CSRC Chairman Wu Qing: Enhance the Stability of Investment Operations and Strive to Create More Sustainable Medium- to Long-term Returns for Investors 证监会主席吴清：提升投资运作稳健性 努力为投资者创造更可持续的中长期收益

Chairman Wu Qing's remarks have lifted the veil on a dirty secret in the fund industry: over the past decade or so, many companies have turned "asset management" into a "scale race," distorting "managing funds on behalf of clients" into a "tool for scale expansion." Prioritizing scale and chasing quick profits is not an isolated phenomenon but rather a tacit survival logic—whether managing 1 billion or 100 billion, management fees are guaranteed, yet investors' gains or losses become a matter of Schrödinger's cat.

"Scale" is itself a neutral term, but under distorted incentive mechanisms, it becomes the original sin. Public funds chase scale through rankings, private funds raise capital through narratives, and distribution channels earn commissions from new launches. Investment decisions are hijacked by short-term rankings, leading to style drift, betting on hot sectors, and buying at high prices—all framed as "rational choices"—because losses are attributed to the market, while shrinkage in scale directly translates to real losses in management fees. Under this model, so-called "professional investment research capabilities" often give way to "marketing rhetoric" and "channel penetration skills." The phrase "the industry's reputation has somewhat recovered" mentioned in the speech starkly contrasts with its previously rock-bottom status.

The core focus of the speech is "restructuring of interests." It calls for implementing an "investor return-oriented" approach in corporate governance, performance evaluation, and other areas, which means taking concrete steps to align fund managers' and companies' income with the long-term returns of holders. This task is as challenging as forcing an industry accustomed to "fast-food scale" to cultivate "slow-burning returns." Currently, most public funds' management fee models and incentive systems are built on scale; reversing this trend requires the courage to confront internal weaknesses.

Even more noteworthy are the mentions of "strengthening supply-demand matching" and "transitioning to buy-side advisory." This points to another industry pain point: a severe mismatch in product supply. The market is flooded with homogeneous equity products and "pseudo-fixed income plus" offerings, while truly stable products suitable for long-term capital are scarce. Rather than having fund companies create products to "adapt" to the market, it would be better to let professional buy-side advisors allocate assets based on clients' specific needs. However, this requires breaking the existing sales interest chain—a channel revolution. The shift from "sell-side sales" to "buy-side advisory" is just a one-character difference in name, but it represents a complete颠覆 of business models and values.

Of course, a correct direction does not guarantee a smooth path. Can investor education keep pace? Will the market give sufficient patience and premium to companies that prioritize returns? How can regulatory details be implemented to both address issues and preserve vitality? These remain unknowns. But at the very least, Chairman Wu Qing's speech has clearly declared that the era of "scale supremacy" must come to an end. The fund industry has reached a moment where it must fundamentally answer the questions: "For whom do we make money, and how?" The answer is already written; what remains to be seen is the sincerity and endurance of its execution.

吴清主席的这番话，撕开了基金行业一块遮羞布：过去十几年，许多公司把“资产管理”做成了“规模竞赛”，把“代客理财”异化为“规模扩张的工具”。“重规模、赚快钱”不是个别现象，而是一套被默认的生存逻辑——管10亿还是1000亿，管理费旱涝保收，但投资人的盈亏却成了薛定谔的猫。

“规模”本身是中性词，但在扭曲的激励机制下，它成了原罪。公募靠排名冲规模，私募靠故事募资金，渠道靠首发赚佣金。投资决策被短期排名绑架，风格漂移、赌押赛道、高位接盘成了“理性选择”——毕竟，亏了是市场的，规模缩水可是真金白银的管理费损失。这种模式下，所谓的“专业投研能力”常常让位于“营销话术能力”和“渠道攻坚能力”。吴清讲话里提到的“行业声誉有所回升”，恰恰反衬出曾经跌到了谷底。

讲话的核心矛头直指“利益重构”。要求在公司治理、绩效考核等各方面落实“投资者回报导向”，这意味着要动真格，把基金经理和公司的收入，真正和持有人的长期收益绑在一起。这难度堪比让习惯了吃“规模快餐”的行业，去修炼“回报慢功”。目前多数公募的管理费模式、激励体系都建立在规模基础上，要彻底扭转，需要刀刃向内的勇气。

更值得关注的是“加强供需适配”和“买方投顾转型”的提法。这指出了行业另一个痛点：产品供给严重错配。市场上充斥着大量同质化的权益产品和“伪固收+”，而真正稳健、适配长期资金的产品匮乏。让基金公司自己发产品去“适应”市场，不如让专业的买方投顾根据客户具体需求去配置。但这需要打破现有的销售利益链条，是一场渠道革命。从“卖方销售”到“买方投顾”，名字一字之差，背后是商业模式和价值观的彻底颠覆。

当然，方向正确不代表道路平坦。投资者教育能否跟上？市场能否给予“重回报”的公司足够耐心和溢价？监管细则如何落地才能既治病又不扼杀活力？这些仍是未知数。但吴清这番讲话，至少明确宣告了那个“规模至上”的草莽时代必须终结。基金行业到了必须重新回答“为谁赚钱、怎么赚钱”这个根本问题的时刻。答案写好了，就看执行的诚意和耐力了。