立标尺定锚点 告别“基金盲盒”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines aimed at standardizing performance benchmarks for publicly offered securities investment funds, addressing long-standing industry issues such as "style drift" and misleading product representations [1][2][6] Group 1: Regulatory Changes - The guidelines emphasize four key areas: enhancing the representational role of performance benchmarks, strengthening their constraint role, utilizing them for evaluation, and establishing a healthy interactive ecosystem [2][3] - The guidelines require that performance benchmarks accurately reflect the product's investment goals and strategies, and once set, they cannot be changed arbitrarily [3][7] Group 2: Impact on Fund Managers - Fund managers are now required to establish comprehensive control mechanisms for selecting, disclosing, monitoring, and correcting performance benchmarks, with higher decision-making authority assigned to company management [3][4] - The guidelines link fund managers' performance compensation directly to their ability to outperform the established benchmarks, promoting a focus on long-term investment performance [4][7] Group 3: Benefits for Investors - Clear performance benchmarks will serve as a "manual" for products, helping investors understand product characteristics and make informed decisions, thus improving their overall investment experience [2][9] - The new regulations aim to shift the industry focus from "scale" to "returns," allowing investors to benefit from stable long-term returns [2][10] Group 4: Industry Ecosystem - The guidelines also impose responsibilities on other market participants, such as custodians and evaluation agencies, to ensure compliance and transparency regarding performance benchmarks [5][8] - The overall regulatory framework is expected to foster a more disciplined and transparent investment environment, ultimately enhancing the quality of the public fund industry [6][11]