强化业绩比较基准作用 拒绝基金“盲盒”！基民利好来了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational details for public fund performance benchmarks, aiming to enhance the systematic role of performance benchmarks in the mutual fund industry and improve investor experience [1][5]. Group 1: Key Aspects of the Guidelines - The guidelines emphasize the representation role of performance benchmarks, ensuring they reflect the product's positioning and investment style, and that fund managers appoint experienced fund managers based on these benchmarks [2][3]. - The guidelines strengthen the constraint role of performance benchmarks by requiring fund managers to establish a comprehensive control mechanism covering benchmark selection, disclosure, monitoring, and accountability [2][3]. - The guidelines outline the evaluation role of performance benchmarks, mandating fund managers to create a performance assessment system linked to fund investment returns and to adjust compensation based on long-term performance relative to benchmarks [3][4]. Group 2: Industry Impact - The new regulations address existing issues in the mutual fund market, such as style drift and short-term ranking chasing, which have led to a disconnect between fund profitability and investor returns [5][6]. - The guidelines are expected to promote high-quality development in the mutual fund industry by providing a clear performance measurement standard, thereby enhancing product positioning and preventing style drift [6][7]. - Fund managers are required to select benchmarks that align with product investment strategies, which will encourage more prudent investment behaviors and a focus on long-term performance [7][8]. Group 3: Investor Guidance - The guidelines aim to enhance the clarity and specificity of performance benchmarks, helping investors understand product characteristics and form reasonable return expectations [8][9]. - Investors are encouraged to focus on long-term operations and strategy execution rather than short-term fluctuations, fostering a healthier investment culture [8][9]. - The guidelines are seen as a foundation for transforming wealth management from a sales-driven approach to a more advisory-focused model, with reliable performance benchmarks serving as a core basis for fund selection and portfolio construction [9].