天相投顾：锚定基准线，提升获得感——公募基金高质量发展的新起点

Core Viewpoint - The public fund industry is undergoing a transformation where performance benchmarks are shifting from being mere decorative elements to becoming essential tools for guiding investment decisions and enhancing investor experience [2][6]. Group 1: Pain Points - Many investors focus solely on past performance and rankings of actively managed equity funds, leading to poor long-term results and dissatisfaction [1]. - The lack of emphasis on performance benchmarks has been attributed to various factors, including inappropriate benchmark selection and performance evaluation criteria that prioritize rankings over long-term excess returns [1]. Group 2: Transformation - The China Securities Regulatory Commission (CSRC) released an action plan in May 2025 to redefine the role of performance benchmarks, emphasizing their importance in determining product positioning, clarifying investment strategies, and measuring performance [2]. Group 3: Functions of Benchmarks - Benchmarks serve as a "manual" that defines investment scope and style, ensuring funds adhere to their stated investment focus [3]. - They act as a "lens" for assessing risk and return, allowing investors to evaluate whether a fund aligns with their investment goals and risk tolerance [3]. - Benchmarks function as a "touchstone" for measuring investment capability, enabling comparisons between fund performance and market movements [3]. - They serve as a "compass" for asset allocation, helping investors identify suitable funds based on their preferred industry and style [3]. Group 4: Sources of Investor Satisfaction - Benchmarks provide reasonable return expectations, helping to manage investor anxiety and set realistic goals [4]. - They facilitate rational evaluations, allowing investors to perceive relative performance positively even during market downturns [4]. - Investors gain a sense of value recognition when they see that management fees correlate with superior returns over benchmarks [5]. - Benchmarks encourage a long-term investment perspective, helping investors focus on sustained excess returns rather than short-term volatility [5]. Group 5: Summary - The transition of performance benchmarks from "decorative" to "core" signifies a shift in the public fund industry from prioritizing scale to emphasizing returns, leading to clearer product characteristics and more reliable evaluation standards for investors [6].