从致力于在全市场挖掘超额收益，到聚焦细分领域打造更高锐度的赛道型产品，公募主动投资类工具化 趋势正在形成。 在结构性行情持续演绎的背景下，部分基金公司主动权益条线凭借前瞻性布局与创新性策略实现快速发 展，主动权益产品"赛道化""工具化"势头正盛，这一现象引发行业广泛关注。 在业内人士看来，这一现象由行业竞争、客户需求与市场环境共同推动，但"全能型"基金经理并不会就 此落幕，市场需要更多具有多元能力的基金经理。整体来看，这一变化给基金公司的投研体系带来新的 挑战和考验。 行业竞争与客户需求等多因素共振 主动权益基金趋向"赛道化""工具化" 其二，主动权益基金新发布局更侧重行业主题导向。不少基金公司新发主动权益产品以行业主题类产品 为主，例如，上海某公募下半年成立的3只主动权益基金均为混合型基金，分别聚焦新兴产业、医药和 消费赛道；深圳某大型公募、上海某公募成立的主动权益基金，均为聚焦科技、医药、先进制造等细分 领域的行业主题基金。 另据Wind数据，下半年以来成立的68只混合基金，名称中带有"科技""医疗""消费""资源"等明确主题的 产品有34只，占比为50%；同期成立的187只股票型基金中，仅6只为主动产品 ...

在结构性行情持续演绎的背景下，部分基金公司主动权益条线凭借前瞻性布局与创新性策略实现快速发展，主动权益产品 "赛道化""工具 化"势头正盛，这一现象引发行业广泛关注。 在业内人士看来，这一现象由行业竞争、客户需求与市场环境共同推动，但 "全能型"基金经理并不会就此落幕，市场需要更多具有多元能 力的基金经理。整体来看，这一变化给基金公司的投研体系带来新的挑战和考验。 行业竞争与客户需求等多因素共振 主动权益基金趋向 "赛道化""工具化" 公募行业演进新范式： "赛道化""工具化"渐成风尚 基金经理主动"缩圈" 中国基金报记者 方丽 张燕北 从致力于在全市场挖掘超额收益，到聚焦细分领域打造更高锐度的赛道型产品，公募主动投资类工具化趋势正在形成。 在天相投顾基金评价中心看来，有两种情形需加以区分：若产品成立以来一直聚焦某个细分领域且获得较好成绩，这是积极的现象；若产 品前期业绩较差导致规模缩水，通过押注某一细分赛道而实现规模及业绩增长的，属于风格漂移。 在市场被动投资趋势之下，主动权益基金 "赛道化""工具化"特征愈发明显，成为公募行业不可忽视的趋势。 这一现象主要体现在两个方面：其一，主动权益基金的投资运作采取类 ...

Core Viewpoint - The Chinese public fund industry is undergoing a historic transformation with the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which includes 25 specific reform measures aimed at prioritizing investor interests and enhancing industry quality [1] Group 1: Reform Measures - The plan emphasizes the establishment of a mechanism linking fund company income to investor returns, requiring a floating management fee structure based on fund performance for investors meeting certain holding period requirements [2] - It mandates that leading fund management firms issue floating fee rate funds that account for no less than 60% of their actively managed equity fund issuance within the next year [2] - The plan also strengthens the regulatory oversight of performance benchmarks used by fund companies, ensuring they effectively define product positioning, clarify investment strategies, and measure performance [2] Group 2: Performance Evaluation - Fund companies are required to establish a performance evaluation system centered on fund investment returns, reducing the weight of operational metrics like scale ranking and profit [2] - The evaluation metrics for fund investment returns will include both fund performance and investor profit/loss, with long-term performance assessments (over three years) accounting for at least 80% of the evaluation [2] Group 3: Addressing Industry Issues - The plan aims to address the prevalent issue where fund companies profit while investors incur losses by incorporating investor profit/loss into performance evaluation metrics [3] - It highlights that many investors tend to buy funds during market peaks, often leading to significant losses when the market turns, exacerbated by aggressive marketing tactics from fund companies [3] - The long-term performance of many thematic funds has shown overall losses, indicating a need for better alignment of interests among all parties involved in fund investment [3][4] Group 4: Stakeholder Interests - The interests of fund companies, fund managers, sales institutions, and investors have historically been misaligned, with a focus on sales rather than investor outcomes [4] - The implementation of the action plan is expected to better align the interests of all parties involved in fund investments, potentially leading to a more stable and sustainable industry [4]