事关37.64万亿资金以及4100位基金经理薪酬！证监会重磅新规出台，公募基金业绩“参照系”全面升级！明显低于业绩比较基准，薪酬应明显下降

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new guidelines for public fund performance benchmarks, emphasizing the importance of stable and serious application of performance benchmarks in fund management [1][6]. Group 1: Key Aspects of the New Guidelines - The guidelines stress that performance benchmarks must align with the core elements of the fund contract and the investment style of the product, and once selected, they cannot be changed arbitrarily [1][4]. - Fund managers are required to establish robust internal control mechanisms and management systems to ensure ongoing management of fund managers and the stability of investment styles [1][6]. - The guidelines enhance external constraints on performance benchmarks, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions [1][6]. Group 2: Impact on Fund Managers' Compensation - The new regulations stipulate that fund managers' performance compensation should reflect the fund's investment returns and the investors' profit and loss situation [3][8]. - Fund managers of actively managed equity funds with long-term performance significantly below the performance benchmark will see a notable decrease in their performance compensation [3][8]. - A tiered performance compensation adjustment mechanism is to be established, where managers of funds underperforming the benchmark by over 10% with negative profit margins will face a compensation reduction of at least 30% [8][9]. Group 3: Industry Context and Transition Period - The guidelines will take effect on March 1, 2026, with a one-year transition period for existing products that do not comply with the new benchmarks [5][6]. - The public fund industry, managing approximately 37.64 trillion yuan and involving over 4,100 fund managers, will be significantly impacted by these new regulations [5][6]. - The CSRC's reforms aim to address industry issues such as benchmark ambiguity and style drift, contributing to the high-quality development of public funds [6][7].