大消息！“箭在弦上”，又要见证历史！

Core Viewpoint - The new regulatory guidelines for performance benchmarks in public funds are imminent, marking a significant step towards high-quality development in the fund industry, with clearer product positioning and enhanced constraints on investment behavior [1][3][11]. Group 1: Regulatory Framework - The "Action Plan" mandates the establishment of regulatory guidelines for performance benchmarks, detailing the setting, modification, disclosure, continuous evaluation, and correction mechanisms for fund companies [3]. - The guidelines aim to strictly regulate the selection of performance benchmarks by fund companies, ensuring they effectively define product positioning, clarify investment strategies, represent investment styles, measure product performance, and constrain investment behavior [3][11]. Group 2: Industry Response - Many fund companies have begun to proactively adjust their performance benchmarks in anticipation of the new regulations, with 176 funds having adjusted their benchmarks this year alone [8][7]. - Fund companies have received preliminary versions of the benchmark index library and are preparing to modify their performance benchmarks accordingly [5][4]. Group 3: Benchmark Construction Standards - There is a consensus in the industry regarding the standards for constructing scientific benchmarks, which include matching risk-return characteristics with the fund, accurately reflecting investment strategies and styles, ensuring transparency in benchmark composition and calculation methods, and adequately covering major industries for thematic funds [8][9]. Group 4: Short-term Challenges - The implementation of the new guidelines is expected to have a profound impact on the public fund industry, but it may also lead to short-term pressures for concentrated adjustments [11]. - Fund managers may need to adjust their portfolios to align with the new benchmarks, which could involve significant changes in holdings [12][11].