防止“风格漂移”，公募基金的“锚”和“尺”来了！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for performance benchmarks of publicly offered securities investment funds, aiming to enhance the regulatory framework and improve fund management practices [1][5][6]. Summary by Sections Guidelines and Operational Rules - The guidelines and operational rules emphasize that performance benchmarks should accurately reflect product positioning and investment style, aligning with the fund contract's investment objectives, scope, strategies, and restrictions [2][9]. - Fund managers are required to appoint fund managers with relevant investment research experience based on product positioning and investment style, and once a benchmark is selected, it cannot be changed arbitrarily due to changes in fund managers, short-term market fluctuations, or performance evaluations [2][9]. Management Responsibilities - Company management is responsible for the selection of benchmarks, ensuring their representativeness, constraint, and sustainability [3][10]. - Fund managers must strengthen the comparison of active equity fund performance against benchmarks, with significant underperformance leading to a decrease in the performance compensation of relevant fund managers [5][11]. Evaluation and Accountability - Fund evaluation agencies are required to use performance benchmarks as a key criterion for assessing fund management, enhancing the scientific and objective measurement of fund performance, risk control, and style stability [3][11]. - Custodians are tasked with supervisory responsibilities, including reviewing fund contracts, monitoring investment style stability, and ensuring proper information disclosure [7][12]. Transition and Benchmark Library - The CSRC plans to facilitate a smooth transition for existing products to optimize benchmarks, ensuring they align with fund contracts and actual styles without destabilizing the market [13][14]. - An industry expert group will be established to create a benchmark element library, which will guide industry institutions in selecting appropriate benchmarks for equity assets [7][14]. Compensation and Performance Assessment - Future revisions will include detailed requirements for fund manager compensation assessment, linking it to fund performance relative to benchmarks [4][11][14]. - The guidelines aim to reinforce the binding of interests between fund managers, executives, and investors, enhancing investor satisfaction [14].