财经深一度丨公募基金改革再“落子”，业绩“参照系”全面升级

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding performance benchmarks for public funds, indicating a shift towards a clearer and more objective evaluation system for fund performance [1] Group 1: Reform Overview - The new guidelines signify a critical step in the ongoing reform of public funds, transitioning from "incremental reform" to "stock reform" by addressing the performance evaluation of existing public funds [1] - The performance benchmark will serve as a "reference" for public funds, helping investors understand the fund's investment focus and risk-return characteristics [2] Group 2: Benchmark Selection and Management - Fund managers can select benchmark elements from an established industry benchmark element library, ensuring that the benchmarks accurately reflect the fund's investment direction, strategy, and style [3][5] - The benchmarks must be objectively transparent, with clear calculation methods and data sources, and funds are required to disclose the basis for benchmark selection in contracts and reports [6] Group 3: Accountability and Oversight - The new regulations mandate that public fund companies establish a comprehensive management system for the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [7] - The decision-making authority for benchmark selection will be elevated to the company management level, ensuring accountability and appropriate matching of fund managers to their respective funds [7] Group 4: Performance Evaluation and Transition - The new rules will incorporate performance benchmarks into the evaluation of fund managers' compensation, discouraging aggressive investment strategies and style drift [8] - A one-year transition period will be provided for optimizing performance benchmarks for existing products, allowing fund managers to adjust benchmarks to better align with actual portfolio styles without causing significant market disruption [9]