新规，倒计时！

Core Viewpoint - The new regulations for public fund performance benchmarks are set to be implemented on March 1, with companies already submitting modification plans and receiving multiple rounds of feedback from regulators [1][2]. Group 1: Regulatory Requirements - The new guidelines require strict adherence for new products, while existing products have a one-year transition period to adjust their performance benchmarks [2]. - Regulators are primarily concerned with whether benchmark adjustments lower standards, match historical operations, comply with contractual agreements, and align with future product positioning [3][4]. - Feedback from regulators includes detailed requirements for modifications, such as refining equity ratio coefficients and adjusting cash proportions in fixed-income products [3]. Group 2: Industry Response - Several fund companies have reported that they do not need to change benchmarks for existing products, indicating no significant pressure for adjustments [3]. - Companies are preparing for the new guidelines by enhancing internal control systems, organizational structures, workflows, and IT infrastructure [2]. - Some companies are cautiously advancing benchmark adjustments while maintaining product stability and investor confidence [2]. Group 3: Operational Challenges - The industry faces challenges in investor education regarding the purpose and implications of benchmark adjustments [4]. - There are time constraints despite the one-year transition period, which may complicate the adjustment process [4]. - Practical difficulties include potential deviations in performance calculations and the need for shareholder meetings for certain products, which could introduce uncertainty [4][5]. Group 4: Future Implications - The new benchmark regulations are viewed as a critical component for the high-quality development of public funds, providing a standard for investment operations and establishing a framework for industry discipline [6]. - The industry is encouraged to enhance the benchmark system through technical support and investor education [6].