CMS·2026-01-24 09:16Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint On January 23, 2026, the reform plan for the performance comparison benchmark of publicly - offered securities investment funds was officially implemented. This report focuses on the main adjustments of the official version compared with the draft for soliciting opinions [1]. 3. Summary by Relevant Catalogs 3.1 Performance Comparison Benchmark Specification - Benchmark Element Library Selection: The official version weakens the requirement for the fund manager to explain when selecting a stock index from the second - category library or outside the benchmark element library. It encourages fund managers to select and use performance comparison benchmark elements from the first - category library when developing actively managed funds [2][3]. - Benchmark Element Preference Rules: Different from the draft, the official version deepens the perspective to the underlying assets of the fund, providing targeted requirements for different underlying asset classes of the same fund, which is more in line with the current development status of domestic public funds [3]. - Disclosure Requirements in Periodic Reports: The official version has three main changes: relaxing the requirements for special fund types, weakening the disclosure requirements for the credit rating distribution comparison of bond - type funds, and adding the requirement to disclose the comparison of the asset allocation of FOFs and their benchmarks [6]. 3.2 External Supervision, Sales and Evaluation - Fund Custodian's Monitoring of Benchmark Deviations: The official version requires fund custodians to focus on the single - industry deviation of actively managed funds with industry - themed indices as benchmarks [8][9]. - Sales Display Requirements: The official version includes the performance display of fund evaluation institutions and limits the covered fund types to stock funds, hybrid funds, and FOFs [10][11]. - Business Requirements for Fund Evaluation Institutions: The official version provides more detailed suggestions and key indicators for classifying funds based on benchmarks and states that fund managers and sales institutions can adopt the classification results of fund evaluation institutions [11]. 3.3 Regulatory Assessment and Transition Period - Supervision and Management: The official version includes fund sales institutions in the classified evaluation and supervision system [12]. - Transition Period: The transition period for the fund custodian to establish a supervision mechanism for the investment style stability of equity funds remains six months. The transition period for the performance comparison benchmark display rectification of fund managers, sales institutions, and evaluation institutions is extended from six months to one year. Additionally, one - year transition periods are set for three aspects including information transmission of benchmark changes and disclosure of performance comparison benchmarks in periodic reports [12].