锚定基准 回归本源公募行业生态优化进行时

Core Viewpoint - The introduction of the new guidelines and operational details for public fund performance benchmarks is a significant step for the industry, aiming to establish a sound ecosystem centered around benchmarks, enhance investor experience, and promote high-quality development in the public fund sector [2][3][6]. Group 1: Guidelines and Operational Details - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation, constraint, and evaluation roles of performance benchmarks, and requiring fund managers to establish internal control mechanisms to ensure investment style stability [3]. - The operational details further clarify the selection, display, information disclosure, risk control, and compliance management related to performance benchmarks, consisting of six chapters and twenty-nine articles [3]. Group 2: Industry Challenges and Responses - The public fund industry has faced long-standing issues with the rough setting of performance benchmarks, with statistics showing that among 2,416 equity funds, there are 211 different benchmarks, with nearly half using the CSI 300 index [4]. - The choice of performance benchmark directly affects the ease with which fund managers can generate excess returns, as demonstrated by the difference in performance when using price indices versus total return indices [4]. Group 3: Impact on the Industry Ecosystem - The standardization of performance benchmarks is expected to reshape the industry ecosystem, benefiting the overall capital market, asset management by fund managers, and the investment experience of investors [6][7]. - The new guidelines will enforce strict supervision over the selection and modification of performance benchmarks, ensuring they accurately reflect product positioning, investment strategies, and performance measurement [7]. Group 4: Future Actions by Fund Companies - Fund companies are planning systematic reviews and evaluations of their performance benchmarks to ensure their rationality, fairness, and clarity, while also enhancing the constraints imposed by these benchmarks [8][9]. - Companies like E Fund are committed to strengthening the selection, monitoring, evaluation, and correction mechanisms for performance benchmarks to better align actual investment behavior with product strategy [9].