公募基准新规对症下药 优化行业生态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for the performance comparison benchmarks of publicly raised securities investment funds, aiming to address issues in the fund industry such as style drift and poor investor experience [1][2]. Group 1: Guidelines and Operational Rules - The guidelines specify that benchmarks must reflect the product's positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [2]. - The operational rules are designed to enforce the guidelines, ensuring that fund managers' investment decisions are subject to supervision and constraints to prevent issues like "style drift" and "blind box" holdings [2]. Group 2: Impact on Fund Management - The guidelines emphasize that fund managers' performance should be directly linked to the performance comparison benchmarks, with significant penalties for underperformance, thereby enhancing accountability [2]. - The implementation of these guidelines and operational rules is expected to stabilize public fund investment behaviors, creating a more predictable investment style and improving investor satisfaction [2].