超六成主动权益基金过去三年跑输业绩比较基准，多家公募加紧“内查”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a draft guideline for performance assessment of public fund management companies, emphasizing a tiered performance compensation adjustment mechanism based on the past three years' performance against benchmarks [1] Group 1: Performance Assessment Guidelines - Fund management companies are required to establish a tiered performance compensation adjustment mechanism based on the comparison of active equity fund managers' performance against benchmarks over the past three years [1] - The draft guideline aims to ensure alignment between fund performance and compensation structures, potentially leading to significant industry changes [1] Group 2: Current Market Data - As of December 5, there are 8,546 active equity funds in the market, with 6,129 funds included in the performance assessment after excluding those established for less than three years [1] - Among the assessed funds, 3,708 (60.5%) have underperformed their benchmarks over the past three years, with 2,454 funds (40%) underperforming by more than 10% [1] - The performance distribution shows that 943 funds exceeded their benchmarks by less than 10%, 1,261 funds exceeded by 10% to less than 50%, 181 funds exceeded by 50% to less than 100%, and 36 funds exceeded by over 100% [1] Group 3: Industry Response - Multiple public fund companies are currently reviewing their product performance benchmarks and investment strategies to ensure consistency and determine if adjustments are necessary [1] - The industry is anticipated to undergo a transformation centered around performance benchmarks as a result of these new guidelines [1]