证监会发布新规，涉及超37万亿元市场！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines for the performance comparison benchmarks of publicly offered securities investment funds, marking a significant step in promoting high-quality development in the public fund industry [1][2]. Group 1: Guidelines and Operational Details - The guidelines and operational details clarify the basic requirements for selecting and using performance comparison benchmarks, emphasizing the responsibilities of fund managers and improving the roles of custodians, sales, and evaluation parties [1][2]. - The guidelines highlight four key aspects: the representation of benchmarks for products, the constraints on investments, the guidance for performance assessments, and the enhancement of external supervision [2][3]. Group 2: Benchmark Functions and Constraints - The benchmarks serve as a "anchor" to clarify investment styles and prevent "style drift," ensuring that fund managers adhere to their defined investment strategies [2][3]. - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, correction, and accountability related to performance benchmarks [3][4]. Group 3: Performance Assessment and Investor Experience - The guidelines mandate the establishment of a performance assessment system centered on fund investment returns, linking compensation management to fund performance [3][4]. - Fund evaluation mechanisms will be standardized to ensure that performance benchmarks are used as a critical basis for assessing fund management, thereby improving the overall investment experience for investors [4][5]. Group 4: Addressing Current Issues - The guidelines aim to address existing issues in the public fund industry, such as inaccurate benchmark settings and non-standard usage, which have led to a lack of alignment between benchmarks and actual investment strategies [6][7]. - The new regulations are expected to foster a more stable and clear investment style within public funds, enhancing their role as effective investment tools for institutional investors [7][8]. Group 5: Implementation and Transition - A one-year transition period has been established for existing products to optimize benchmark changes without disrupting market stability, with a focus on aligning benchmarks with fund contracts and actual styles [8][9]. - The fund industry association has created a benchmark element library to guide the selection of appropriate benchmarks for equity assets [8].