公募基金“基准大考”来临！三只基金偏离基准超60个百分点，行业整顿信号强烈

Core Viewpoint - The China Securities Regulatory Commission has released an action plan to promote high-quality development of public funds, emphasizing the importance of performance benchmarks and their impact on fund managers' evaluations and compensation [2][8]. Group 1: Fund Performance and Benchmarking - The action plan requires fund performance deviations from benchmarks to be included in the evaluation and reward systems for fund companies and managers [2]. - Three funds, namely the Jiashi Intelligent Automotive Stock Fund, Jinying Multi-Strategy Mixed A Fund, and Tianzhi New Consumption Mixed Fund, have underperformed their benchmarks by over 60 percentage points in the past three years, highlighting significant deviations [2][6][7]. - Jiashi Intelligent Automotive Stock Fund has underperformed its benchmark by 81.83 percentage points, primarily due to a misalignment in investment strategy focusing heavily on upstream lithium battery materials while neglecting downstream automotive sectors [3][4]. Group 2: Fund Manager Strategies and Changes - The Jiashi Intelligent Automotive Fund's manager has maintained a concentrated position in lithium battery stocks despite market shifts towards vehicle intelligence and optimization, resulting in significant losses [3][4]. - The Jinying Multi-Strategy Mixed A Fund has changed managers six times in nine years, leading to inconsistent investment strategies and a 71.14 percentage point underperformance against its benchmark [6]. - The Tianzhi New Consumption Mixed Fund has struggled with a heavy allocation in the pig farming sector amid a slow consumer recovery, resulting in a 61.45 percentage point underperformance [7]. Group 3: Regulatory Impact and Industry Trends - The new regulatory framework aims to enhance the stability and consistency of fund investment strategies by linking fund manager compensation to performance benchmarks [8]. - The emphasis on performance benchmarks is expected to lead to a more transparent investment environment, reducing the difficulty for investors in selecting funds and increasing trust in public funds [8]. - The industry may see a shift towards more conservative investment styles as fund managers align their strategies with mainstream broad-based indices [8].