非银金融行业点评报告：业绩比较基准指引征求意见，进一步落实公募基金改革

Investment Rating - The industry investment rating is maintained at "Add" [1][7] Core Viewpoints - The report discusses the release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" by the CSRC, which aims to guide industry institutions in establishing a more stable investment style and providing long-term stable returns for investors, thus further implementing public fund reforms [4] - The guidelines emphasize the importance of performance comparison benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [4] - The report highlights the establishment of a performance comparison benchmark element library, which will encourage and guide industry institutions to standardize the selection of benchmarks representing equity assets [4] Summary by Sections - Event Overview: The CSRC has published guidelines and operational details for performance comparison benchmarks, which will help in the high-quality development of public funds [4] - Key Guidelines: The guidelines include the necessity for benchmarks to reflect product positioning and investment style, the establishment of internal control mechanisms by fund managers, and the need for performance compensation to be linked to whether the fund outperforms its benchmark [4] - Implementation Timeline: A one-year transition period is set for fund managers to adjust existing products' benchmarks to better align with fund contracts and actual styles without impacting market stability [4]