Core Viewpoint - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the binding force of performance benchmarks for fund products, transforming them into crucial metrics for investment behavior, product performance evaluation, and fund positioning [1][3]. Group 1: Importance of Performance Benchmarks - The industry has historically undervalued performance benchmarks due to a focus on overall market rankings, leading to issues such as style drift among fund managers and concentrated industry allocations [2][3]. - Data indicates that a significant number of actively managed equity funds have underperformed their benchmarks, with 2,532 out of 4,243 funds failing to beat their benchmarks over the past year, and nearly half underperforming by over 10 percentage points over three years [2][3]. Group 2: Regulatory Measures - The Action Plan proposes to strengthen the regulatory framework surrounding performance benchmarks, including guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks [3][4]. - Fund managers whose products underperform their benchmarks by over 10 percentage points for three years will see a significant decrease in performance compensation, while those who exceed benchmarks may receive reasonable increases [3]. Group 3: Industry Transformation - The Action Plan is viewed as a new pillar for the high-quality development of the fund industry, adding a "benchmark as anchor" concept to the existing foundational structures established since 1998 [3][4]. - The focus on performance benchmarks is expected to lead to a reduction in the pursuit of star fund managers and short-term products, promoting a more stable investment environment [7]. Group 4: Impact on Fund Management - Fund managers will face increased pressure to align with performance benchmarks, necessitating adjustments in investment methodologies and enhanced risk control [8]. - The industry may see a shift towards more passive investment strategies, with ETFs and stable active management funds becoming more prevalent as performance benchmarks are strictly adhered to [8].

金十数据5月7日讯，中国证监会主席吴清5月7日在国新办发布会上说，去年9月以来，权益类公募基金 规模从7万亿元增长至8.3万亿元。证监会将加强监管引导，随着《推动公募基金高质量发展行动方案》 落地实施，公募基金将更加突出投资人最佳利益导向，个人的获得感将会进一步的提升。 （新华财 经） 吴清：公募基金将更加突出投资人最佳利益导向 ...

Group 1 - Yu Haichun has been appointed as the new chairman of Huafu Fund, succeeding Zhao Wanli who left due to work adjustments. Yu has 34 years of experience in the securities industry [1] - Morgan Fund announced an investment of no less than 54 million RMB in its newly launched equity public fund, demonstrating confidence in the long-term potential of the Chinese capital market [2] - Fangzheng Fubon Fund will invest 5 million RMB of its own funds in the Fangzheng Fubon CSI All Share Free Cash Flow ETF, also committing to hold for at least one year [2] Group 2 - As of March 2025, the total net asset value of public funds in China reached 32.22 trillion RMB, with 163 fund management institutions [3] - In March, various types of funds saw net subscriptions, with stock funds reaching 3.4 trillion shares, a 1.29% increase from the previous month [3] - QDII funds experienced the highest subscription activity in March, with a 3.57% increase in shares, totaling 562.68 billion shares [3] Group 3 - Over 70% of actively managed equity funds have increased their holdings in Hong Kong stocks, with a total market value increase of 98.25 billion RMB in the first quarter, reaching a three-year peak [4] - The average allocation to Hong Kong stocks among these funds rose to 25.79%, the highest level in five years [4] Group 4 - Wanminyuan has slightly reduced its holdings in Dongfang Biology, with the number of shares held decreasing from 4.71 million to 4.22 million in the first quarter of 2025 [5] - The fund managed by Wanminyuan is identified as the Rongtong Health Industry Fund [5] Group 5 - The Yi Nuo Si company has seen an increase in holdings by the Zhongou Medical Health Mixed Fund managed by Ge Lan, which now holds 403,100 shares, up from 99,500 shares at the end of the previous year [7] - Yi Nuo Si specializes in providing comprehensive R&D services for high-quality innovative drugs in the biopharmaceutical sector [7] Group 6 - On April 30, the market showed mixed performance, with the Shanghai Composite Index down 0.23% and the Shenzhen Component Index up 0.51% [8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion RMB, an increase of 147.2 billion RMB from the previous trading day [8] - AI-related ETFs in the Sci-Tech Innovation Board saw significant gains, while bank stocks collectively adjusted downwards [8]