刚刚！影响7亿基民，行业重大改革落地

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Benchmarking" by the China Securities Regulatory Commission (CSRC) aims to standardize performance benchmarks in the public fund industry, which is valued at over 36 trillion yuan, enhancing investment management discipline and promoting long-term stable returns for investors [1] Group 1: Benchmark Representation - The guidelines emphasize that benchmarks should accurately reflect the product's positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [2] - Fund managers are required to appoint experienced fund managers based on the selected performance benchmark, which cannot be changed arbitrarily due to manager changes, short-term market fluctuations, or performance assessments [2][3] - The operational details further specify requirements for product design, benchmark display, and the matching of benchmarks with products, ensuring that benchmarks reflect the fund's primary investment objectives and strategies [3] Group 2: Strengthening Investment Constraints - The guidelines mandate the establishment of a comprehensive control mechanism covering the selection, disclosure, monitoring, correction, and accountability of performance benchmarks [4] - Decision-making for benchmark selection is elevated to the company management level, which bears primary responsibility for the benchmark's representativeness and objectivity [4] - Independent departments are required to monitor deviations from benchmarks and assess the rationality and potential risks of such deviations [4][5] Group 3: Guiding Assessment through Benchmarks - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking compensation to fund performance relative to benchmarks [6] - Fund managers must ensure that if a fund's long-term performance significantly lags behind its benchmark, the performance-related compensation for the fund manager should decrease accordingly [6] Group 4: Constructing a Positive Interaction Ecosystem - The guidelines outline responsibilities for other market institutions, including custodians, sales organizations, and evaluation agencies, to ensure a cohesive industry ecosystem [7] - Custodians are tasked with supervising and reviewing fund contracts and investment styles, while sales organizations must present both fund performance and benchmark performance to investors [7][8] - Evaluation agencies are required to use benchmarks as a key criterion for assessing fund management performance, enhancing the objectivity of evaluations [7][8] Group 5: Ensuring Smooth Transition - The CSRC will guide industry institutions to optimize existing product benchmarks during the transition period, ensuring alignment with fund contracts and actual styles without destabilizing the market [10] - A benchmark library will be established to encourage standardized selection of representative benchmarks for equity assets [11] - The CSRC will enhance daily supervision of benchmark selection and usage, focusing on compliance and addressing violations [11]