业绩比较基准新规落地，比较及影响

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - The new regulations on performance comparison benchmarks drive the transformation of bond funds from "reference indicators" to "rigid constraints", leading to a standardized transformation of bond funds [7]. - The core orientation of benchmark adjustment is to "precisely match the underlying assets" rather than lower the return requirements. Since May 2025, the adjustment of bond fund benchmarks has shown the characteristics of "index refinement and element diversification", which essentially strengthens the representativeness of the benchmark [7]. - There is a significant differentiation in the ability of fund managers to achieve excess returns. Bond funds need to be vigilant against the risk of strategy - benchmark mismatch. In the past three years, 37% of bond funds have not outperformed the benchmark. Under the constraints of the new regulations, past mismatched strategies will be gradually rectified to avoid significant negative deviations during the bond market adjustment period [7]. - With the buffer of the transition period, the market impact is "gradual and structural". The regulatory authorities have set a one - year transition period, and funds will orderly promote benchmark revision and strategy adjustment, which will not cause systematic portfolio adjustment shocks. Attention should be focused on structural opportunities [7]. Summary According to the Directory 1. Performance Comparison Benchmark Formal Draft vs. Solicitation Draft (1) Performance Comparison Benchmark Guidelines - The "Guidelines" define regulatory red lines and core principles, including clarifying the selection criteria for benchmarks, strictly regulating benchmark changes, strengthening information disclosure of benchmarks, enhancing the binding effect of benchmarks, and highlighting the role of benchmarks in measuring performance [2][10]. - Compared with the solicitation draft, the formal draft focuses more on the "representativeness" of the performance comparison benchmark in terms of investment goals and styles, and further clarifies the content of "major adjustments" for benchmark changes. It also adds requirements for fund performance disclosure by fund evaluation institutions and expands the scope of responsible entities [10][11]. (2) Performance Comparison Benchmark Operation Rules - The "Operation Rules" are supporting practical documents for the "Guidelines", with three key points regarding the performance comparison benchmarks of bond funds: benchmark matching, benchmark information disclosure, and benchmark tracking. If there is a deviation between the fund performance and the benchmark, the fund manager needs to explain the difference, establish a risk - control model, and a sound internal accountability mechanism [3][14][15]. 2. Overview of Bond Fund Performance Comparison Benchmarks (1) Main Types of Bond Fund Performance Comparison Benchmarks - The performance comparison benchmarks of bond funds can be roughly classified into six categories: single bond index, bond index + benchmark interest rate, bond index + equity index, convertible bond index + bond/stock index, segmented target index, and composite benchmark index [3][18]. (2) Adjustment of Bond Fund Performance Comparison Benchmarks since May 2025 - Since the release of the "Action Plan" in May 2025, 23 bond - type funds have adjusted their performance comparison benchmarks. The adjustments mainly include more refined benchmark indexes to match the underlying asset allocation and the introduction of diversified factors such as current or fixed - deposit interest rates. The core purpose of the adjustment is to correct the previous benchmark indexes and make them more in line with the investment style and positioning of the products [4][22]. (3) Ability of Various Funds to Outperform the Benchmark Performance from a Historical Perspective - In the past three years, the proportion of funds that failed to outperform the benchmark index from high to low is: hybrid funds (56%) > bond funds (37%) > stock funds (23%). Most bond funds' excess returns are concentrated within ±5 percentage points. Passive index bond funds can usually effectively control tracking errors, and short - term bond funds are relatively more stable [4][26]. 3. Impact of the New Performance Comparison Benchmark Regulations on Bond Investment - Although the new regulations on performance comparison benchmarks are relatively mild in the details regarding bond funds, they may still impose constraints on bond investment. Fund managers are expected to make targeted adjustments in terms of benchmark setting and investment strategies. They will optimize benchmark indexes according to product styles and underlying assets and adjust the previous aggressive operations during the bond bull market. Considering the one - year transition period set by the regulatory authorities, the impact on the market will be gradual and structural [4][44].