Core Viewpoint - The resurgence of public fund self-purchases reflects confidence in the market, with multiple fund companies actively investing in their own equity products to support the A-share market [1][2]. Group 1: Fund Self-Purchase Activity - On July 28, 2025, Fangzheng Fubon Fund announced a self-purchase of at least 25 million yuan in its equity public funds, committing to hold these investments for no less than one year [3][5]. - This marks the second self-purchase by Fangzheng Fubon Fund in 2025, following a previous investment of 5 million yuan in April for a specific ETF product [5]. - A total of 126 public fund companies have initiated self-purchases since the beginning of 2025, with 55 companies focusing on stock funds and 71 on mixed funds [1]. Group 2: Market Confidence and Economic Outlook - The self-purchase actions are interpreted as a positive signal from institutional investors regarding future market trends, supported by favorable policies and economic fundamentals [6]. - The outlook for the second half of 2025 remains optimistic, with expectations of continued macroeconomic policy easing and improvements in industry profitability due to recent government measures [6]. - Key drivers for the A-share market in the latter half of 2025 are identified as "policy easing, asset scarcity, and industrial upgrades" [6]. Group 3: Product Innovation and Performance - Fangzheng Fubon Fund has been enhancing its product matrix, focusing on both equity and fixed-income products to drive growth [10]. - The fund's fixed-income products have shown strong performance, with an absolute return of 11.6% over the past three years, ranking 13th among 150 fund companies [8]. - The fund is actively exploring new investment opportunities in emerging industries, such as humanoid robots and military technology, with notable returns from specific funds [9].

告别"躺赚"时代：业绩基准挂钩薪酬 公募基金高质量发展行动方案"靴子落地"。这不仅重塑着基金行业的生态，更深刻影响着基金经理与投 资者的行为逻辑。 5月7日，中国证监会发布的《推动公募基金高质量发展行动方案》（下称"行动方案"）进一步强化业绩 比较基准的约束作用，督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制、完善行业考核评 价制度等。这也意味着，基金经理的考核体系正从单纯的全市场排名，转向与基准表现深度挂钩，推动 公募基金回归"专业投资"本源。 事实上，业内对此次政策升级早有预期。部分机构已提前行动。数据显示，截至5月7日，年内至少61只 基金产品完成基准变更并修订合同，较去年同期19只的数量激增2倍有余，释放出行业加速规范的强烈 信号。 "通俗来讲，可以把业绩比较基准理解为公募基金产品的'锚'。"一位头型基金公司人士对第一财经表 示，有了这个基准，有利于对投资结果进行评价，同时也有利于投资者建立一个稳定、清晰、合理的预 期，实现了把合适的产品推荐给适配的投资者的效果，这也是增强投资者获得感的重要一环。 强化业绩基准监管 5月7日，中国证监会主席吴清在参加国新办新闻发布会时表示，针对风格漂移、货不对 ...