公募业绩比较基准改革征求意见，发挥业绩基准“锚”作用

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The reform aims to address two major issues in the public fund industry: investment style drift and significant performance fluctuations due to short-term ranking pursuits. The goal is to ensure that performance benchmarks serve as a true "anchor" and "yardstick," guiding the industry back to value investing and providing long-term stable returns for investors [3][4][8] Summary by Sections Industry Overview - The industry comprises 50 listed companies with a total market capitalization of 41,430.39 billion and a circulating market value of 38,805.86 billion [3] Regulatory Measures - Fund managers are required to establish a comprehensive control mechanism, with independent departments monitoring investment deviations. Fund manager performance compensation will be directly linked to their ability to outperform benchmarks, with significant penalties for long-term underperformance [4][5] - Custodians must fulfill supervisory responsibilities to ensure that fund investments do not deviate from their stated styles, and sales institutions must display benchmark performance alongside fund performance for investor comparison [5][6] Benchmarking Standards - The report emphasizes that performance benchmarks must be representative, continuous, and objective, with transparent calculation methods. The establishment of a benchmark element library is encouraged, although not mandatory [6][10] Investment Recommendations - The report suggests that the reform will enhance investment discipline and style stability in public funds, ultimately improving investor satisfaction and long-term returns. It recommends focusing on companies such as Huatai, GF Securities, CITIC, and others [8][10]