《公开募集证券投资基金业绩比较基准指引（征求意见稿）》点评：强化基准“锚尺”作用

Regulatory Framework - The China Securities Regulatory Commission (CSRC) released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds" on October 31, 2025, marking a significant regulatory update[5] - The guidelines aim to enhance the representativeness and binding force of performance benchmarks, ensuring clear risk-return characteristics of fund products[25] Key Features of the Guidelines - The guidelines emphasize the establishment of a comprehensive internal control mechanism for fund managers regarding benchmark selection, modification, and disclosure[6] - Fund managers are required to embed benchmark management throughout the product lifecycle, ensuring effective internal constraints[8] - The guidelines mandate that benchmarks must accurately reflect the product's investment style and strategy, preventing arbitrary changes due to market fluctuations[9] Market Impact - Traditional broad-based indices remain the primary benchmark choice for newly launched products, with indices like the Hang Seng Index and CSI 800 being the most popular[15] - The guidelines have led to a significant increase in the number of funds adjusting their benchmarks to better align with their investment strategies, with 16 funds adjusting their asset composition ratios since the guidelines were issued[21] Investor Protection - The new regulations enhance transparency by requiring detailed disclosures comparing fund portfolios with benchmarks, allowing investors to assess fund performance more effectively[26] - The guidelines aim to shift investor focus from absolute returns to a more rational evaluation of relative performance, fostering a more informed investment culture[26]