景顺长城：强化基金产品标尺，锚定高质量发展

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize the selection and use of these benchmarks, thereby enhancing investor protection and promoting high-quality development in the fund industry [1][6]. Group 1: Establishing a Benchmark - Performance comparison benchmarks serve as a "baseline" for fund companies, reflecting the characteristics of the fund based on its type, investment scope, and strategy [2][7]. - The guidelines emphasize that the selection and use of benchmarks must adhere to principles of representativeness, objectivity, constraint, and continuity, positively impacting both fund managers and investors [2][7]. - Fund companies are required to set objective and reasonable performance benchmarks based on their investment strategies, which cannot be changed arbitrarily once selected [2][7]. Group 2: Clarifying Performance Metrics - The guidelines mandate that the elements and weights of performance benchmarks should represent the investment style of the fund and align with the fund contract's investment goals, scope, strategies, and restrictions [3][8]. - This will enhance the clarity of fund product positioning and investment styles, allowing investors to better understand product characteristics through performance comparisons with benchmarks [3][8]. - Understanding the product before investment is crucial for guiding investors to form reasonable expectations and make informed decisions, thereby protecting their rights and enhancing their investment experience [3][8]. Group 3: Strengthening Accountability and Evaluation - A significant highlight of the guidelines is the linkage of performance benchmarks to fund manager performance evaluations, requiring the establishment of a performance assessment and compensation management system centered on fund investment returns [4][9]. - Fund managers must compare the performance of actively managed equity funds against benchmarks and conduct performance attribution analysis to assess the quality of excess returns and deviations from benchmarks [4][9]. - If a fund's long-term performance significantly lags behind its benchmark, the performance compensation of the relevant fund manager should decrease accordingly, promoting a shift from a scale-oriented to a return-oriented industry focus [4][9][10]. Group 4: Implementation and Future Steps - The company plans to systematically review and evaluate the performance benchmarks of its funds in accordance with the new guidelines and establish a rational assessment mechanism [5][10]. - The fund manager evaluation system will be refined to deepen the connection with investor returns, aiming to provide high-quality services to investors [5][10].