Core Viewpoint - The public fund industry in China is entering a phase of high-quality development, driven by the recently issued action plan from the China Securities Regulatory Commission (CSRC), which outlines 25 policy measures aimed at reforming key aspects of the industry [1][2]. Group 1: Policy Measures and Industry Response - The action plan includes reforms on fund performance benchmarks, floating management fee structures, performance evaluation mechanisms, and compensation management, which have sparked extensive discussions within the industry [1][3]. - Following the release of the action plan, public funds have begun to take swift actions, with companies like浦银安盛基金 announcing changes to their performance benchmarks for several funds [2][3]. - Over 20 funds have initiated fee reductions since April, primarily among bond funds, indicating a proactive response to the new regulatory environment [1][2]. Group 2: Changes in Fund Management and Strategy - The introduction of a floating management fee mechanism is seen as a critical change that will link fund company revenues to investor returns, potentially altering the commercial model of public funds [3][4]. - Large fund companies are expected to issue at least 60% of their actively managed equity funds as floating fee products within a year, which may lead to a divergence in strategies between large and small firms [3][4]. - Smaller fund companies may adopt a "small but beautiful" strategy to capture excess returns while maintaining flexibility in decision-making [4]. Group 3: Performance Evaluation and Investor Focus - The action plan emphasizes a systematic reform of the performance evaluation mechanisms for fund companies, focusing on long-term investment returns and investor experiences [6][7]. - The new evaluation criteria will prioritize investment performance over scale, encouraging a shift towards enhancing long-term investment philosophies [7][9]. - Fund managers' compensation structures are expected to change significantly, promoting a "reward the excellent, limit the poor" approach, which will enhance the focus on research and investment capabilities [8][9]. Group 4: Market Impact and Future Outlook - The action plan is anticipated to influence public fund investment behaviors in the medium to long term, with a potential decrease in turnover rates and a greater emphasis on stable investment returns [10][11]. - There may be a shift towards higher allocations in low-volatility, high-dividend products, particularly in sectors like banking, which have historically been underweighted [11]. - The reforms could lead to increased inflows of medium to long-term capital into the A-share market, enhancing market resilience and potentially increasing the proportion of equity funds [10][11].

Group 1 - The core viewpoint of the news is that several public funds managed by浦银安盛基金 have changed their performance benchmarks to better reflect their risk-return characteristics [1][2] - The performance benchmark for浦银安盛稳健增利债券基金 (LOF) has been modified from "中证全债指数" to a new formula that includes "中债综合（全价）指数收益率*85% + 中证可转换债券指数收益率*5% + 银行活期存款利率（税后）*10%" [1] - The benchmark for浦银安盛悦享30天持有期债券基金 has changed from "中债综合全价指数收益率*90% + 一年期定期存款利率（税后）*10%" to "中债综合全价（1年以下）指数收益率*80% + 银行一年期定期存款利率（税后）*10% + 银行活期存款利率（税后）*10%" [1] - The浦银安盛双债增强债券基金's benchmark has been adjusted from "中证可转换债券指数收益率*40% + 中证综合债券指数收益率*50% + 沪深300指数收益率*10%" to "中债综合（全价）指数收益率*55% + 中证可转换债券指数收益率*30% + 沪深300指数收益率*5% + 银行活期存款利率（税后）*10%" [1] Group 2 - The changes in performance benchmarks are among the first public fund products to be modified following the release of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds" on May 7 [2] - The "Action Plan" emphasizes the need to strengthen the regulatory role of performance benchmarks, establishing guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks, as well as mechanisms for correction [2] - The plan aims to ensure that performance benchmarks effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [2]