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, enhancing investment management discipline and promoting stable investment styles, ultimately benefiting investors with long-term returns and attracting more medium to long-term capital into the market [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 and strategies [2]. - Fund managers are required to appoint experienced fund managers based on the performance benchmark and cannot change the benchmark arbitrarily due to manager changes or short-term market fluctuations [2]. - The operational details further specify requirements for product design, benchmark display, and matching benchmarks with investment strategies [3]. Group 2: Investment Constraints - The guidelines mandate a comprehensive control mechanism for the selection, disclosure, monitoring, and accountability of performance benchmarks [4]. - Decision-making for benchmark selection is elevated to the company management level, holding them accountable for the benchmark's representation and objectivity [4]. - Independent departments are tasked with monitoring deviations from benchmarks and assessing potential risks [4]. Group 3: Performance Assessment - The guidelines require fund managers to establish a performance assessment system centered on fund investment returns, linking it to compensation management [5]. - Fund managers must ensure that if a fund's long-term performance significantly lags behind the benchmark, the related fund manager's compensation should decrease accordingly [5]. Group 4: Ecosystem Interaction - The guidelines call for custodians to fulfill their supervisory roles, ensuring compliance with fund contracts and monitoring investment styles [6]. - Fund managers and sales institutions are required to display both fund performance and benchmark performance to facilitate investor comparisons [6]. - Fund evaluation agencies are encouraged to use benchmarks as a key criterion for assessing fund management performance [6]. Group 5: Smooth Transition - The CSRC aims to guide industry institutions in optimizing benchmarks for existing products during the transition period to avoid market instability [9]. - A benchmark library will be established to encourage standardized selection of benchmarks that represent equity assets [9]. - The fund industry association will revise performance assessment and compensation guidelines to align fund managers' interests with those of investors [10].