重磅来了！又要见证历史

Core Viewpoint - The introduction of the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and the "Operational Details for Performance Comparison Benchmarks" aims to enhance the constraints of performance benchmarks, curtail "style drift" in funds, and shift the industry focus from "scale competition" to "capability competition," thereby promoting high-quality development in the public fund industry [2][3][19]. Group 1: Impact on Fund Industry - The new guidelines will clarify product positioning, addressing issues of fund homogeneity by ensuring that thematic funds align with corresponding industry indices and that multi-asset funds reflect cross-market allocation characteristics [5][10]. - The guidelines encourage a more stable investment behavior among fund managers, emphasizing long-term performance over short-term trends, which is expected to improve the overall investment experience for investors [5][6]. - The introduction of a multi-dimensional constraint system involving internal controls, independent supervision, and performance evaluation linked to benchmarks will enhance accountability and professionalism within the industry [4][6][19]. Group 2: Challenges in Implementation - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, particularly in balancing short-term volatility with long-term assessments and ensuring effective inter-departmental collaboration [7][8]. - The transition to a new performance evaluation and compensation mechanism may require significant adjustments in the existing frameworks, necessitating a deeper understanding of benchmarks and enhanced risk control models [7][22]. Group 3: Establishment of Benchmark Library - The establishment of a benchmark library, which includes 69 indices in the first category and 72 in the second, aims to standardize the selection of performance benchmarks for new funds, facilitating compliance with the new regulations [11][10]. - The guidelines encourage the use of representative and transparent benchmarks, ensuring that fund managers select benchmarks that accurately reflect their investment goals and strategies [12][13]. Group 4: Long-term Development and Investor Trust - The new regulations are expected to foster a culture of long-term investment and stability in fund performance, enhancing investor trust and improving the overall perception of public funds [14][15][20]. - By linking performance evaluation to long-term benchmark performance, the guidelines aim to mitigate the risks associated with style drift and ensure that fund managers focus on sustainable value creation [16][21].