重磅来了，又要见证历史

Core Viewpoint - The release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and "Operational Details for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" by the CSRC and the Fund Industry Association aims to enhance the constraints of performance benchmarks, address the issue of "style drift" in funds, and promote high-quality development in the public fund industry [1][2][15]. Group 1: Impact on Fund Industry - The guidelines clarify that benchmarks should reflect product positioning and investment style, aligning with the fund contract's investment goals and strategies [2][10]. - The new regulations are expected to address current industry issues such as style drift, misleading product descriptions, and significant performance fluctuations, improving investor understanding and experience [2][3][12]. - The establishment of a benchmark library will guide the selection of appropriate benchmarks for new funds, promoting standardized and transparent investment behavior [8][12][13]. Group 2: Key Features of the Guidelines - The guidelines introduce a comprehensive internal control and accountability mechanism, requiring fund managers to establish processes for benchmark selection, monitoring, evaluation, and correction [4][18]. - Performance assessments will now be closely tied to benchmarks, eliminating the previous focus on overall market rankings and encouraging long-term investment strategies [4][17]. - The guidelines emphasize that once a benchmark is selected, it cannot be changed arbitrarily, which aims to prevent frequent style drift and ensure consistency in fund management [4][10][19]. Group 3: Challenges and Recommendations - Fund managers may face challenges in aligning their investment strategies with the new benchmarks, particularly in balancing short-term performance with long-term goals [6][7]. - Recommendations include optimizing assessment systems, refining benchmark adaptation processes, and enhancing training for investment strategies to meet the new requirements [6][18]. - The focus should be on controlling style drift while achieving stable performance, ensuring that fund products align with investor expectations and risk profiles [19].