资本市场聚焦（十三）：全维度规范公募业绩基准，立标尺护航投资者长期利益

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The China Securities Regulatory Commission (CSRC) has released guidelines for the performance comparison benchmarks of publicly offered securities investment funds, effective from March 1, 2026. This aims to standardize the selection and use of performance benchmarks, enhancing internal controls and management mechanisms for fund managers [4]. - The new regulations emphasize the importance of performance benchmarks as core reference standards for investment style representation, performance measurement, and investment behavior constraints. This is expected to protect investors' rational decisions based on product positioning [4]. - A comprehensive internal control system is mandated, linking compensation to long-term excess returns. This includes monitoring fund performance against benchmarks and ensuring accountability at various management levels [4]. - The new rules also standardize disclosure and changes related to benchmarks, enhancing transparency and allowing investors to make informed decisions [4]. - The report suggests that under strict regulatory oversight, comprehensive reforms in investment and financing will drive long-term development in the capital market. It recommends focusing on opportunities in mergers and acquisitions, wealth management transformation, innovative licensing, and ROE improvement, particularly in large, financially robust brokerage firms [4]. Summary by Sections Investment Highlights - The report highlights the recent drop in the benchmark interest rate to 1.89%, indicating a hot sales period for the insurance sector [3]. - The performance comparison benchmarks for public funds have officially been established, which is expected to enhance the investment environment [3]. Market Trends - The non-bank financial sector has shown a significant fluctuation in the industry index, with a notable increase of 26% from February to November 2025 [2]. Regulatory Changes - The CSRC's new guidelines aim to address previous issues where benchmarks were ineffective, ensuring that fund managers adhere to investment disciplines and protect investor interests [4].