影响37万亿！重要规则，要变了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced significant revisions to the information disclosure rules for public funds, aiming to enhance industry transparency and protect the rights of fund shareholders, with a new consolidated guideline for periodic reports [1][4]. Group 1: Key Revisions to Disclosure Rules - The new guideline integrates the disclosure framework for annual, semi-annual, and quarterly reports, creating a unified and clear structure for periodic report disclosures [4]. - Different reports will have tailored disclosure requirements based on their specific functions, ensuring that the information provided is relevant and focused [4]. - The revisions align with higher-level regulations and industry practices, simplifying and adjusting certain disclosure requirements by referencing experiences from mature overseas markets [5]. Group 2: Focus on Investor Interests and Stability - The CSRC has also solicited industry feedback on the XBRL template for fund information disclosure, emphasizing the importance of investor interests and investment stability [6]. - The XBRL template mandates that fund managers disclose long-term performance data for the past 7 to 10 years in annual and semi-annual reports, moving away from short-term performance metrics [7]. - Fund managers are required to report the proportion of profitable investors in actively managed equity and mixed funds over the past year, enhancing transparency regarding investment outcomes [7]. - The guideline encourages a more prudent investment approach by requiring the disclosure of stock turnover rates in annual reports, aiming to mitigate overly aggressive investment behaviors [7]. - The XBRL template's status has been elevated from a "normative document" to a "self-regulatory rule" by the fund industry association, creating a comprehensive disclosure framework that balances simplicity and authority with flexibility [7].