锚点重塑（一）：基准新规落地，当前基准格局如何变？

• The report primarily discusses the new regulatory guidelines for performance benchmarks in public funds, issued by the China Securities Regulatory Commission (CSRC) on January 22, 2026, which will take effect on March 1, 2026. These guidelines aim to standardize the selection, adjustment, disclosure, and supervision of performance benchmarks, filling a long-standing gap in the industry for systematic benchmark management [7][15][16] - The guidelines emphasize that performance benchmarks must align with the fund's investment objectives, scope, and style. Selected indices should meet requirements for representativeness, liquidity, and continuous disclosure. Once selected, benchmarks cannot be arbitrarily changed unless specific conditions are met, such as the benchmark becoming non-operational, and changes must be announced 30 days in advance [11][18] - Fund managers are required to establish internal control mechanisms covering benchmark selection, monitoring, correction, and accountability. Independent departments must monitor investment deviations, set differentiated thresholds, and take corrective actions or escalate to the investment decision committee when thresholds are breached. Additionally, fund managers' performance compensation will be adjusted if active equity funds underperform their benchmarks over the long term [11][18] - External supervision and information disclosure are also strengthened. Custodian institutions must monitor fund operations and alert regulators to any violations. Sales institutions must present benchmark performance alongside fund performance, and evaluation agencies must incorporate benchmarks into performance rankings and evaluations. Fund contracts and periodic reports must detail the rationale for benchmark selection, its alignment with the fund's strategy, and performance differences. For one year after a benchmark change, both old and new benchmarks must be disclosed for comparison [11][18] - The guidelines provide a one-year transition period for existing products to adjust benchmarks that do not meet the new requirements. Custodian responsibilities and system upgrades are given a six-month transition period, allowing sufficient time for industry adaptation [11][18] - The report highlights that the new guidelines will lead to clearer product positioning, reduce style drift, and shift industry competition towards compliance and professional investment capabilities. This will provide investors with better tools for evaluating fund performance and reduce the complexity of investment decisions. The industry is expected to transition from a scale-driven to a quality-driven approach, encouraging long-term capital inflows and promoting stable capital market development [16][19] - As of January 25, 2026, 11 active equity funds have adjusted their benchmarks since the draft guidelines were released on October 31, 2025. Adjustments include shifting from broad-based indices to sector or style-specific indices (e.g., consumption, growth, value) and adding Hong Kong stock indices to A-share indices. However, the majority of benchmarks remain concentrated in broad-based indices like CSI 300, CSI 800, and CSI 500, which collectively account for approximately 62% of active equity fund assets [2][19][20] - In the Hong Kong stock market, benchmarks are also concentrated in broad-based indices, with the Hang Seng Index and Hong Kong Composite Index (in RMB or HKD) accounting for about 85% of active equity fund assets. The Hang Seng Index is the most commonly used benchmark, representing approximately 7.94 trillion yuan in assets across 972 funds [23][24] - For fixed-income benchmarks, the most commonly used index is the ChinaBond Composite Full Price Index, followed by the CSI Comprehensive Bond Index and the National Bond Index [26][27]