告别“基金盲盒” 业绩比较基准不再“随便写写”

Core Viewpoint - The public fund industry in China is undergoing a significant transformation, with a focus on aligning performance benchmarks with actual investment strategies, moving away from the previous "blind box" approach to a more transparent and accountable system [1][10][16] Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the role of performance benchmarks, emphasizing that they must accurately reflect the fund's investment style and risk characteristics [2][11] - As of December 4, 2023, 220 funds have changed their performance benchmarks, marking a 73.23% increase compared to the previous year, with a notable acceleration in changes since May [2][11] Group 2: Industry Response - Fund companies are proactively responding to regulatory requirements by adjusting their performance benchmarks to better reflect their actual investment strategies, enhancing industry professionalism and credibility [3][12] - The trend of changing benchmarks is seen as a move towards a more competitive environment based on genuine strategies and capabilities, rather than superficial labels [3][12] Group 3: Impact on Fund Products - Adjustments to performance benchmarks are aimed at ensuring they match the actual risk-return characteristics of the funds, leading to clearer product identities and expectations for investors [4][13] - For example, a fund previously benchmarked against the "CSI 300 Index" has shifted to a more relevant index that better represents its investment focus, enhancing clarity for investors [4][13] Group 4: Long-term Industry Development - The refined benchmarks are expected to guide funds towards specific sectors, aligning investments with national industrial policies and enhancing the efficiency of capital allocation [6][14] - The evolution of performance benchmarks from mere formalities to core governance tools is shifting the industry's focus from short-term gains to long-term value creation [6][14] Group 5: Stakeholder Relationships - The enhanced clarity of performance benchmarks is fostering a more transparent relationship among fund companies, fund managers, and investors, moving away from luck-based investment decisions [7][15] - A well-defined benchmark system is anticipated to attract long-term capital from institutional investors, thereby injecting vitality into the capital market [7][15]