西学东渐，公募业绩比较基准改革有何影响

Group 1: Regulatory Changes - On October 31, the China Securities Regulatory Commission (CSRC) released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)"[2] - The guidelines aim to enhance the stability of public fund investment behavior, clarify product investment styles, and improve investor satisfaction[5] - The guidelines and operational details are a further refinement of the "Action Plan for Promoting High-Quality Development of Public Funds" issued in May 2023[5] Group 2: Impact on Investment and Products - Investment side: The guidelines emphasize the need for a systematic optimization of performance benchmarks linked to fund manager compensation, addressing the historical disconnect between performance assessments and benchmarks[6][20] - Product side: The new regulations advocate for fund managers to select appropriate performance benchmarks first, ensuring that fund managers operate within their "capability circle" to create value[7][21] - The guidelines require that once a benchmark is selected, it should not be changed arbitrarily, ensuring stability in fund management practices[21] Group 3: International Context and Investor Behavior - The report references international practices, noting that 89% of U.S. households with mutual funds compare fund performance to benchmarks, with 36% considering this comparison "very important"[25] - By 2024, this figure is expected to rise to 93%, indicating a growing trend in investor reliance on performance benchmarks[25] - The establishment of a benchmark element library by the fund industry association is planned to guide the selection of representative benchmarks for equity assets[22]