Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the scale and proportion of equity investments in China's public funds, transitioning the industry from scale expansion to quality improvement [1] Policy Aspects - The plan focuses on optimizing the registration process for equity funds, including a fast registration mechanism for stock trading ETFs, which is expected to significantly improve product supply efficiency [2] - The implementation of the ETF fast registration mechanism will shorten the product launch cycle, allowing fund companies to respond quickly to market trends and reduce operational costs [2][3] Product Aspects - The industry is shifting from homogeneous competition to differentiated innovation, with fund companies encouraged to develop absolute return strategy products and technology-themed index funds [4] - New product development opportunities include creating off-market index funds that participate in central bank swap operations, which can attract long-term capital [4][5] Sales Aspects - The establishment of a classification evaluation mechanism for fund sales institutions will shift the focus from sales volume to service quality, promoting a more service-oriented industry ecosystem [6] - Fund sales institutions are expected to enhance their business models by prioritizing investor services, which will improve customer loyalty and optimize the investment experience [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, focusing on optimizing the fee structure for actively managed equity funds and enhancing the performance evaluation and compensation mechanisms for fund managers [1]. Group 1: Fee Structure Optimization - The action plan promotes a performance-based floating management fee model for newly established actively managed equity funds, where the fee rate is determined based on the fund's performance relative to a benchmark [2]. - Fund companies are encouraged to issue at least 60% of their actively managed equity funds under this new fee structure within a year [2]. Group 2: Performance Evaluation and Compensation - Fund managers' performance pay will be reduced if their funds underperform the benchmark by more than 10 percentage points over three years [2]. - The action plan mandates that the performance evaluation of fund companies should prioritize investment returns, with at least 80% of the evaluation weight on long-term performance metrics [3]. Group 3: Registration and Sales Mechanisms - A fast registration mechanism for ETFs will be implemented, aiming to complete the registration process within five working days [4]. - A classification evaluation mechanism for fund sales institutions will be established to enhance the issuance and sales of equity funds [5]. Group 4: Investor Services and Product Development - The action plan emphasizes improving services for long-term investors and creating more suitable fund products for personal retirement investments [7]. - It also aims to enhance the flexibility of public fund operations and expand investment strategies to meet diverse investor needs [7]. Group 5: Regulatory Enhancements - The action plan includes measures to strengthen regulatory enforcement and increase penalties for violations, ensuring stricter governance and compliance within the industry [9][10]. - It emphasizes the need for improved governance structures and higher entry standards for fund companies and sales institutions [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, focusing on optimizing the registration process for equity funds [1] Group 1: Registration Optimization - The plan includes the implementation of a fast registration mechanism for exchange-traded funds (ETFs), aiming to complete registration within 5 working days from the date of acceptance [1] - For actively managed equity funds and mature broad-based stock index funds, the registration is expected to be completed within 10 working days from acceptance [1] - Mixed funds and bond funds with specified minimum holding ratio requirements will have a registration timeline of 15 working days from acceptance [1]