公募基金业绩基准调整背景下，主动管理型产品将如何变化？

Core Viewpoint - Recent discussions regarding public fund assessment benchmarks leading to market adjustments are deemed inaccurate and unprofessional, with no large-scale repositioning observed in public funds [1][2] Group 1: Market Trends and Fund Performance - The "Action Plan for Promoting the High-Quality Development of Public Funds" has sparked a surge in financial stocks, particularly in the banking sector, which saw a 6.68% increase from May 7, marking a historical high [2] - The banking, non-bank financial, and electronics sectors hold the highest weights in the CSI 300 index, with respective allocations of 13.7%, 10.6%, and 10.2% [3] - Active equity funds are expected to align their performance closer to market-wide benchmarks, leading to a more balanced asset allocation in the future [1][2] Group 2: Fund Management and Strategy Adjustments - A total of 5743 funds were analyzed, with 2356 funds (over 41%) using the CSI 300 index as their performance benchmark [2] - The shift towards stricter adherence to performance benchmarks may compress excess returns for average fund managers, pushing them towards a more passive investment strategy [6] - Future performance benchmarks may be categorized into broad-based, industry-specific, and thematic categories, with most products likely to adopt broad-based benchmarks [7] Group 3: Implications for Fund Managers - Fund managers will face increased pressure to align their portfolios with performance benchmarks, which could lead to a decrease in turnover rates and a focus on maintaining high positions post-establishment [7][8] - The emphasis on performance benchmarks will significantly influence fund managers' compensation and management fee structures, making adherence to these benchmarks critical [8] - The competition among fund managers will increasingly revolve around stock selection capabilities within the framework of performance benchmarks, with a potential rise in demand for stable, actively managed equity products [8]