公募业绩基准新规落地，薪酬与基准达标挂钩，设置一年过渡期

Core Viewpoint - The new regulations for the public fund industry, effective from March 1, 2026, aim to address issues such as unclear benchmarks, style drift, and misleading fund presentations, marking a significant step towards enhancing the quality and transparency of fund performance evaluation [1][2][3]. Group 1: Regulatory Framework - The new regulations include guidelines for performance benchmarks that clarify product positioning, investment strategies, and performance measurement, filling a regulatory gap in the public fund sector [2][4]. - A one-year transition period is established for existing products to comply with the new benchmark requirements, ensuring a smooth implementation [2][5]. - The regulations emphasize the importance of a well-defined benchmark as a "anchor" and "ruler" for fund performance, aiming to restore the functionality of benchmarks in the industry [5][10]. Group 2: Industry Challenges Addressed - The regulations target four main issues: inaccurate benchmark settings, non-standard usage, lax management, and declining investor satisfaction [4][5]. - Many funds have previously used broad indices as benchmarks without aligning them with actual investment strategies, leading to a disconnect between benchmarks and fund performance [4][5]. - The focus on short-term performance has led to excessive trading and volatility in fund returns, with managers often chasing market trends rather than adhering to established strategies [5][10]. Group 3: Implementation Details - The regulations require fund managers to establish comprehensive management mechanisms for benchmark selection, monitoring, and accountability, enhancing internal controls [7][8]. - Fund performance evaluations will now be linked to manager compensation, ensuring that underperformance relative to benchmarks results in reduced pay for fund managers [8][9]. - External oversight will be strengthened, with custodians responsible for verifying compliance with benchmark requirements and ensuring accurate information disclosure [9][10]. Group 4: Industry Impact and Future Outlook - The new regulations are expected to shift the industry focus from "scale competition" to "ability competition," fostering a more differentiated competitive landscape [10][11]. - Clear performance benchmarks will serve as a tool for investors to assess fund strategies and risk-return profiles, helping them make informed investment decisions [11]. - The regulatory body plans to guide the industry in optimizing existing product benchmarks during the transition period, ensuring alignment with fund contracts and actual investment styles [11].