从2022-2025年样本的回测与模拟中找出的九规律：股票基金经理如何最大化跑赢率，最小化薪酬调整风险？

Group 1 - The report highlights a new tiered performance compensation adjustment mechanism for public fund managers, linking their pay directly to fund performance over the past three years [8][10][11] - A profile of stock funds with higher outperformance rates is depicted, emphasizing the importance of appropriate performance benchmarks, lower stock concentration, larger fund sizes, and higher manager tenure stability [1][12] - The backtesting results show that the proportion of funds underperforming the benchmark is directly related to market conditions, with significant variations observed from 2022 to 2025 [12][24] Group 2 - Active funds have a higher underperformance rate compared to quantitative funds, indicating that quantitative strategies may provide better risk management through diversified holdings [18][19] - Non-market funds exhibit higher underperformance rates than market funds, particularly in fluctuating market conditions, suggesting that concentrated strategies may lead to missed opportunities [24][25] - Funds with more diversified holdings (over 200 stocks) show lower underperformance rates, reinforcing the idea that diversification can mitigate risks associated with individual stock volatility [35][36] Group 3 - Fund size is inversely correlated with underperformance rates, with larger funds generally exhibiting lower rates of underperformance compared to smaller funds [38][39] - Changing performance benchmarks can significantly reduce the rate of significant underperformance, highlighting the importance of selecting optimal benchmarks in the context of new regulations [24][38] - The report notes that funds with a high concentration in a single industry but benchmarked against broad indices tend to underperform, emphasizing the need for appropriate benchmark selection [32][34]