing the setting, modification, disclosure, and evaluation mechanisms [4] - A floating management fee model linked to fund performance will be introduced for actively managed equity funds, allowing for differentiated fees based on performance relative to benchmarks [5] - Fund companies will be required to adjust their existing products gradually, with a focus on ensuring that new registrations meet the floating fee structure [5][6] Group 3: Compensation and Governance - The action plan emphasizes aligning the interests of fund companies, executives, and fund managers with those of investors, with a significant weight on investment returns in performance evaluations [6][7] - Fund managers with underperformance relative to benchmarks will see a decrease in performance-based compensation, while those exceeding benchmarks may receive increases [7] - The plan encourages a higher proportion of personal investment by fund executives in their managed products to strengthen alignment with investor interests [7] Group 4: Support for Smaller Firms - The action plan includes measures to support the development of small and medium-sized fund companies, promoting their unique operations and enhancing their competitiveness [8] - It proposes to broaden the investment scope of risk reserves and reduce operational costs for smaller firms, facilitating their growth and efficiency [8] - The CSRC will provide a timeline for the implementation of these reforms, ensuring that the industry has adequate time to adapt [8]

Group 1: Overall Fund Market Performance - As of May 31, 520 new funds were launched this year, a slight increase of 6.12% compared to 490 last year, but the total issuance scale decreased by 13.96% to 416.945 billion yuan, indicating a slow recovery in the overall new fund market [2] - The issuance of actively managed equity funds saw a significant decline, with only 76 new funds established in the first five months, down 30.91% from 110 last year, and total fundraising dropped by 28.69% to 22.858 billion yuan [2][3] - In May, only March saw new active equity products exceed 10 billion yuan, with a total of 106.19 billion yuan raised, while February had the lowest activity with only 6.12 million yuan raised [2] Group 2: Active Equity Fund Performance - Among actively managed equity funds, the proportion of mixed equity funds remains dominant, with 62 new funds launched this year, a decrease of 34 from last year, and total fundraising of approximately 20.102 billion yuan, down 31.39% [3] - The performance of active equity funds has not been significant, leading to low investor subscription willingness, as evidenced by a -1.23% return in the second quarter [3] Group 3: Index Fund Market Growth - In contrast to the decline in active equity fund issuance, index funds have seen remarkable growth, with 329 new funds launched this year, a 64.50% increase from 200 last year, and total fundraising of 222.931 billion yuan, up 19.61% [6] - Passive index funds dominate the market, with 246 new funds launched, raising 131.032 billion yuan, representing 74.77% of the number and 58.78% of the total fundraising of index funds [6][7] Group 4: Enhanced Index Fund Performance - Enhanced index funds also performed well, with 63 new funds launched this year compared to 12 last year, and total fundraising reaching 32.928 billion yuan, a staggering increase of 932.58% [7] - The top enhanced index funds include Pengyang CSI 500 Index Enhanced Fund and PICC CSI 500 Index Enhanced Fund, with fundraising of 19.40 billion yuan and 16.96 billion yuan, respectively [8] Group 5: Bond Fund Market Dynamics - Bond funds have become a key player in the new fund issuance market, with significant contributions from major fund companies like Jianxin Fund and Southern Fund, which ranked first and second in total fundraising [10][14] - In May, bond funds accounted for 55.07% of the total fundraising, with 20 new bond funds raising 362.11 billion yuan, highlighting their role as a "stabilizer" in the current volatile market [16]

Core Viewpoint - The recent reform of public funds in China, affecting over 800 million investors, introduces new floating fee rate products and upgrades the assessment criteria for fund companies and managers, aiming to align their interests with those of investors [1][7]. Floating Fee Rate Structure - The first batch of 26 new floating fee rate products has received approval from the China Securities Regulatory Commission, with products expected to be available for sale soon [1]. - Under the new floating fee structure, management fees will be linked to the fund's performance relative to a benchmark, with fees varying based on the holding period and performance outcomes [2][4]. - For example, if a fund outperforms its benchmark by over 6%, the management fee can be as high as 1.5%, while underperformance by 3% or more can reduce the fee to 0.6% [2][3]. Assessment Criteria Upgrade - The reform includes a comprehensive upgrade of the assessment criteria for all actively managed equity funds, shifting focus from management scale and profit to investment returns [5][6]. - The new assessment framework emphasizes long-term performance, with at least 80% of the evaluation weight on returns over three years [5]. - Fund managers will face stricter penalties for underperformance, with significant reductions in performance-based compensation for those whose funds lag behind benchmarks by over 10 percentage points [5][6]. Industry Trust Restoration - The public fund industry has faced challenges, with actively managed funds underperforming compared to passive index funds, leading to a shift in investor preference [7]. - The reform aims to restore trust by ensuring that fund managers are incentivized to generate excess returns for investors, thereby justifying management fees [7][8]. - The introduction of floating fee rates is seen as a significant innovation in fee structures, allowing for a more personalized fee arrangement based on individual fund performance [8].

Core Viewpoint - The introduction of the first batch of floating management fee rate products marks a significant innovation in the public fund industry, aligning with the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2]. Group 1: Industry Innovation - The launch of floating management fee products provides more flexible and diverse management strategy options, stimulating industry vitality and promoting high-quality development [2]. - This new fee model is a response to regulatory requirements and represents a concrete action towards the high-quality development of the public fund industry [3]. Group 2: Investor Experience - The design of the floating management fee mechanism allows for more reasonable management costs for investors, enhancing their investment experience and satisfaction [2]. - By linking management fees to investment performance, the new model aims to increase investor trust in the public fund industry [2]. Group 3: Market Development - The introduction of floating management fee products contributes to a fairer and more transparent competitive environment in the market [2]. - The adjustable management fee rates incentivize fund managers to focus more on investment performance and risk control, thereby improving the overall investment level and risk management capabilities of the industry [2]. Group 4: Future Directions - The public fund industry should continue to optimize product structures, enhance investor education, and promote industry self-discipline to improve competitiveness and service levels [3].

Group 1 - The core viewpoint of the news is the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which aims to address issues such as "guaranteed returns" and "emphasis on scale over performance" in the public fund industry [1][3] - The public fund market has seen rapid growth, with total assets increasing from 13 trillion yuan in 2019 to approximately 32 trillion yuan by the end of March this year [2] - The Action Plan includes 25 measures to enhance the governance and positioning of fund companies, emphasizing the importance of investor interests and adjusting the assessment of key personnel to align with investor benefits [3][10] Group 2 - The introduction of a floating management fee model based on performance benchmarks for newly established actively managed equity funds is a significant focus of the Action Plan [4] - As of the end of 2024, there are 59 floating fee funds established since 2013, with a total scale of 71.481 billion yuan [5] - The floating management fee mechanism is expected to incentivize fund managers to improve investment capabilities and performance, thereby enhancing the relationship between fund managers and investors [5][6] Group 3 - The Action Plan is seen as both a challenge and an opportunity for fund companies, with those providing long-term stable returns likely to stand out [9] - Fund companies are expected to enhance their core investment research capabilities as a foundation for high-quality development [10] - The emphasis on investor education and understanding of fee structures is crucial for better investment decision-making [9][10]

Core Viewpoint - The Chinese public fund industry is undergoing a historic transformation with the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which includes 25 specific reform measures aimed at prioritizing investor interests and enhancing industry quality [1] Group 1: Reform Measures - The plan emphasizes the establishment of a mechanism linking fund company income to investor returns, requiring a floating management fee structure based on fund performance for investors meeting certain holding period requirements [2] - It mandates that leading fund management firms issue floating fee rate funds that account for no less than 60% of their actively managed equity fund issuance within the next year [2] - The plan also strengthens the regulatory oversight of performance benchmarks used by fund companies, ensuring they effectively define product positioning, clarify investment strategies, and measure performance [2] Group 2: Performance Evaluation - Fund companies are required to establish a performance evaluation system centered on fund investment returns, reducing the weight of operational metrics like scale ranking and profit [2] - The evaluation metrics for fund investment returns will include both fund performance and investor profit/loss, with long-term performance assessments (over three years) accounting for at least 80% of the evaluation [2] Group 3: Addressing Industry Issues - The plan aims to address the prevalent issue where fund companies profit while investors incur losses by incorporating investor profit/loss into performance evaluation metrics [3] - It highlights that many investors tend to buy funds during market peaks, often leading to significant losses when the market turns, exacerbated by aggressive marketing tactics from fund companies [3] - The long-term performance of many thematic funds has shown overall losses, indicating a need for better alignment of interests among all parties involved in fund investment [3][4] Group 4: Stakeholder Interests - The interests of fund companies, fund managers, sales institutions, and investors have historically been misaligned, with a focus on sales rather than investor outcomes [4] - The implementation of the action plan is expected to better align the interests of all parties involved in fund investments, potentially leading to a more stable and sustainable industry [4]