中金研究 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，旨在落实新"国九条"关于"稳步推进公募基金改革、推动证券基金机构高质量 发展、支持中长期资金入市"的决策部署。《方案》中特别 强调对于基金产品的"长周期考核"以及重视投资者持有基金盈亏情况， 这就要求基金产品 在长周期具备一定的绝对收益能力。在此背景下，我们认为 侧重长期绝对收益的多资产产品重要性会有所提升。 因此，本文接下来的部分将首先描述 相对成熟的美国多资产产品市场概况，并在美国经验的基础上阐述我国多资产产品的现状及未来的可能发展路径。 点击小程序查看报告原文 Abstract 摘要 美国多资产指数发展历程较为漫长。 2006年美国政府通过Pension Protection Act（PPA），即《养老金保护法案》，将目标日期基金定为养老计划的默认 投资标的，相应的，对应的目标日期基金指数也随之出现，随后，伴随不同的市场环境陆续出现恒定比例型、风险平价型以及宏观轮动型多资产指数。 指数编制底层资产的不同及所用模型的差异往往导致风险收益指标表现的差异。整体看， 长期风险调整后收益表现较好的三只美国多资产指数为S&P MARC ...

Core Viewpoint - The public fund industry is undergoing significant reforms, leading to a transformation in fund sales institutions as they adapt to shrinking income from trailing commissions and upcoming sales fee reductions [1][2][3]. Group 1: Impact of Fee Reductions - The first major impact on fund sales institutions is the reduction of trailing commissions, with management fees and trailing commissions both decreasing since the initiation of the public fund fee reform in July 2023. The management fee income is projected to be 124.73 billion yuan in 2024, down 8.1% from 2023, while trailing commissions are expected to be 35.48 billion yuan, a decrease of 8.7% [2]. - Many fund sales institutions, such as China Merchants Bank and Tonghuashun, reported a significant decline in their distribution income, with reductions around 20% [2]. - The second wave of impact is anticipated with the upcoming sales fee reductions, which are expected to be implemented by May 2025, further constraining the income potential for sales institutions [3]. Group 2: Transition Strategies - Fund sales institutions are shifting from a seller-driven model to a buyer service model in response to the fee reductions. This includes adjusting product offerings from fixed-income products to multi-asset and equity products to meet diverse investor needs [4][5]. - Companies like Yingmi Fund are focusing on deepening their buyer advisory model, moving towards a fee structure based on advisory services rather than sales commissions [5][6]. - The industry is also seeing a push towards enhancing investor experience and focusing on long-term performance, with institutions like Tencent Licai Tong implementing comprehensive advisory services to improve investor decision-making and outcomes [8][9]. Group 3: Evaluation and Performance Metrics - The regulatory framework is evolving to include a classification evaluation mechanism for fund sales institutions, emphasizing metrics such as investor returns and holding periods, which will guide internal assessment and incentive structures [6][7]. - Companies are increasingly focusing on aligning their performance metrics with investor outcomes, with organizations like Yingmi Fund integrating user satisfaction and trust into their performance evaluations [7][10]. - The emphasis on improving investor holding experiences is becoming a common goal across the industry, with strategies aimed at enhancing investor education and risk awareness to foster better long-term investment behaviors [10].