强化业绩比较基准指引对投资行为有何影响？

Group 1: Regulatory Impact - The introduction of a performance comparison evaluation system in the "Action Plan for Promoting the High-Quality Development of Public Funds" will significantly influence investment behavior in public funds, especially actively managed equity funds[1] - The new regulations link management fees to fund performance relative to benchmarks, enhancing accountability for fund managers[12] Group 2: Benchmark Composition - The existing performance benchmarks for actively managed equity funds are primarily concentrated in the CSI 300, CSI 800, government bonds, and Hong Kong stock indices, with the top 15 benchmarks accounting for 83.7% of the total weight[2][14] - The overall benchmark weight distribution includes A-share broad-based indices at 48.5%, bonds at 22.9%, industry and thematic indices at 16.2%, Hong Kong stocks at 8.5%, deposit rates at 3.5%, and fixed income at 0.4%[19] Group 3: Asset Allocation Discrepancies - As of Q1 2025, the bond allocation in actively managed equity funds is only 4.5%, significantly below the benchmark weight of 22.9%, indicating an underweight of approximately 638.9 billion yuan[3][21] - Conversely, the equity allocation stands at 84.2%, exceeding the benchmark weight of 73.2%, resulting in an overweight of about 382 billion yuan[3][21] Group 4: Sector Allocation Insights - The electronic sector shows the highest overweight at 18.8%, surpassing the CSI 300 and CSI 800 weights by 8.5 and 7.9 percentage points, respectively[5][26] - The banking sector is notably underweight at 3.8%, falling short of the CSI 300 and CSI 800 weights by 9.7 and 6.7 percentage points, respectively[5][27] Group 5: Future Changes in Benchmarks - A significant number of funds (87) have adjusted their performance benchmarks between early 2024 and May 2025, indicating a trend towards aligning benchmarks with existing investment strategies[33]