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益民基金《推动公募基金高质量发展行动方案》解读:政策东风至,投顾启新程
Xin Lang Ji Jin· 2025-10-09 02:19
专题:北京公募基金高质量发展系列活动 新时代、新基金、新价值 2025年5月7日,中国证监会正式发布《推动公募基金高质量发展行动方案》(以下简称《行动方 案》),为我国公募基金行业划定了"提质增效"的新航向。作为深耕行业的基金管理人,我们深知这一 政策不仅是行业发展的"指挥棒",更是守护投资者利益、适配居民财富管理升级需求的"定心丸"。其 中,基金投资顾问(以下简称"基金投顾")业务的发展方向更加清晰,标志着行业正加速从"销售导 向"迈向"服务导向"的关键转型。今天,我们就从专业视角拆解政策核心,与投资者共探财富管理的新 机遇。 一、政策锚定规范化:投顾服务将有"硬标准" 居民财富管理需求的多元化,是行业发展的核心驱动力。《行动方案》鼓励基金公司推出更多适配不同 需求的产品与服务,尤其支持指数基金、含权中低波动型产品、资产配置型产品的创设——这为投顾服 务提供了更丰富的"底层工具箱"。 《行动方案》明确提出"出台《公开募集证券投资基金投资顾问业务管理规定》",这一举措为基金投顾 业务搭建了清晰的制度框架。对于基金管理人而言,这意味着服务标准、准入门槛、监管要求将全面细 化,投顾服务将实现"有章可循、有规可依" ...
建信基金:坚持以投资者为本,加速推动行业高质量发展
Xin Lang Ji Jin· 2025-09-22 09:52
专题:北京公募基金高质量发展系列活动 新时代、新基金、新价值 中国证监会印发《推动公募基金高质量发展行动方案》(以下简称《行动方案》),这是深入贯彻落实 中央金融工作会议、中央政治局会议以及新"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"的重要决策部署。 《行动方案》聚焦投资者获得感,以强监管、防风险、促高质量发展为主线,督促行业机构牢固树立以 投资者最佳利益为核心的经营理念,实现从"重规模"向"重投资者回报"转型,充分发挥行业引导的积极 作用,并将优化管理费收取模式、完善考核评价制度等投资者长期关切的问题放在首要位置。《行动方 案》的出台有望成为公募基金行业发展史上的重要分水岭,为行业高质量发展提供纲领性、方向性、整 体性的方案,后续还将迎来20余件配套法规,将对公募基金行业尤其是主动权益类基金产品的发展产生 深远影响,体现了精准行业定位、加速形成行业高质量发展"拐点"的坚定决心。 强化基金公司与投资者利益绑定,突出投资者最佳利益导向 近年来,我国公募基金行业在服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管 理需求等方面发挥了积极作用,同时也面临着发展结构不均衡、投资 ...
如何给投资者稳稳的幸福?从“收益竞技”到“风险适配”,加大这些基金的创设力度
券商中国· 2025-06-09 04:00
Core Viewpoint - The article emphasizes the need for the public fund industry in China to enhance investor experience and satisfaction through the development of low-volatility and asset allocation products, as highlighted in the recent regulatory action plan by the China Securities Regulatory Commission [1][4]. Group 1: Current Challenges in the Fund Industry - The public fund industry faces a contradiction between rapid growth and poor investor experience, with many funds focusing on high-volatility strategies that ultimately lead to significant losses for investors [2][3]. - Since 2021, the CSI Equity Fund Index has experienced a maximum drawdown exceeding 40%, indicating the risks associated with high-volatility equity products [2]. - Investors are increasingly seeking stable returns and manageable volatility, as traditional fixed-income products fail to meet their wealth growth needs [3]. Group 2: Regulatory Response and Strategic Direction - The regulatory action plan aims to address investor demands for stable returns and better holding experiences, positioning "enhancing investor satisfaction" as a core measure of high-quality development [4]. - The plan includes increasing the creation of low-volatility products and asset allocation products as key initiatives to optimize product supply [4][6]. Group 3: Product Types and Market Potential - Low-volatility products include fixed income plus funds, convertible bond funds, and absolute return strategy funds, while asset allocation products encompass fund of funds (FOF), manager of managers (MOM), and target date funds [5][6]. - The market for low-volatility and asset allocation products is expected to recover, with FOF total scale surpassing 150 billion yuan by the end of Q1 2025 [5]. Group 4: Innovation and Development Strategies - To meet market demands, the industry must innovate in product design, utilizing artificial intelligence, introducing derivatives, and expanding cross-border asset allocation [1][11]. - Proposed innovations include AI-driven dynamic asset allocation strategies, quantitative fixed income products, and ESG-focused stable return products [12][13][14]. Group 5: Challenges in Product Creation - The industry faces challenges such as mismatched product design with market needs, severe product homogeneity, and insufficient research capabilities among fund companies [8][9]. - Investor education is crucial, as many investors lack understanding of the characteristics and risk-return profiles of low-volatility and asset allocation products, leading to poor investment decisions [10].
改革锚定提升服务投资者能力 公募基金开启高质量发展新篇章
Zhong Guo Zheng Quan Bao· 2025-05-13 20:29
Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which emphasizes enhancing the service capabilities of public funds to better meet the diverse needs of investors [1][2] - The action plan aims to optimize fund product supply, addressing the issue of product homogeneity in the expanding public fund market, and encourages fund companies to improve product design for better asset allocation [2][3] - The plan highlights the need for fund companies to shift focus from scale to returns, creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4] Group 2 - The action plan proposes the establishment of a direct sales service platform for institutional investors, providing centralized, standardized, and automated data interaction services, which is expected to lower costs and enhance service efficiency [4][5] - The plan encourages the development of innovative products tailored for personal pensions, addressing the current lack of low-volatility, long-term stable products in the market [3][4] - The action plan promotes the standardization of investment advisory services through the introduction of new regulations, which is anticipated to expand the market and enhance the quality of asset allocation services for investors [6][5] Group 3 - The action plan emphasizes the importance of financial technology in enhancing service capabilities, encouraging fund companies to leverage AI and big data to improve operational efficiency and customer service [5][6] - The initiative aims to foster a collaborative ecosystem among various financial institutions, enhancing the overall service model and promoting a more diversified fund advisory industry [6][5] - The expected outcome is a more professional and personalized investment advisory service for investors, leading to better long-term investment strategies and improved investor satisfaction [6][5]
永赢基金:以投资者最佳利益为核心,共筑公募高质量发展新生态
Sou Hu Cai Jing· 2025-05-12 06:32
Core Viewpoint - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission is a strategic guideline for the long-term healthy development of the public fund industry, emphasizing a shift from "scale-driven" to "return-driven" growth, and aims to reshape the industry's value system and profit distribution mechanisms [1][2][3] Group 1: Fee Structure and Management - The reform of floating management fee rates breaks the traditional "guaranteed income" model, linking management fees to fund performance, which encourages institutions to return to the essence of asset management [1] - The differentiated fee structure, where management fees are reduced if performance is below benchmarks, aims to enhance active management capabilities and create sustainable long-term returns for investors [1] Group 2: Evaluation and Incentive Mechanisms - The introduction of long-term performance assessments and salary incentive mechanisms will reshape industry evaluation standards, focusing on three-year performance to guide fund managers towards long-term value investment [2] - The restructuring of compensation mechanisms and the shift towards absolute return assessments will further align the interests of practitioners with those of investors, promoting a culture centered on the interests of fund holders [1][2] Group 3: Product Supply and Service Optimization - The optimization of product supply and service systems will open new growth opportunities for the industry, with a rapid registration mechanism accelerating the innovation of equity funds and the development of diverse tools to meet wealth management needs [2] - The establishment of direct sales platforms for institutional investors and the promotion of standardized advisory services will enhance business efficiency and guide long-term capital into the market [2] Group 4: Regulatory and Compliance Framework - Strong regulatory measures and improved liquidity risk prevention mechanisms will enhance the governance level and risk resistance of the industry, while the advocacy of a "five musts and five must nots" financial culture will provide value guidance for reputation management and sustainable development [2] - The industry is committed to enhancing professional capabilities and focusing on the best interests of investors, while also strengthening compliance culture and deepening the concept of long-term value investment [2][3]
重磅改革!公募连夜开会研讨,多位掌门人发声!影响究竟有多大?
证券时报· 2025-05-12 05:20
一份重磅文件正在公募基金行业掀起改革风暴。 5月7日,证监会发布《推动公募基金高质量发展行动方案》(以下简称《方案》),《方案》针对目前基金行业发展中存在的"旱涝保收""唯规模论"等痼 疾,提出了一揽子具体的、可操作的改革措施。 一石激起千层浪,证券时报·券商中国记者多方采访获悉,《方案》发布以来,各大基金公司已连夜召开学习会议,火速分解任务清单,从浮动费率机制创新 到考核体系重构,从产品供给侧改革到合规生态强化,多家受访基金公司认为,这场覆盖公募基金利益分配、价值导向与能力底座的重磅改革,正推动公募 基金从单纯的资产管理机构升级为与投资者共担风险的财富管理伙伴。 连夜开会研讨细节 "整个公司都动起来了,我们从周三(5月7日)开始就在连夜加班,一是管理层、股东方自上而下组织了多次会议进行传达学习,另一方面就是各个部门自下 而上制定细化方案、落实具体工作。"上海某大型公募人士向券商中国记者描述了公司在《方案》落地后的工作状态。 近日,类似的现象正在整个行业上演,券商中国记者采访发现,《方案》落地后,各大基金公司各个业务部门都在加班加点围绕《方案》细则进行分解学 习、工作落地。 中国银河证券基金研究中心胡立峰在第 ...
重磅改革!公募连夜开会研讨,影响究竟有多大?
天天基金网· 2025-05-12 04:25
一份重磅文件正在公募基金行业掀起改革风暴。 5月7日,证监会发布《推动公募基金高质量发展行动方案》(以下简称《方案》),《方案》针对目前基金行 业发展中存在的"旱涝保收""唯规模论"等痼疾,提出了一揽子具体的、可操作的改革措施。 一石激起千层浪,券商中国记者多方采访获悉,《方案》发布以来,各大基金公司已连夜召开学习会议,火速 分解任务清单,从浮动费率机制创新到考核体系重构,从产品供给侧改革到合规生态强化,多家受访基金公司 认为,这场覆盖公募基金利益分配、价值导向与能力底座的重磅改革,正推动公募基金从单纯的资产管理机构 升级为与投资者共担风险的财富管理伙伴。 连夜开会研讨细节 "整个公司都动起来了,我们从周三(5月7日)开始就在连夜加班,一是管理层、股东方自上而下组织了多次 会议进行传达学习,另一方面就是各个部门自下而上制定细化方案、落实具体工作。"上海某大型公募人士向 券商中国记者描述了公司在《方案》落地后的工作状态。 近日,类似的现象正在整个行业上演,券商中国记者采访发现,《方案》落地后,各大基金公司各个业务部门 都在加班加点围绕《方案》细则进行分解学习、工作落地。 上述公募人士表示,《方案》是方向上的指引 ...
重磅改革!公募连夜开会研讨,多位掌门人发声!影响究竟有多大?
券商中国· 2025-05-11 22:42
一份重磅文件正在公募基金行业掀起改革风暴。 5月7日,证监会发布《推动公募基金高质量发展行动方案》(以下简称《方案》),《方案》针对目前基金行 业发展中存在的"旱涝保收""唯规模论"等痼疾,提出了一揽子具体的、可操作的改革措施。 一石激起千层浪,券商中国记者多方采访获悉,《方案》发布以来,各大基金公司已连夜召开学习会议,火速 分解任务清单,从浮动费率机制创新到考核体系重构,从产品供给侧改革到合规生态强化,多家受访基金公司 认为,这场覆盖公募基金利益分配、价值导向与能力底座的重磅改革,正推动公募基金从单纯的资产管理机构 升级为与投资者共担风险的财富管理伙伴。 上述公募人士表示,《方案》是方向上的指引,各家还是要根据实际情况再做一些个性化的落地,然后一条一 条对照《方案》进行重检,公司最重视的一个是产品布局,另一个是绩效考核。 华南一家公募产品人士告诉记者,此次《方案》对基金产品要素方面提出了诸多新要求,同时,也为接下来的 产品开发和布局指明了方向。比如,《方案》支持主动管理权益类基金创新发展,公司产品团队将研究推出更 多与基金业绩挂钩、投资者回报绑定、鼓励长期持有的浮动费率基金产品,在指数基金方面也会持续开发丰 ...
证监会:加大含权中低波动型产品、资产配置型产品创设力度
news flash· 2025-05-07 08:18
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, supporting the coordinated development of various fund products [1] Group 1: Regulatory Changes - The CSRC has revised the "Public Fund Operation Management Measures" to improve and optimize the establishment standards, ongoing conditions, and exit mechanisms for public funds [1] - The action plan aims to further refine product classification standards and orderly expand the investment scope and strategies of public funds, enhancing operational flexibility [1] Group 2: Product Development - There will be an increased focus on creating low-volatility products with rights and asset allocation products, as well as revising the rules for Fund of Funds (FOF) and target-date funds to cater to different risk preferences of investors [1] - The initiative promotes the coordinated development of equity investments and fixed-income investments [1]