{"zh-TW":{"title":"政策深度革新落地，公募私募基金行業邁入高質量規範化新週期","summary":"隨著新“國九條”及私募基金專項指導意見全面落地，疊加公募基金改革持續深化，國內基金行業正式告別粗放式規模擴張時代，邁入“合規為先、價值投資、長效回報、提質增效”的全新發展階段。系列產業政策的密集出臺，重塑行業競爭格局，為資管機構規範化運營、長期化發展、全球化佈局築牢制度根基。","content":"

2026年以來，資本市場“1+N”政策體系持續完善，針對公募、私募兩大基金賽道的專項改革政策密集落地，從監管規範、費率優化、考核機制、產品創新、風險防控五大維度，全面推動基金行業轉型升級，徹底扭轉過往“重規模、輕收益、重排名、輕合規”的行業發展慣性。

在公募基金領域，行業改革持續縱深推進。一方面，長週期考核機制全面落地，業績比較基準指引正式施行，倒逼基金機構摒棄短期賽道博弈、風格漂移等亂象，聚焦價值投資、長期投資，全力構建“長錢長投”的行業生態。另一方面，費率改革穩步落地，通過調降管理費率、託管費率、銷售服務費，試點業績掛鉤浮動費率模式，切實讓利投資者，拉近資管機構與持有人的利益綁定關係。同時，科創債指數基金等創新產品持續申報落地，助力基金行業服務實體經濟、科創產業發展，豐富行業產品矩陣。

在私募基金領域，頂層設計迎來里程碑式革新。新版私募基金高質量發展指導意見正式發佈，構建起全鏈條、穿透式監管體系，聚焦類信貸業務、多層嵌套、抽屜協議、違規宣傳推介等行業頑疾開展專項整治。通過優化登記備案機制、強化事中事後監管、健全風險化解長效機制，嚴格規範私募管理人運營行為，推動行業出清劣質主體，實現優勝劣汰，大幅提升行業合規化、專業化水平。

政策明確提出，要分類推動頭部機構做強做優、中小機構差異化特色發展，構建多層次、多元化的基金行業格局。既要支持頭部資管機構對標國際一流投資機構，提升全球化資產配置、跨境財富管理能力；也要扶持中小基金公司深耕細分賽道，打造特色產品、特色投研優勢，避免行業同質化內捲。

對於全球資管從業者、家族辦公室、跨境投資機構而言，基金行業的規範化政策革新，極大提升了國內資管市場的透明度與穩定性。合規體系的完善、產品體系的升級、長期投資生態的成型，為跨境資金配置、全球資產組合搭建、高淨值客戶財富管理提供了更穩健、更規範的市場環境，也為中外資管機構深度合作、接軌國際金融市場搭建了優質平臺。

本次迪拜金融科技峰會，也將聚焦全球資管行業變革趨勢，深度解讀中外基金、資管行業政策差異與發展機遇，匯聚全球持牌資管機構、基金管理人、金融科技企業，探索合規化、數字化、全球化背景下的資管行業新賽道、新機遇。

結語　政策賦能、合規築基、價值迴歸，國內基金行業正式告別野蠻生長，邁入高質量發展的黃金週期。隨著制度體系持續完善、行業生態不斷優化，基金行業將持續發揮資本市場核心樞紐作用，成為服務實體經濟、承載居民財富、鏈接全球資本的核心力量。

","author":"admin","source":"網絡轉載"},"en":{"title":"The policy has been deeply reformed, and the public and private fund industry has entered a new cycle of high-quality standardization.","summary":"With the comprehensive implementation of the new \"National Nine Articles\" and the special guidance for private equity funds, coupled with the continuous deepening of public fund reform, the domestic fund industry has officially bid farewell to the era of extensive scale expansion and entered a new stage of development of \"compliance first, value investment, long-term return, quality and efficiency improvement\". The intensive introduction of a series of industrial policies has reshaped the competitive landscape of the industry and laid a solid institutional foundation for the standardized operation, long-term development and global layout of asset management institutions.","content":"

Since 2026, the \"1 + N\" policy system in the capital market has been continuously improved, and the special reform policies for the two major fund circuits of public and private equity have been intensively implemented. From the five dimensions of regulatory norms, rate optimization, assessment mechanism, product innovation, and risk prevention and control, the transformation and upgrading of the fund industry has been comprehensively promoted, and the past \"heavy scale, light income, re-ranking, and light compliance\" industry development inertia has been completely reversed.

In the field of public funds, the reform of the industry continues to advance in depth. On the one hand, the long-term assessment mechanism has been fully implemented, and the performance comparison benchmark guidelines have been formally implemented, forcing fund institutions to abandon short-term track games, style drift and other chaos, focus on value investment, long-term investment, and make every effort to build a \"long-term money and long-term investment\" industry ecology. On the other hand, the rate reform has been steadily implemented. Through the reduction of management rates, custodian rates, sales and service fees, and the pilot performance-linked floating rate model, it has effectively benefited investors and narrowed the interest-binding relationship between the asset management institutions and the holders. At the same time, innovative products such as the Kechuang Bond Index Fund continue to be applied for, helping the fund industry to serve the development of the real economy and the Kechuang industry, and enriching the industry product matrix.

In the field of private equity, the top-level design ushered in a milestone innovation. The new version of the high-quality development guidance for private equity funds has been officially released, establishing a full-chain, penetrating regulatory system, focusing on industry ills such as credit business, multi-layer nesting, drawer agreements, and illegal publicity and promotion. Through optimizing the registration and filing mechanism, strengthening the supervision during and after the event, improving the long-term mechanism for resolving risks, strictly regulating the operation behavior of private placement managers, promoting the clearing of inferior quality entities in the industry, achieving the survival of the fittest, and greatly improving the level of compliance and specialization in the industry.

The policy clearly states that it is necessary to classify and promote the development of differentiated characteristics of top institutions, small and medium-sized institutions, and build a multi-level and diversified fund industry pattern. It is necessary to support the top asset management institutions to benchmark international first-class investment institutions, improve the global asset allocation and cross-border wealth management capabilities; it is also necessary to support small and medium-sized fund companies to deepen the subdivision track, create special products, special investment and research advantages, and avoid homogenization of the industry.

For global asset management practitioners, family offices, and cross-border investment institutions, the standardized policy innovation in the fund industry has greatly improved the transparency and stability of the domestic asset management market. The improvement of the compliance system, the upgrading of the product system, and the formation of a long-term investment ecology have provided a more stable and standardized market environment for cross-border fund allocation, global asset portfolio construction, and high-net-worth customer wealth management. They have also built a high-quality platform for in-depth cooperation between Chinese and foreign asset management institutions and integration with the international financial market.

The Dubai Fintech Summit will also focus on the changing trends of the global asset management industry, deeply interpret the policy differences and development opportunities of Chinese and foreign funds and asset management industries, and bring together global licensed asset management institutions, fund managers, and fintech enterprises to explore new circuits and opportunities in the asset management industry in the context of compliance, digitalization, and globalization.

With the empowerment of the closing policy, the foundation of compliance, and the return of value, the domestic fund industry has officially bid farewell to barbaric growth and entered a golden cycle of high-quality development. With the continuous improvement of the institutional system and the continuous optimization of the industry ecology, the fund industry will continue to play the role of the core hub of the capital market and become the core force serving the real economy, carrying the wealth of residents, and linking global capital.

","author":"fédéral","source":"Web Reprint"}}