多类产品，细化业绩比较基准

Core Insights - The article discusses the trend of diversifying performance benchmarks for multi-asset funds, particularly "fixed income+" and FOF products, indicating a shift towards more refined and varied investment strategies in the industry [1][2]. Group 1: Performance Benchmark Composition - New FOF products launched since August have performance benchmarks that are more detailed, typically comprising 4 to 6 asset classes, including U.S. stocks, Hong Kong stocks, commodities, and deposits [2]. - For example, the performance benchmark for Morgan's stable three-month holding fund is composed of 80% of the yield from the China Bond Index, 5% from the MSCI World Index, and other asset classes [2]. - Similarly, the performance benchmark for the Industrial Bank's stable fund includes 70% from the China Bond Comprehensive Index and 10% from the CSI 300 Index, among others [2]. Group 2: Reasons for Benchmark Refinement - The refinement of performance benchmarks aims to highlight the "stable multi-asset" positioning of products, optimizing risk-return structures through diversified cross-market and cross-asset allocations [3]. - Clear asset composition enhances product transparency, helping investors better understand risk sources and return drivers, and signals the product's global allocation characteristics and inflation-hedging capabilities [3][4]. - The recent regulatory framework emphasizes the need for stricter performance benchmarks to better regulate fund managers' investment behaviors, linking their compensation to these benchmarks [3]. Group 3: Industry Trends and Implications - The trend towards detailed performance benchmarks reflects a significant shift in public fund multi-asset investment strategies, moving from traditional equity and fixed income configurations to more diversified asset allocations [4]. - The detailed benchmarks serve as both a performance measurement tool and a guide for investment management, promoting systematic and disciplined investment decision-making [5][6]. - For investors, refined benchmarks facilitate better assessment of fund strategies and alignment with personal investment goals and risk tolerance [6].