《业绩比较基准指引》推动公募基金高质量发展

Group 1 - The report discusses the release of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC) on October 31, which aims to promote high-quality development in the public fund industry [1][7] - The guidelines emphasize the internal control responsibilities of fund managers and the external responsibilities of market institutions, highlighting the need for a robust internal control system covering benchmark selection, disclosure, monitoring, evaluation, and accountability [8][10] - The guidelines require that performance benchmarks be representative and objective, with a focus on selecting indices that accurately reflect the market and establishing a benchmark element library [10] Group 2 - As of October 31, 2025, 79 actively managed equity funds have changed their performance benchmarks this year, compared to only 54 in the entire year of 2024, indicating a significant acceleration in benchmark adjustments [2][11] - The changes in performance benchmarks are more aligned with actual investment characteristics, with over half of the changes involving the selection of more representative stock indices, such as transitioning from the CSI 300 to industry or thematic indices [11][13] - The report notes a shift in the distribution of active equity funds' performance relative to benchmarks, with a decreasing proportion of funds showing significant negative deviations, reflecting the reform direction of emphasizing excess returns relative to benchmarks [2][11]