以业绩比较基准为锚，再定义绩优主动权益基金

Core Insights - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, marking a significant transformation in the public fund industry [1][8] - The introduction of these benchmarks is expected to improve the discipline of active investment, promote clearer investment styles, and attract more long-term capital into the market [1][8] Group 1: Performance of Active Equity Funds - Only 30% of active equity funds have outperformed their performance benchmarks over the past three years, with an average return lagging behind the benchmark by 7.26% [2] - Among the 3731 active equity funds, only 1262 have managed to beat the benchmark, indicating a challenging environment for achieving superior performance [2] - Notably, some high-performing funds may have achieved their results due to "benchmark mismatch," highlighting the importance of appropriate benchmark selection [2] Group 2: Risk and Return Analysis - High absolute returns do not necessarily correlate with high excess returns, as some funds with significant gains still underperformed against their benchmarks [3] - For instance, the fund "Baoying Artificial Intelligence" achieved a return of 67.75% but lagged behind its benchmark by 18.38% [3] - Additionally, 28 active equity funds that did not achieve positive returns still managed to outperform their benchmarks, primarily in sectors like pharmaceuticals and new energy [4] Group 3: Fund Size and Performance - Smaller-sized active equity funds tend to have better excess return capabilities compared to larger funds, with only 40% of large funds (over 10 billion) outperforming their benchmarks [5] - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [5] Group 4: Fund Manager Influence - The total management scale of fund managers has some impact on their ability to generate excess returns, with a notable number of successful fund managers managing over 10 billion [6] - However, the tenure of fund managers does not show a significant correlation with their active management capabilities [6] Group 5: Regulatory Changes and Industry Standards - The introduction of the performance benchmark guidelines is expected to lead to a systematic restructuring of the public fund industry, with a one-year transition period for existing products [7][8] - The establishment of a benchmark element library aims to standardize benchmark selection, enhancing the comparability and regulatory compliance of fund performance assessments [8] - Future guidelines will require fund companies to set reasonable benchmarks based on investment strategies, further aligning actual investment behavior with product strategy [9]