事关每一位基民，新规3月起施行

Core Viewpoint - The newly released "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds" and "Operational Details for Performance Comparison Benchmarks" aim to enhance investor experience by providing a clear reference for fund selection, effective from March 1, 2026 [1][6]. Group 1: Constraints on Investment Behavior - The guidelines require that the selection and use of performance comparison benchmarks prioritize the interests of fund shareholders and meet criteria of representativeness, objectivity, continuity, and constraint [2][7]. - The emphasis on performance benchmarks is expected to standardize the investment behavior of fund managers, leading to clearer and more stable investment styles and product positioning [2][7]. - A clear and stable benchmark will serve as a practical reference for investors, allowing them to objectively assess fund managers' active management capabilities and reduce the impact of short-term net value fluctuations [2][7]. Group 2: Linking to Compensation Assessment - One of the most notable aspects of the guidelines is the linkage of performance benchmarks to fund manager compensation, encouraging a focus on long-term returns [3][8]. - Fund managers are required to establish a performance assessment system centered on fund investment returns, with significant penalties for underperformance relative to benchmarks [3][8]. - This linkage is expected to shift the industry’s competitive focus from short-term rankings to the ability to generate long-term, stable excess returns for investors [9]. Group 3: Establishing a Comprehensive Regulatory Framework - The guidelines and operational details impose requirements on other market institutions, including fund evaluation and award agencies, to adopt a more scientific approach to fund performance evaluation [4][10]. - Fund managers and sales institutions are required to display both fund performance and benchmark performance, facilitating better comparisons for investors [10][11]. - The guidelines aim to create a multi-dimensional supervision system covering product creation, investment operations, sales services, and performance evaluation, thereby enhancing the overall industry ecosystem [11].